VMNIX vs. BIVIX
Compare and contrast key facts about Vanguard Market Neutral Fund Institutional Shares (VMNIX) and Invenomic Fund Institutional Class (BIVIX).
VMNIX is managed by Vanguard. It was launched on Oct 19, 1998. BIVIX is an actively managed fund by Invenomic. It was launched on Jun 19, 2017.
Performance
VMNIX vs. BIVIX - Performance Comparison
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VMNIX vs. BIVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMNIX Vanguard Market Neutral Fund Institutional Shares | 6.12% | 9.36% | 5.84% | 12.33% | 13.47% | 23.39% | -11.58% | -9.48% | 0.66% | -0.24% |
BIVIX Invenomic Fund Institutional Class | 6.05% | 4.63% | -8.81% | 16.80% | 50.01% | 63.81% | 11.46% | 11.59% | 3.68% | 8.93% |
Returns By Period
The year-to-date returns for both stocks are quite close, with VMNIX having a 6.12% return and BIVIX slightly lower at 6.05%.
VMNIX
- 1D
- 0.09%
- 1M
- 3.02%
- YTD
- 6.12%
- 6M
- 8.21%
- 1Y
- 16.09%
- 3Y*
- 11.80%
- 5Y*
- 12.53%
- 10Y*
- 4.06%
BIVIX
- 1D
- 3.47%
- 1M
- 2.62%
- YTD
- 6.05%
- 6M
- 11.34%
- 1Y
- 7.17%
- 3Y*
- 1.96%
- 5Y*
- 17.01%
- 10Y*
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VMNIX vs. BIVIX - Expense Ratio Comparison
VMNIX has a 1.25% expense ratio, which is lower than BIVIX's 3.17% expense ratio.
Return for Risk
VMNIX vs. BIVIX — Risk / Return Rank
VMNIX
BIVIX
VMNIX vs. BIVIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Institutional Shares (VMNIX) and Invenomic Fund Institutional Class (BIVIX). 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 | BIVIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.20 | 0.33 | +1.87 |
Sortino ratioReturn per unit of downside risk | 3.25 | 0.67 | +2.58 |
Omega ratioGain probability vs. loss probability | 1.40 | 1.07 | +0.33 |
Calmar ratioReturn relative to maximum drawdown | 3.37 | 0.44 | +2.93 |
Martin ratioReturn relative to average drawdown | 9.61 | 0.99 | +8.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VMNIX | BIVIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.20 | 0.33 | +1.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.75 | 1.07 | +0.69 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 1.05 | -0.74 |
Correlation
The correlation between VMNIX and BIVIX is 0.08, 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.
Dividends
VMNIX vs. BIVIX - Dividend Comparison
VMNIX's dividend yield for the trailing twelve months is around 3.37%, more than BIVIX's 2.07% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMNIX Vanguard Market Neutral Fund Institutional Shares | 3.37% | 3.59% | 5.67% | 5.15% | 0.78% | 0.20% | 0.86% | 3.23% | 1.00% | 1.16% | 0.45% | 0.10% |
BIVIX Invenomic Fund Institutional Class | 2.07% | 2.20% | 3.95% | 20.15% | 27.91% | 16.08% | 3.15% | 3.19% | 4.79% | 1.21% | 0.00% | 0.00% |
Drawdowns
VMNIX vs. BIVIX - Drawdown Comparison
The maximum VMNIX drawdown since its inception was -27.90%, which is greater than BIVIX's maximum drawdown of -18.32%. Use the drawdown chart below to compare losses from any high point for VMNIX and BIVIX.
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Drawdown Indicators
| VMNIX | BIVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.90% | -18.32% | -9.58% |
Max Drawdown (1Y)Largest decline over 1 year | -4.95% | -13.71% | +8.76% |
Max Drawdown (5Y)Largest decline over 5 years | -6.69% | -17.23% | +10.54% |
Max Drawdown (10Y)Largest decline over 10 years | -24.95% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.64% | +0.64% |
Average DrawdownAverage peak-to-trough decline | -8.82% | -5.75% | -3.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 6.10% | -4.37% |
Volatility
VMNIX vs. BIVIX - Volatility Comparison
The current volatility for Vanguard Market Neutral Fund Institutional Shares (VMNIX) is 1.54%, while Invenomic Fund Institutional Class (BIVIX) has a volatility of 7.63%. This indicates that VMNIX experiences smaller price fluctuations and is considered to be less risky than BIVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMNIX | BIVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 7.63% | -6.09% |
Volatility (6M)Calculated over the trailing 6-month period | 5.73% | 16.63% | -10.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.59% | 20.71% | -13.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.19% | 16.09% | -8.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.35% | 16.60% | -10.25% |