VMNFX vs. FPI
VMNFX (Vanguard Market Neutral Fund Investor Shares) is Long-Short fund managed by Vanguard, while FPI (Farmland Partners Inc.) is a stock. Over the past 10 years, VMNFX returned 5.04%/yr vs 3.71%/yr for FPI. At a 0.02 correlation, their price movements are largely independent.
Performance
VMNFX vs. FPI - Performance Comparison
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Returns By Period
In the year-to-date period, VMNFX achieves a 12.24% return, which is significantly higher than FPI's 4.47% return. Over the past 10 years, VMNFX has outperformed FPI with an annualized return of 5.04%, while FPI has yielded a comparatively lower 3.71% annualized return.
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%
FPI
- 1D
- 0.91%
- 1M
- -4.04%
- YTD
- 4.47%
- 6M
- 2.38%
- 1Y
- -9.20%
- 3Y*
- -0.15%
- 5Y*
- -0.55%
- 10Y*
- 3.71%
VMNFX vs. FPI - 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% |
FPI Farmland Partners Inc. | 4.47% | -14.11% | 5.66% | 3.99% | 6.09% | 39.70% | 32.09% | 53.84% | -45.13% | -17.84% |
Correlation
The correlation between VMNFX and FPI is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2014 | 0.02 |
The correlation between VMNFX and FPI shifts across timeframes, from -0.09 (3 years) to 0.03 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
VMNFX vs. FPI — Risk / Return Rank
VMNFX
FPI
VMNFX vs. FPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Investor Shares (VMNFX) and Farmland Partners Inc. (FPI). 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 | FPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.02 | ||
| Sortino ratioReturn per unit of downside risk | +4.34 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 0.95 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 4.33 | -0.39 | +4.73 |
| Martin ratioReturn relative to average drawdown | 12.14 | -0.82 | +12.96 |
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Drawdowns
VMNFX vs. FPI - Drawdown Comparison
The maximum VMNFX drawdown since its inception was -26.42%, smaller than the maximum FPI drawdown of -59.77%. Use the drawdown chart below to compare losses from any high point for VMNFX and FPI.
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Drawdown Indicators
| VMNFX | FPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.42% | -59.77% | +33.35% |
Max Drawdown (1Y)Largest decline over 1 year | -4.65% | -23.54% | +18.89% |
Max Drawdown (3Y)Largest decline over 3 years | -5.44% | -23.64% | +18.20% |
Max Drawdown (5Y)Largest decline over 5 years | -6.75% | -39.88% | +33.13% |
Max Drawdown (10Y)Largest decline over 10 years | -25.09% | -57.44% | +32.35% |
Current DrawdownCurrent decline from peak | -0.19% | -23.54% | +23.35% |
Average DrawdownAverage peak-to-trough decline | -8.75% | -23.61% | +14.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.66% | 11.21% | -9.55% |
Volatility
VMNFX vs. FPI - Volatility Comparison
The current volatility for Vanguard Market Neutral Fund Investor Shares (VMNFX) is 1.65%, while Farmland Partners Inc. (FPI) has a volatility of 6.49%. This indicates that VMNFX experiences smaller price fluctuations and is considered to be less risky than FPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMNFX | FPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 6.49% | -4.84% |
Volatility (6M)Calculated over the trailing 6-month period | 5.57% | 18.58% | -13.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.71% | 22.92% | -15.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.21% | 28.32% | -21.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.39% | 35.64% | -29.25% |
Dividends
VMNFX vs. FPI - Dividend Comparison
VMNFX's dividend yield for the trailing twelve months is around 3.13%, less than FPI's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FPI Farmland Partners Inc. | 4.71% | 4.54% | 11.31% | 3.61% | 1.85% | 1.67% | 2.30% | 2.95% | 7.82% | 5.88% | 4.57% | 4.54% |
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
VMNFX and FPI have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FPI has higher volatility (6.49%) compared to VMNFX (1.65%). In terms of maximum drawdown, VMNFX dropped -26.42% vs FPI's -59.77%.
VMNFX currently has the higher Sharpe Ratio (2.61 vs -0.40), 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.
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