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VMNFX vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VMNFX vs. SPAXX

Last updated Jun 13, 2026

VMNFX (Vanguard Market Neutral Fund Investor Shares) and SPAXX (Fidelity Government Money Market Fund) are both mutual funds - VMNFX is a Long-Short fund managed by Vanguard, while SPAXX is a Money Market fund actively managed by Fidelity. Over the past 5 years, VMNFX returned 13.18%/yr vs 1.45%/yr for SPAXX. At a correlation of -0.02, they often move in opposite directions. VMNFX charges 1.31%/yr vs 0.42%/yr for SPAXX.

Performance

VMNFX vs. SPAXX - Performance Comparison

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

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Returns By Period

In the year-to-date period, VMNFX achieves a 12.24% return, which is significantly higher than SPAXX's 1.37% 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%

SPAXX

1D
0.00%
1M
0.28%
YTD
1.37%
6M
1.67%
1Y
3.66%
3Y*
2.42%
5Y*
1.45%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

VMNFX vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
VMNFX
Vanguard Market Neutral Fund Investor Shares		12.24%9.27%5.78%12.23%13.48%11.29%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between VMNFX and SPAXX is -0.10, 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

-0.10

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

-0.03

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

-0.02

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

-0.02

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

Fidelity Government Money Market Fund

Often compared with VMNFX:
VMNFX vs. BDMIXVMNFX vs. VMNIXVMNFX vs. VMVFXVMNFX vs. VIPIXVMNFX vs. SPYVMNFX vs. QAMNXVMNFX vs. VIMAX
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

VMNFX vs. SPAXX — 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
SPAXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Investor Shares (VMNFX) and Fidelity Government Money Market Fund (SPAXX). 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.

VMNFXSPAXXDifference
Sharpe ratioReturn per unit of total volatility
2.61
3.65

-1.03

Sortino ratioReturn per unit of downside risk
3.94

—

—

Omega ratioGain probability vs. loss probability

1.48

—

—

Calmar ratioReturn relative to maximum drawdown

4.33

—

—

Martin ratioReturn relative to average drawdown

12.14

—

—

VMNFX vs. SPAXX - Sharpe Ratio Comparison

The current VMNFX Sharpe Ratio is 2.61, which is comparable to the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of VMNFX and SPAXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VMNFX vs. SPAXX - Drawdown Comparison

The maximum VMNFX drawdown since its inception was -26.42%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VMNFX and SPAXX.

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Drawdown Indicators

VMNFXSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-26.42%

0.00%

-26.42%

Max Drawdown (1Y)

Largest decline over 1 year

-4.65%

0.00%

-4.65%

Max Drawdown (3Y)

Largest decline over 3 years

-5.44%

0.00%

-5.44%

Max Drawdown (5Y)

Largest decline over 5 years

-6.75%

0.00%

-6.75%

Max Drawdown (10Y)

Largest decline over 10 years

-25.09%

—

—

Current Drawdown

Current decline from peak

-0.19%

0.00%

-0.19%

Average Drawdown

Average peak-to-trough decline

-8.75%

0.00%

-8.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.66%

0.00%

+1.66%

Volatility

VMNFX vs. SPAXX - Volatility Comparison

Vanguard Market Neutral Fund Investor Shares (VMNFX) has a higher volatility of 1.65% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that VMNFX's price experiences larger fluctuations and is considered to be riskier than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VMNFXSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.65%

0.28%

+1.37%

Volatility (6M)

Calculated over the trailing 6-month period

5.57%

0.66%

+4.91%

Volatility (1Y)

Calculated over the trailing 1-year period

7.71%

1.03%

+6.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.21%

0.69%

+6.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.39%

0.69%

+5.70%

VMNFX vs. SPAXX - Expense Ratio Comparison

VMNFX has a 1.31% expense ratio, which is higher than SPAXX's 0.42% expense ratio.

Dividends

VMNFX vs. SPAXX - Dividend Comparison

VMNFX's dividend yield for the trailing twelve months is around 3.13%, less than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
SPAXX
Fidelity Government Money Market Fund		3.59%3.88%1.53%0.41%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 SPAXX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VMNFX has higher volatility (1.65%) compared to SPAXX (0.28%). In terms of maximum drawdown, VMNFX dropped -26.42% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 2.61), 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

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