CRIHX vs. VMNFX

Last updated Jun 26, 2026

CRIHX (CRM Long/Short Opportunities Fund) and VMNFX (Vanguard Market Neutral Fund Investor Shares) are both Long-Short funds. Over the past 5 years, CRIHX returned 6.74%/yr vs 13.74%/yr for VMNFX. At a 0.09 correlation, their price movements are largely independent. CRIHX charges 1.60%/yr vs 1.31%/yr for VMNFX.

Performance

CRIHX vs. VMNFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CRM Long/Short Opportunities Fund (CRIHX) and Vanguard Market Neutral Fund Investor Shares (VMNFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CRIHX having a 13.08% return and VMNFX slightly higher at 13.60%.

CRIHX

• 1D: 0.42%
• 1M: 1.92%
• YTD: 13.08%
• 6M: 11.93%
• 1Y: 19.98%
• 3Y*: 9.77%
• 5Y*: 6.74%
• 10Y*: —

VMNFX

• 1D: -0.38%
• 1M: 2.92%
• YTD: 13.60%
• 6M: 14.42%
• 1Y: 20.10%
• 3Y*: 13.67%
• 5Y*: 13.74%
• 10Y*: 5.16%

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

CRIHX vs. VMNFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CRIHX CRM Long/Short Opportunities Fund	13.08%	-1.55%	17.72%	6.06%	-4.24%	5.91%	20.44%	12.95%	-8.43%	4.49%
VMNFX Vanguard Market Neutral Fund Investor Shares	13.60%	9.27%	5.78%	12.23%	13.48%	23.24%	-11.58%	-9.57%	0.60%	-4.89%

Correlation

The correlation between CRIHX and VMNFX 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	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (All Time) Calculated using the full available price history since Aug 22, 2016	0.09

The correlation between CRIHX and VMNFX shifts across timeframes, from -0.07 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CRIHX vs. VMNFX — Risk / Return Rank

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

CRIHX

CRIHX Risk / Return Rank: 36
CRIHX Sharpe Ratio Rank: 34
CRIHX Sortino Ratio Rank: 38
CRIHX Omega Ratio Rank: 33
CRIHX Calmar Ratio Rank: 42
CRIHX Martin Ratio Rank: 34

VMNFX

VMNFX Risk / Return Rank: 87
VMNFX Sharpe Ratio Rank: 90
VMNFX Sortino Ratio Rank: 91
VMNFX Omega Ratio Rank: 84
VMNFX Calmar Ratio Rank: 92
VMNFX Martin Ratio Rank: 78

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.

CRIHX vs. VMNFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CRM Long/Short Opportunities Fund (CRIHX) and Vanguard Market Neutral Fund Investor Shares (VMNFX). 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.

	CRIHX	VMNFX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	2.60	-1.20
Sortino ratio: Return per unit of downside risk	2.17	3.97	-1.80
Omega ratio: Gain probability vs. loss probability	1.25	1.48	-0.23
Calmar ratio: Return relative to maximum drawdown	2.14	4.38	-2.24
Martin ratio: Return relative to average drawdown	6.53	12.26	-5.73

CRIHX vs. VMNFX - Sharpe Ratio Comparison

The current CRIHX Sharpe Ratio is 1.40, which is lower than the VMNFX Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of CRIHX and VMNFX, 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

CRIHX vs. VMNFX - Drawdown Comparison

The maximum CRIHX drawdown since its inception was -21.33%, smaller than the maximum VMNFX drawdown of -26.42%. Use the drawdown chart below to compare losses from any high point for CRIHX and VMNFX.

Drawdown Indicators

	CRIHX	VMNFX	Difference
Max Drawdown Largest peak-to-trough decline	-21.33%	-26.42%	+5.09%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-4.65%	-4.42%
Max Drawdown (3Y) Largest decline over 3 years	-15.87%	-5.44%	-10.43%
Max Drawdown (5Y) Largest decline over 5 years	-15.87%	-6.75%	-9.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-25.09%	—
Current Drawdown Current decline from peak	-0.76%	-0.69%	-0.07%
Average Drawdown Average peak-to-trough decline	-4.10%	-8.74%	+4.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	1.66%	+1.30%

Volatility

CRIHX vs. VMNFX - Volatility Comparison

CRM Long/Short Opportunities Fund (CRIHX) has a higher volatility of 5.83% compared to Vanguard Market Neutral Fund Investor Shares (VMNFX) at 2.28%. This indicates that CRIHX's price experiences larger fluctuations and is considered to be riskier than VMNFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CRIHX	VMNFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.83%	2.28%	+3.55%
Volatility (6M) Calculated over the trailing 6-month period	10.45%	5.78%	+4.67%
Volatility (1Y) Calculated over the trailing 1-year period	13.84%	7.84%	+6.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.30%	7.22%	+4.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.17%	6.41%	+4.76%

CRIHX vs. VMNFX - Expense Ratio Comparison

CRIHX has a 1.60% expense ratio, which is higher than VMNFX's 1.31% expense ratio.

Dividends

CRIHX vs. VMNFX - Dividend Comparison

CRIHX has not paid dividends to shareholders, while VMNFX's dividend yield for the trailing twelve months is around 3.09%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRIHX CRM Long/Short Opportunities Fund	0.00%	0.00%	8.11%	2.32%	1.55%	0.75%	8.83%	0.03%	1.75%	0.24%	0.00%	0.00%
VMNFX Vanguard Market Neutral Fund Investor Shares	3.09%	3.53%	5.61%	5.09%	0.75%	0.16%	0.81%	3.16%	0.94%	1.07%	0.38%	0.02%

Frequently Asked Questions

Can I hold both CRIHX and VMNFX in my portfolio?

CRIHX and VMNFX 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, CRIHX or VMNFX?

CRIHX has higher volatility (5.83%) compared to VMNFX (2.28%). In terms of maximum drawdown, CRIHX dropped -21.33% vs VMNFX's -26.42%.

Which has better risk-adjusted returns?

VMNFX currently has the higher Sharpe Ratio (2.60 vs 1.40), 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.