VMNFX vs. EQLS

Last updated Jun 25, 2026

VMNFX (Vanguard Market Neutral Fund Investor Shares) and EQLS (Simplify Market Neutral Equity Long/Short ETF) are both Long-Short funds. At a 0.20 correlation, their price movements are largely independent. VMNFX charges 1.31%/yr vs 1.00%/yr for EQLS.

Performance

VMNFX vs. EQLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Market Neutral Fund Investor Shares (VMNFX) and Simplify Market Neutral Equity Long/Short ETF (EQLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

VMNFX

• 1D: -0.31%
• 1M: 3.58%
• YTD: 14.03%
• 6M: 14.85%
• 1Y: 20.73%
• 3Y*: 13.81%
• 5Y*: 13.89%
• 10Y*: 5.20%

EQLS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VMNFX vs. EQLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VMNFX Vanguard Market Neutral Fund Investor Shares	14.03%	9.27%	5.78%	12.22%
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	6.82%	-4.82%	-3.67%

Correlation

The correlation between VMNFX and EQLS is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jun 14, 2023	0.20

Return for Risk

VMNFX vs. EQLS — Risk / Return Rank

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

VMNFX

VMNFX Risk / Return Rank: 86
VMNFX Sharpe Ratio Rank: 90
VMNFX Sortino Ratio Rank: 91
VMNFX Omega Ratio Rank: 84
VMNFX Calmar Ratio Rank: 92
VMNFX Martin Ratio Rank: 73

EQLS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. EQLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Investor Shares (VMNFX) and Simplify Market Neutral Equity Long/Short ETF (EQLS). 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.

	VMNFX	EQLS	Difference
Sharpe ratio: Return per unit of total volatility	2.73	—	—
Sortino ratio: Return per unit of downside risk	4.15	—	—
Omega ratio: Gain probability vs. loss probability	1.51	—	—
Calmar ratio: Return relative to maximum drawdown	4.59	—	—
Martin ratio: Return relative to average drawdown	12.86	—	—

Drawdowns

Drawdown Indicators

	VMNFX	EQLS	Difference
Max Drawdown Largest peak-to-trough decline	-26.42%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-4.65%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.44%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-6.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-25.09%	—	—
Current Drawdown Current decline from peak	-0.31%	—	—
Average Drawdown Average peak-to-trough decline	-8.74%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	—	—

Volatility

Volatility by Period

	VMNFX	EQLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.22%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.77%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.83%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.22%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.41%	—	—

VMNFX vs. EQLS - Expense Ratio Comparison

VMNFX has a 1.31% expense ratio, which is higher than EQLS's 1.00% expense ratio.

Dividends

VMNFX vs. EQLS - Dividend Comparison

VMNFX's dividend yield for the trailing twelve months is around 3.08%, while EQLS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	0.45%	0.95%	8.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VMNFX Vanguard Market Neutral Fund Investor Shares	3.08%	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 EQLS in my portfolio?

VMNFX and EQLS have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.