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FFRHX vs. VMNFX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FFRHX vs. VMNFX

Last updated Jun 4, 2026

FFRHX (Fidelity Floating Rate High Income Fund) and VMNFX (Vanguard Market Neutral Fund Investor Shares) are both mutual funds - FFRHX is a High Yield Bonds fund managed by Fidelity, while VMNFX is a Long-Short fund managed by Vanguard. Over the past 10 years, FFRHX returned 4.95%/yr vs 5.00%/yr for VMNFX. At a correlation of -0.01, they often move in opposite directions. FFRHX charges 0.67%/yr vs 1.31%/yr for VMNFX.

Performance

FFRHX vs. VMNFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Floating Rate High Income Fund (FFRHX) and Vanguard Market Neutral Fund Investor Shares (VMNFX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FFRHX achieves a 2.05% return, which is significantly lower than VMNFX's 12.03% return. Both investments have delivered pretty close results over the past 10 years, with FFRHX having a 4.95% annualized return and VMNFX not far ahead at 5.00%.

FFRHX

1D
-0.11%
1M
0.78%
YTD
2.05%
6M
2.69%
1Y
6.13%
3Y*
7.64%
5Y*
5.49%
10Y*
4.95%

VMNFX

1D
0.38%
1M
0.77%
YTD
12.03%
6M
13.70%
1Y
18.01%
3Y*
13.20%
5Y*
12.93%
10Y*
5.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FFRHX vs. VMNFX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FFRHX
Fidelity Floating Rate High Income Fund		2.05%5.47%7.10%12.63%-1.55%5.01%1.69%8.63%0.10%3.91%
VMNFX
Vanguard Market Neutral Fund Investor Shares		12.03%9.27%5.78%12.23%13.48%23.24%-11.58%-9.57%0.60%-4.89%

Correlation

The correlation between FFRHX and VMNFX is -0.04, 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

-0.04

Correlation (3Y)
Calculated over the trailing 3-year period

0.01

Correlation (5Y)
Calculated over the trailing 5-year period

0.01

Correlation (10Y)
Calculated over the trailing 10-year period

0.01

Correlation (All Time)
Calculated using the full available price history since Sep 1, 2000

-0.01

FFRHX vs. VMNFX - Sectors Allocation Comparison

Sectors
FFRHX
VMNFX

Energy

92.8%
4.7%

Consumer Cyclical

4.3%
12.7%

Communication Services

3.0%
3.6%

Basic Materials

-

5.6%

Consumer Defensive

-

3.0%

Financial Services

-

19.9%

Healthcare

-

13.6%

Industrials

-

12.9%

Real Estate

-

7.6%

Technology

-

13.0%

Utilities

-

3.4%

Energy

FFRHX
92.8%
VMNFX
4.7%

Consumer Cyclical

FFRHX
4.3%
VMNFX
12.7%

Communication Services

FFRHX
3.0%
VMNFX
3.6%

Basic Materials

FFRHX

-

VMNFX
5.6%

Consumer Defensive

FFRHX

-

VMNFX
3.0%

Financial Services

FFRHX

-

VMNFX
19.9%

Healthcare

FFRHX

-

VMNFX
13.6%

Industrials

FFRHX

-

VMNFX
12.9%

Real Estate

FFRHX

-

VMNFX
7.6%

Technology

FFRHX

-

VMNFX
13.0%

Utilities

FFRHX

-

VMNFX
3.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Floating Rate High Income Fund

Vanguard Market Neutral Fund Investor Shares

Often compared with FFRHX:
FFRHX vs. PRFRXFFRHX vs. FAGIXFFRHX vs. SCHPFFRHX vs. FTBFXFFRHX vs. FADMXFFRHX vs. FFRIXFFRHX vs. FFRAX
Often compared with VMNFX:
VMNFX vs. BDMIXVMNFX vs. VMNIXVMNFX vs. VMVFXVMNFX vs. VIPIXVMNFX vs. SPYVMNFX vs. QAMNXVMNFX vs. VOO

Return for Risk

FFRHX vs. VMNFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FFRHX
FFRHX Risk / Return Rank: 9292
Overall Rank
FFRHX Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
FFRHX Sortino Ratio Rank: 9898
Sortino Ratio Rank
FFRHX Omega Ratio Rank: 9797
Omega Ratio Rank
FFRHX Calmar Ratio Rank: 9393
Calmar Ratio Rank
FFRHX Martin Ratio Rank: 9090
Martin Ratio Rank
VMNFX
VMNFX Risk / Return Rank: 6262
Overall Rank
VMNFX Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
VMNFX Sortino Ratio Rank: 6666
Sortino Ratio Rank
VMNFX Omega Ratio Rank: 5454
Omega Ratio Rank
VMNFX Calmar Ratio Rank: 8282
Calmar Ratio Rank
VMNFX Martin Ratio Rank: 5151
Martin Ratio Rank
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.

