VMNFX vs. GBTC

Last updated Jun 9, 2026

VMNFX (Vanguard Market Neutral Fund Investor Shares) and GBTC (Grayscale Bitcoin Trust ETF) are both funds - VMNFX is a Long-Short fund managed by Vanguard, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Over the past 10 years, VMNFX returned 5.00%/yr vs 49.25%/yr for GBTC. At a correlation of -0.07, they often move in opposite directions. VMNFX charges 1.31%/yr vs 1.50%/yr for GBTC.

Performance

VMNFX vs. GBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Market Neutral Fund Investor Shares (VMNFX) and Grayscale Bitcoin Trust ETF (GBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMNFX achieves a 12.10% return, which is significantly higher than GBTC's -28.07% return. Over the past 10 years, VMNFX has underperformed GBTC with an annualized return of 5.00%, while GBTC has yielded a comparatively higher 49.25% annualized return.

VMNFX

• 1D: 0.19%
• 1M: 1.23%
• YTD: 12.10%
• 6M: 14.25%
• 1Y: 18.34%
• 3Y*: 13.32%
• 5Y*: 12.99%
• 10Y*: 5.00%

GBTC

• 1D: 5.06%
• 1M: -21.09%
• YTD: -28.07%
• 6M: -30.74%
• 1Y: -40.20%
• 3Y*: 53.71%
• 5Y*: 10.31%
• 10Y*: 49.25%

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

VMNFX vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMNFX Vanguard Market Neutral Fund Investor Shares	12.10%	9.27%	5.78%	12.23%	13.48%	23.24%	-11.58%	-9.57%	0.60%	-4.89%
GBTC Grayscale Bitcoin Trust ETF	-28.07%	-7.65%	113.81%	317.61%	-75.80%	7.03%	290.72%	106.56%	-82.10%	1,787.72%

Correlation

The correlation between VMNFX and GBTC is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	-0.11
Correlation (5Y) Calculated over the trailing 5-year period	-0.11
Correlation (10Y) Calculated over the trailing 10-year period	-0.06
Correlation (All Time) Calculated using the full available price history since May 4, 2015	-0.07

Return for Risk

VMNFX vs. GBTC — Risk / Return Rank

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

VMNFX

VMNFX Risk / Return Rank: 72
VMNFX Sharpe Ratio Rank: 72
VMNFX Sortino Ratio Rank: 77
VMNFX Omega Ratio Rank: 68
VMNFX Calmar Ratio Rank: 86
VMNFX Martin Ratio Rank: 57

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 2
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 3
GBTC Martin Ratio Rank: 2

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. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Investor Shares (VMNFX) and Grayscale Bitcoin Trust ETF (GBTC). 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	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	2.37	-0.91	+3.29
Sortino ratio: Return per unit of downside risk	3.58	-1.28	+4.86
Omega ratio: Gain probability vs. loss probability	1.44	0.86	+0.58
Calmar ratio: Return relative to maximum drawdown	3.96	-0.77	+4.73
Martin ratio: Return relative to average drawdown	11.00	-1.38	+12.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMNFX vs. GBTC - Sharpe Ratio Comparison

The current VMNFX Sharpe Ratio is 2.37, which is higher than the GBTC Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of VMNFX and GBTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VMNFX	GBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	-0.91	+3.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.81	0.17	+1.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.60	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.65	-0.31

Drawdowns

VMNFX vs. GBTC - Drawdown Comparison

The maximum VMNFX drawdown since its inception was -26.42%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for VMNFX and GBTC.

Drawdown Indicators

	VMNFX	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-26.42%	-89.91%	+63.49%
Max Drawdown (1Y) Largest decline over 1 year	-4.65%	-52.45%	+47.80%
Max Drawdown (3Y) Largest decline over 3 years	-5.44%	-52.45%	+47.01%
Max Drawdown (5Y) Largest decline over 5 years	-6.75%	-85.42%	+78.67%
Max Drawdown (10Y) Largest decline over 10 years	-25.09%	-89.91%	+64.82%
Current Drawdown Current decline from peak	0.00%	-50.05%	+50.05%
Average Drawdown Average peak-to-trough decline	-8.75%	-43.44%	+34.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	29.16%	-27.49%

Volatility

VMNFX vs. GBTC - Volatility Comparison

The current volatility for Vanguard Market Neutral Fund Investor Shares (VMNFX) is 1.83%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.75%. This indicates that VMNFX experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMNFX	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.83%	11.75%	-9.92%
Volatility (6M) Calculated over the trailing 6-month period	5.65%	34.55%	-28.90%
Volatility (1Y) Calculated over the trailing 1-year period	7.76%	44.19%	-36.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.21%	62.40%	-55.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.38%	82.22%	-75.84%

VMNFX vs. GBTC - Expense Ratio Comparison

VMNFX has a 1.31% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

VMNFX vs. GBTC - Dividend Comparison

VMNFX's dividend yield for the trailing twelve months is around 3.13%, while GBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%	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 GBTC in my portfolio?

VMNFX and GBTC have a correlation of -0.15, 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 GBTC?

GBTC has higher volatility (11.75%) compared to VMNFX (1.83%). In terms of maximum drawdown, VMNFX dropped -26.42% vs GBTC's -89.91%.

Which has better risk-adjusted returns?

VMNFX currently has the higher Sharpe Ratio (2.37 vs -0.91), 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.