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VMNFX vs. VMVFX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VMNFX vs. VMVFX

Last updated Aug 2, 2026
Documentation

VMNFX (Vanguard Market Neutral Fund Investor Shares) and VMVFX (Vanguard Global Minimum Volatility Fund Investor Shares) are both mutual funds - VMNFX is a Long-Short fund actively managed by Vanguard, while VMVFX is a Global Equities fund managed by Vanguard. Over the past 10 years, VMNFX returned 5.42%/yr vs 9.21%/yr for VMVFX. Their 0.06 correlation means their historical movements had little consistent relationship. VMNFX charges 1.95%/yr vs 0.21%/yr for VMVFX.

Performance

VMNFX vs. VMVFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Market Neutral Fund Investor Shares (VMNFX) and Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX). 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 16.68% return, which is significantly higher than VMVFX's 10.15% return. Over the past 10 years, VMNFX has underperformed VMVFX with an annualized return of 5.42%, while VMVFX has yielded a comparatively higher 9.21% annualized return.

VMNFX

1D
0.49%
1M
3.23%
6M
17.35%
YTD
16.68%
1Y
25.28%
3Y*
14.38%
5Y*
14.14%
10Y*
5.42%
ALL TIME*
2.81%

VMVFX

1D
-0.06%
1M
0.46%
6M
6.37%
YTD
10.15%
1Y
15.34%
3Y*
13.40%
5Y*
10.60%
10Y*
9.21%
ALL TIME*
9.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

VMNFX

Vanguard Market Neutral Fund Investor Shares
$0.00$0.00$0.00

VMVFX

Vanguard Global Minimum Volatility Fund Investor Shares
$0.00$0.00$0.00

VMNFX vs. VMVFX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VMNFX
Vanguard Market Neutral Fund Investor Shares		16.68%9.27%5.78%12.23%13.48%23.24%-11.58%-9.57%0.60%-4.89%
VMVFX
Vanguard Global Minimum Volatility Fund Investor Shares		10.15%12.74%13.38%7.82%-4.48%23.74%-3.99%23.28%-1.79%15.93%

Correlation

The correlation between VMNFX and VMVFX is -0.12, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

-0.12

Correlation (3Y)
Balances recent behavior with more history.

-0.06

Correlation (5Y)
Shows whether the relationship held over a longer period.

-0.05

Correlation (10Y)
Provides a long-term view across more market conditions.

0.06

Correlation (All Time)
Calculated using the full available price history since Dec 13, 2013

0.06

The correlation between VMNFX and VMVFX shifts across timeframes, from -0.12 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

VMNFX vs. VMVFX - Sectors Allocation Comparison

Sectors
VMNFX
VMVFX

Technology

3.9%
20.9%

Basic Materials

2.1%
0.2%

Communication Services

0.7%
9.8%

Financial Services

0.7%
12.8%

Consumer Defensive

0.1%
10.1%

Energy

-0.0%
4.3%

Utilities

-0.4%
7.1%

Real Estate

-0.5%
2.8%

Healthcare

-0.8%
12.8%

Consumer Cyclical

-1.3%
7.9%

Industrials

-4.9%
11.4%

Technology

VMNFX
3.9%
VMVFX
20.9%

Basic Materials

VMNFX
2.1%
VMVFX
0.2%

Communication Services

VMNFX
0.7%
VMVFX
9.8%

Financial Services

VMNFX
0.7%
VMVFX
12.8%

Consumer Defensive

VMNFX
0.1%
VMVFX
10.1%

Energy

VMNFX
-0.0%
VMVFX
4.3%

Utilities

VMNFX
-0.4%
VMVFX
7.1%

Real Estate

VMNFX
-0.5%
VMVFX
2.8%

Healthcare

VMNFX
-0.8%
VMVFX
12.8%

Consumer Cyclical

VMNFX
-1.3%
VMVFX
7.9%

Industrials

VMNFX
-4.9%
VMVFX
11.4%

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

Vanguard Global Minimum Volatility Fund Investor Shares

Often compared with VMNFX:
VMNFX vs. BDMIXVMNFX vs. VMNIXVMNFX vs. VIPIXVMNFX vs. SPYVMNFX vs. QAMNXVMNFX vs. VIMAXVMNFX vs. QMNNX
Often compared with VMVFX:
VMVFX vs. VMNVXVMVFX vs. VOOVMVFX vs. VXUSVMVFX vs. QLVVMVFX vs. SWPPXVMVFX vs. NOINXVMVFX vs. VTWAX

