- ISIN
- US92205G1040
- CUSIP
- 92205G104
- Issuer
- Vanguard
- Inception Date
- Nov 11, 1998
- Region
- North America (U.S.)
- Category
- Long-Short
- Min. Investment
- $50,000
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Assets Under Management
- $601M
Share Price Chart
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Performance
VMNFX Performance Chart
Vanguard Market Neutral Fund Investor Shares (VMNFX) is up 16.7% since the beginning of the year. VMNFX is currently trading at $16 per share. Investors who bought $1,000 worth of VMNFX shares 5 years ago would now be looking at an investment worth $1,937.
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Returns By Period
Vanguard Market Neutral Fund Investor Shares (VMNFX) has returned 16.68% so far this year and 25.28% over the past 12 months. Over the last ten years, VMNFX has returned 5.42% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Vanguard Market Neutral Fund Investor Shares
- 1D
- 0.49%
- 1M
- 3.23%
- 6M
- 17.35%
- YTD
- 16.68%
- 1Y
- 25.28%
- 3Y*
- 14.38%
- 5Y*
- 14.14%
- 10Y*
- 5.42%
- ALL TIME*
- 2.81%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
VMNFX Monthly Returns History
Based on dividend-adjusted daily data since Nov 16, 1998, VMNFX's average daily return is +0.01%, while the average monthly return is +0.26%. At this rate, an investment would double in approximately 22.2 years.
Historically, 56% of months were positive and 44% were negative. The best month was Feb 2001 with a return of +9.0%, while the worst month was Jan 2001 at -7.7%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 6 months.
On a daily basis, VMNFX closed higher 47% of trading days. The best single day was Apr 23, 2001 with a return of +3.4%, while the worst single day was Dec 11, 2000 at -6.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.57% | 3.67% | 2.50% | 3.79% | 1.04% | 3.29% | 1.94% | 16.68% | |||||
| 2025 | 0.60% | 0.30% | -0.94% | 0.30% | 3.17% | 0.15% | -1.82% | 2.67% | 2.68% | -0.35% | 0.78% | 1.49% | 9.27% |
| 2024 | 4.38% | -0.65% | 1.72% | 1.00% | -1.70% | 0.29% | 3.46% | 0.70% | -0.48% | -1.32% | -1.69% | 0.13% | 5.78% |
| 2023 | -1.13% | 1.96% | -2.07% | -1.14% | 0.91% | 2.46% | 0.24% | 3.11% | 4.49% | 0.74% | 0.81% | 1.42% | 12.23% |
| 2022 | 5.36% | -0.95% | 0.09% | 4.26% | 0.75% | -2.15% | 0.25% | -0.76% | 2.13% | 2.33% | -1.30% | 2.99% | 13.48% |
| 2021 | 3.13% | -0.65% | 4.48% | -0.21% | 3.25% | -0.91% | 0.00% | 2.35% | 0.90% | -0.30% | 4.67% | 4.63% | 23.24% |
Benchmark Metrics
Vanguard Market Neutral Fund Investor Shares has an annualized alpha of 3.24%, beta of -0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since November 16, 1998.
- This fund captured 0.04% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -20.71%) - a profile typical of hedging or uncorrelated assets.
- Beta of -0.01 may look defensive, but with R2 of 0.00 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.00 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.24%
- Beta
- -0.01
- R²
- 0.00
- Upside Capture
- 0.04%
- Downside Capture
- -20.71%
Expense Ratio
VMNFX has a high expense ratio of 1.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
VMNFX ranks 97 for risk / return — above 97% of mutual funds peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Vanguard Market Neutral Fund Investor Shares (VMNFX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VMNFX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.93 | ||
| Sortino ratioReturn per unit of downside risk | +3.14 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.25 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 5.54 | 2.00 | +3.54 |
| Martin ratioReturn relative to average drawdown | 18.28 | 8.49 | +9.78 |
Dividends
Dividend History
Vanguard Market Neutral Fund Investor Shares provided a 3.01% dividend yield over the last twelve months, with an annual payout of $0.49 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.49 | $0.49 | $0.74 | $0.67 | $0.09 | $0.02 | $0.07 | $0.32 | $0.11 | $0.12 | $0.05 | $0.00 |
Dividend yield | 3.01% | 3.53% | 5.61% | 5.09% | 0.75% | 0.16% | 0.81% | 3.16% | 0.94% | 1.07% | 0.38% | 0.02% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard Market Neutral Fund Investor Shares. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | |||||
| 2025 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.48 | $0.49 |
| 2024 | $0.00 | $0.00 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.74 | $0.74 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.67 | $0.67 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.09 | $0.09 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.02 | $0.02 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Vanguard Market Neutral Fund Investor Shares. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Vanguard Market Neutral Fund Investor Shares was 26.42%, occurring on Jan 29, 2001. Recovery took 316 trading sessions.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-26.42%Jan 2001 | 10mo 7d | 1y 3mo | 2y 1moMar 2000 - May 2002 | Dot-com crash2000–2002 |
-25.09%Nov 2020 | 3y 10mo | 1y 2mo | 5y 1moDec 2016 - Jan 2022 | — |
-22.77%Jan 2011 | 3y 1mo | 4y 12mo | 8y 1moNov 2007 - Jan 2016 | — |
-16.10%Feb 2004 | 1y 4mo | 2y 1mo | 3y 6moOct 2002 - Apr 2006 | — |
-9.80%Jun 1999 | 4mo 18d | 5mo 26d | 10mo 14dJan 1999 - Dec 1999 | — |
Drawdown Indicators
| VMNFX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.42% | -56.78% | +30.36% |
Max Drawdown (1Y)Largest decline over 1 year | -4.65% | -9.10% | +4.45% |
Max Drawdown (3Y)Largest decline over 3 years | -5.44% | -18.90% | +13.46% |
Max Drawdown (5Y)Largest decline over 5 years | -6.75% | -25.43% | +18.68% |
Max Drawdown (10Y)Largest decline over 10 years | -25.09% | -33.92% | +8.83% |
Current DrawdownCurrent decline from peak | 0.00% | -1.58% | +1.58% |
Average DrawdownAverage peak-to-trough decline | -8.71% | -10.70% | +1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.41% | 2.14% | -0.73% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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