VMNIX vs. FFGCX
VMNIX (Vanguard Market Neutral Fund Institutional Shares) and FFGCX (Fidelity Global Commodity Stock Fund) are both mutual funds - VMNIX is a Long-Short fund managed by Vanguard, while FFGCX is a Commodities fund managed by Fidelity. Over the past 10 years, VMNIX returned 5.48%/yr vs 12.44%/yr for FFGCX. Their 0.01 correlation means their historical movements had little consistent relationship. VMNIX charges 1.25%/yr vs 0.85%/yr for FFGCX.
Performance
VMNIX vs. FFGCX - Performance Comparison
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Returns By Period
In the year-to-date period, VMNIX achieves a 16.69% return, which is significantly lower than FFGCX's 21.14% return. Over the past 10 years, VMNIX has underperformed FFGCX with an annualized return of 5.48%, while FFGCX has yielded a comparatively higher 12.44% annualized return.
VMNIX
- 1D
- 0.50%
- 1M
- 3.24%
- 6M
- 17.36%
- YTD
- 16.69%
- 1Y
- 25.36%
- 3Y*
- 14.43%
- 5Y*
- 14.18%
- 10Y*
- 5.48%
- ALL TIME*
- 2.84%
FFGCX
- 1D
- 1.15%
- 1M
- 7.49%
- 6M
- 7.74%
- YTD
- 21.14%
- 1Y
- 43.47%
- 3Y*
- 15.53%
- 5Y*
- 14.11%
- 10Y*
- 12.44%
- ALL TIME*
- 7.62%
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. FFGCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMNIX Vanguard Market Neutral Fund Institutional Shares | 16.69% | 9.36% | 5.84% | 12.33% | 13.47% | 23.39% | -11.58% | -9.48% | 0.66% | -4.83% |
FFGCX Fidelity Global Commodity Stock Fund | 21.14% | 28.66% | 2.98% | -5.18% | 20.69% | 26.08% | 6.04% | 17.82% | -13.21% | 17.18% |
Correlation
The correlation between VMNIX and FFGCX is -0.08, 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. | -0.08 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.10 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2009 | 0.01 |
The correlation between VMNIX and FFGCX shifts across timeframes, from -0.08 (3 years) to 0.10 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
VMNIX vs. FFGCX — Risk / Return Rank
VMNIX
FFGCX
VMNIX vs. FFGCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Institutional Shares (VMNIX) and Fidelity Global Commodity Stock Fund (FFGCX). 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 | FFGCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +2.08 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.41 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 5.54 | 3.34 | +2.20 |
| Martin ratioReturn relative to average drawdown | 18.33 | 11.22 | +7.11 |
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Drawdowns
VMNIX vs. FFGCX - Drawdown Comparison
The maximum VMNIX drawdown since its inception was -27.90%, smaller than the maximum FFGCX drawdown of -57.23%. Use the drawdown chart below to compare losses from any high point for VMNIX and FFGCX.
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Drawdown Indicators
| VMNIX | FFGCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.90% | -57.23% | +29.33% |
Max Drawdown (1Y)Largest decline over 1 year | -4.65% | -12.27% | +7.62% |
Max Drawdown (3Y)Largest decline over 3 years | -5.36% | -19.24% | +13.88% |
Max Drawdown (5Y)Largest decline over 5 years | -6.69% | -27.22% | +20.53% |
Max Drawdown (10Y)Largest decline over 10 years | -24.95% | -48.43% | +23.48% |
Current DrawdownCurrent decline from peak | 0.00% | -4.35% | +4.35% |
Average DrawdownAverage peak-to-trough decline | -8.71% | -19.25% | +10.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.40% | 3.65% | -2.25% |
Volatility
VMNIX vs. FFGCX - Volatility Comparison
The current volatility for Vanguard Market Neutral Fund Institutional Shares (VMNIX) is 1.89%, while Fidelity Global Commodity Stock Fund (FFGCX) has a volatility of 4.40%. This indicates that VMNIX experiences smaller price fluctuations and is considered to be less risky than FFGCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMNIX | FFGCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 4.40% | -2.51% |
Volatility (6M)Calculated over the trailing 6-month period | 5.32% | 13.81% | -8.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.67% | 17.12% | -9.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.25% | 21.26% | -14.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.45% | 22.34% | -15.89% |
VMNIX vs. FFGCX - Expense Ratio Comparison
VMNIX has a 1.25% expense ratio, which is higher than FFGCX's 0.85% expense ratio.
Dividends
VMNIX vs. FFGCX - Dividend Comparison
VMNIX's dividend yield for the trailing twelve months is around 3.06%, more than FFGCX's 2.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FFGCX Fidelity Global Commodity Stock Fund | 2.09% | 2.53% | 2.62% | 2.01% | 1.84% | 3.39% | 1.61% | 2.98% | 2.22% | 0.36% | 1.53% | 2.86% |
VMNIX Vanguard Market Neutral Fund Institutional Shares | 3.06% | 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 FFGCX have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FFGCX has higher volatility (4.40%) compared to VMNIX (1.89%). In terms of maximum drawdown, VMNIX dropped -27.90% vs FFGCX's -57.23%.
VMNIX currently has the higher Sharpe Ratio (3.36 vs 2.40), 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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