Return for Risk

VMNFX vs. VMVFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VMNFX
VMNFX Risk / Return Rank: 9797
Overall Rank
VMNFX Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
VMNFX Sortino Ratio Rank: 9898
Sortino Ratio Rank
VMNFX Omega Ratio Rank: 9696
Omega Ratio Rank
VMNFX Calmar Ratio Rank: 9797
Calmar Ratio Rank
VMNFX Martin Ratio Rank: 9797
Martin Ratio Rank
VMVFX
VMVFX Risk / Return Rank: 8080
Overall Rank
VMVFX Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
VMVFX Sortino Ratio Rank: 8484
Sortino Ratio Rank
VMVFX Omega Ratio Rank: 8282
Omega Ratio Rank
VMVFX Calmar Ratio Rank: 7373
Calmar Ratio Rank
VMVFX Martin Ratio Rank: 7676
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VMNFX vs. VMVFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Investor Shares (VMNFX) and Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX). 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.

VMNFXVMVFXDifference
Sharpe ratioReturn per unit of total volatility
3.35
2.08

+1.27

Sortino ratioReturn per unit of downside risk
5.12
2.99

+2.13

Omega ratioGain probability vs. loss probability

1.64

1.38

+0.27

Calmar ratioReturn relative to maximum drawdown

5.54

2.31

+3.23

Martin ratioReturn relative to average drawdown

18.28

8.93

+9.35

VMNFX vs. VMVFX - Sharpe Ratio Comparison

The current VMNFX Sharpe Ratio is 3.35, which is higher than the VMVFX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of VMNFX and VMVFX, 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. VMVFX - Drawdown Comparison

The maximum VMNFX drawdown since its inception was -26.42%, smaller than the maximum VMVFX drawdown of -33.09%. Use the drawdown chart below to compare losses from any high point for VMNFX and VMVFX.

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Drawdown Indicators

VMNFXVMVFXDifference

Max Drawdown

Largest peak-to-trough decline

-26.42%

-33.09%

+6.67%

Max Drawdown (1Y)

Largest decline over 1 year

-4.65%

-6.27%

+1.62%

Max Drawdown (3Y)

Largest decline over 3 years

-5.44%

-7.96%

+2.52%

Max Drawdown (5Y)

Largest decline over 5 years

-6.75%

-13.02%

+6.27%

Max Drawdown (10Y)

Largest decline over 10 years

-25.09%

-33.09%

+8.00%

Current Drawdown

Current decline from peak

0.00%

-0.46%

+0.46%

Average Drawdown

Average peak-to-trough decline

-8.71%

-2.80%

-5.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.41%

1.62%

-0.21%

Volatility

VMNFX vs. VMVFX - Volatility Comparison

Vanguard Market Neutral Fund Investor Shares (VMNFX) and Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX) have volatilities of 1.90% and 1.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VMNFXVMVFXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.90%

1.95%

-0.05%

Volatility (6M)

Calculated over the trailing 6-month period

5.34%

5.56%

-0.22%

Volatility (1Y)

Calculated over the trailing 1-year period

7.69%

6.99%

+0.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.24%

10.76%

-3.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.43%

12.43%

-6.00%

VMNFX vs. VMVFX - Expense Ratio Comparison

VMNFX has a 1.95% expense ratio, which is higher than VMVFX's 0.21% expense ratio.

Dividends

VMNFX vs. VMVFX - Dividend Comparison

VMNFX's dividend yield for the trailing twelve months is around 3.01%, less than VMVFX's 9.06% yield.

PositionTTM20252024202320222021202020192018201720162015
VMNFX
Vanguard Market Neutral Fund Investor Shares		3.01%3.53%5.61%5.09%0.75%0.16%0.81%3.16%0.94%1.07%0.38%0.02%
VMVFX
Vanguard Global Minimum Volatility Fund Investor Shares		9.06%9.98%3.77%3.05%4.96%12.73%2.02%5.12%7.27%2.30%2.71%3.22%

Frequently Asked Questions

VMNFX and VMVFX have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VMVFX has higher volatility (1.95%) compared to VMNFX (1.90%). In terms of maximum drawdown, VMNFX dropped -26.42% vs VMVFX's -33.09%.

VMNFX currently has the higher Sharpe Ratio (3.35 vs 2.08), 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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