FFRHX vs. VMNFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Floating Rate High Income Fund (FFRHX) 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.

FFRHXVMNFXDifference
Sharpe ratioReturn per unit of total volatility
2.62
2.25

+0.37

Sortino ratioReturn per unit of downside risk
6.30
3.39

+2.91

Omega ratioGain probability vs. loss probability

1.96

1.41

+0.55

Calmar ratioReturn relative to maximum drawdown

5.16

3.76

+1.41

Martin ratioReturn relative to average drawdown

18.28

10.39

+7.89

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFRHX vs. VMNFX - Sharpe Ratio Comparison

The current FFRHX Sharpe Ratio is 2.62, which is comparable to the VMNFX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of FFRHX 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.

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Sharpe Ratios by Period

FFRHXVMNFXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.62

2.25

+0.37

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.92

1.80

+0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.20

0.79

+0.41

Sharpe Ratio (All Time)

Calculated using the full available price history

1.15

0.34

+0.82

Drawdowns

FFRHX vs. VMNFX - Drawdown Comparison

The maximum FFRHX drawdown since its inception was -22.20%, smaller than the maximum VMNFX drawdown of -26.42%. Use the drawdown chart below to compare losses from any high point for FFRHX and VMNFX.

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Drawdown Indicators

FFRHXVMNFXDifference

Max Drawdown

Largest peak-to-trough decline

-22.20%

-26.42%

+4.22%

Max Drawdown (1Y)

Largest decline over 1 year

-1.19%

-4.65%

+3.46%

Max Drawdown (3Y)

Largest decline over 3 years

-3.29%

-5.44%

+2.15%

Max Drawdown (5Y)

Largest decline over 5 years

-5.90%

-6.75%

+0.85%

Max Drawdown (10Y)

Largest decline over 10 years

-22.20%

-25.09%

+2.89%

Current Drawdown

Current decline from peak

-0.11%

0.00%

-0.11%

Average Drawdown

Average peak-to-trough decline

-1.15%

-8.76%

+7.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.34%

1.75%

-1.41%

Volatility

FFRHX vs. VMNFX - Volatility Comparison

The current volatility for Fidelity Floating Rate High Income Fund (FFRHX) is 0.61%, while Vanguard Market Neutral Fund Investor Shares (VMNFX) has a volatility of 1.99%. This indicates that FFRHX experiences smaller price fluctuations and is considered to be less risky than VMNFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FFRHXVMNFXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.61%

1.99%

-1.38%

Volatility (6M)

Calculated over the trailing 6-month period

1.62%

5.78%

-4.16%

Volatility (1Y)

Calculated over the trailing 1-year period

2.35%

7.82%

-5.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.88%

7.21%

-4.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.14%

6.39%

-2.25%

FFRHX vs. VMNFX - Expense Ratio Comparison

FFRHX has a 0.67% expense ratio, which is lower than VMNFX's 1.31% expense ratio.

Dividends

FFRHX vs. VMNFX - Dividend Comparison

FFRHX's dividend yield for the trailing twelve months is around 7.07%, more than VMNFX's 3.13% yield.

PositionTTM20252024202320222021202020192018201720162015
FFRHX
Fidelity Floating Rate High Income Fund		7.07%7.41%6.94%8.24%3.81%2.74%3.84%5.15%4.74%4.05%4.44%3.69%
VMNFX
Vanguard Market Neutral Fund Investor Shares		3.13%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

FFRHX and VMNFX have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VMNFX has higher volatility (1.99%) compared to FFRHX (0.61%). In terms of maximum drawdown, FFRHX dropped -22.20% vs VMNFX's -26.42%.

FFRHX currently has the higher Sharpe Ratio (2.62 vs 2.25), 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.

Portfolio Optimizer

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