VMNFX vs. EQLS

Last updated Jun 5, 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: 0.00%
• 1M: 0.45%
• YTD: 12.03%
• 6M: 14.75%
• 1Y: 18.35%
• 3Y*: 13.20%
• 5Y*: 12.98%
• 10Y*: 5.00%

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	12.03%	9.27%	5.78%	12.50%
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	6.82%	-4.82%	-3.63%

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 (All Time) Calculated using the full available price history since Jun 15, 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: 65
VMNFX Sharpe Ratio Rank: 62
VMNFX Sortino Ratio Rank: 70
VMNFX Omega Ratio Rank: 59
VMNFX Calmar Ratio Rank: 83
VMNFX Martin Ratio Rank: 53

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.

	VMNFX	EQLS	Difference
Sharpe ratio: Return per unit of total volatility	2.33	—	—
Sortino ratio: Return per unit of downside risk	3.51	—	—
Omega ratio: Gain probability vs. loss probability	1.43	—	—
Calmar ratio: Return relative to maximum drawdown	3.89	—	—
Martin ratio: Return relative to average drawdown	10.80	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	VMNFX	EQLS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.81	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	—	—

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	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-8.76%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	—	—

Volatility

Volatility by Period

	VMNFX	EQLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.75%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.79%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.21%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.39%	—	—

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 3.13%, 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	3.13%	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 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.