PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
VMNFX vs. SLV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VMNFX vs. SLV

Last updated Jun 13, 2026

VMNFX (Vanguard Market Neutral Fund Investor Shares) and SLV (iShares Silver Trust) are both funds - VMNFX is a Long-Short fund managed by Vanguard, while SLV is a Silver fund tracking the LBMA Silver Price. Over the past 10 years, VMNFX returned 5.04%/yr vs 13.99%/yr for SLV. At a correlation of -0.02, they often move in opposite directions. VMNFX charges 1.31%/yr vs 0.50%/yr for SLV.

Performance

VMNFX vs. SLV - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, VMNFX achieves a 12.24% return, which is significantly higher than SLV's -4.86% return. Over the past 10 years, VMNFX has underperformed SLV with an annualized return of 5.04%, while SLV has yielded a comparatively higher 13.99% 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%

SLV

1D
0.77%
1M
-22.76%
YTD
-4.86%
6M
9.25%
1Y
85.39%
3Y*
41.27%
5Y*
18.83%
10Y*
13.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VMNFX vs. SLV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SLV
iShares Silver Trust		-4.86%144.66%20.89%-1.09%2.37%-12.45%47.30%14.88%-9.19%5.82%

Correlation

The correlation between VMNFX and SLV is -0.07, 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

-0.07

Correlation (3Y)
Calculated over the trailing 3-year period

-0.09

Correlation (5Y)
Calculated over the trailing 5-year period

-0.07

Correlation (10Y)
Calculated over the trailing 10-year period

-0.05

Correlation (All Time)
Calculated using the full available price history since Apr 28, 2006

-0.02

VMNFX vs. SLV - Sectors Allocation Comparison

Sectors
VMNFX
SLV

Financial Services

19.9%

-

Healthcare

13.6%

-

Technology

13.0%

-

Industrials

12.9%

-

Consumer Cyclical

12.7%

-

Real Estate

7.6%

-

Basic Materials

5.6%
100.0%

Energy

4.7%

-

Communication Services

3.6%

-

Utilities

3.4%

-

Consumer Defensive

3.0%

-

Financial Services

VMNFX
19.9%
SLV

-

Healthcare

VMNFX
13.6%
SLV

-

Technology

VMNFX
13.0%
SLV

-

Industrials

VMNFX
12.9%
SLV

-

Consumer Cyclical

VMNFX
12.7%
SLV

-

Real Estate

VMNFX
7.6%
SLV

-

Basic Materials

VMNFX
5.6%
SLV
100.0%

Energy

VMNFX
4.7%
SLV

-

Communication Services

VMNFX
3.6%
SLV

-

Utilities

VMNFX
3.4%
SLV

-

Consumer Defensive

VMNFX
3.0%
SLV

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Market Neutral Fund Investor Shares

iShares Silver Trust

Often compared with VMNFX:
VMNFX vs. BDMIXVMNFX vs. VMNIXVMNFX vs. VMVFXVMNFX vs. VIPIXVMNFX vs. SPYVMNFX vs. QAMNXVMNFX vs. VIMAX
Often compared with SLV:
SLV vs. GLDSLV vs. SIVRSLV vs. PSLVSLV vs. SILSLV vs. SILJSLV vs. SLVPSLV vs. AGQ

Return for Risk

VMNFX vs. SLV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VMNFX
VMNFX Risk / Return Rank: 8888
Overall Rank
VMNFX Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
VMNFX Sortino Ratio Rank: 9090
Sortino Ratio Rank
VMNFX Omega Ratio Rank: 8484
Omega Ratio Rank
VMNFX Calmar Ratio Rank: 9393
Calmar Ratio Rank
VMNFX Martin Ratio Rank: 8282
Martin Ratio Rank
SLV
SLV Risk / Return Rank: 4242
Overall Rank
SLV Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
SLV Sortino Ratio Rank: 3838
Sortino Ratio Rank
SLV Omega Ratio Rank: 5353
Omega Ratio Rank
SLV Calmar Ratio Rank: 4343
Calmar Ratio Rank
SLV Martin Ratio Rank: 3232
Martin Ratio Rank
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. SLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Investor Shares (VMNFX) and iShares Silver Trust (SLV). 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.

VMNFXSLVDifference
Sharpe ratioReturn per unit of total volatility
2.61
1.44

+1.18

Sortino ratioReturn per unit of downside risk
3.94
1.76

+2.19

Omega ratioGain probability vs. loss probability

1.48

1.29

+0.19

Calmar ratioReturn relative to maximum drawdown

4.33

1.89

+2.44

Martin ratioReturn relative to average drawdown

12.14

4.10

+8.03

VMNFX vs. SLV - Sharpe Ratio Comparison

The current VMNFX Sharpe Ratio is 2.61, which is higher than the SLV Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of VMNFX and SLV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

VMNFX vs. SLV - Drawdown Comparison

The maximum VMNFX drawdown since its inception was -26.42%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for VMNFX and SLV.

Loading charts...

Drawdown Indicators

VMNFXSLVDifference

Max Drawdown

Largest peak-to-trough decline

-26.42%

-76.28%

+49.86%

Max Drawdown (1Y)

Largest decline over 1 year

-4.65%

-45.40%

+40.75%

Max Drawdown (3Y)

Largest decline over 3 years

-5.44%

-45.40%

+39.96%

Max Drawdown (5Y)

Largest decline over 5 years

-6.75%

-45.40%

+38.65%

Max Drawdown (10Y)

Largest decline over 10 years

-25.09%

-45.40%

+20.31%

Current Drawdown

Current decline from peak

-0.19%

-41.96%

+41.77%

Average Drawdown

Average peak-to-trough decline

-8.75%

-44.66%

+35.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.66%

20.88%

-19.22%

Volatility

VMNFX vs. SLV - Volatility Comparison

The current volatility for Vanguard Market Neutral Fund Investor Shares (VMNFX) is 1.65%, while iShares Silver Trust (SLV) has a volatility of 16.34%. This indicates that VMNFX experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

VMNFXSLVDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.65%

16.34%

-14.69%

Volatility (6M)

Calculated over the trailing 6-month period

5.57%

59.10%

-53.53%

Volatility (1Y)

Calculated over the trailing 1-year period

7.71%

59.82%

-52.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.21%

36.46%

-29.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.39%

32.00%

-25.61%

VMNFX vs. SLV - Expense Ratio Comparison

VMNFX has a 1.31% expense ratio, which is higher than SLV's 0.50% expense ratio.

Dividends

VMNFX vs. SLV - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
SLV
iShares Silver Trust		0.00%0.00%0.00%0.00%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

VMNFX and SLV have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SLV has higher volatility (16.34%) compared to VMNFX (1.65%). In terms of maximum drawdown, VMNFX dropped -26.42% vs SLV's -76.28%.

VMNFX currently has the higher Sharpe Ratio (2.61 vs 1.44), 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.

Portfolio Optimizer

Find the right allocation for VMNFX and SLV

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer