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VGSNX vs. VMNFX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VGSNX vs. VMNFX

Last updated Jun 4, 2026

VGSNX (Vanguard Real Estate Index Fund Institutional Shares) and VMNFX (Vanguard Market Neutral Fund Investor Shares) are both mutual funds - VGSNX is a REIT fund managed by Vanguard, while VMNFX is a Long-Short fund managed by Vanguard. Over the past 10 years, VGSNX returned 5.22%/yr vs 5.00%/yr for VMNFX. At a correlation of -0.01, they often move in opposite directions. VGSNX charges 0.10%/yr vs 1.31%/yr for VMNFX.

Performance

VGSNX vs. VMNFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Real Estate Index Fund Institutional Shares (VGSNX) and Vanguard Market Neutral Fund Investor Shares (VMNFX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VGSNX achieves a 7.95% return, which is significantly lower than VMNFX's 12.03% return. Both investments have delivered pretty close results over the past 10 years, with VGSNX having a 5.22% annualized return and VMNFX not far behind at 5.00%.

VGSNX

1D
0.44%
1M
-0.96%
YTD
7.95%
6M
6.90%
1Y
10.16%
3Y*
9.20%
5Y*
2.22%
10Y*
5.22%

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

VGSNX vs. VMNFX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VGSNX
Vanguard Real Estate Index Fund Institutional Shares		7.95%3.21%3.72%13.12%-26.19%40.46%-4.76%28.98%-5.97%4.90%
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 VGSNX and VMNFX is -0.21, 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

-0.21

Correlation (3Y)
Calculated over the trailing 3-year period

-0.18

Correlation (5Y)
Calculated over the trailing 5-year period

-0.15

Correlation (10Y)
Calculated over the trailing 10-year period

-0.06

Correlation (All Time)
Calculated using the full available price history since Dec 4, 2003

-0.01

The correlation between VGSNX and VMNFX shifts across timeframes, from -0.21 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

VGSNX vs. VMNFX - Sectors Allocation Comparison

Sectors
VGSNX
VMNFX

Real Estate

97.3%
7.6%

Basic Materials

1.1%
5.6%

Communication Services

0.6%
3.6%

Technology

0.3%
13.0%

Energy

0.1%
4.7%

Financial Services

0.1%
19.9%

Industrials

0.0%
12.9%

Consumer Cyclical

-

12.7%

Consumer Defensive

-

3.0%

Healthcare

-

13.6%

Utilities

-

3.4%

Real Estate

VGSNX
97.3%
VMNFX
7.6%

Basic Materials

VGSNX
1.1%
VMNFX
5.6%

Communication Services

VGSNX
0.6%
VMNFX
3.6%

Technology

VGSNX
0.3%
VMNFX
13.0%

Energy

VGSNX
0.1%
VMNFX
4.7%

Financial Services

VGSNX
0.1%
VMNFX
19.9%

Industrials

VGSNX
0.0%
VMNFX
12.9%

Consumer Cyclical

VGSNX

-

VMNFX
12.7%

Consumer Defensive

VGSNX

-

VMNFX
3.0%

Healthcare

VGSNX

-

VMNFX
13.6%

Utilities

VGSNX

-

VMNFX
3.4%

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Vanguard Real Estate Index Fund Institutional Shares

Vanguard Market Neutral Fund Investor Shares

Often compared with VGSNX:
VGSNX vs. VNQVGSNX vs. VGSLXVGSNX vs. VOOVGSNX vs. VFIAXVGSNX vs. VTIFXVGSNX vs. FPROVGSNX vs. CSRIX
Often compared with VMNFX:
VMNFX vs. BDMIXVMNFX vs. VMNIXVMNFX vs. VMVFXVMNFX vs. VIPIXVMNFX vs. SPYVMNFX vs. QAMNXVMNFX vs. VOO

Return for Risk

VGSNX vs. VMNFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VGSNX
VGSNX Risk / Return Rank: 1010
Overall Rank
VGSNX Sharpe Ratio Rank: 99
Sharpe Ratio Rank
VGSNX Sortino Ratio Rank: 99
Sortino Ratio Rank
VGSNX Omega Ratio Rank: 99
Omega Ratio Rank
VGSNX Calmar Ratio Rank: 1212
Calmar Ratio Rank
VGSNX Martin Ratio Rank: 1313
Martin Ratio Rank
VMNFX
VMNFX Risk / Return Rank: 6262
Overall Rank
VMNFX Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
VMNFX Sortino Ratio Rank: 6666
Sortino Ratio Rank
VMNFX Omega Ratio Rank: 5454
Omega Ratio Rank
VMNFX Calmar Ratio Rank: 8282
Calmar Ratio Rank
VMNFX Martin Ratio Rank: 5151
Martin Ratio Rank
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.

