VMNIX vs. BPIRX
VMNIX (Vanguard Market Neutral Fund Institutional Shares) and BPIRX (Boston Partners Long/Short Research Fund) are both Long-Short funds. Over the past 10 years, VMNIX returned 5.49%/yr vs 7.37%/yr for BPIRX. Their 0.16 correlation means their historical movements had little consistent relationship. VMNIX charges 1.25%/yr vs 1.40%/yr for BPIRX.
Performance
VMNIX vs. BPIRX - Performance Comparison
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Returns By Period
In the year-to-date period, VMNIX achieves a 16.18% return, which is significantly higher than BPIRX's 7.91% return. Over the past 10 years, VMNIX has underperformed BPIRX with an annualized return of 5.49%, while BPIRX has yielded a comparatively higher 7.37% annualized return.
VMNIX
- 1D
- -0.43%
- 1M
- 2.80%
- 6M
- 15.85%
- YTD
- 16.18%
- 1Y
- 24.82%
- 3Y*
- 14.00%
- 5Y*
- 14.08%
- 10Y*
- 5.49%
- ALL TIME*
- 2.82%
BPIRX
- 1D
- 0.20%
- 1M
- 1.81%
- 6M
- 4.92%
- YTD
- 7.91%
- 1Y
- 16.88%
- 3Y*
- 13.94%
- 5Y*
- 11.35%
- 10Y*
- 7.37%
- ALL TIME*
- 7.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VMNIX vs. BPIRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMNIX Vanguard Market Neutral Fund Institutional Shares | 16.18% | 9.36% | 5.84% | 12.33% | 13.47% | 23.39% | -11.58% | -9.48% | 0.66% | -4.83% |
BPIRX Boston Partners Long/Short Research Fund | 7.91% | 14.90% | 13.49% | 4.75% | 6.48% | 23.74% | -8.25% | 12.60% | -10.59% | 10.10% |
Correlation
The correlation between VMNIX and BPIRX is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.01 |
Correlation (3Y) Balances recent behavior with more history. | 0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.19 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.20 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2010 | 0.16 |
The correlation between VMNIX and BPIRX shifts across timeframes, from -0.01 (1 year) to 0.20 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
VMNIX vs. BPIRX — Risk / Return Rank
VMNIX
BPIRX
VMNIX vs. BPIRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Institutional Shares (VMNIX) and Boston Partners Long/Short Research Fund (BPIRX). 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.
| VMNIX | BPIRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.31 | ||
| Sortino ratioReturn per unit of downside risk | +2.15 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.36 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 5.38 | 2.52 | +2.86 |
| Martin ratioReturn relative to average drawdown | 17.81 | 10.04 | +7.77 |
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Drawdowns
VMNIX vs. BPIRX - Drawdown Comparison
The maximum VMNIX drawdown since its inception was -27.90%, smaller than the maximum BPIRX drawdown of -30.59%. Use the drawdown chart below to compare losses from any high point for VMNIX and BPIRX.
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Drawdown Indicators
| VMNIX | BPIRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.90% | -30.59% | +2.69% |
Max Drawdown (1Y)Largest decline over 1 year | -4.65% | -6.46% | +1.81% |
Max Drawdown (3Y)Largest decline over 3 years | -5.36% | -15.42% | +10.06% |
Max Drawdown (5Y)Largest decline over 5 years | -6.69% | -15.42% | +8.73% |
Max Drawdown (10Y)Largest decline over 10 years | -24.95% | -30.59% | +5.64% |
Current DrawdownCurrent decline from peak | -0.43% | -0.53% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -8.71% | -3.82% | -4.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.40% | 1.62% | -0.22% |
Volatility
VMNIX vs. BPIRX - Volatility Comparison
Vanguard Market Neutral Fund Institutional Shares (VMNIX) and Boston Partners Long/Short Research Fund (BPIRX) have volatilities of 1.85% and 1.80%, 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
| VMNIX | BPIRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 1.80% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 5.30% | 6.49% | -1.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.68% | 8.40% | -0.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.25% | 11.36% | -4.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.45% | 11.65% | -5.20% |
VMNIX vs. BPIRX - Expense Ratio Comparison
VMNIX has a 1.25% expense ratio, which is lower than BPIRX's 1.40% expense ratio.
Dividends
VMNIX vs. BPIRX - Dividend Comparison
VMNIX's dividend yield for the trailing twelve months is around 3.07%, less than BPIRX's 9.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BPIRX Boston Partners Long/Short Research Fund | 9.87% | 10.65% | 11.38% | 11.29% | 20.90% | 12.51% | 0.00% | 2.28% | 5.50% | 0.00% | 0.00% | 3.88% |
VMNIX Vanguard Market Neutral Fund Institutional Shares | 3.07% | 3.59% | 5.67% | 5.15% | 0.78% | 0.20% | 0.86% | 3.23% | 1.00% | 1.16% | 0.45% | 0.10% |
Frequently Asked Questions
VMNIX and BPIRX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VMNIX has higher volatility (1.85%) compared to BPIRX (1.80%). In terms of maximum drawdown, VMNIX dropped -27.90% vs BPIRX's -30.59%.
VMNIX currently has the higher Sharpe Ratio (3.26 vs 1.94), 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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