SNOIX vs. VMNIX

Last updated Jun 4, 2026

SNOIX (Easterly Snow Capital Long/Short Opportunity Fund) and VMNIX (Vanguard Market Neutral Fund Institutional Shares) are both Long-Short funds. Over the past 10 years, SNOIX returned 10.27%/yr vs 5.07%/yr for VMNIX. At a 0.03 correlation, their price movements are largely independent. SNOIX charges 1.41%/yr vs 1.25%/yr for VMNIX.

Performance

SNOIX vs. VMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Easterly Snow Capital Long/Short Opportunity Fund (SNOIX) 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, SNOIX achieves a 9.80% return, which is significantly lower than VMNIX's 12.09% return. Over the past 10 years, SNOIX has outperformed VMNIX with an annualized return of 10.27%, while VMNIX has yielded a comparatively lower 5.07% annualized return.

SNOIX

• 1D: 0.57%
• 1M: 1.25%
• YTD: 9.80%
• 6M: 10.33%
• 1Y: 27.24%
• 3Y*: 15.55%
• 5Y*: 8.69%
• 10Y*: 10.27%

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)

SNOIX vs. VMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SNOIX Easterly Snow Capital Long/Short Opportunity Fund	9.80%	20.66%	5.17%	10.84%	-3.10%	26.26%	1.44%	22.44%	-11.25%	12.80%
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 SNOIX and VMNIX is -0.10, 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	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jan 4, 2007	0.03

The correlation between SNOIX and VMNIX shifts across timeframes, from -0.10 (1 year) to 0.11 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

SNOIX vs. VMNIX — Risk / Return Rank

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

SNOIX

SNOIX Risk / Return Rank: 79
SNOIX Sharpe Ratio Rank: 71
SNOIX Sortino Ratio Rank: 74
SNOIX Omega Ratio Rank: 61
SNOIX Calmar Ratio Rank: 96
SNOIX Martin Ratio Rank: 94

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.

SNOIX vs. VMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Easterly Snow Capital Long/Short Opportunity Fund (SNOIX) 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.

	SNOIX	VMNIX	Difference
Sharpe ratio Return per unit of total volatility	2.45	2.26	+0.18
Sortino ratio Return per unit of downside risk	3.61	3.40	+0.21
Omega ratio Gain probability vs. loss probability	1.44	1.41	+0.02
Calmar ratio Return relative to maximum drawdown	6.30	3.77	+2.53
Martin ratio Return relative to average drawdown	20.97	10.50	+10.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SNOIX vs. VMNIX - Sharpe Ratio Comparison

The current SNOIX Sharpe Ratio is 2.45, which is comparable to the VMNIX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of SNOIX 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

	SNOIX	VMNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.26	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	1.81	-1.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.79	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.34	-0.01

Drawdowns

SNOIX vs. VMNIX - Drawdown Comparison

The maximum SNOIX drawdown since its inception was -65.34%, which is greater than VMNIX's maximum drawdown of -27.90%. Use the drawdown chart below to compare losses from any high point for SNOIX and VMNIX.

Drawdown Indicators

	SNOIX	VMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-65.34%	-27.90%	-37.44%
Max Drawdown (1Y) Largest decline over 1 year	-4.50%	-4.67%	+0.17%
Max Drawdown (3Y) Largest decline over 3 years	-15.33%	-5.36%	-9.97%
Max Drawdown (5Y) Largest decline over 5 years	-17.66%	-6.69%	-10.97%
Max Drawdown (10Y) Largest decline over 10 years	-34.43%	-24.95%	-9.48%
Current Drawdown Current decline from peak	-0.37%	0.00%	-0.37%
Average Drawdown Average peak-to-trough decline	-9.78%	-8.76%	-1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	1.74%	-0.39%

Volatility

SNOIX vs. VMNIX - Volatility Comparison

Easterly Snow Capital Long/Short Opportunity Fund (SNOIX) has a higher volatility of 2.88% compared to Vanguard Market Neutral Fund Institutional Shares (VMNIX) at 2.02%. This indicates that SNOIX's price experiences larger fluctuations and is considered to be riskier than VMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SNOIX	VMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	2.02%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	7.95%	5.75%	+2.20%
Volatility (1Y) Calculated over the trailing 1-year period	11.62%	7.81%	+3.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.05%	7.22%	+7.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.52%	6.41%	+10.11%

SNOIX vs. VMNIX - Expense Ratio Comparison

SNOIX has a 1.41% expense ratio, which is higher than VMNIX's 1.25% expense ratio.

Dividends

SNOIX vs. VMNIX - Dividend Comparison

SNOIX's dividend yield for the trailing twelve months is around 6.30%, more than VMNIX's 3.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SNOIX Easterly Snow Capital Long/Short Opportunity Fund	6.30%	6.91%	5.10%	2.29%	7.07%	8.98%	1.86%	1.95%	2.06%	4.80%	0.36%	2.79%
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 SNOIX and VMNIX in my portfolio?

SNOIX and VMNIX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SNOIX or VMNIX?

SNOIX has higher volatility (2.88%) compared to VMNIX (2.02%). In terms of maximum drawdown, SNOIX dropped -65.34% vs VMNIX's -27.90%.

Which has better risk-adjusted returns?

SNOIX currently has the higher Sharpe Ratio (2.45 vs 2.26), 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.