VMNIX vs. HSGFX

Last updated Aug 4, 2026

VMNIX (Vanguard Market Neutral Fund Institutional Shares) and HSGFX (Hussman Strategic Growth Fund) are both Long-Short funds. Over the past 10 years, VMNIX returned 5.49%/yr vs -2.22%/yr for HSGFX. Their 0.07 correlation means their historical movements had little consistent relationship. VMNIX charges 1.25%/yr vs 1.15%/yr for HSGFX.

Performance

VMNIX vs. HSGFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Market Neutral Fund Institutional Shares (VMNIX) and Hussman Strategic Growth Fund (HSGFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMNIX achieves a 16.18% return, which is significantly higher than HSGFX's -5.27% return. Over the past 10 years, VMNIX has outperformed HSGFX with an annualized return of 5.49%, while HSGFX has yielded a comparatively lower -2.22% 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%

HSGFX

• 1D: -0.92%
• 1M: 3.85%
• 6M: -3.58%
• YTD: -5.27%
• 1Y: -10.47%
• 3Y*: -2.65%
• 5Y*: -1.91%
• 10Y*: -2.22%
• ALL TIME*: 0.22%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HSGFX Hussman Strategic Growth Fund	$0.00	$0.00	$0.00
VMNIX Vanguard Market Neutral Fund Institutional Shares	$0.00	$0.00	$0.00

VMNIX vs. HSGFX - 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%
HSGFX Hussman Strategic Growth Fund	-5.27%	6.24%	-6.99%	-11.60%	17.33%	-0.23%	14.52%	-18.87%	8.78%	-12.72%

Correlation

The correlation between VMNIX and HSGFX is -0.02, 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.	-0.02
Correlation (3Y) Balances recent behavior with more history.	-0.06
Correlation (5Y) Shows whether the relationship held over a longer period.	0.03
Correlation (10Y) Provides a long-term view across more market conditions.	0.02
Correlation (All Time) Calculated using the full available price history since Jul 24, 2000	0.07

The correlation between VMNIX and HSGFX shifts across timeframes, from -0.06 (3 years) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VMNIX vs. HSGFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VMNIX

VMNIX Risk / Return Rank: 97
VMNIX Sharpe Ratio Rank: 98
VMNIX Sortino Ratio Rank: 98
VMNIX Omega Ratio Rank: 96
VMNIX Calmar Ratio Rank: 97
VMNIX Martin Ratio Rank: 96

HSGFX

HSGFX Risk / Return Rank: 1
HSGFX Sharpe Ratio Rank: 1
HSGFX Sortino Ratio Rank: 1
HSGFX Omega Ratio Rank: 1
HSGFX Calmar Ratio Rank: 1
HSGFX Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VMNIX vs. HSGFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Institutional Shares (VMNIX) and Hussman Strategic Growth Fund (HSGFX). 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	HSGFX	Difference
Sharpe ratio: Return per unit of total volatility	3.26	-0.71	+3.97
Sortino ratio: Return per unit of downside risk	4.97	-0.99	+5.96
Omega ratio: Gain probability vs. loss probability	1.62	0.89	+0.73
Calmar ratio: Return relative to maximum drawdown	5.38	-0.53	+5.92
Martin ratio: Return relative to average drawdown	17.81	-0.97	+18.78

VMNIX vs. HSGFX - Sharpe Ratio Comparison

The current VMNIX Sharpe Ratio is 3.26, which is higher than the HSGFX Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of VMNIX and HSGFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VMNIX vs. HSGFX - Drawdown Comparison

The maximum VMNIX drawdown since its inception was -27.90%, smaller than the maximum HSGFX drawdown of -60.61%. Use the drawdown chart below to compare losses from any high point for VMNIX and HSGFX.

Drawdown Indicators

	VMNIX	HSGFX	Difference
Max Drawdown Largest peak-to-trough decline	-27.90%	-60.61%	+32.71%
Max Drawdown (1Y) Largest decline over 1 year	-4.65%	-17.20%	+12.55%
Max Drawdown (3Y) Largest decline over 3 years	-5.36%	-24.52%	+19.16%
Max Drawdown (5Y) Largest decline over 5 years	-6.69%	-24.52%	+17.83%
Max Drawdown (10Y) Largest decline over 10 years	-24.95%	-30.86%	+5.91%
Current Drawdown Current decline from peak	-0.43%	-54.87%	+54.44%
Average Drawdown Average peak-to-trough decline	-8.71%	-27.04%	+18.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	9.44%	-8.04%

Volatility

VMNIX vs. HSGFX - Volatility Comparison

The current volatility for Vanguard Market Neutral Fund Institutional Shares (VMNIX) is 1.85%, while Hussman Strategic Growth Fund (HSGFX) has a volatility of 3.49%. This indicates that VMNIX experiences smaller price fluctuations and is considered to be less risky than HSGFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMNIX	HSGFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.85%	3.49%	-1.64%
Volatility (6M) Calculated over the trailing 6-month period	5.30%	10.40%	-5.10%
Volatility (1Y) Calculated over the trailing 1-year period	7.68%	12.89%	-5.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.25%	11.43%	-4.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.45%	10.90%	-4.45%

VMNIX vs. HSGFX - Expense Ratio Comparison

VMNIX has a 1.25% expense ratio, which is higher than HSGFX's 1.15% expense ratio.

Dividends

VMNIX vs. HSGFX - Dividend Comparison

VMNIX's dividend yield for the trailing twelve months is around 3.07%, more than HSGFX's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSGFX Hussman Strategic Growth Fund	2.46%	2.33%	3.00%	3.10%	1.08%	0.42%	0.16%	1.84%	1.19%	0.50%	0.28%	0.56%
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

Can I hold both VMNIX and HSGFX in my portfolio?

VMNIX and HSGFX have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMNIX or HSGFX?

HSGFX has higher volatility (3.49%) compared to VMNIX (1.85%). In terms of maximum drawdown, VMNIX dropped -27.90% vs HSGFX's -60.61%.

Which has better risk-adjusted returns?

VMNIX currently has the higher Sharpe Ratio (3.26 vs -0.71), 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.