LVHI vs. VMNFX

Last updated Jun 9, 2026

LVHI (Franklin International Low Volatility High Dividend Index ETF) and VMNFX (Vanguard Market Neutral Fund Investor Shares) are both funds - LVHI is a Volatility Hedged Equity fund tracking the Franklin International Low Volatility High Dividend Hedged Index-NR, while VMNFX is a Long-Short fund managed by Vanguard. Over the past 5 years, LVHI returned 15.67%/yr vs 12.99%/yr for VMNFX. At a 0.06 correlation, their price movements are largely independent. LVHI charges 0.40%/yr vs 1.31%/yr for VMNFX.

Performance

LVHI vs. VMNFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin International Low Volatility High Dividend Index ETF (LVHI) and Vanguard Market Neutral Fund Investor Shares (VMNFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LVHI achieves a 11.45% return, which is significantly lower than VMNFX's 12.10% return.

LVHI

• 1D: 0.37%
• 1M: 0.77%
• YTD: 11.45%
• 6M: 13.55%
• 1Y: 29.27%
• 3Y*: 20.97%
• 5Y*: 15.67%
• 10Y*: —

VMNFX

• 1D: 0.19%
• 1M: 1.23%
• YTD: 12.10%
• 6M: 14.25%
• 1Y: 18.34%
• 3Y*: 13.32%
• 5Y*: 12.99%
• 10Y*: 5.00%

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

LVHI vs. VMNFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LVHI Franklin International Low Volatility High Dividend Index ETF	11.45%	27.12%	14.81%	17.45%	3.84%	18.19%	-8.76%	18.35%	-5.22%	12.26%
VMNFX Vanguard Market Neutral Fund Investor Shares	12.10%	9.27%	5.78%	12.23%	13.48%	23.24%	-11.58%	-9.57%	0.60%	-4.89%

Correlation

The correlation between LVHI and VMNFX is -0.06, 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	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since Jul 28, 2016	0.06

The correlation between LVHI and VMNFX shifts across timeframes, from -0.07 (3 years) to 0.06 (all time), reflecting how their relationship changes across market environments.

LVHI vs. VMNFX - Sectors Allocation Comparison

Sectors	LVHI	VMNFX
Financial Services	23.6%	19.9%
Energy	17.4%	4.7%
Industrials	13.4%	12.9%
Utilities	10.4%	3.4%
Consumer Defensive	8.7%	3.0%
Healthcare	7.4%	13.6%
Basic Materials	6.1%	5.6%
Communication Services	5.8%	3.6%
Consumer Cyclical	5.3%	12.7%
Real Estate	1.9%	7.6%
Technology	0.1%	13.0%

Return for Risk

LVHI vs. VMNFX — Risk / Return Rank

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

LVHI

LVHI Risk / Return Rank: 92
LVHI Sharpe Ratio Rank: 93
LVHI Sortino Ratio Rank: 93
LVHI Omega Ratio Rank: 93
LVHI Calmar Ratio Rank: 89
LVHI Martin Ratio Rank: 91

VMNFX

VMNFX Risk / Return Rank: 72
VMNFX Sharpe Ratio Rank: 72
VMNFX Sortino Ratio Rank: 77
VMNFX Omega Ratio Rank: 68
VMNFX Calmar Ratio Rank: 86
VMNFX Martin Ratio Rank: 57

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.

LVHI vs. VMNFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin International Low Volatility High Dividend Index ETF (LVHI) 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.

	LVHI	VMNFX	Difference
Sharpe ratio: Return per unit of total volatility	3.10	2.37	+0.73
Sortino ratio: Return per unit of downside risk	4.24	3.58	+0.66
Omega ratio: Gain probability vs. loss probability	1.58	1.44	+0.14
Calmar ratio: Return relative to maximum drawdown	4.84	3.96	+0.88
Martin ratio: Return relative to average drawdown	19.99	11.00	+8.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LVHI vs. VMNFX - Sharpe Ratio Comparison

The current LVHI Sharpe Ratio is 3.10, which is higher than the VMNFX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of LVHI 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.

Sharpe Ratios by Period

	LVHI	VMNFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.10	2.37	+0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.42	1.81	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.34	+0.48

Drawdowns

LVHI vs. VMNFX - Drawdown Comparison

The maximum LVHI drawdown since its inception was -32.31%, which is greater than VMNFX's maximum drawdown of -26.42%. Use the drawdown chart below to compare losses from any high point for LVHI and VMNFX.

Drawdown Indicators

	LVHI	VMNFX	Difference
Max Drawdown Largest peak-to-trough decline	-32.31%	-26.42%	-5.89%
Max Drawdown (1Y) Largest decline over 1 year	-6.08%	-4.65%	-1.43%
Max Drawdown (3Y) Largest decline over 3 years	-11.99%	-5.44%	-6.55%
Max Drawdown (5Y) Largest decline over 5 years	-11.99%	-6.75%	-5.24%
Max Drawdown (10Y) Largest decline over 10 years	—	-25.09%	—
Current Drawdown Current decline from peak	-1.79%	0.00%	-1.79%
Average Drawdown Average peak-to-trough decline	-3.52%	-8.75%	+5.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	1.67%	-0.20%

Volatility

LVHI vs. VMNFX - Volatility Comparison

Franklin International Low Volatility High Dividend Index ETF (LVHI) has a higher volatility of 2.35% compared to Vanguard Market Neutral Fund Investor Shares (VMNFX) at 1.83%. This indicates that LVHI'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

	LVHI	VMNFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	1.83%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	7.58%	5.65%	+1.93%
Volatility (1Y) Calculated over the trailing 1-year period	9.50%	7.76%	+1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.07%	7.21%	+3.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.76%	6.38%	+7.38%

LVHI vs. VMNFX - Expense Ratio Comparison

LVHI has a 0.40% expense ratio, which is lower than VMNFX's 1.31% expense ratio.

Dividends

LVHI vs. VMNFX - Dividend Comparison

LVHI's dividend yield for the trailing twelve months is around 4.79%, more than VMNFX's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LVHI Franklin International Low Volatility High Dividend Index ETF	4.79%	4.92%	3.98%	8.12%	7.74%	4.13%	3.97%	6.67%	10.67%	3.38%	2.02%	0.00%
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

Can I hold both LVHI and VMNFX in my portfolio?

LVHI and VMNFX have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LVHI or VMNFX?

LVHI has higher volatility (2.35%) compared to VMNFX (1.83%). In terms of maximum drawdown, LVHI dropped -32.31% vs VMNFX's -26.42%.

Which has better risk-adjusted returns?

LVHI currently has the higher Sharpe Ratio (3.10 vs 2.37), 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.