VMNIX vs. WPOPX

Last updated Jun 24, 2026

VMNIX (Vanguard Market Neutral Fund Institutional Shares) and WPOPX (Weitz Partners III Opportunity Fund) are both Long-Short funds. Over the past 10 years, VMNIX returned 5.30%/yr vs 6.22%/yr for WPOPX. At a correlation of -0.02, they often move in opposite directions. VMNIX charges 1.25%/yr vs 1.43%/yr for WPOPX.

Performance

VMNIX vs. WPOPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Market Neutral Fund Institutional Shares (VMNIX) and Weitz Partners III Opportunity Fund (WPOPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMNIX achieves a 14.39% return, which is significantly higher than WPOPX's -4.71% return. Over the past 10 years, VMNIX has underperformed WPOPX with an annualized return of 5.30%, while WPOPX has yielded a comparatively higher 6.22% annualized return.

VMNIX

• 1D: 1.21%
• 1M: 3.92%
• YTD: 14.39%
• 6M: 15.13%
• 1Y: 21.71%
• 3Y*: 13.98%
• 5Y*: 14.13%
• 10Y*: 5.30%

WPOPX

• 1D: -1.36%
• 1M: -2.14%
• YTD: -4.71%
• 6M: -5.37%
• 1Y: -1.64%
• 3Y*: 7.38%
• 5Y*: 1.06%
• 10Y*: 6.22%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VMNIX vs. WPOPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMNIX Vanguard Market Neutral Fund Institutional Shares	14.39%	9.36%	5.84%	12.33%	13.47%	23.39%	-11.58%	-9.48%	0.66%	-4.83%
WPOPX Weitz Partners III Opportunity Fund	-4.71%	3.23%	16.32%	17.35%	-22.53%	12.55%	9.45%	34.24%	-5.26%	5.48%

Correlation

The correlation between VMNIX and WPOPX is -0.20, 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	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (5Y) Calculated over the trailing 5-year period	-0.08
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Dec 30, 2005	-0.02

The correlation between VMNIX and WPOPX shifts across timeframes, from -0.20 (1 year) to -0.01 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

VMNIX vs. WPOPX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VMNIX

VMNIX Risk / Return Rank: 88
VMNIX Sharpe Ratio Rank: 92
VMNIX Sortino Ratio Rank: 92
VMNIX Omega Ratio Rank: 85
VMNIX Calmar Ratio Rank: 93
VMNIX Martin Ratio Rank: 76

WPOPX

WPOPX Risk / Return Rank: 2
WPOPX Sharpe Ratio Rank: 2
WPOPX Sortino Ratio Rank: 2
WPOPX Omega Ratio Rank: 2
WPOPX Calmar Ratio Rank: 2
WPOPX Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VMNIX vs. WPOPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Market Neutral Fund Institutional Shares (VMNIX) and Weitz Partners III Opportunity Fund (WPOPX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VMNIX	WPOPX	Difference
Sharpe ratio: Return per unit of total volatility	2.85	-0.10	+2.95
Sortino ratio: Return per unit of downside risk	4.31	-0.05	+4.36
Omega ratio: Gain probability vs. loss probability	1.53	0.99	+0.54
Calmar ratio: Return relative to maximum drawdown	4.77	-0.10	+4.86
Martin ratio: Return relative to average drawdown	13.45	-0.28	+13.73

VMNIX vs. WPOPX - Sharpe Ratio Comparison

The current VMNIX Sharpe Ratio is 2.85, which is higher than the WPOPX Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of VMNIX and WPOPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VMNIX vs. WPOPX - Drawdown Comparison

The maximum VMNIX drawdown since its inception was -27.90%, smaller than the maximum WPOPX drawdown of -55.70%. Use the drawdown chart below to compare losses from any high point for VMNIX and WPOPX.

Drawdown Indicators

	VMNIX	WPOPX	Difference
Max Drawdown Largest peak-to-trough decline	-27.90%	-55.70%	+27.80%
Max Drawdown (1Y) Largest decline over 1 year	-4.67%	-12.44%	+7.77%
Max Drawdown (3Y) Largest decline over 3 years	-5.36%	-14.79%	+9.43%
Max Drawdown (5Y) Largest decline over 5 years	-6.69%	-28.73%	+22.04%
Max Drawdown (10Y) Largest decline over 10 years	-24.95%	-28.73%	+3.78%
Current Drawdown Current decline from peak	0.00%	-6.94%	+6.94%
Average Drawdown Average peak-to-trough decline	-8.75%	-8.34%	-0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	4.32%	-2.67%

Volatility

VMNIX vs. WPOPX - Volatility Comparison

The current volatility for Vanguard Market Neutral Fund Institutional Shares (VMNIX) is 2.26%, while Weitz Partners III Opportunity Fund (WPOPX) has a volatility of 4.08%. This indicates that VMNIX experiences smaller price fluctuations and is considered to be less risky than WPOPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMNIX	WPOPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	4.08%	-1.82%
Volatility (6M) Calculated over the trailing 6-month period	5.72%	9.33%	-3.61%
Volatility (1Y) Calculated over the trailing 1-year period	7.82%	12.28%	-4.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.23%	15.95%	-8.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.43%	16.00%	-9.57%

VMNIX vs. WPOPX - Expense Ratio Comparison

VMNIX has a 1.25% expense ratio, which is lower than WPOPX's 1.43% expense ratio.

Dividends

VMNIX vs. WPOPX - Dividend Comparison

VMNIX's dividend yield for the trailing twelve months is around 3.12%, less than WPOPX's 5.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMNIX Vanguard Market Neutral Fund Institutional Shares	3.12%	3.59%	5.67%	5.15%	0.78%	0.20%	0.86%	3.23%	1.00%	1.16%	0.45%	0.10%
WPOPX Weitz Partners III Opportunity Fund	5.90%	5.62%	7.04%	6.85%	8.47%	11.86%	12.50%	6.51%	7.99%	4.65%	1.35%	13.50%

Frequently Asked Questions

Can I hold both VMNIX and WPOPX in my portfolio?

VMNIX and WPOPX have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMNIX or WPOPX?

WPOPX has higher volatility (4.08%) compared to VMNIX (2.26%). In terms of maximum drawdown, VMNIX dropped -27.90% vs WPOPX's -55.70%.

Which has better risk-adjusted returns?

VMNIX currently has the higher Sharpe Ratio (2.85 vs -0.10), 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.