VMNIX vs. QLEIX
Compare and contrast key facts about Vanguard Market Neutral Fund Institutional Shares (VMNIX) and AQR Long-Short Equity Fund (QLEIX).
VMNIX is managed by Vanguard. It was launched on Oct 19, 1998. QLEIX is managed by AQR Funds. It was launched on Jul 15, 2013.
Performance
VMNIX vs. QLEIX - Performance Comparison
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VMNIX vs. QLEIX - 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% | -4.83% |
QLEIX AQR Long-Short Equity Fund | -3.26% | 34.43% | 30.50% | 23.95% | 19.18% | 31.10% | -13.92% | 1.19% | -16.33% | 15.74% |
Returns By Period
In the year-to-date period, VMNIX achieves a 6.12% return, which is significantly higher than QLEIX's -3.26% return. Over the past 10 years, VMNIX has underperformed QLEIX with an annualized return of 4.06%, while QLEIX has yielded a comparatively higher 11.54% annualized 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%
QLEIX
- 1D
- 0.54%
- 1M
- -2.71%
- YTD
- -3.26%
- 6M
- 4.53%
- 1Y
- 19.60%
- 3Y*
- 26.54%
- 5Y*
- 22.51%
- 10Y*
- 11.54%
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VMNIX vs. QLEIX - Expense Ratio Comparison
VMNIX has a 1.25% expense ratio, which is lower than QLEIX's 1.30% expense ratio.
Return for Risk
VMNIX vs. QLEIX — Risk / Return Rank
VMNIX
QLEIX
VMNIX vs. QLEIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Institutional Shares (VMNIX) and AQR Long-Short Equity Fund (QLEIX). 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 | QLEIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.20 | 2.30 | -0.10 |
Sortino ratioReturn per unit of downside risk | 3.25 | 2.98 | +0.27 |
Omega ratioGain probability vs. loss probability | 1.40 | 1.47 | -0.07 |
Calmar ratioReturn relative to maximum drawdown | 3.37 | 2.88 | +0.49 |
Martin ratioReturn relative to average drawdown | 9.61 | 11.49 | -1.88 |
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 | QLEIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.20 | 2.30 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.75 | 2.21 | -0.46 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 1.10 | -0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 1.11 | -0.80 |
Correlation
The correlation between VMNIX and QLEIX is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
VMNIX vs. QLEIX - Dividend Comparison
VMNIX's dividend yield for the trailing twelve months is around 3.37%, more than QLEIX's 1.81% 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% |
QLEIX AQR Long-Short Equity Fund | 1.81% | 1.75% | 7.12% | 20.88% | 14.15% | 0.00% | 1.57% | 0.00% | 6.03% | 9.11% | 3.01% | 4.98% |
Drawdowns
VMNIX vs. QLEIX - Drawdown Comparison
The maximum VMNIX drawdown since its inception was -27.90%, smaller than the maximum QLEIX drawdown of -38.11%. Use the drawdown chart below to compare losses from any high point for VMNIX and QLEIX.
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Drawdown Indicators
| VMNIX | QLEIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.90% | -38.11% | +10.21% |
Max Drawdown (1Y)Largest decline over 1 year | -4.95% | -6.49% | +1.54% |
Max Drawdown (5Y)Largest decline over 5 years | -6.69% | -17.07% | +10.38% |
Max Drawdown (10Y)Largest decline over 10 years | -24.95% | -38.11% | +13.16% |
Current DrawdownCurrent decline from peak | 0.00% | -3.85% | +3.85% |
Average DrawdownAverage peak-to-trough decline | -8.82% | -7.80% | -1.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 1.63% | +0.10% |
Volatility
VMNIX vs. QLEIX - Volatility Comparison
The current volatility for Vanguard Market Neutral Fund Institutional Shares (VMNIX) is 1.54%, while AQR Long-Short Equity Fund (QLEIX) has a volatility of 1.87%. This indicates that VMNIX experiences smaller price fluctuations and is considered to be less risky than QLEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMNIX | QLEIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 1.87% | -0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 5.73% | 4.89% | +0.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.59% | 8.63% | -1.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.19% | 10.23% | -3.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.35% | 10.55% | -4.20% |