MAIPX vs. VFAIX

Last updated Jun 5, 2026

MAIPX (MAI Managed Volatility Fund) and VFAIX (Vanguard Financials Index Fund Admiral Shares) are both mutual funds - MAIPX is a Options Trading fund managed by BlackRock, while VFAIX is a Financials Equities fund managed by BlackRock. Over the past 10 years, MAIPX returned 7.29%/yr vs 12.26%/yr for VFAIX. A 0.76 correlation means they provide meaningful diversification when combined. MAIPX charges 0.99%/yr vs 0.10%/yr for VFAIX.

Performance

MAIPX vs. VFAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAI Managed Volatility Fund (MAIPX) and Vanguard Financials Index Fund Admiral Shares (VFAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAIPX achieves a 5.81% return, which is significantly higher than VFAIX's -6.39% return. Over the past 10 years, MAIPX has underperformed VFAIX with an annualized return of 7.29%, while VFAIX has yielded a comparatively higher 12.26% annualized return.

MAIPX

• 1D: -0.11%
• 1M: 1.63%
• YTD: 5.81%
• 6M: 6.00%
• 1Y: 13.62%
• 3Y*: 10.14%
• 5Y*: 7.52%
• 10Y*: 7.29%

VFAIX

• 1D: -1.37%
• 1M: -1.92%
• YTD: -6.39%
• 6M: -4.18%
• 1Y: 3.00%
• 3Y*: 18.44%
• 5Y*: 7.99%
• 10Y*: 12.26%

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

MAIPX vs. VFAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MAIPX MAI Managed Volatility Fund	5.81%	10.28%	8.64%	10.58%	-3.59%	12.81%	4.39%	16.13%	-2.76%	8.66%
VFAIX Vanguard Financials Index Fund Admiral Shares	-6.39%	14.90%	30.46%	14.07%	-12.26%	36.27%	-2.15%	31.63%	-13.47%	20.05%

Correlation

The correlation between MAIPX and VFAIX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 1, 2010	0.76

Over the past year, the correlation between MAIPX and VFAIX has dropped to 0.47 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

Return for Risk

MAIPX vs. VFAIX — Risk / Return Rank

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

MAIPX

MAIPX Risk / Return Rank: 92
MAIPX Sharpe Ratio Rank: 90
MAIPX Sortino Ratio Rank: 92
MAIPX Omega Ratio Rank: 91
MAIPX Calmar Ratio Rank: 89
MAIPX Martin Ratio Rank: 97

VFAIX

VFAIX Risk / Return Rank: 3
VFAIX Sharpe Ratio Rank: 4
VFAIX Sortino Ratio Rank: 3
VFAIX Omega Ratio Rank: 3
VFAIX Calmar Ratio Rank: 3
VFAIX Martin Ratio Rank: 4

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.

MAIPX vs. VFAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAI Managed Volatility Fund (MAIPX) and Vanguard Financials Index Fund Admiral Shares (VFAIX). 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.

	MAIPX	VFAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.94	0.16	+2.78
Sortino ratio: Return per unit of downside risk	4.58	0.32	+4.27
Omega ratio: Gain probability vs. loss probability	1.68	1.04	+0.64
Calmar ratio: Return relative to maximum drawdown	4.46	0.16	+4.30
Martin ratio: Return relative to average drawdown	26.34	0.43	+25.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAIPX vs. VFAIX - Sharpe Ratio Comparison

The current MAIPX Sharpe Ratio is 2.94, which is higher than the VFAIX Sharpe Ratio of 0.16. The chart below compares the historical Sharpe Ratios of MAIPX and VFAIX, 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

	MAIPX	VFAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.94	0.16	+2.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.42	+0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.54	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.23	+0.44

Drawdowns

MAIPX vs. VFAIX - Drawdown Comparison

The maximum MAIPX drawdown since its inception was -25.69%, smaller than the maximum VFAIX drawdown of -78.64%. Use the drawdown chart below to compare losses from any high point for MAIPX and VFAIX.

Drawdown Indicators

	MAIPX	VFAIX	Difference
Max Drawdown Largest peak-to-trough decline	-25.69%	-78.64%	+52.95%
Max Drawdown (1Y) Largest decline over 1 year	-3.10%	-14.72%	+11.62%
Max Drawdown (3Y) Largest decline over 3 years	-11.77%	-17.31%	+5.54%
Max Drawdown (5Y) Largest decline over 5 years	-11.77%	-25.71%	+13.94%
Max Drawdown (10Y) Largest decline over 10 years	-25.69%	-44.37%	+18.68%
Current Drawdown Current decline from peak	-0.23%	-9.24%	+9.01%
Average Drawdown Average peak-to-trough decline	-1.42%	-18.61%	+17.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	5.54%	-5.02%

Volatility

MAIPX vs. VFAIX - Volatility Comparison

The current volatility for MAI Managed Volatility Fund (MAIPX) is 0.91%, while Vanguard Financials Index Fund Admiral Shares (VFAIX) has a volatility of 3.29%. This indicates that MAIPX experiences smaller price fluctuations and is considered to be less risky than VFAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAIPX	VFAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	3.29%	-2.38%
Volatility (6M) Calculated over the trailing 6-month period	3.94%	11.05%	-7.11%
Volatility (1Y) Calculated over the trailing 1-year period	4.70%	14.75%	-10.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.85%	19.35%	-10.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.97%	22.60%	-11.63%

MAIPX vs. VFAIX - Expense Ratio Comparison

MAIPX has a 0.99% expense ratio, which is higher than VFAIX's 0.10% expense ratio.

Dividends

MAIPX vs. VFAIX - Dividend Comparison

MAIPX's dividend yield for the trailing twelve months is around 1.14%, less than VFAIX's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAIPX MAI Managed Volatility Fund	1.14%	1.33%	2.20%	4.59%	2.26%	0.00%	0.32%	1.74%	2.89%	2.12%	0.80%	4.17%
VFAIX Vanguard Financials Index Fund Admiral Shares	1.56%	1.56%	1.75%	2.08%	2.31%	2.62%	2.21%	2.17%	2.30%	1.54%	1.64%	2.00%

Frequently Asked Questions

Can I hold both MAIPX and VFAIX in my portfolio?

MAIPX and VFAIX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAIPX or VFAIX?

VFAIX has higher volatility (3.29%) compared to MAIPX (0.91%). In terms of maximum drawdown, MAIPX dropped -25.69% vs VFAIX's -78.64%.

Which has better risk-adjusted returns?

MAIPX currently has the higher Sharpe Ratio (2.94 vs 0.16), 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.