CDAZX vs. VMNIX
Compare and contrast key facts about Multi-Manager Directional Alternative Strategies Fund (CDAZX) and Vanguard Market Neutral Fund Institutional Shares (VMNIX).
CDAZX is managed by Columbia. It was launched on Jan 2, 2017. VMNIX is managed by Vanguard. It was launched on Oct 19, 1998.
Performance
CDAZX vs. VMNIX - Performance Comparison
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CDAZX vs. VMNIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CDAZX Multi-Manager Directional Alternative Strategies Fund | -4.07% | 19.20% | 19.75% | 3.90% | 1.31% | 20.14% | -6.39% | 8.17% | -12.03% | 10.32% |
VMNIX Vanguard Market Neutral Fund Institutional Shares | 6.12% | 9.36% | 5.84% | 12.33% | 13.47% | 23.39% | -11.58% | -9.48% | 0.66% | -4.36% |
Returns By Period
In the year-to-date period, CDAZX achieves a -4.07% return, which is significantly lower than VMNIX's 6.12% return.
CDAZX
- 1D
- -0.73%
- 1M
- -5.39%
- YTD
- -4.07%
- 6M
- 3.53%
- 1Y
- 16.24%
- 3Y*
- 13.51%
- 5Y*
- 9.76%
- 10Y*
- —
VMNIX
- 1D
- 0.09%
- 1M
- 3.45%
- YTD
- 6.12%
- 6M
- 9.05%
- 1Y
- 15.74%
- 3Y*
- 11.80%
- 5Y*
- 12.53%
- 10Y*
- 4.06%
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CDAZX vs. VMNIX - Expense Ratio Comparison
CDAZX has a 1.84% expense ratio, which is higher than VMNIX's 1.25% expense ratio.
Return for Risk
CDAZX vs. VMNIX — Risk / Return Rank
CDAZX
VMNIX
CDAZX vs. VMNIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Multi-Manager Directional Alternative Strategies Fund (CDAZX) 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.
| CDAZX | VMNIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.75 | 2.20 | -0.45 |
Sortino ratioReturn per unit of downside risk | 2.53 | 3.25 | -0.72 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.40 | -0.07 |
Calmar ratioReturn relative to maximum drawdown | 2.11 | 3.37 | -1.26 |
Martin ratioReturn relative to average drawdown | 9.23 | 9.61 | -0.38 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CDAZX | VMNIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.75 | 2.20 | -0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.08 | 1.75 | -0.67 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.31 | +0.28 |
Correlation
The correlation between CDAZX and VMNIX is 0.27, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
CDAZX vs. VMNIX - Dividend Comparison
CDAZX's dividend yield for the trailing twelve months is around 24.26%, more than VMNIX's 3.37% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CDAZX Multi-Manager Directional Alternative Strategies Fund | 24.26% | 23.28% | 10.21% | 1.58% | 11.48% | 6.28% | 0.00% | 0.79% | 50.33% | 3.97% | 0.00% | 0.00% |
VMNIX Vanguard Market Neutral Fund Institutional Shares | 3.37% | 3.59% | 5.67% | 5.15% | 0.78% | 0.20% | 0.86% | 3.23% | 1.00% | 1.16% | 0.45% | 0.10% |
Drawdowns
CDAZX vs. VMNIX - Drawdown Comparison
The maximum CDAZX drawdown since its inception was -30.94%, which is greater than VMNIX's maximum drawdown of -27.90%. Use the drawdown chart below to compare losses from any high point for CDAZX and VMNIX.
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Drawdown Indicators
| CDAZX | VMNIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.94% | -27.90% | -3.04% |
Max Drawdown (1Y)Largest decline over 1 year | -7.32% | -4.95% | -2.37% |
Max Drawdown (5Y)Largest decline over 5 years | -10.91% | -6.69% | -4.22% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.95% | — |
Current DrawdownCurrent decline from peak | -7.32% | 0.00% | -7.32% |
Average DrawdownAverage peak-to-trough decline | -6.22% | -8.82% | +2.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 1.73% | -0.06% |
Volatility
CDAZX vs. VMNIX - Volatility Comparison
Multi-Manager Directional Alternative Strategies Fund (CDAZX) has a higher volatility of 3.00% compared to Vanguard Market Neutral Fund Institutional Shares (VMNIX) at 1.54%. This indicates that CDAZX'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.
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Volatility by Period
| CDAZX | VMNIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.00% | 1.54% | +1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 6.97% | 5.73% | +1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.24% | 7.59% | +1.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.07% | 7.19% | +1.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.99% | 6.35% | +3.64% |