COAGX vs. VMNIX

Last updated Jun 5, 2026

COAGX (Caldwell & Orkin - Gator Capital Long/Short Fund) and VMNIX (Vanguard Market Neutral Fund Institutional Shares) are both Long-Short funds. At a 0.15 correlation, their price movements are largely independent. COAGX charges 2.00%/yr vs 1.25%/yr for VMNIX.

Performance

COAGX vs. VMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Caldwell & Orkin - Gator Capital Long/Short Fund (COAGX) and Vanguard Market Neutral Fund Institutional Shares (VMNIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

COAGX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VMNIX

• 1D: 0.00%
• 1M: 0.52%
• YTD: 12.09%
• 6M: 14.85%
• 1Y: 18.48%
• 3Y*: 13.30%
• 5Y*: 13.06%
• 10Y*: 5.07%

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

COAGX vs. VMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
COAGX Caldwell & Orkin - Gator Capital Long/Short Fund	3.61%	17.44%	35.58%	31.98%	-7.18%	27.17%	11.06%	24.20%	-15.53%	0.93%
VMNIX Vanguard Market Neutral Fund Institutional Shares	12.09%	9.36%	5.84%	12.33%	13.47%	23.39%	-11.58%	-9.48%	0.66%	-4.83%

Correlation

The correlation between COAGX and VMNIX is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Oct 27, 1998	0.15

The correlation between COAGX and VMNIX shifts across timeframes, from -0.11 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

COAGX vs. VMNIX — Risk / Return Rank

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

VMNIX

VMNIX Risk / Return Rank: 67
VMNIX Sharpe Ratio Rank: 65
VMNIX Sortino Ratio Rank: 71
VMNIX Omega Ratio Rank: 60
VMNIX Calmar Ratio Rank: 84
VMNIX Martin Ratio Rank: 54

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.

COAGX vs. VMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Caldwell & Orkin - Gator Capital Long/Short Fund (COAGX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	COAGX	VMNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.35	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.34	—

Drawdowns

Drawdown Indicators

	COAGX	VMNIX	Difference
Max Drawdown Largest peak-to-trough decline	—	-27.90%	—
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 Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-8.76%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.67%	—

Volatility

Volatility by Period

	COAGX	VMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.72%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	7.77%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	7.22%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	6.40%	—

COAGX vs. VMNIX - Expense Ratio Comparison

COAGX has a 2.00% expense ratio, which is higher than VMNIX's 1.25% expense ratio.

Dividends

COAGX vs. VMNIX - Dividend Comparison

COAGX has not paid dividends to shareholders, while VMNIX's dividend yield for the trailing twelve months is around 3.19%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COAGX Caldwell & Orkin - Gator Capital Long/Short Fund	0.00%	0.00%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.81%
VMNIX Vanguard Market Neutral Fund Institutional Shares	3.19%	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 COAGX and VMNIX in my portfolio?

COAGX and VMNIX have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.