VMNIX vs. VBTLX
VMNIX (Vanguard Market Neutral Fund Institutional Shares) and VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) are both mutual funds - VMNIX is a Long-Short fund managed by Vanguard, while VBTLX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 10 years, VMNIX returned 5.07%/yr vs 1.58%/yr for VBTLX. At a correlation of -0.04, they often move in opposite directions. VMNIX charges 1.25%/yr vs 0.04%/yr for VBTLX.
Performance
VMNIX vs. VBTLX - Performance Comparison
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Returns By Period
In the year-to-date period, VMNIX achieves a 12.09% return, which is significantly higher than VBTLX's 0.42% return. Over the past 10 years, VMNIX has outperformed VBTLX with an annualized return of 5.07%, while VBTLX has yielded a comparatively lower 1.58% annualized return.
VMNIX
- 1D
- 0.45%
- 1M
- 0.84%
- YTD
- 12.09%
- 6M
- 13.72%
- 1Y
- 18.13%
- 3Y*
- 13.30%
- 5Y*
- 12.99%
- 10Y*
- 5.07%
VBTLX
- 1D
- 0.00%
- 1M
- 0.55%
- YTD
- 0.42%
- 6M
- 0.35%
- 1Y
- 5.34%
- 3Y*
- 4.05%
- 5Y*
- 0.21%
- 10Y*
- 1.58%
VMNIX vs. VBTLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMNIX Vanguard Market Neutral Fund Institutional Shares | 12.09% | 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 | 0.42% | 7.17% | 1.26% | 5.74% | -13.16% | -1.81% | 7.72% | 8.73% | -0.25% | 3.56% |
Correlation
The correlation between VMNIX and VBTLX is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2001 | -0.04 |
The correlation between VMNIX and VBTLX shifts across timeframes, from -0.19 (5 years) to -0.04 (all time), reflecting how their relationship changes across market environments.
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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 | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.24 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.77 | 1.86 | +1.91 |
| Martin ratioReturn relative to average drawdown | 10.50 | 5.58 | +4.92 |
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 | 2.26 | 1.36 | +0.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.81 | 0.04 | +1.77 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | 0.32 | +0.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.76 | -0.42 |
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 | -4.67% | -2.89% | -1.78% |
Max Drawdown (3Y)Largest decline over 3 years | -5.36% | -6.00% | +0.64% |
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% | -2.18% | +2.18% |
Average DrawdownAverage peak-to-trough decline | -8.76% | -2.67% | -6.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 0.96% | +0.78% |
Volatility
VMNIX vs. VBTLX - Volatility Comparison
Vanguard Market Neutral Fund Institutional Shares (VMNIX) has a higher volatility of 2.02% compared to Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) at 1.38%. This indicates that VMNIX's price experiences larger fluctuations and is considered to be riskier than VBTLX based on this measure. 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 | 2.02% | 1.38% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 5.75% | 2.80% | +2.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.81% | 3.97% | +3.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.22% | 6.01% | +1.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.41% | 4.98% | +1.43% |
VMNIX vs. VBTLX - Expense Ratio Comparison
VMNIX has a 1.25% expense ratio, which is higher than VBTLX's 0.04% expense ratio.
Dividends
VMNIX vs. VBTLX - Dividend Comparison
VMNIX's dividend yield for the trailing twelve months is around 3.19%, less than VBTLX's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 3.98% | 3.87% | 3.69% | 3.10% | 2.59% | 1.96% | 2.39% | 2.74% | 2.57% | 2.56% | 2.53% | 2.82% |
VMNIX Vanguard Market Neutral Fund Institutional Shares | 3.19% | 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 VBTLX have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VMNIX has higher volatility (2.02%) compared to VBTLX (1.38%). In terms of maximum drawdown, VMNIX dropped -27.90% vs VBTLX's -18.81%.
VMNIX currently has the higher Sharpe Ratio (2.26 vs 1.36), 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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