BGX vs. VMNIX
BGX (Blackstone Long-Short Credit Income Fund) and VMNIX (Vanguard Market Neutral Fund Institutional Shares) are both Long-Short funds. Over the past 10 years, BGX returned 6.63%/yr vs 5.23%/yr for VMNIX. At a 0.00 correlation, their price movements are largely independent. BGX charges 1.46%/yr vs 1.25%/yr for VMNIX.
Performance
BGX vs. VMNIX - Performance Comparison
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Returns By Period
In the year-to-date period, BGX achieves a -3.70% return, which is significantly lower than VMNIX's 13.60% return. Over the past 10 years, BGX has outperformed VMNIX with an annualized return of 6.63%, while VMNIX has yielded a comparatively lower 5.23% annualized return.
BGX
- 1D
- 0.28%
- 1M
- 0.57%
- YTD
- -3.70%
- 6M
- -3.10%
- 1Y
- -3.44%
- 3Y*
- 9.16%
- 5Y*
- 2.85%
- 10Y*
- 6.63%
VMNIX
- 1D
- -0.38%
- 1M
- 2.93%
- YTD
- 13.60%
- 6M
- 14.50%
- 1Y
- 20.16%
- 3Y*
- 13.72%
- 5Y*
- 13.81%
- 10Y*
- 5.23%
BGX vs. VMNIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BGX Blackstone Long-Short Credit Income Fund | -3.70% | 2.09% | 19.83% | 18.92% | -20.57% | 17.54% | -5.67% | 24.98% | -4.19% | 7.28% |
VMNIX Vanguard Market Neutral Fund Institutional Shares | 13.60% | 9.36% | 5.84% | 12.33% | 13.47% | 23.39% | -11.58% | -9.48% | 0.66% | -4.83% |
Correlation
The correlation between BGX and VMNIX is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2011 | 0.00 |
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Return for Risk
BGX vs. VMNIX — Risk / Return Rank
BGX
VMNIX
BGX vs. VMNIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Blackstone Long-Short Credit Income Fund (BGX) and Vanguard Market Neutral Fund Institutional Shares (VMNIX). 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.
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.
| BGX | VMNIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.05 | ||
| Sortino ratioReturn per unit of downside risk | -4.55 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.48 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | 4.38 | -4.65 |
| Martin ratioReturn relative to average drawdown | -0.56 | 12.34 | -12.90 |
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Drawdowns
BGX vs. VMNIX - Drawdown Comparison
The maximum BGX drawdown since its inception was -47.40%, which is greater than VMNIX's maximum drawdown of -27.90%. Use the drawdown chart below to compare losses from any high point for BGX and VMNIX.
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Drawdown Indicators
| BGX | VMNIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.40% | -27.90% | -19.50% |
Max Drawdown (1Y)Largest decline over 1 year | -12.43% | -4.67% | -7.76% |
Max Drawdown (3Y)Largest decline over 3 years | -14.08% | -5.36% | -8.72% |
Max Drawdown (5Y)Largest decline over 5 years | -25.94% | -6.69% | -19.25% |
Max Drawdown (10Y)Largest decline over 10 years | -47.40% | -24.95% | -22.45% |
Current DrawdownCurrent decline from peak | -7.39% | -0.69% | -6.70% |
Average DrawdownAverage peak-to-trough decline | -6.99% | -8.74% | +1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.19% | 1.65% | +4.54% |
Volatility
BGX vs. VMNIX - Volatility Comparison
The current volatility for Blackstone Long-Short Credit Income Fund (BGX) is 0.98%, while Vanguard Market Neutral Fund Institutional Shares (VMNIX) has a volatility of 2.34%. This indicates that BGX experiences smaller price fluctuations and is considered to be less risky than VMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BGX | VMNIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 2.34% | -1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 5.88% | 5.74% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.92% | 7.83% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.77% | 7.23% | +4.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.52% | 6.43% | +11.09% |
BGX vs. VMNIX - Expense Ratio Comparison
BGX has a 1.46% expense ratio, which is higher than VMNIX's 1.25% expense ratio.
Dividends
BGX vs. VMNIX - Dividend Comparison
BGX's dividend yield for the trailing twelve months is around 9.03%, more than VMNIX's 3.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BGX Blackstone Long-Short Credit Income Fund | 9.03% | 8.87% | 9.89% | 11.71% | 8.15% | 7.01% | 8.76% | 9.35% | 11.74% | 7.12% | 9.01% | 8.72% |
VMNIX Vanguard Market Neutral Fund Institutional Shares | 3.14% | 3.59% | 5.67% | 5.15% | 0.78% | 0.20% | 0.86% | 3.23% | 1.00% | 1.16% | 0.45% | 0.10% |
Frequently Asked Questions
BGX and VMNIX have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VMNIX has higher volatility (2.34%) compared to BGX (0.98%). In terms of maximum drawdown, BGX dropped -47.40% vs VMNIX's -27.90%.
VMNIX currently has the higher Sharpe Ratio (2.61 vs -0.44), 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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