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VMNFX vs. VSIAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VMNFX vs. VSIAX

Last updated Jun 21, 2026

VMNFX (Vanguard Market Neutral Fund Investor Shares) and VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) are both mutual funds - VMNFX is a Long-Short fund managed by Vanguard, while VSIAX is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index. Over the past 10 years, VMNFX returned 5.10%/yr vs 10.71%/yr for VSIAX. At a 0.07 correlation, their price movements are largely independent. VMNFX charges 1.31%/yr vs 0.07%/yr for VSIAX.

Performance

VMNFX vs. VSIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Market Neutral Fund Investor Shares (VMNFX) and Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with VMNFX having a 13.03% return and VSIAX slightly higher at 13.21%. Over the past 10 years, VMNFX has underperformed VSIAX with an annualized return of 5.10%, while VSIAX has yielded a comparatively higher 10.71% annualized return.

VMNFX

1D
-0.19%
1M
2.67%
YTD
13.03%
6M
13.52%
1Y
20.64%
3Y*
13.88%
5Y*
13.83%
10Y*
5.10%

VSIAX

1D
0.71%
1M
3.33%
YTD
13.21%
6M
11.96%
1Y
27.56%
3Y*
15.69%
5Y*
9.38%
10Y*
10.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VMNFX vs. VSIAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VMNFX
Vanguard Market Neutral Fund Investor Shares		13.03%9.27%5.78%12.23%13.48%23.24%-11.58%-9.57%0.60%-4.89%
VSIAX
Vanguard Small-Cap Value Index Fund Admiral Shares		13.21%9.09%11.34%17.06%-9.31%28.10%5.80%22.76%-12.24%11.80%

Correlation

The correlation between VMNFX and VSIAX is -0.14, 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

-0.14

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

-0.08

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

0.00

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

0.09

Correlation (All Time)
Calculated using the full available price history since Sep 27, 2011

0.07

The correlation between VMNFX and VSIAX shifts across timeframes, from -0.14 (1 year) to 0.09 (10 years), reflecting how their relationship changes across market environments.

VMNFX vs. VSIAX - Sectors Allocation Comparison

Sectors
VMNFX
VSIAX

Technology

4.8%
12.1%

Basic Materials

1.9%
6.0%

Real Estate

0.1%
10.5%

Utilities

-0.1%
4.6%

Financial Services

-0.1%
17.5%

Energy

-0.1%
4.3%

Healthcare

-0.3%
8.3%

Consumer Cyclical

-0.5%
12.5%

Consumer Defensive

-1.0%
4.0%

Communication Services

-1.9%
2.8%

Industrials

-3.0%
17.4%

Technology

VMNFX
4.8%
VSIAX
12.1%

Basic Materials

VMNFX
1.9%
VSIAX
6.0%

Real Estate

VMNFX
0.1%
VSIAX
10.5%

Utilities

VMNFX
-0.1%
VSIAX
4.6%

Financial Services

VMNFX
-0.1%
VSIAX
17.5%

Energy

VMNFX
-0.1%
VSIAX
4.3%

Healthcare

VMNFX
-0.3%
VSIAX
8.3%

Consumer Cyclical

VMNFX
-0.5%
VSIAX
12.5%

Consumer Defensive

VMNFX
-1.0%
VSIAX
4.0%

Communication Services

VMNFX
-1.9%
VSIAX
2.8%

Industrials

VMNFX
-3.0%
VSIAX
17.4%

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 Small-Cap Value Index Fund Admiral Shares

Often compared with VMNFX:
VMNFX vs. BDMIXVMNFX vs. VMNIXVMNFX vs. VMVFXVMNFX vs. VIPIXVMNFX vs. SPYVMNFX vs. QAMNXVMNFX vs. VIMAX
Often compared with VSIAX:
VSIAX vs. VBRVSIAX vs. VSGAXVSIAX vs. VINIXVSIAX vs. VSIIXVSIAX vs. VOOVSIAX vs. SWSSXVSIAX vs. VIOV

