VGSNX vs. VMNFX
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 tracking the MSCI US Investable Market Real Estate 25/50 Index, while VMNFX is a Long-Short fund actively managed by Vanguard. VGSNX is passively managed, while VMNFX is actively managed. Over the past 10 years, VGSNX returned 4.89%/yr vs 5.42%/yr for VMNFX. Their -0.01 correlation means they have often moved in opposite directions in the past. VGSNX charges 0.11%/yr vs 1.95%/yr for VMNFX.
Performance
VGSNX vs. VMNFX - Performance Comparison
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Returns By Period
In the year-to-date period, VGSNX achieves a 13.95% return, which is significantly lower than VMNFX's 16.18% return. Over the past 10 years, VGSNX has underperformed VMNFX with an annualized return of 4.89%, while VMNFX has yielded a comparatively higher 5.42% annualized return.
VGSNX
- 1D
- -0.60%
- 1M
- 0.84%
- 6M
- 12.21%
- YTD
- 13.95%
- 1Y
- 15.50%
- 3Y*
- 9.38%
- 5Y*
- 2.44%
- 10Y*
- 4.89%
- ALL TIME*
- 8.10%
VMNFX
- 1D
- -0.43%
- 1M
- 2.79%
- 6M
- 15.77%
- YTD
- 16.18%
- 1Y
- 24.74%
- 3Y*
- 13.92%
- 5Y*
- 14.04%
- 10Y*
- 5.42%
- ALL TIME*
- 2.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VGSNX vs. VMNFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGSNX Vanguard Real Estate Index Fund Institutional Shares | 13.95% | 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 | 16.18% | 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 -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | -0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.16 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.06 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2003 | -0.01 |
Over the past year, the inverse relationship between VGSNX and VMNFX has strengthened: their correlation has moved from -0.01 to -0.23, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
VGSNX vs. VMNFX — Risk / Return Rank
VGSNX
VMNFX
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VGSNX | VMNFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.13 | ||
| Sortino ratioReturn per unit of downside risk | -3.33 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.62 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 5.37 | -3.53 |
| Martin ratioReturn relative to average drawdown | 5.94 | 17.69 | -11.75 |
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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
| VGSNX | VMNFX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -17.38% | -5.44% | -11.94% |
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 DrawdownCurrent decline from peak | -1.99% | -0.43% | -1.56% |
Average DrawdownAverage peak-to-trough decline | -13.20% | -8.71% | -4.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 1.41% | +1.16% |
Volatility
VGSNX vs. VMNFX - Volatility Comparison
Vanguard Real Estate Index Fund Institutional Shares (VGSNX) has a higher volatility of 4.50% compared to Vanguard Market Neutral Fund Investor Shares (VMNFX) at 1.85%. 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
| VGSNX | VMNFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.50% | 1.85% | +2.65% |
Volatility (6M)Calculated over the trailing 6-month period | 10.72% | 5.32% | +5.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.87% | 7.71% | +6.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.95% | 7.24% | +11.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.96% | 6.43% | +14.53% |
VGSNX vs. VMNFX - Expense Ratio Comparison
VGSNX has a 0.11% expense ratio, which is lower than VMNFX's 1.95% expense ratio.
Dividends
VGSNX vs. VMNFX - Dividend Comparison
VGSNX's dividend yield for the trailing twelve months is around 3.53%, more than VMNFX's 3.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VGSNX Vanguard Real Estate Index Fund Institutional Shares | 3.53% | 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 | 3.02% | 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 -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGSNX has higher volatility (4.50%) compared to VMNFX (1.85%). In terms of maximum drawdown, VGSNX dropped -73.06% vs VMNFX's -26.42%.
VMNFX currently has the higher Sharpe Ratio (3.24 vs 1.11), 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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