- ISIN
- US92205G2030
- CUSIP
- 92205G203
- Issuer
- Vanguard
- Inception Date
- Oct 19, 1998
- Category
- Long-Short
- Min. Investment
- $5,000,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
Share Price Chart
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Performance
VMNIX Performance Chart
Vanguard Market Neutral Fund Institutional Shares (VMNIX) is up 11.9% since the beginning of the year. VMNIX is currently trading at $16 per share. Investors who bought $1,000 worth of VMNIX shares 5 years ago would now be looking at an investment worth $1,844.
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Returns By Period
Vanguard Market Neutral Fund Institutional Shares (VMNIX) has returned 11.87% so far this year and 18.16% over the past 12 months.
Vanguard Market Neutral Fund Institutional Shares
- 1D
- -0.19%
- 1M
- 0.91%
- YTD
- 11.87%
- 6M
- 14.55%
- 1Y
- 18.16%
- 3Y*
- 13.29%
- 5Y*
- 13.02%
- 10Y*
- 5.07%
Benchmark (S&P 500 Index)
- 1D
- -2.64%
- 1M
- 0.25%
- YTD
- 7.86%
- 6M
- 7.47%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VMNIX Monthly Returns History
Based on dividend-adjusted daily data since Oct 26, 1998, VMNIX's average daily return is +0.01%, while the average monthly return is +0.25%. At this rate, an investment would double in approximately 23.1 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, VMNIX 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 -8.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.57% | 3.61% | 2.53% | 3.81% | 1.11% | 0.91% | 11.87% | ||||||
| 2025 | 0.61% | 0.30% | -0.93% | 0.30% | 3.18% | 0.15% | -1.83% | 2.68% | 2.69% | -0.35% | 0.85% | 1.46% | 9.36% |
| 2024 | 4.40% | -0.65% | 1.74% | 1.01% | -1.71% | 0.29% | 3.47% | 0.70% | -0.49% | -1.32% | -1.69% | 0.16% | 5.84% |
| 2023 | -1.13% | 1.97% | -2.07% | -1.15% | 1.00% | 2.47% | 0.24% | 3.04% | 4.51% | 0.74% | 0.81% | 1.45% | 12.33% |
| 2022 | 5.38% | -0.95% | -0.00% | 4.28% | 0.84% | -2.16% | 0.25% | -0.76% | 2.13% | 2.34% | -1.31% | 2.95% | 13.47% |
| 2021 | 3.15% | -0.65% | 4.50% | -0.21% | 3.26% | -0.92% | 0.10% | 2.26% | 1.00% | -0.40% | 4.69% | 4.69% | 23.39% |
Benchmark Metrics
Vanguard Market Neutral Fund Institutional Shares has an annualized alpha of 19.17%, beta of -0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since October 27, 1998.
- This fund captured 27.38% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -160.25%) - 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
- 19.17%
- Beta
- -0.01
- R²
- 0.00
- Upside Capture
- 27.38%
- Downside Capture
- -160.25%
Expense Ratio
VMNIX has a high expense ratio of 1.25%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
VMNIX ranks 71 for risk / return — better than 71% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Vanguard Market Neutral Fund Institutional Shares (VMNIX) and compare them to S&P 500 Index.
| VMNIX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.43 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.93 | — | — |
| Martin ratioReturn relative to average drawdown | 10.98 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Vanguard Market Neutral Fund Institutional Shares provided a 3.19% dividend yield over the last twelve months, with an annual payout of $0.50 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.50 | $0.50 | $0.75 | $0.68 | $0.10 | $0.02 | $0.08 | $0.33 | $0.12 | $0.13 | $0.06 | $0.01 |
Dividend yield | 3.19% | 3.59% | 5.67% | 5.15% | 0.78% | 0.20% | 0.86% | 3.23% | 1.00% | 1.16% | 0.45% | 0.10% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard Market Neutral Fund Institutional 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 | $0.01 | ||||||
| 2025 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.48 | $0.50 |
| 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 | $0.75 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.68 | $0.68 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.10 | $0.10 |
| 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 Institutional 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 Institutional Shares was 27.90%, occurring on Jan 24, 2001. Recovery took 344 trading sessions.
The current Vanguard Market Neutral Fund Institutional Shares drawdown is 0.19%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Dot-com crash2000–2002 | -27.90%Jan 2001 | 10mo 2d | 1y 4mo | 2y 2moMar 2000 - Jun 2002 |
2020 bear market2020 | -24.95%Nov 2020 | 3y 10mo | 1y 2mo | 5y 1moDec 2016 - Jan 2022 |
2011 bear market2011 | -22.91%Jan 2011 | 3y 1mo | 4y 11mo | 8y 13dNov 2007 - Dec 2015 |
2004 correction2004 | -15.84%Feb 2004 | 1y 4mo | 2y 1mo | 3y 6moOct 2002 - Apr 2006 |
1999 pullback1999 | -9.68%Jun 1999 | 4mo 18d | 5mo 26d | 10mo 14dJan 1999 - Dec 1999 |
Drawdown Indicators
| VMNIX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.90% | -9.10% | -18.80% |
Max Drawdown (1Y)Largest decline over 1 year | -4.67% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.36% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -6.69% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.95% | — | — |
Current DrawdownCurrent decline from peak | -0.19% | -2.97% | +2.78% |
Average DrawdownAverage peak-to-trough decline | -8.76% | -1.13% | -7.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | — | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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