CPLIX vs. VMNIX

Last updated Jun 4, 2026

CPLIX (Calamos Phineus Long/Short Fund) and VMNIX (Vanguard Market Neutral Fund Institutional Shares) are both Long-Short funds. Over the past 10 years, CPLIX returned 7.02%/yr vs 5.07%/yr for VMNIX. At a 0.03 correlation, their price movements are largely independent. CPLIX charges 1.38%/yr vs 1.25%/yr for VMNIX.

Performance

CPLIX vs. VMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Phineus Long/Short Fund (CPLIX) 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, CPLIX achieves a -0.36% return, which is significantly lower than VMNIX's 12.09% return. Over the past 10 years, CPLIX has outperformed VMNIX with an annualized return of 7.02%, while VMNIX has yielded a comparatively lower 5.07% annualized return.

CPLIX

• 1D: -0.83%
• 1M: 1.51%
• YTD: -0.36%
• 6M: 0.44%
• 1Y: 2.65%
• 3Y*: 7.17%
• 5Y*: 3.23%
• 10Y*: 7.02%

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)

CPLIX vs. VMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CPLIX Calamos Phineus Long/Short Fund	-0.36%	9.89%	8.89%	8.04%	-0.96%	7.52%	19.81%	3.97%	-5.96%	9.22%
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 CPLIX and VMNIX is -0.16, 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	-0.16
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Apr 6, 2016	0.03

The correlation between CPLIX and VMNIX shifts across timeframes, from -0.16 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CPLIX vs. VMNIX — Risk / Return Rank

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

CPLIX

CPLIX Risk / Return Rank: 5
CPLIX Sharpe Ratio Rank: 5
CPLIX Sortino Ratio Rank: 5
CPLIX Omega Ratio Rank: 5
CPLIX Calmar Ratio Rank: 5
CPLIX Martin Ratio Rank: 4

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.

CPLIX vs. VMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Phineus Long/Short Fund (CPLIX) 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.

	CPLIX	VMNIX	Difference
Sharpe ratio: Return per unit of total volatility	0.37	2.26	-1.89
Sortino ratio: Return per unit of downside risk	0.63	3.40	-2.78
Omega ratio: Gain probability vs. loss probability	1.07	1.41	-0.34
Calmar ratio: Return relative to maximum drawdown	0.37	3.77	-3.40
Martin ratio: Return relative to average drawdown	0.92	10.50	-9.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPLIX vs. VMNIX - Sharpe Ratio Comparison

The current CPLIX Sharpe Ratio is 0.37, which is lower than the VMNIX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of CPLIX 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

	CPLIX	VMNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.37	2.26	-1.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	1.81	-1.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.79	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.34	+0.15

Drawdowns

CPLIX vs. VMNIX - Drawdown Comparison

The maximum CPLIX drawdown since its inception was -33.71%, which is greater than VMNIX's maximum drawdown of -27.90%. Use the drawdown chart below to compare losses from any high point for CPLIX and VMNIX.

Drawdown Indicators

	CPLIX	VMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.71%	-27.90%	-5.81%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-4.67%	-4.06%
Max Drawdown (3Y) Largest decline over 3 years	-8.73%	-5.36%	-3.37%
Max Drawdown (5Y) Largest decline over 5 years	-18.28%	-6.69%	-11.59%
Max Drawdown (10Y) Largest decline over 10 years	-33.71%	-24.95%	-8.76%
Current Drawdown Current decline from peak	-4.71%	0.00%	-4.71%
Average Drawdown Average peak-to-trough decline	-4.70%	-8.76%	+4.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	1.74%	+1.82%

Volatility

CPLIX vs. VMNIX - Volatility Comparison

Calamos Phineus Long/Short Fund (CPLIX) has a higher volatility of 3.83% compared to Vanguard Market Neutral Fund Institutional Shares (VMNIX) at 2.02%. This indicates that CPLIX'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

	CPLIX	VMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	2.02%	+1.81%
Volatility (6M) Calculated over the trailing 6-month period	7.88%	5.75%	+2.13%
Volatility (1Y) Calculated over the trailing 1-year period	8.81%	7.81%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.36%	7.22%	+5.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.27%	6.41%	+8.86%

CPLIX vs. VMNIX - Expense Ratio Comparison

CPLIX has a 1.38% expense ratio, which is higher than VMNIX's 1.25% expense ratio.

Dividends

CPLIX vs. VMNIX - Dividend Comparison

CPLIX's dividend yield for the trailing twelve months is around 5.54%, more than VMNIX's 3.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CPLIX Calamos Phineus Long/Short Fund	5.54%	5.52%	6.90%	1.86%	0.03%	0.00%	0.00%	0.43%	3.88%	1.21%	0.85%	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 CPLIX and VMNIX in my portfolio?

CPLIX and VMNIX have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPLIX or VMNIX?

CPLIX has higher volatility (3.83%) compared to VMNIX (2.02%). In terms of maximum drawdown, CPLIX dropped -33.71% vs VMNIX's -27.90%.

Which has better risk-adjusted returns?

VMNIX currently has the higher Sharpe Ratio (2.26 vs 0.37), 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.