LSOFX vs. VMNIX

Last updated Jun 4, 2026

LSOFX (LS Opportunity Fund - Institutional Class) and VMNIX (Vanguard Market Neutral Fund Institutional Shares) are both Long-Short funds. Over the past 10 years, LSOFX returned 6.77%/yr vs 5.07%/yr for VMNIX. At a 0.09 correlation, their price movements are largely independent. LSOFX charges 1.95%/yr vs 1.25%/yr for VMNIX.

Performance

LSOFX vs. VMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LS Opportunity Fund - Institutional Class (LSOFX) 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, LSOFX achieves a 1.39% return, which is significantly lower than VMNIX's 12.09% return. Over the past 10 years, LSOFX has outperformed VMNIX with an annualized return of 6.77%, while VMNIX has yielded a comparatively lower 5.07% annualized return.

LSOFX

• 1D: -0.33%
• 1M: -1.35%
• YTD: 1.39%
• 6M: 1.82%
• 1Y: 4.09%
• 3Y*: 7.44%
• 5Y*: 4.43%
• 10Y*: 6.77%

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)

LSOFX vs. VMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LSOFX LS Opportunity Fund - Institutional Class	1.39%	3.85%	8.28%	11.00%	-3.12%	12.42%	4.35%	18.31%	-3.57%	9.59%
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 LSOFX and VMNIX is -0.14, 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	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Oct 1, 2010	0.09

The correlation between LSOFX and VMNIX shifts across timeframes, from -0.14 (1 year) to 0.09 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

LSOFX vs. VMNIX — Risk / Return Rank

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

LSOFX

LSOFX Risk / Return Rank: 7
LSOFX Sharpe Ratio Rank: 7
LSOFX Sortino Ratio Rank: 7
LSOFX Omega Ratio Rank: 6
LSOFX Calmar Ratio Rank: 8
LSOFX Martin Ratio Rank: 8

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.

LSOFX vs. VMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LS Opportunity Fund - Institutional Class (LSOFX) 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.

	LSOFX	VMNIX	Difference
Sharpe ratio: Return per unit of total volatility	0.56	2.26	-1.70
Sortino ratio: Return per unit of downside risk	0.88	3.40	-2.52
Omega ratio: Gain probability vs. loss probability	1.10	1.41	-0.31
Calmar ratio: Return relative to maximum drawdown	0.82	3.77	-2.95
Martin ratio: Return relative to average drawdown	2.29	10.50	-8.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LSOFX vs. VMNIX - Sharpe Ratio Comparison

The current LSOFX Sharpe Ratio is 0.56, which is lower than the VMNIX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of LSOFX 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

	LSOFX	VMNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	2.26	-1.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	1.81	-1.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.79	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.34	+0.30

Drawdowns

LSOFX vs. VMNIX - Drawdown Comparison

The maximum LSOFX drawdown since its inception was -22.05%, smaller than the maximum VMNIX drawdown of -27.90%. Use the drawdown chart below to compare losses from any high point for LSOFX and VMNIX.

Drawdown Indicators

	LSOFX	VMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-22.05%	-27.90%	+5.85%
Max Drawdown (1Y) Largest decline over 1 year	-5.36%	-4.67%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	-10.43%	-5.36%	-5.07%
Max Drawdown (5Y) Largest decline over 5 years	-13.00%	-6.69%	-6.31%
Max Drawdown (10Y) Largest decline over 10 years	-22.05%	-24.95%	+2.90%
Current Drawdown Current decline from peak	-2.09%	0.00%	-2.09%
Average Drawdown Average peak-to-trough decline	-3.33%	-8.76%	+5.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.74%	+0.17%

Volatility

LSOFX vs. VMNIX - Volatility Comparison

LS Opportunity Fund - Institutional Class (LSOFX) and Vanguard Market Neutral Fund Institutional Shares (VMNIX) have volatilities of 2.12% and 2.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LSOFX	VMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	2.02%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	5.80%	5.75%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	7.81%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.82%	7.22%	+2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.25%	6.41%	+3.84%

LSOFX vs. VMNIX - Expense Ratio Comparison

LSOFX has a 1.95% expense ratio, which is higher than VMNIX's 1.25% expense ratio.

Dividends

LSOFX vs. VMNIX - Dividend Comparison

LSOFX's dividend yield for the trailing twelve months is around 4.74%, more than VMNIX's 3.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LSOFX LS Opportunity Fund - Institutional Class	4.74%	4.81%	0.98%	0.00%	5.27%	4.35%	1.28%	2.35%	2.71%	3.91%	0.00%	6.74%
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 LSOFX and VMNIX in my portfolio?

LSOFX and VMNIX have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LSOFX or VMNIX?

LSOFX has higher volatility (2.12%) compared to VMNIX (2.02%). In terms of maximum drawdown, LSOFX dropped -22.05% vs VMNIX's -27.90%.

Which has better risk-adjusted returns?

VMNIX currently has the higher Sharpe Ratio (2.26 vs 0.56), 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.