VMNFX vs. FFRHX

Last updated Jun 13, 2026

VMNFX (Vanguard Market Neutral Fund Investor Shares) and FFRHX (Fidelity Floating Rate High Income Fund) are both mutual funds - VMNFX is a Long-Short fund managed by Vanguard, while FFRHX is a Bank Loan fund actively managed by Fidelity. Over the past 10 years, VMNFX returned 5.04%/yr vs 4.90%/yr for FFRHX. At a correlation of -0.01, they often move in opposite directions. VMNFX charges 1.31%/yr vs 0.67%/yr for FFRHX.

Performance

VMNFX vs. FFRHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Market Neutral Fund Investor Shares (VMNFX) and Fidelity Floating Rate High Income Fund (FFRHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMNFX achieves a 12.24% return, which is significantly higher than FFRHX's 1.60% return. Both investments have delivered pretty close results over the past 10 years, with VMNFX having a 5.04% annualized return and FFRHX not far behind at 4.90%.

VMNFX

• 1D: 0.32%
• 1M: 1.75%
• YTD: 12.24%
• 6M: 13.84%
• 1Y: 19.63%
• 3Y*: 13.34%
• 5Y*: 13.18%
• 10Y*: 5.04%

FFRHX

• 1D: -0.11%
• 1M: -0.00%
• YTD: 1.60%
• 6M: 1.98%
• 1Y: 5.78%
• 3Y*: 7.24%
• 5Y*: 5.35%
• 10Y*: 4.90%

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

VMNFX vs. FFRHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMNFX Vanguard Market Neutral Fund Investor Shares	12.24%	9.27%	5.78%	12.23%	13.48%	23.24%	-11.58%	-9.57%	0.60%	-4.89%
FFRHX Fidelity Floating Rate High Income Fund	1.60%	5.47%	7.10%	12.63%	-1.55%	5.01%	1.69%	8.63%	0.10%	3.91%

Correlation

The correlation between VMNFX and FFRHX is -0.04, 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	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Aug 31, 2000	-0.01

VMNFX vs. FFRHX - Sectors Allocation Comparison

Sectors	VMNFX	FFRHX
Financial Services	19.9%	-
Healthcare	13.6%	-
Technology	13.0%	-
Industrials	12.9%	-
Consumer Cyclical	12.7%	4.3%
Real Estate	7.6%	-
Basic Materials	5.6%	-
Energy	4.7%	92.8%
Communication Services	3.6%	3.0%
Utilities	3.4%	-
Consumer Defensive	3.0%	-

Return for Risk

VMNFX vs. FFRHX — Risk / Return Rank

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

VMNFX

VMNFX Risk / Return Rank: 88
VMNFX Sharpe Ratio Rank: 90
VMNFX Sortino Ratio Rank: 90
VMNFX Omega Ratio Rank: 84
VMNFX Calmar Ratio Rank: 93
VMNFX Martin Ratio Rank: 82

FFRHX

FFRHX Risk / Return Rank: 94
FFRHX Sharpe Ratio Rank: 87
FFRHX Sortino Ratio Rank: 98
FFRHX Omega Ratio Rank: 97
FFRHX Calmar Ratio Rank: 95
FFRHX Martin Ratio Rank: 94

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. FFRHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Investor Shares (VMNFX) and Fidelity Floating Rate High Income Fund (FFRHX). 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	FFRHX	Difference
Sharpe ratio: Return per unit of total volatility	2.61	2.45	+0.16
Sortino ratio: Return per unit of downside risk	3.94	5.83	-1.88
Omega ratio: Gain probability vs. loss probability	1.48	1.86	-0.37
Calmar ratio: Return relative to maximum drawdown	4.33	4.87	-0.53
Martin ratio: Return relative to average drawdown	12.14	17.02	-4.88

VMNFX vs. FFRHX - Sharpe Ratio Comparison

The current VMNFX Sharpe Ratio is 2.61, which is comparable to the FFRHX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of VMNFX and FFRHX, 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

VMNFX vs. FFRHX - Drawdown Comparison

The maximum VMNFX drawdown since its inception was -26.42%, which is greater than FFRHX's maximum drawdown of -22.20%. Use the drawdown chart below to compare losses from any high point for VMNFX and FFRHX.

Drawdown Indicators

	VMNFX	FFRHX	Difference
Max Drawdown Largest peak-to-trough decline	-26.42%	-22.20%	-4.22%
Max Drawdown (1Y) Largest decline over 1 year	-4.65%	-1.19%	-3.46%
Max Drawdown (3Y) Largest decline over 3 years	-5.44%	-3.29%	-2.15%
Max Drawdown (5Y) Largest decline over 5 years	-6.75%	-5.90%	-0.85%
Max Drawdown (10Y) Largest decline over 10 years	-25.09%	-22.20%	-2.89%
Current Drawdown Current decline from peak	-0.19%	-0.55%	+0.36%
Average Drawdown Average peak-to-trough decline	-8.75%	-1.15%	-7.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	0.34%	+1.32%

Volatility

VMNFX vs. FFRHX - Volatility Comparison

Vanguard Market Neutral Fund Investor Shares (VMNFX) has a higher volatility of 1.65% compared to Fidelity Floating Rate High Income Fund (FFRHX) at 0.64%. This indicates that VMNFX's price experiences larger fluctuations and is considered to be riskier than FFRHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMNFX	FFRHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	0.64%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	5.57%	1.63%	+3.94%
Volatility (1Y) Calculated over the trailing 1-year period	7.71%	2.37%	+5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.21%	2.88%	+4.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.39%	4.14%	+2.25%

VMNFX vs. FFRHX - Expense Ratio Comparison

VMNFX has a 1.31% expense ratio, which is higher than FFRHX's 0.67% expense ratio.

Dividends

VMNFX vs. FFRHX - Dividend Comparison

VMNFX's dividend yield for the trailing twelve months is around 3.13%, less than FFRHX's 7.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFRHX Fidelity Floating Rate High Income Fund	7.10%	7.41%	6.94%	8.24%	3.81%	2.74%	3.84%	5.15%	4.74%	4.05%	4.44%	3.69%
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 FFRHX in my portfolio?

VMNFX and FFRHX have a correlation of -0.04, 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 FFRHX?

VMNFX has higher volatility (1.65%) compared to FFRHX (0.64%). In terms of maximum drawdown, VMNFX dropped -26.42% vs FFRHX's -22.20%.

Which has better risk-adjusted returns?

VMNFX currently has the higher Sharpe Ratio (2.61 vs 2.45), 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.