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VMNVX vs. VMVFX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VMNVX vs. VMVFX

Last updated Jun 4, 2026

VMNVX (Vanguard Global Minimum Volatility Fund Admiral Shares) and VMVFX (Vanguard Global Minimum Volatility Fund Investor Shares) are both Global Equities funds from Vanguard. Over the past 10 years, VMNVX returned 8.74%/yr vs 9.51%/yr for VMVFX. With a 1.00 correlation, they move nearly in lockstep. VMNVX charges 0.14%/yr vs 0.21%/yr for VMVFX.

Performance

VMNVX vs. VMVFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Global Minimum Volatility Fund Admiral Shares (VMNVX) and Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with VMNVX having a 8.44% return and VMVFX slightly lower at 8.43%. Over the past 10 years, VMNVX has underperformed VMVFX with an annualized return of 8.74%, while VMVFX has yielded a comparatively higher 9.51% annualized return.

VMNVX

1D
0.00%
1M
2.49%
YTD
8.44%
6M
8.97%
1Y
13.19%
3Y*
13.68%
5Y*
9.29%
10Y*
8.74%

VMVFX

1D
0.06%
1M
2.52%
YTD
8.43%
6M
8.94%
1Y
13.14%
3Y*
13.60%
5Y*
10.78%
10Y*
9.51%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VMNVX vs. VMVFX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VMNVX
Vanguard Global Minimum Volatility Fund Admiral Shares		8.44%12.83%13.42%7.94%-4.46%15.40%-3.94%22.66%-1.70%16.03%
VMVFX
Vanguard Global Minimum Volatility Fund Investor Shares		8.43%12.74%13.38%7.82%-4.48%23.74%-3.99%23.28%-1.79%15.93%

Correlation

The correlation between VMNVX and VMVFX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

1.00

Correlation (3Y)
Calculated over the trailing 3-year period

1.00

Correlation (5Y)
Calculated over the trailing 5-year period

1.00

Correlation (10Y)
Calculated over the trailing 10-year period

1.00

Correlation (All Time)
Calculated using the full available price history since Dec 18, 2013

1.00

The correlation between VMNVX and VMVFX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

VMNVX vs. VMVFX - Sectors Allocation Comparison

Sectors
VMNVX
VMVFX

Technology

20.9%
20.9%

Financial Services

12.8%
12.8%

Healthcare

12.8%
12.8%

Industrials

11.4%
11.4%

Consumer Defensive

10.1%
10.1%

Communication Services

9.8%
9.8%

Consumer Cyclical

7.9%
7.9%

Utilities

7.1%
7.1%

Energy

4.3%
4.3%

Real Estate

2.8%
2.8%

Basic Materials

0.2%
0.2%

Technology

VMNVX
20.9%
VMVFX
20.9%

Financial Services

VMNVX
12.8%
VMVFX
12.8%

Healthcare

VMNVX
12.8%
VMVFX
12.8%

Industrials

VMNVX
11.4%
VMVFX
11.4%

Consumer Defensive

VMNVX
10.1%
VMVFX
10.1%

Communication Services

VMNVX
9.8%
VMVFX
9.8%

Consumer Cyclical

VMNVX
7.9%
VMVFX
7.9%

Utilities

VMNVX
7.1%
VMVFX
7.1%

Energy

VMNVX
4.3%
VMVFX
4.3%

Real Estate

VMNVX
2.8%
VMVFX
2.8%

Basic Materials

VMNVX
0.2%
VMVFX
0.2%

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Vanguard Global Minimum Volatility Fund Admiral Shares

Vanguard Global Minimum Volatility Fund Investor Shares

Often compared with VMNVX:
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Often compared with VMVFX:
VMVFX vs. VOOVMVFX vs. VMNFXVMVFX vs. VXUSVMVFX vs. QLVVMVFX vs. SWPPXVMVFX vs. vtsaxVMVFX vs. vtwax

