BTPIX vs. VMNIX

Last updated Jun 23, 2026

BTPIX (Salient Tactical Plus Fund) and VMNIX (Vanguard Market Neutral Fund Institutional Shares) are both Long-Short funds. Over the past 10 years, BTPIX returned 4.37%/yr vs 5.16%/yr for VMNIX. At a 0.03 correlation, their price movements are largely independent. BTPIX charges 1.08%/yr vs 1.25%/yr for VMNIX.

Performance

BTPIX vs. VMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Salient Tactical Plus Fund (BTPIX) and Vanguard Market Neutral Fund Institutional Shares (VMNIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTPIX achieves a 5.55% return, which is significantly lower than VMNIX's 13.02% return. Over the past 10 years, BTPIX has underperformed VMNIX with an annualized return of 4.37%, while VMNIX has yielded a comparatively higher 5.16% annualized return.

BTPIX

• 1D: 0.53%
• 1M: 0.18%
• YTD: 5.55%
• 6M: 4.43%
• 1Y: 8.99%
• 3Y*: 2.69%
• 5Y*: 2.46%
• 10Y*: 4.37%

VMNIX

• 1D: -0.19%
• 1M: 2.68%
• YTD: 13.02%
• 6M: 13.79%
• 1Y: 20.70%
• 3Y*: 13.93%
• 5Y*: 13.88%
• 10Y*: 5.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BTPIX vs. VMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTPIX Salient Tactical Plus Fund	5.55%	-2.44%	3.17%	4.22%	-1.65%	6.48%	7.46%	7.54%	2.94%	0.26%
VMNIX Vanguard Market Neutral Fund Institutional Shares	13.02%	9.36%	5.84%	12.33%	13.47%	23.39%	-11.58%	-9.48%	0.66%	-4.83%

Correlation

The correlation between BTPIX and VMNIX is -0.07, 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	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	-0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.03

The correlation between BTPIX and VMNIX shifts across timeframes, from -0.07 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BTPIX vs. VMNIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTPIX

BTPIX Risk / Return Rank: 14
BTPIX Sharpe Ratio Rank: 14
BTPIX Sortino Ratio Rank: 13
BTPIX Omega Ratio Rank: 14
BTPIX Calmar Ratio Rank: 16
BTPIX Martin Ratio Rank: 16

VMNIX

VMNIX Risk / Return Rank: 85
VMNIX Sharpe Ratio Rank: 90
VMNIX Sortino Ratio Rank: 90
VMNIX Omega Ratio Rank: 83
VMNIX Calmar Ratio Rank: 91
VMNIX Martin Ratio Rank: 71

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.

BTPIX vs. VMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Salient Tactical Plus Fund (BTPIX) 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.

	BTPIX	VMNIX	Difference
Sharpe ratio: Return per unit of total volatility	0.97	2.73	-1.76
Sortino ratio: Return per unit of downside risk	1.36	4.10	-2.75
Omega ratio: Gain probability vs. loss probability	1.18	1.50	-0.32
Calmar ratio: Return relative to maximum drawdown	1.35	4.51	-3.16
Martin ratio: Return relative to average drawdown	4.06	12.73	-8.67

BTPIX vs. VMNIX - Sharpe Ratio Comparison

The current BTPIX Sharpe Ratio is 0.97, which is lower than the VMNIX Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of BTPIX and VMNIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BTPIX vs. VMNIX - Drawdown Comparison

The maximum BTPIX drawdown since its inception was -13.30%, smaller than the maximum VMNIX drawdown of -27.90%. Use the drawdown chart below to compare losses from any high point for BTPIX and VMNIX.

Drawdown Indicators

	BTPIX	VMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-13.30%	-27.90%	+14.60%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-4.67%	-2.17%
Max Drawdown (3Y) Largest decline over 3 years	-8.90%	-5.36%	-3.54%
Max Drawdown (5Y) Largest decline over 5 years	-8.90%	-6.69%	-2.21%
Max Drawdown (10Y) Largest decline over 10 years	-11.04%	-24.95%	+13.91%
Current Drawdown Current decline from peak	-1.30%	-0.25%	-1.05%
Average Drawdown Average peak-to-trough decline	-3.87%	-8.75%	+4.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	1.65%	+0.62%

Volatility

BTPIX vs. VMNIX - Volatility Comparison

Salient Tactical Plus Fund (BTPIX) has a higher volatility of 2.87% compared to Vanguard Market Neutral Fund Institutional Shares (VMNIX) at 2.02%. This indicates that BTPIX's price experiences larger fluctuations and is considered to be riskier than VMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTPIX	VMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	2.02%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	7.14%	5.62%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	9.51%	7.75%	+1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.28%	7.21%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.64%	6.41%	+2.23%

BTPIX vs. VMNIX - Expense Ratio Comparison

BTPIX has a 1.08% expense ratio, which is lower than VMNIX's 1.25% expense ratio.

Dividends

BTPIX vs. VMNIX - Dividend Comparison

BTPIX's dividend yield for the trailing twelve months is around 2.66%, less than VMNIX's 3.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTPIX Salient Tactical Plus Fund	2.66%	2.81%	3.80%	4.93%	7.72%	0.00%	6.10%	6.16%	3.08%	0.00%	4.14%	0.00%
VMNIX Vanguard Market Neutral Fund Institutional Shares	3.16%	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

Can I hold both BTPIX and VMNIX in my portfolio?

BTPIX and VMNIX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTPIX or VMNIX?

BTPIX has higher volatility (2.87%) compared to VMNIX (2.02%). In terms of maximum drawdown, BTPIX dropped -13.30% vs VMNIX's -27.90%.

Which has better risk-adjusted returns?

VMNIX currently has the higher Sharpe Ratio (2.73 vs 0.97), 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.