VMNFX vs. BRK-B

Last updated Jun 9, 2026

VMNFX (Vanguard Market Neutral Fund Investor Shares) is Long-Short fund managed by Vanguard, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 10 years, VMNFX returned 5.00%/yr vs 13.14%/yr for BRK-B. At a 0.04 correlation, their price movements are largely independent.

Performance

VMNFX vs. BRK-B - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Market Neutral Fund Investor Shares (VMNFX) and Berkshire Hathaway Inc. (BRK-B). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMNFX achieves a 12.10% return, which is significantly higher than BRK-B's -3.11% return. Over the past 10 years, VMNFX has underperformed BRK-B with an annualized return of 5.00%, while BRK-B has yielded a comparatively higher 13.14% annualized return.

VMNFX

• 1D: 0.19%
• 1M: 1.23%
• YTD: 12.10%
• 6M: 14.25%
• 1Y: 18.34%
• 3Y*: 13.32%
• 5Y*: 12.99%
• 10Y*: 5.00%

BRK-B

• 1D: -0.23%
• 1M: 2.32%
• YTD: -3.11%
• 6M: -2.06%
• 1Y: -1.32%
• 3Y*: 13.25%
• 5Y*: 11.03%
• 10Y*: 13.14%

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

VMNFX vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMNFX Vanguard Market Neutral Fund Investor Shares	12.10%	9.27%	5.78%	12.23%	13.48%	23.24%	-11.58%	-9.57%	0.60%	-4.89%
BRK-B Berkshire Hathaway Inc.	-3.11%	10.89%	27.09%	15.46%	3.31%	28.95%	2.37%	10.93%	3.01%	21.62%

Correlation

The correlation between VMNFX and BRK-B is -0.09, 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	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Nov 16, 1998	0.04

The correlation between VMNFX and BRK-B shifts across timeframes, from -0.09 (1 year) to 0.09 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

VMNFX vs. BRK-B — Risk / Return Rank

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

VMNFX

VMNFX Risk / Return Rank: 72
VMNFX Sharpe Ratio Rank: 72
VMNFX Sortino Ratio Rank: 77
VMNFX Omega Ratio Rank: 68
VMNFX Calmar Ratio Rank: 86
VMNFX Martin Ratio Rank: 57

BRK-B

BRK-B Risk / Return Rank: 35
BRK-B Sharpe Ratio Rank: 38
BRK-B Sortino Ratio Rank: 30
BRK-B Omega Ratio Rank: 30
BRK-B Calmar Ratio Rank: 38
BRK-B Martin Ratio Rank: 37

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.

VMNFX vs. BRK-B - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Investor Shares (VMNFX) and Berkshire Hathaway Inc. (BRK-B). 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.

	VMNFX	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	2.37	-0.09	+2.47
Sortino ratio: Return per unit of downside risk	3.58	-0.03	+3.61
Omega ratio: Gain probability vs. loss probability	1.44	1.00	+0.44
Calmar ratio: Return relative to maximum drawdown	3.96	-0.14	+4.10
Martin ratio: Return relative to average drawdown	11.00	-0.30	+11.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMNFX vs. BRK-B - Sharpe Ratio Comparison

The current VMNFX Sharpe Ratio is 2.37, which is higher than the BRK-B Sharpe Ratio of -0.09. The chart below compares the historical Sharpe Ratios of VMNFX and BRK-B, 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

	VMNFX	BRK-B	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	-0.09	+2.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.81	0.65	+1.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.68	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.48	-0.15

Drawdowns

VMNFX vs. BRK-B - Drawdown Comparison

The maximum VMNFX drawdown since its inception was -26.42%, smaller than the maximum BRK-B drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for VMNFX and BRK-B.

Drawdown Indicators

	VMNFX	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-26.42%	-53.86%	+27.44%
Max Drawdown (1Y) Largest decline over 1 year	-4.65%	-9.42%	+4.77%
Max Drawdown (3Y) Largest decline over 3 years	-5.44%	-14.95%	+9.51%
Max Drawdown (5Y) Largest decline over 5 years	-6.75%	-26.58%	+19.83%
Max Drawdown (10Y) Largest decline over 10 years	-25.09%	-29.57%	+4.48%
Current Drawdown Current decline from peak	0.00%	-9.78%	+9.78%
Average Drawdown Average peak-to-trough decline	-8.75%	-11.07%	+2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	4.49%	-2.82%

Volatility

VMNFX vs. BRK-B - Volatility Comparison

The current volatility for Vanguard Market Neutral Fund Investor Shares (VMNFX) is 1.83%, while Berkshire Hathaway Inc. (BRK-B) has a volatility of 3.98%. This indicates that VMNFX experiences smaller price fluctuations and is considered to be less risky than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMNFX	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.83%	3.98%	-2.15%
Volatility (6M) Calculated over the trailing 6-month period	5.65%	10.87%	-5.22%
Volatility (1Y) Calculated over the trailing 1-year period	7.76%	14.38%	-6.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.21%	17.13%	-9.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.38%	19.44%	-13.06%

Dividends

VMNFX vs. BRK-B - Dividend Comparison

VMNFX's dividend yield for the trailing twelve months is around 3.13%, while BRK-B has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRK-B Berkshire Hathaway Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both VMNFX and BRK-B in my portfolio?

VMNFX and BRK-B have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMNFX or BRK-B?

BRK-B has higher volatility (3.98%) compared to VMNFX (1.83%). In terms of maximum drawdown, VMNFX dropped -26.42% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

VMNFX currently has the higher Sharpe Ratio (2.37 vs -0.09), 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.