VMNIX vs. VMNFX
Compare and contrast key facts about Vanguard Market Neutral Fund Institutional Shares (VMNIX) and Vanguard Market Neutral Fund Investor Shares (VMNFX).
VMNIX is managed by Vanguard. It was launched on Oct 19, 1998. VMNFX is managed by Vanguard. It was launched on Nov 11, 1998.
Performance
VMNIX vs. VMNFX - Performance Comparison
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VMNIX vs. VMNFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMNIX Vanguard Market Neutral Fund Institutional Shares | 5.62% | 9.36% | 5.84% | 12.33% | 13.47% | 23.39% | -11.58% | -9.48% | 0.66% | -4.83% |
VMNFX Vanguard Market Neutral Fund Investor Shares | 5.66% | 9.27% | 5.78% | 12.23% | 13.48% | 23.24% | -11.58% | -9.57% | 0.60% | -4.89% |
Returns By Period
The year-to-date returns for both investments are quite close, with VMNIX having a 5.62% return and VMNFX slightly higher at 5.66%. Both investments have delivered pretty close results over the past 10 years, with VMNIX having a 4.01% annualized return and VMNFX not far behind at 3.95%.
VMNIX
- 1D
- -0.47%
- 1M
- 2.96%
- YTD
- 5.62%
- 6M
- 8.54%
- 1Y
- 15.19%
- 3Y*
- 11.63%
- 5Y*
- 12.42%
- 10Y*
- 4.01%
VMNFX
- 1D
- -0.40%
- 1M
- 3.01%
- YTD
- 5.66%
- 6M
- 8.53%
- 1Y
- 15.15%
- 3Y*
- 11.56%
- 5Y*
- 12.36%
- 10Y*
- 3.95%
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VMNIX vs. VMNFX - Expense Ratio Comparison
VMNIX has a 1.25% expense ratio, which is lower than VMNFX's 1.31% expense ratio.
Return for Risk
VMNIX vs. VMNFX — Risk / Return Rank
VMNIX
VMNFX
VMNIX vs. VMNFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Institutional Shares (VMNIX) and Vanguard Market Neutral Fund Investor Shares (VMNFX). 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 | VMNFX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.06 | 2.04 | +0.02 |
Sortino ratioReturn per unit of downside risk | 3.04 | 3.03 | +0.01 |
Omega ratioGain probability vs. loss probability | 1.37 | 1.37 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 3.25 | 3.25 | 0.00 |
Martin ratioReturn relative to average drawdown | 9.26 | 9.21 | +0.05 |
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 | VMNFX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.06 | 2.04 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.74 | 1.73 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | 0.63 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.31 | 0.00 |
Correlation
The correlation between VMNIX and VMNFX is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VMNIX vs. VMNFX - Dividend Comparison
VMNIX's dividend yield for the trailing twelve months is around 3.38%, more than VMNFX's 3.32% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMNIX Vanguard Market Neutral Fund Institutional Shares | 3.38% | 3.59% | 5.67% | 5.15% | 0.78% | 0.20% | 0.86% | 3.23% | 1.00% | 1.16% | 0.45% | 0.10% |
VMNFX Vanguard Market Neutral Fund Investor Shares | 3.32% | 3.53% | 5.61% | 5.09% | 0.75% | 0.16% | 0.81% | 3.16% | 0.94% | 1.07% | 0.38% | 0.02% |
Drawdowns
VMNIX vs. VMNFX - Drawdown Comparison
The maximum VMNIX drawdown since its inception was -27.90%, which is greater than VMNFX's maximum drawdown of -26.42%. Use the drawdown chart below to compare losses from any high point for VMNIX and VMNFX.
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Drawdown Indicators
| VMNIX | VMNFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.90% | -26.42% | -1.48% |
Max Drawdown (1Y)Largest decline over 1 year | -4.95% | -4.93% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -6.69% | -6.75% | +0.06% |
Max Drawdown (10Y)Largest decline over 10 years | -24.95% | -25.09% | +0.14% |
Current DrawdownCurrent decline from peak | -0.47% | -0.40% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -8.82% | -8.81% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 1.74% | -0.01% |
Volatility
VMNIX vs. VMNFX - Volatility Comparison
Vanguard Market Neutral Fund Institutional Shares (VMNIX) and Vanguard Market Neutral Fund Investor Shares (VMNFX) have volatilities of 1.57% and 1.56%, 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 | VMNFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.57% | 1.56% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 5.76% | 5.83% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.60% | 7.64% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.19% | 7.18% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.35% | 6.34% | +0.01% |