VMNFX vs. BTAL
Compare and contrast key facts about Vanguard Market Neutral Fund Investor Shares (VMNFX) and AGFiQ US Market Neutral Anti-Beta Fund (BTAL).
VMNFX is managed by Vanguard. It was launched on Nov 11, 1998. BTAL is a passively managed fund by AGF that tracks the performance of the Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. It was launched on Sep 13, 2011.
Performance
VMNFX vs. BTAL - Performance Comparison
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VMNFX vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMNFX Vanguard Market Neutral Fund Investor Shares | 5.66% | 9.27% | 5.78% | 12.23% | 13.48% | 23.24% | -11.58% | -9.57% | 0.60% | -4.89% |
BTAL AGFiQ US Market Neutral Anti-Beta Fund | -4.03% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
Returns By Period
In the year-to-date period, VMNFX achieves a 5.66% return, which is significantly higher than BTAL's -4.03% return. Over the past 10 years, VMNFX has outperformed BTAL with an annualized return of 3.95%, while BTAL has yielded a comparatively lower -3.26% annualized return.
VMNFX
- 1D
- -0.40%
- 1M
- 3.01%
- YTD
- 5.66%
- 6M
- 8.53%
- 1Y
- 15.15%
- 3Y*
- 11.56%
- 5Y*
- 12.36%
- 10Y*
- 3.95%
BTAL
- 1D
- -1.07%
- 1M
- -1.50%
- YTD
- -4.03%
- 6M
- -9.59%
- 1Y
- -31.80%
- 3Y*
- -8.62%
- 5Y*
- -1.72%
- 10Y*
- -3.26%
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VMNFX vs. BTAL - Expense Ratio Comparison
VMNFX has a 1.31% expense ratio, which is lower than BTAL's 2.11% expense ratio.
Return for Risk
VMNFX vs. BTAL — Risk / Return Rank
VMNFX
BTAL
VMNFX vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Investor Shares (VMNFX) and AGFiQ US Market Neutral Anti-Beta Fund (BTAL). 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 | BTAL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.04 | -1.42 | +3.46 |
Sortino ratioReturn per unit of downside risk | 3.03 | -2.16 | +5.20 |
Omega ratioGain probability vs. loss probability | 1.37 | 0.77 | +0.60 |
Calmar ratioReturn relative to maximum drawdown | 3.25 | -0.92 | +4.17 |
Martin ratioReturn relative to average drawdown | 9.21 | -1.25 | +10.46 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VMNFX | BTAL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | -1.42 | +3.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.73 | -0.09 | +1.82 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | -0.19 | +0.82 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | -0.17 | +0.49 |
Correlation
The correlation between VMNFX and BTAL is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
VMNFX vs. BTAL - Dividend Comparison
VMNFX's dividend yield for the trailing twelve months is around 3.32%, more than BTAL's 2.59% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMNFX Vanguard Market Neutral Fund Investor Shares | 3.32% | 3.53% | 5.61% | 5.09% | 0.75% | 0.16% | 0.81% | 3.16% | 0.94% | 1.07% | 0.38% | 0.02% |
BTAL AGFiQ US Market Neutral Anti-Beta Fund | 2.59% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% | 0.00% | 0.00% | 0.00% |
Drawdowns
VMNFX vs. BTAL - Drawdown Comparison
The maximum VMNFX drawdown since its inception was -26.42%, smaller than the maximum BTAL drawdown of -41.01%. Use the drawdown chart below to compare losses from any high point for VMNFX and BTAL.
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Drawdown Indicators
| VMNFX | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.42% | -41.01% | +14.59% |
Max Drawdown (1Y)Largest decline over 1 year | -4.93% | -34.94% | +30.01% |
Max Drawdown (5Y)Largest decline over 5 years | -6.75% | -34.94% | +28.19% |
Max Drawdown (10Y)Largest decline over 10 years | -25.09% | -41.01% | +15.92% |
Current DrawdownCurrent decline from peak | -0.40% | -40.18% | +39.78% |
Average DrawdownAverage peak-to-trough decline | -8.81% | -21.67% | +12.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 25.73% | -23.99% |
Volatility
VMNFX vs. BTAL - Volatility Comparison
The current volatility for Vanguard Market Neutral Fund Investor Shares (VMNFX) is 1.56%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 6.72%. This indicates that VMNFX experiences smaller price fluctuations and is considered to be less risky than BTAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMNFX | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 6.72% | -5.16% |
Volatility (6M)Calculated over the trailing 6-month period | 5.83% | 15.84% | -10.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.64% | 22.50% | -14.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 18.36% | -11.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.34% | 17.04% | -10.70% |