VMNIX vs. QAMNX
Compare and contrast key facts about Vanguard Market Neutral Fund Institutional Shares (VMNIX) and Federated Hermes MDT Market Neutral A (QAMNX).
VMNIX is managed by Vanguard. It was launched on Oct 19, 1998. QAMNX is managed by Federated. It was launched on Sep 30, 2008.
Performance
VMNIX vs. QAMNX - Performance Comparison
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VMNIX vs. QAMNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VMNIX Vanguard Market Neutral Fund Institutional Shares | 6.12% | 9.36% | 5.84% | 12.33% | 13.47% | 11.04% |
QAMNX Federated Hermes MDT Market Neutral A | 1.41% | 10.00% | 17.33% | 4.71% | 9.19% | 12.29% |
Returns By Period
In the year-to-date period, VMNIX achieves a 6.12% return, which is significantly higher than QAMNX's 1.41% return.
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%
QAMNX
- 1D
- 0.33%
- 1M
- -0.28%
- YTD
- 1.41%
- 6M
- 5.59%
- 1Y
- 7.87%
- 3Y*
- 10.38%
- 5Y*
- —
- 10Y*
- —
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VMNIX vs. QAMNX - Expense Ratio Comparison
VMNIX has a 1.25% expense ratio, which is lower than QAMNX's 1.86% expense ratio.
Return for Risk
VMNIX vs. QAMNX — Risk / Return Rank
VMNIX
QAMNX
VMNIX vs. QAMNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Institutional Shares (VMNIX) and Federated Hermes MDT Market Neutral A (QAMNX). 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 | QAMNX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.20 | 1.30 | +0.91 |
Sortino ratioReturn per unit of downside risk | 3.25 | 2.00 | +1.25 |
Omega ratioGain probability vs. loss probability | 1.40 | 1.28 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 3.37 | 1.81 | +1.57 |
Martin ratioReturn relative to average drawdown | 9.61 | 5.23 | +4.38 |
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 | QAMNX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.20 | 1.30 | +0.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.75 | — | — |
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 | 0.87 | -0.56 |
Correlation
The correlation between VMNIX and QAMNX is 0.28, 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. QAMNX - Dividend Comparison
VMNIX's dividend yield for the trailing twelve months is around 3.37%, more than QAMNX's 1.51% 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% |
QAMNX Federated Hermes MDT Market Neutral A | 1.51% | 1.53% | 1.85% | 5.89% | 11.74% | 20.80% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
VMNIX vs. QAMNX - Drawdown Comparison
The maximum VMNIX drawdown since its inception was -27.90%, which is greater than QAMNX's maximum drawdown of -17.97%. Use the drawdown chart below to compare losses from any high point for VMNIX and QAMNX.
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Drawdown Indicators
| VMNIX | QAMNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.90% | -17.97% | -9.93% |
Max Drawdown (1Y)Largest decline over 1 year | -4.95% | -4.16% | -0.79% |
Max Drawdown (5Y)Largest decline over 5 years | -6.69% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.95% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.37% | +0.37% |
Average DrawdownAverage peak-to-trough decline | -8.82% | -5.26% | -3.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 1.44% | +0.29% |
Volatility
VMNIX vs. QAMNX - Volatility Comparison
Vanguard Market Neutral Fund Institutional Shares (VMNIX) has a higher volatility of 1.54% compared to Federated Hermes MDT Market Neutral A (QAMNX) at 1.07%. This indicates that VMNIX's price experiences larger fluctuations and is considered to be riskier than QAMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMNIX | QAMNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 1.07% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 5.73% | 4.88% | +0.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.59% | 6.39% | +1.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.19% | 14.05% | -6.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.35% | 14.05% | -7.70% |