CPIEX vs. VMNIX

Last updated Jun 4, 2026

CPIEX (Counterpoint Tactical Equity Fund) and VMNIX (Vanguard Market Neutral Fund Institutional Shares) are both Long-Short funds. Over the past 10 years, CPIEX returned 8.95%/yr vs 5.07%/yr for VMNIX. At a 0.33 correlation, their price movements are largely independent. CPIEX charges 1.75%/yr vs 1.25%/yr for VMNIX.

Performance

CPIEX vs. VMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Counterpoint Tactical Equity Fund (CPIEX) 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, CPIEX achieves a 11.41% return, which is significantly lower than VMNIX's 12.09% return. Over the past 10 years, CPIEX has outperformed VMNIX with an annualized return of 8.95%, while VMNIX has yielded a comparatively lower 5.07% annualized return.

CPIEX

• 1D: 0.67%
• 1M: 6.12%
• YTD: 11.41%
• 6M: 12.50%
• 1Y: 16.81%
• 3Y*: 22.25%
• 5Y*: 23.61%
• 10Y*: 8.95%

VMNIX

• 1D: 0.45%
• 1M: 0.84%
• YTD: 12.09%
• 6M: 13.72%
• 1Y: 18.13%
• 3Y*: 13.30%
• 5Y*: 12.99%
• 10Y*: 5.07%

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

CPIEX vs. VMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CPIEX Counterpoint Tactical Equity Fund	11.41%	10.21%	37.75%	6.18%	12.15%	54.08%	-29.20%	-7.69%	-3.17%	14.15%
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 CPIEX and VMNIX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.33

The correlation between CPIEX and VMNIX shifts across timeframes, from 0.18 (1 year) to 0.39 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CPIEX vs. VMNIX — Risk / Return Rank

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

CPIEX

CPIEX Risk / Return Rank: 30
CPIEX Sharpe Ratio Rank: 27
CPIEX Sortino Ratio Rank: 24
CPIEX Omega Ratio Rank: 25
CPIEX Calmar Ratio Rank: 39
CPIEX Martin Ratio Rank: 36

VMNIX

VMNIX Risk / Return Rank: 63
VMNIX Sharpe Ratio Rank: 59
VMNIX Sortino Ratio Rank: 67
VMNIX Omega Ratio Rank: 55
VMNIX Calmar Ratio Rank: 82
VMNIX Martin Ratio Rank: 51

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.

CPIEX vs. VMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Counterpoint Tactical Equity Fund (CPIEX) 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.

	CPIEX	VMNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.26	-0.79
Sortino ratio: Return per unit of downside risk	2.05	3.40	-1.35
Omega ratio: Gain probability vs. loss probability	1.26	1.41	-0.15
Calmar ratio: Return relative to maximum drawdown	2.36	3.77	-1.41
Martin ratio: Return relative to average drawdown	8.02	10.50	-2.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPIEX vs. VMNIX - Sharpe Ratio Comparison

The current CPIEX Sharpe Ratio is 1.48, which is lower than the VMNIX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of CPIEX 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.

Sharpe Ratios by Period

	CPIEX	VMNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	2.26	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.88	1.81	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.79	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.34	+0.28

Drawdowns

CPIEX vs. VMNIX - Drawdown Comparison

The maximum CPIEX drawdown since its inception was -48.20%, which is greater than VMNIX's maximum drawdown of -27.90%. Use the drawdown chart below to compare losses from any high point for CPIEX and VMNIX.

Drawdown Indicators

	CPIEX	VMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-48.20%	-27.90%	-20.30%
Max Drawdown (1Y) Largest decline over 1 year	-7.14%	-4.67%	-2.47%
Max Drawdown (3Y) Largest decline over 3 years	-7.30%	-5.36%	-1.94%
Max Drawdown (5Y) Largest decline over 5 years	-9.76%	-6.69%	-3.07%
Max Drawdown (10Y) Largest decline over 10 years	-48.20%	-24.95%	-23.25%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.88%	-8.76%	-1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	1.74%	+0.36%

Volatility

CPIEX vs. VMNIX - Volatility Comparison

Counterpoint Tactical Equity Fund (CPIEX) has a higher volatility of 3.33% compared to Vanguard Market Neutral Fund Institutional Shares (VMNIX) at 2.02%. This indicates that CPIEX'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

	CPIEX	VMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	2.02%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	7.11%	5.75%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	11.46%	7.81%	+3.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.60%	7.22%	+5.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.72%	6.41%	+6.31%

CPIEX vs. VMNIX - Expense Ratio Comparison

CPIEX has a 1.75% expense ratio, which is higher than VMNIX's 1.25% expense ratio.

Dividends

CPIEX vs. VMNIX - Dividend Comparison

CPIEX's dividend yield for the trailing twelve months is around 4.99%, more than VMNIX's 3.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPIEX Counterpoint Tactical Equity Fund	4.99%	5.56%	2.16%	2.44%	3.05%	0.00%	0.00%	0.00%	3.40%	5.93%	0.00%	0.00%
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 CPIEX and VMNIX in my portfolio?

CPIEX and VMNIX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPIEX or VMNIX?

CPIEX has higher volatility (3.33%) compared to VMNIX (2.02%). In terms of maximum drawdown, CPIEX dropped -48.20% vs VMNIX's -27.90%.

Which has better risk-adjusted returns?

VMNIX currently has the higher Sharpe Ratio (2.26 vs 1.48), 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.