VMNIX vs. VBTLX
Compare and contrast key facts about Vanguard Market Neutral Fund Institutional Shares (VMNIX) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX).
VMNIX is managed by Vanguard. It was launched on Oct 19, 1998. VBTLX is managed by Vanguard. It was launched on Nov 12, 2001.
Performance
VMNIX vs. VBTLX - Performance Comparison
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VMNIX vs. VBTLX - 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% |
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | -0.49% | 7.17% | 1.26% | 5.74% | -13.16% | -1.81% | 7.72% | 8.73% | -0.25% | 3.56% |
Returns By Period
In the year-to-date period, VMNIX achieves a 6.12% return, which is significantly higher than VBTLX's -0.49% return. Over the past 10 years, VMNIX has outperformed VBTLX with an annualized return of 4.06%, while VBTLX has yielded a comparatively lower 1.60% 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%
VBTLX
- 1D
- 0.52%
- 1M
- -2.23%
- YTD
- -0.49%
- 6M
- 0.50%
- 1Y
- 3.77%
- 3Y*
- 3.44%
- 5Y*
- 0.23%
- 10Y*
- 1.60%
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VMNIX vs. VBTLX - Expense Ratio Comparison
VMNIX has a 1.25% expense ratio, which is higher than VBTLX's 0.05% expense ratio.
Return for Risk
VMNIX vs. VBTLX — Risk / Return Rank
VMNIX
VBTLX
VMNIX vs. VBTLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Institutional Shares (VMNIX) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX). 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 | VBTLX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.20 | 1.00 | +1.21 |
Sortino ratioReturn per unit of downside risk | 3.25 | 1.44 | +1.80 |
Omega ratioGain probability vs. loss probability | 1.40 | 1.18 | +0.22 |
Calmar ratioReturn relative to maximum drawdown | 3.37 | 1.78 | +1.59 |
Martin ratioReturn relative to average drawdown | 9.61 | 5.08 | +4.53 |
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 | VBTLX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.20 | 1.00 | +1.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.75 | 0.04 | +1.71 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.32 | +0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.76 | -0.44 |
Correlation
The correlation between VMNIX and VBTLX is -0.04. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
VMNIX vs. VBTLX - Dividend Comparison
VMNIX's dividend yield for the trailing twelve months is around 3.37%, less than VBTLX's 3.61% 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% |
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 3.61% | 3.87% | 3.69% | 3.10% | 2.59% | 1.96% | 2.39% | 2.74% | 2.57% | 2.56% | 2.53% | 2.82% |
Drawdowns
VMNIX vs. VBTLX - Drawdown Comparison
The maximum VMNIX drawdown since its inception was -27.90%, which is greater than VBTLX's maximum drawdown of -18.81%. Use the drawdown chart below to compare losses from any high point for VMNIX and VBTLX.
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Drawdown Indicators
| VMNIX | VBTLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.90% | -18.81% | -9.09% |
Max Drawdown (1Y)Largest decline over 1 year | -4.95% | -2.73% | -2.22% |
Max Drawdown (5Y)Largest decline over 5 years | -6.69% | -18.14% | +11.45% |
Max Drawdown (10Y)Largest decline over 10 years | -24.95% | -18.81% | -6.14% |
Current DrawdownCurrent decline from peak | 0.00% | -3.06% | +3.06% |
Average DrawdownAverage peak-to-trough decline | -8.82% | -2.67% | -6.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 0.96% | +0.77% |
Volatility
VMNIX vs. VBTLX - Volatility Comparison
Vanguard Market Neutral Fund Institutional Shares (VMNIX) and Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) have volatilities of 1.54% and 1.55%, 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 | VBTLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 1.55% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 5.73% | 2.59% | +3.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.59% | 4.37% | +3.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.19% | 5.98% | +1.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.35% | 4.97% | +1.38% |