Return for Risk

VMNVX vs. VMVFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VMNVX
VMNVX Risk / Return Rank: 3939
Overall Rank
VMNVX Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
VMNVX Sortino Ratio Rank: 4444
Sortino Ratio Rank
VMNVX Omega Ratio Rank: 4242
Omega Ratio Rank
VMNVX Calmar Ratio Rank: 3131
Calmar Ratio Rank
VMNVX Martin Ratio Rank: 3737
Martin Ratio Rank
VMVFX
VMVFX Risk / Return Rank: 3939
Overall Rank
VMVFX Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
VMVFX Sortino Ratio Rank: 4343
Sortino Ratio Rank
VMVFX Omega Ratio Rank: 4242
Omega Ratio Rank
VMVFX Calmar Ratio Rank: 3131
Calmar Ratio Rank
VMVFX Martin Ratio Rank: 3737
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VMNVX vs. VMVFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Minimum Volatility Fund Admiral Shares (VMNVX) and Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

VMNVXVMVFXDifference
Sharpe ratioReturn per unit of total volatility
1.92
1.92

0.00

Sortino ratioReturn per unit of downside risk
2.76
2.74

+0.02

Omega ratioGain probability vs. loss probability

1.34

1.34

0.00

Calmar ratioReturn relative to maximum drawdown

2.10

2.08

+0.02

Martin ratioReturn relative to average drawdown

8.20

8.13

+0.07

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMNVX vs. VMVFX - Sharpe Ratio Comparison

The current VMNVX Sharpe Ratio is 1.92, which is comparable to the VMVFX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of VMNVX and VMVFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VMNVXVMVFXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.92

1.92

0.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.98

1.01

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.73

0.76

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.80

0.82

-0.02

Drawdowns

VMNVX vs. VMVFX - Drawdown Comparison

The maximum VMNVX drawdown since its inception was -33.11%, roughly equal to the maximum VMVFX drawdown of -33.09%. Use the drawdown chart below to compare losses from any high point for VMNVX and VMVFX.

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Drawdown Indicators

VMNVXVMVFXDifference

Max Drawdown

Largest peak-to-trough decline

-33.11%

-33.09%

-0.02%

Max Drawdown (1Y)

Largest decline over 1 year

-6.24%

-6.27%

+0.03%

Max Drawdown (3Y)

Largest decline over 3 years

-7.93%

-7.96%

+0.03%

Max Drawdown (5Y)

Largest decline over 5 years

-12.93%

-13.02%

+0.09%

Max Drawdown (10Y)

Largest decline over 10 years

-33.11%

-33.09%

-0.02%

Current Drawdown

Current decline from peak

-0.18%

-0.18%

0.00%

Average Drawdown

Average peak-to-trough decline

-2.81%

-2.83%

+0.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.60%

1.60%

0.00%

Volatility

VMNVX vs. VMVFX - Volatility Comparison

Vanguard Global Minimum Volatility Fund Admiral Shares (VMNVX) and Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX) have volatilities of 1.95% and 1.94%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VMNVXVMVFXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.95%

1.94%

+0.01%

Volatility (6M)

Calculated over the trailing 6-month period

5.17%

5.17%

0.00%

Volatility (1Y)

Calculated over the trailing 1-year period

6.83%

6.81%

+0.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.53%

10.76%

-1.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.96%

12.48%

-0.52%

VMNVX vs. VMVFX - Expense Ratio Comparison

VMNVX has a 0.14% expense ratio, which is lower than VMVFX's 0.21% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VMNVX vs. VMVFX - Dividend Comparison

VMNVX's dividend yield for the trailing twelve months is around 9.28%, which matches VMVFX's 9.20% yield.

PositionTTM20252024202320222021202020192018201720162015
VMNVX
Vanguard Global Minimum Volatility Fund Admiral Shares		9.28%10.07%3.84%3.13%5.03%6.33%2.15%4.62%7.37%2.31%2.82%3.30%
VMVFX
Vanguard Global Minimum Volatility Fund Investor Shares		9.20%9.98%3.77%3.05%4.96%12.73%2.02%5.12%7.27%2.30%2.71%3.22%

Frequently Asked Questions

With a correlation of 1.00, VMNVX and VMVFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

VMNVX has higher volatility (1.95%) compared to VMVFX (1.94%). In terms of maximum drawdown, VMNVX dropped -33.11% vs VMVFX's -33.09%.

VMNVX currently has the higher Sharpe Ratio (1.92 vs 1.92), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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