VIGIX vs. VMNFX

Last updated Jun 26, 2026

VIGIX (Vanguard Growth Index Fund Institutional Shares) and VMNFX (Vanguard Market Neutral Fund Investor Shares) are both mutual funds - VIGIX is a Large Cap Growth Equities fund tracking the CRSP US Large Cap Growth Index, while VMNFX is a Long-Short fund managed by Vanguard. Over the past 10 years, VIGIX returned 17.99%/yr vs 5.16%/yr for VMNFX. At a 0.01 correlation, their price movements are largely independent. VIGIX charges 0.04%/yr vs 1.31%/yr for VMNFX.

Performance

VIGIX vs. VMNFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Growth Index Fund Institutional Shares (VIGIX) 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, VIGIX achieves a 3.20% return, which is significantly lower than VMNFX's 13.60% return. Over the past 10 years, VIGIX has outperformed VMNFX with an annualized return of 17.99%, while VMNFX has yielded a comparatively lower 5.16% annualized return.

VIGIX

• 1D: -0.33%
• 1M: -4.92%
• YTD: 3.20%
• 6M: 1.71%
• 1Y: 17.49%
• 3Y*: 22.62%
• 5Y*: 12.71%
• 10Y*: 17.99%

VMNFX

• 1D: -0.38%
• 1M: 2.92%
• YTD: 13.60%
• 6M: 14.42%
• 1Y: 20.10%
• 3Y*: 13.67%
• 5Y*: 13.74%
• 10Y*: 5.16%

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

VIGIX vs. VMNFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIGIX Vanguard Growth Index Fund Institutional Shares	3.20%	19.44%	32.68%	46.77%	-33.13%	27.27%	40.19%	37.26%	-3.34%	27.81%
VMNFX Vanguard Market Neutral Fund Investor Shares	13.60%	9.27%	5.78%	12.23%	13.48%	23.24%	-11.58%	-9.57%	0.60%	-4.89%

Correlation

The correlation between VIGIX 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	-0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Nov 16, 1998	0.01

VIGIX vs. VMNFX - Sectors Allocation Comparison

Sectors	VIGIX	VMNFX
Technology	56.4%	4.8%
Communication Services	16.0%	-1.9%
Consumer Cyclical	11.6%	-0.5%
Healthcare	4.6%	-0.3%
Financial Services	4.0%	-0.1%
Industrials	3.5%	-3.0%
Consumer Defensive	1.3%	-1.0%
Real Estate	0.9%	0.1%
Utilities	0.7%	-0.1%
Basic Materials	0.6%	1.9%
Energy	0.3%	-0.1%

Return for Risk

VIGIX vs. VMNFX — Risk / Return Rank

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

VIGIX

VIGIX Risk / Return Rank: 18
VIGIX Sharpe Ratio Rank: 20
VIGIX Sortino Ratio Rank: 19
VIGIX Omega Ratio Rank: 20
VIGIX Calmar Ratio Rank: 15
VIGIX Martin Ratio Rank: 17

VMNFX

VMNFX Risk / Return Rank: 87
VMNFX Sharpe Ratio Rank: 90
VMNFX Sortino Ratio Rank: 91
VMNFX Omega Ratio Rank: 84
VMNFX Calmar Ratio Rank: 92
VMNFX Martin Ratio Rank: 78

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.

VIGIX vs. VMNFX - Risk-Adjusted Trends Comparison

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

	VIGIX	VMNFX	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.60	-1.54
Sortino ratio: Return per unit of downside risk	1.51	3.97	-2.46
Omega ratio: Gain probability vs. loss probability	1.19	1.48	-0.29
Calmar ratio: Return relative to maximum drawdown	1.09	4.38	-3.29
Martin ratio: Return relative to average drawdown	3.72	12.26	-8.54

VIGIX vs. VMNFX - Sharpe Ratio Comparison

The current VIGIX Sharpe Ratio is 1.07, which is lower than the VMNFX Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of VIGIX 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.

Drawdowns

VIGIX vs. VMNFX - Drawdown Comparison

The maximum VIGIX drawdown since its inception was -56.95%, which is greater than VMNFX's maximum drawdown of -26.42%. Use the drawdown chart below to compare losses from any high point for VIGIX and VMNFX.

Drawdown Indicators

	VIGIX	VMNFX	Difference
Max Drawdown Largest peak-to-trough decline	-56.95%	-26.42%	-30.53%
Max Drawdown (1Y) Largest decline over 1 year	-16.51%	-4.65%	-11.86%
Max Drawdown (3Y) Largest decline over 3 years	-23.03%	-5.44%	-17.59%
Max Drawdown (5Y) Largest decline over 5 years	-35.62%	-6.75%	-28.87%
Max Drawdown (10Y) Largest decline over 10 years	-35.62%	-25.09%	-10.53%
Current Drawdown Current decline from peak	-7.15%	-0.69%	-6.46%
Average Drawdown Average peak-to-trough decline	-16.25%	-8.74%	-7.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.84%	1.66%	+3.18%

Volatility

VIGIX vs. VMNFX - Volatility Comparison

Vanguard Growth Index Fund Institutional Shares (VIGIX) has a higher volatility of 6.87% compared to Vanguard Market Neutral Fund Investor Shares (VMNFX) at 2.28%. This indicates that VIGIX'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

	VIGIX	VMNFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.87%	2.28%	+4.59%
Volatility (6M) Calculated over the trailing 6-month period	13.42%	5.78%	+7.64%
Volatility (1Y) Calculated over the trailing 1-year period	16.97%	7.84%	+9.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.51%	7.22%	+15.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.65%	6.41%	+15.24%

VIGIX vs. VMNFX - Expense Ratio Comparison

VIGIX has a 0.04% expense ratio, which is lower than VMNFX's 1.31% expense ratio.

Dividends

VIGIX vs. VMNFX - Dividend Comparison

VIGIX's dividend yield for the trailing twelve months is around 0.40%, less than VMNFX's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIGIX Vanguard Growth Index Fund Institutional Shares	0.40%	0.41%	0.47%	0.58%	0.70%	0.48%	0.66%	0.95%	1.32%	1.15%	1.40%	1.31%
VMNFX Vanguard Market Neutral Fund Investor Shares	3.09%	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 VIGIX and VMNFX in my portfolio?

VIGIX 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, VIGIX or VMNFX?

VIGIX has higher volatility (6.87%) compared to VMNFX (2.28%). In terms of maximum drawdown, VIGIX dropped -56.95% vs VMNFX's -26.42%.

Which has better risk-adjusted returns?

VMNFX currently has the higher Sharpe Ratio (2.60 vs 1.06), 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.