RLSIX vs. VMNFX

Last updated Jun 5, 2026

RLSIX (RiverPark Long/Short Opportunity Fund) and VMNFX (Vanguard Market Neutral Fund Investor Shares) are both Long-Short funds. Over the past 10 years, RLSIX returned 6.37%/yr vs 5.00%/yr for VMNFX. At a correlation of -0.02, they often move in opposite directions. RLSIX charges 1.75%/yr vs 1.31%/yr for VMNFX.

Performance

RLSIX vs. VMNFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverPark Long/Short Opportunity Fund (RLSIX) 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, RLSIX achieves a -3.17% return, which is significantly lower than VMNFX's 12.03% return. Over the past 10 years, RLSIX has outperformed VMNFX with an annualized return of 6.37%, while VMNFX has yielded a comparatively lower 5.00% annualized return.

RLSIX

• 1D: -1.32%
• 1M: -0.40%
• YTD: -3.17%
• 6M: -3.61%
• 1Y: 5.13%
• 3Y*: 12.23%
• 5Y*: -3.97%
• 10Y*: 6.37%

VMNFX

• 1D: 0.00%
• 1M: 0.45%
• YTD: 12.03%
• 6M: 14.75%
• 1Y: 18.35%
• 3Y*: 13.20%
• 5Y*: 12.98%
• 10Y*: 5.00%

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

RLSIX vs. VMNFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RLSIX RiverPark Long/Short Opportunity Fund	-3.17%	8.57%	16.06%	43.85%	-53.89%	2.10%	54.74%	20.00%	-2.20%	22.10%
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 RLSIX and VMNFX is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.12
Correlation (10Y) Calculated over the trailing 10-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Feb 1, 2010	-0.02

The correlation between RLSIX and VMNFX shifts across timeframes, from -0.12 (5 years) to 0.02 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

RLSIX vs. VMNFX — Risk / Return Rank

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

RLSIX

RLSIX Risk / Return Rank: 6
RLSIX Sharpe Ratio Rank: 6
RLSIX Sortino Ratio Rank: 6
RLSIX Omega Ratio Rank: 6
RLSIX Calmar Ratio Rank: 5
RLSIX Martin Ratio Rank: 5

VMNFX

VMNFX Risk / Return Rank: 65
VMNFX Sharpe Ratio Rank: 62
VMNFX Sortino Ratio Rank: 70
VMNFX Omega Ratio Rank: 59
VMNFX Calmar Ratio Rank: 83
VMNFX Martin Ratio Rank: 53

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.

RLSIX vs. VMNFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverPark Long/Short Opportunity Fund (RLSIX) 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.

	RLSIX	VMNFX	Difference
Sharpe ratio: Return per unit of total volatility	0.48	2.33	-1.84
Sortino ratio: Return per unit of downside risk	0.73	3.51	-2.78
Omega ratio: Gain probability vs. loss probability	1.09	1.43	-0.34
Calmar ratio: Return relative to maximum drawdown	0.39	3.89	-3.50
Martin ratio: Return relative to average drawdown	1.15	10.80	-9.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RLSIX vs. VMNFX - Sharpe Ratio Comparison

The current RLSIX Sharpe Ratio is 0.48, which is lower than the VMNFX Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of RLSIX 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

	RLSIX	VMNFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.48	2.33	-1.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	1.81	-1.97
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.79	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.34	+0.04

Drawdowns

RLSIX vs. VMNFX - Drawdown Comparison

The maximum RLSIX drawdown since its inception was -60.82%, which is greater than VMNFX's maximum drawdown of -26.42%. Use the drawdown chart below to compare losses from any high point for RLSIX and VMNFX.

Drawdown Indicators

	RLSIX	VMNFX	Difference
Max Drawdown Largest peak-to-trough decline	-60.82%	-26.42%	-34.40%
Max Drawdown (1Y) Largest decline over 1 year	-14.56%	-4.65%	-9.91%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-5.44%	-12.18%
Max Drawdown (5Y) Largest decline over 5 years	-60.82%	-6.75%	-54.07%
Max Drawdown (10Y) Largest decline over 10 years	-60.82%	-25.09%	-35.73%
Current Drawdown Current decline from peak	-28.20%	0.00%	-28.20%
Average Drawdown Average peak-to-trough decline	-15.09%	-8.76%	-6.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.93%	1.68%	+3.25%

Volatility

RLSIX vs. VMNFX - Volatility Comparison

RiverPark Long/Short Opportunity Fund (RLSIX) has a higher volatility of 2.96% compared to Vanguard Market Neutral Fund Investor Shares (VMNFX) at 1.97%. This indicates that RLSIX'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

	RLSIX	VMNFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	1.97%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	9.19%	5.75%	+3.44%
Volatility (1Y) Calculated over the trailing 1-year period	11.71%	7.79%	+3.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.95%	7.21%	+17.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.55%	6.39%	+15.16%

RLSIX vs. VMNFX - Expense Ratio Comparison

RLSIX has a 1.75% expense ratio, which is higher than VMNFX's 1.31% expense ratio.

Dividends

RLSIX vs. VMNFX - Dividend Comparison

RLSIX has not paid dividends to shareholders, while VMNFX's dividend yield for the trailing twelve months is around 3.13%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RLSIX RiverPark Long/Short Opportunity Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.94%	11.66%	1.26%	0.00%	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 RLSIX and VMNFX in my portfolio?

RLSIX and VMNFX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RLSIX or VMNFX?

RLSIX has higher volatility (2.96%) compared to VMNFX (1.97%). In terms of maximum drawdown, RLSIX dropped -60.82% vs VMNFX's -26.42%.

Which has better risk-adjusted returns?

VMNFX currently has the higher Sharpe Ratio (2.33 vs 0.48), 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.