Return for Risk

VMNFX vs. VSIAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VMNFX
VMNFX Risk / Return Rank: 8686
Overall Rank
VMNFX Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
VMNFX Sortino Ratio Rank: 9191
Sortino Ratio Rank
VMNFX Omega Ratio Rank: 8383
Omega Ratio Rank
VMNFX Calmar Ratio Rank: 9292
Calmar Ratio Rank
VMNFX Martin Ratio Rank: 7474
Martin Ratio Rank
VSIAX
VSIAX Risk / Return Rank: 5656
Overall Rank
VSIAX Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
VSIAX Sortino Ratio Rank: 5252
Sortino Ratio Rank
VSIAX Omega Ratio Rank: 4242
Omega Ratio Rank
VSIAX Calmar Ratio Rank: 7676
Calmar Ratio Rank
VSIAX Martin Ratio Rank: 6262
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. VSIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Investor Shares (VMNFX) and Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX). 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.

VMNFXVSIAXDifference
Sharpe ratioReturn per unit of total volatility
2.71
1.82

+0.89

Sortino ratioReturn per unit of downside risk
4.10
2.67

+1.43

Omega ratioGain probability vs. loss probability

1.50

1.31

+0.19

Calmar ratioReturn relative to maximum drawdown

4.52

3.15

+1.37

Martin ratioReturn relative to average drawdown

12.65

11.17

+1.48

VMNFX vs. VSIAX - Sharpe Ratio Comparison

The current VMNFX Sharpe Ratio is 2.71, which is higher than the VSIAX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of VMNFX and VSIAX, 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. VSIAX - Drawdown Comparison

The maximum VMNFX drawdown since its inception was -26.42%, smaller than the maximum VSIAX drawdown of -45.39%. Use the drawdown chart below to compare losses from any high point for VMNFX and VSIAX.

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Drawdown Indicators

VMNFXVSIAXDifference

Max Drawdown

Largest peak-to-trough decline

-26.42%

-45.39%

+18.97%

Max Drawdown (1Y)

Largest decline over 1 year

-4.65%

-8.87%

+4.22%

Max Drawdown (3Y)

Largest decline over 3 years

-5.44%

-24.09%

+18.65%

Max Drawdown (5Y)

Largest decline over 5 years

-6.75%

-24.09%

+17.34%

Max Drawdown (10Y)

Largest decline over 10 years

-25.09%

-45.39%

+20.30%

Current Drawdown

Current decline from peak

-0.25%

-1.21%

+0.96%

Average Drawdown

Average peak-to-trough decline

-8.74%

-5.48%

-3.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.66%

2.49%

-0.83%

Volatility

VMNFX vs. VSIAX - Volatility Comparison

The current volatility for Vanguard Market Neutral Fund Investor Shares (VMNFX) is 1.94%, while Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) has a volatility of 4.32%. This indicates that VMNFX experiences smaller price fluctuations and is considered to be less risky than VSIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VMNFXVSIAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.94%

4.32%

-2.38%

Volatility (6M)

Calculated over the trailing 6-month period

5.65%

10.66%

-5.01%

Volatility (1Y)

Calculated over the trailing 1-year period

7.76%

15.33%

-7.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.20%

19.76%

-12.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.39%

22.47%

-16.08%

VMNFX vs. VSIAX - Expense Ratio Comparison

VMNFX has a 1.31% expense ratio, which is higher than VSIAX's 0.07% expense ratio.

Dividends

VMNFX vs. VSIAX - Dividend Comparison

VMNFX's dividend yield for the trailing twelve months is around 3.11%, more than VSIAX's 1.73% yield.

PositionTTM20252024202320222021202020192018201720162015
VMNFX
Vanguard Market Neutral Fund Investor Shares		3.11%3.53%5.61%5.09%0.75%0.16%0.81%3.16%0.94%1.07%0.38%0.02%
VSIAX
Vanguard Small-Cap Value Index Fund Admiral Shares		1.73%1.95%1.98%2.10%2.03%1.75%1.68%2.06%2.35%1.79%1.77%1.99%

Frequently Asked Questions

VMNFX and VSIAX have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VSIAX has higher volatility (4.32%) compared to VMNFX (1.94%). In terms of maximum drawdown, VMNFX dropped -26.42% vs VSIAX's -45.39%.

VMNFX currently has the higher Sharpe Ratio (2.71 vs 1.82), 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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