VGSNX vs. VMNFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate Index Fund Institutional Shares (VGSNX) 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.

VGSNXVMNFXDifference
Sharpe ratioReturn per unit of total volatility
0.75
2.25

-1.49

Sortino ratioReturn per unit of downside risk
1.11
3.39

-2.28

Omega ratioGain probability vs. loss probability

1.14

1.41

-0.27

Calmar ratioReturn relative to maximum drawdown

1.19

3.76

-2.57

Martin ratioReturn relative to average drawdown

3.75

10.39

-6.65

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGSNX vs. VMNFX - Sharpe Ratio Comparison

The current VGSNX Sharpe Ratio is 0.75, which is lower than the VMNFX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of VGSNX 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.

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Sharpe Ratios by Period

VGSNXVMNFXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.75

2.25

-1.49

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.12

1.80

-1.68

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.25

0.79

-0.54

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.34

-0.06

Drawdowns

VGSNX vs. VMNFX - Drawdown Comparison

The maximum VGSNX drawdown since its inception was -73.06%, which is greater than VMNFX's maximum drawdown of -26.42%. Use the drawdown chart below to compare losses from any high point for VGSNX and VMNFX.

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Drawdown Indicators

VGSNXVMNFXDifference

Max Drawdown

Largest peak-to-trough decline

-73.06%

-26.42%

-46.64%

Max Drawdown (1Y)

Largest decline over 1 year

-8.34%

-4.65%

-3.69%

Max Drawdown (3Y)

Largest decline over 3 years

-17.41%

-5.44%

-11.97%

Max Drawdown (5Y)

Largest decline over 5 years

-34.39%

-6.75%

-27.64%

Max Drawdown (10Y)

Largest decline over 10 years

-42.30%

-25.09%

-17.21%

Current Drawdown

Current decline from peak

-3.52%

0.00%

-3.52%

Average Drawdown

Average peak-to-trough decline

-13.29%

-8.76%

-4.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.64%

1.75%

+0.89%

Volatility

VGSNX vs. VMNFX - Volatility Comparison

Vanguard Real Estate Index Fund Institutional Shares (VGSNX) has a higher volatility of 3.75% compared to Vanguard Market Neutral Fund Investor Shares (VMNFX) at 1.99%. This indicates that VGSNX'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.

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Volatility by Period

VGSNXVMNFXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.75%

1.99%

+1.76%

Volatility (6M)

Calculated over the trailing 6-month period

9.32%

5.78%

+3.54%

Volatility (1Y)

Calculated over the trailing 1-year period

13.16%

7.82%

+5.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.87%

7.21%

+11.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.91%

6.39%

+14.52%

VGSNX vs. VMNFX - Expense Ratio Comparison

VGSNX has a 0.10% expense ratio, which is lower than VMNFX's 1.31% expense ratio.

Dividends

VGSNX vs. VMNFX - Dividend Comparison

VGSNX's dividend yield for the trailing twelve months is around 3.71%, more than VMNFX's 3.13% yield.

PositionTTM20252024202320222021202020192018201720162015
VGSNX
Vanguard Real Estate Index Fund Institutional Shares		3.71%3.94%3.87%3.93%3.94%2.57%3.95%3.40%4.75%4.26%4.84%3.94%
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

VGSNX and VMNFX have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VGSNX has higher volatility (3.75%) compared to VMNFX (1.99%). In terms of maximum drawdown, VGSNX dropped -73.06% vs VMNFX's -26.42%.

VMNFX currently has the higher Sharpe Ratio (2.25 vs 0.75), 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.

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