VBTLX vs. VMNFX
VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) and VMNFX (Vanguard Market Neutral Fund Investor Shares) are both mutual funds - VBTLX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index, while VMNFX is a Long-Short fund managed by Vanguard. Over the past 10 years, VBTLX returned 1.56%/yr vs 5.00%/yr for VMNFX. At a correlation of -0.04, they often move in opposite directions. VBTLX charges 0.04%/yr vs 1.31%/yr for VMNFX.
Performance
VBTLX vs. VMNFX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VBTLX achieves a 0.21% return, which is significantly lower than VMNFX's 12.03% return. Over the past 10 years, VBTLX has underperformed VMNFX with an annualized return of 1.56%, while VMNFX has yielded a comparatively higher 5.00% annualized return.
VBTLX
- 1D
- -0.21%
- 1M
- 0.13%
- YTD
- 0.21%
- 6M
- 0.34%
- 1Y
- 4.47%
- 3Y*
- 3.97%
- 5Y*
- 0.10%
- 10Y*
- 1.56%
VMNFX
- 1D
- 0.38%
- 1M
- 0.77%
- YTD
- 12.03%
- 6M
- 13.70%
- 1Y
- 18.01%
- 3Y*
- 13.20%
- 5Y*
- 12.93%
- 10Y*
- 5.00%
VBTLX vs. VMNFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 0.21% | 7.17% | 1.26% | 5.74% | -13.16% | -1.81% | 7.72% | 8.73% | -0.25% | 3.56% |
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 VBTLX and VMNFX is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2001 | -0.04 |
The correlation between VBTLX and VMNFX shifts across timeframes, from -0.19 (5 years) to -0.04 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VBTLX vs. VMNFX — Risk / Return Rank
VBTLX
VMNFX
VBTLX vs. VMNFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) 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.
| VBTLX | VMNFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.43 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.41 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 3.76 | -1.98 |
| Martin ratioReturn relative to average drawdown | 5.33 | 10.39 | -5.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| VBTLX | VMNFX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 2.25 | -0.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | 1.80 | -1.79 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | 0.79 | -0.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.34 | +0.42 |
Drawdowns
VBTLX vs. VMNFX - Drawdown Comparison
The maximum VBTLX drawdown since its inception was -18.81%, smaller than the maximum VMNFX drawdown of -26.42%. Use the drawdown chart below to compare losses from any high point for VBTLX and VMNFX.
Loading charts...
Drawdown Indicators
| VBTLX | VMNFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.81% | -26.42% | +7.61% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -4.65% | +1.76% |
Max Drawdown (3Y)Largest decline over 3 years | -6.00% | -5.44% | -0.56% |
Max Drawdown (5Y)Largest decline over 5 years | -18.14% | -6.75% | -11.39% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -25.09% | +6.28% |
Current DrawdownCurrent decline from peak | -2.38% | 0.00% | -2.38% |
Average DrawdownAverage peak-to-trough decline | -2.67% | -8.76% | +6.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 1.75% | -0.79% |
Volatility
VBTLX vs. VMNFX - Volatility Comparison
The current volatility for Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) is 1.33%, while Vanguard Market Neutral Fund Investor Shares (VMNFX) has a volatility of 1.99%. This indicates that VBTLX experiences smaller price fluctuations and is considered to be less risky than VMNFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VBTLX | VMNFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 1.99% | -0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 5.78% | -3.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.96% | 7.82% | -3.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.01% | 7.21% | -1.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.98% | 6.39% | -1.41% |
VBTLX vs. VMNFX - Expense Ratio Comparison
VBTLX has a 0.04% expense ratio, which is lower than VMNFX's 1.31% expense ratio.
Dividends
VBTLX vs. VMNFX - Dividend Comparison
VBTLX's dividend yield for the trailing twelve months is around 3.99%, more than VMNFX's 3.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 3.99% | 3.87% | 3.69% | 3.10% | 2.59% | 1.96% | 2.39% | 2.74% | 2.57% | 2.56% | 2.53% | 2.82% |
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
VBTLX and VMNFX have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VMNFX has higher volatility (1.99%) compared to VBTLX (1.33%). In terms of maximum drawdown, VBTLX dropped -18.81% vs VMNFX's -26.42%.
VMNFX currently has the higher Sharpe Ratio (2.25 vs 1.30), 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.
Find the right allocation for VBTLX and VMNFX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer