VMNIX vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard Market Neutral Fund Institutional Shares (VMNIX) and S&P 500 Index (^GSPC).

VMNIX is managed by Vanguard. It was launched on Oct 19, 1998.

Performance

VMNIX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Market Neutral Fund Institutional Shares (VMNIX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

VMNIX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMNIX Vanguard Market Neutral Fund Institutional Shares	5.62%	9.36%	5.84%	12.33%	13.47%	23.39%	-11.58%	-9.48%	0.66%	-4.83%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, VMNIX achieves a 5.62% return, which is significantly higher than ^GSPC's -3.95% return. Over the past 10 years, VMNIX has underperformed ^GSPC with an annualized return of 4.01%, while ^GSPC has yielded a comparatively higher 12.24% annualized return.

VMNIX

• 1D: -0.47%
• 1M: 2.96%
• YTD: 5.62%
• 6M: 8.54%
• 1Y: 15.19%
• 3Y*: 11.63%
• 5Y*: 12.42%
• 10Y*: 4.01%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

VMNIX vs. ^GSPC — Risk / Return Rank

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

VMNIX

VMNIX Risk / Return Rank: 91
VMNIX Sharpe Ratio Rank: 92
VMNIX Sortino Ratio Rank: 94
VMNIX Omega Ratio Rank: 86
VMNIX Calmar Ratio Rank: 95
VMNIX Martin Ratio Rank: 86

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

VMNIX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Institutional Shares (VMNIX) and S&P 500 Index (^GSPC). 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.

	VMNIX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	2.06	0.92	+1.14
Sortino ratio Return per unit of downside risk	3.04	1.41	+1.63
Omega ratio Gain probability vs. loss probability	1.37	1.21	+0.16
Calmar ratio Return relative to maximum drawdown	3.25	1.41	+1.83
Martin ratio Return relative to average drawdown	9.26	6.61	+2.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMNIX vs. ^GSPC - Sharpe Ratio Comparison

The current VMNIX Sharpe Ratio is 2.06, which is higher than the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of VMNIX and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VMNIX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	0.92	+1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.74	0.61	+1.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.68	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.46	-0.15

Correlation

The correlation between VMNIX and ^GSPC is 0.01, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

VMNIX vs. ^GSPC - Drawdown Comparison

The maximum VMNIX drawdown since its inception was -27.90%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for VMNIX and ^GSPC.

Drawdown Indicators

	VMNIX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-27.90%	-56.78%	+28.88%
Max Drawdown (1Y) Largest decline over 1 year	-4.95%	-12.14%	+7.19%
Max Drawdown (5Y) Largest decline over 5 years	-6.69%	-25.43%	+18.74%
Max Drawdown (10Y) Largest decline over 10 years	-24.95%	-33.92%	+8.97%
Current Drawdown Current decline from peak	-0.47%	-5.78%	+5.31%
Average Drawdown Average peak-to-trough decline	-8.82%	-10.75%	+1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	2.60%	-0.87%

Volatility

VMNIX vs. ^GSPC - Volatility Comparison

The current volatility for Vanguard Market Neutral Fund Institutional Shares (VMNIX) is 1.57%, while S&P 500 Index (^GSPC) has a volatility of 5.37%. This indicates that VMNIX experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMNIX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	5.37%	-3.80%
Volatility (6M) Calculated over the trailing 6-month period	5.76%	9.55%	-3.79%
Volatility (1Y) Calculated over the trailing 1-year period	7.60%	18.33%	-10.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.19%	16.90%	-9.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.35%	18.05%	-11.70%