VMNVX vs. VTWAX

Last updated Jun 4, 2026

VMNVX (Vanguard Global Minimum Volatility Fund Admiral Shares) and VTWAX (Vanguard Total World Stock Index Fund Admiral Shares) are both Global Equities funds from Vanguard. Over the past 5 years, VMNVX returned 9.29%/yr vs 11.34%/yr for VTWAX. Their correlation of 0.81 suggests significant overlap in exposure. VMNVX charges 0.14%/yr vs 0.09%/yr for VTWAX.

Performance

VMNVX vs. VTWAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Global Minimum Volatility Fund Admiral Shares (VMNVX) and Vanguard Total World Stock Index Fund Admiral Shares (VTWAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMNVX achieves a 8.44% return, which is significantly lower than VTWAX's 13.15% return.

VMNVX

• 1D: 0.00%
• 1M: 2.49%
• YTD: 8.44%
• 6M: 8.97%
• 1Y: 13.19%
• 3Y*: 13.68%
• 5Y*: 9.29%
• 10Y*: 8.74%

VTWAX

• 1D: 0.37%
• 1M: 5.68%
• YTD: 13.15%
• 6M: 14.09%
• 1Y: 30.29%
• 3Y*: 21.27%
• 5Y*: 11.34%
• 10Y*: —

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

VMNVX vs. VTWAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VMNVX Vanguard Global Minimum Volatility Fund Admiral Shares	8.44%	12.83%	13.42%	7.94%	-4.46%	15.40%	-3.94%	15.19%
VTWAX Vanguard Total World Stock Index Fund Admiral Shares	13.15%	22.43%	16.43%	21.85%	-18.02%	18.17%	16.67%	17.53%

Correlation

The correlation between VMNVX and VTWAX is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Feb 8, 2019	0.81

Over the past year, the correlation between VMNVX and VTWAX has dropped to 0.58 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

VMNVX vs. VTWAX - Sectors Allocation Comparison

Sectors	VMNVX	VTWAX
Technology	20.9%	27.8%
Financial Services	12.8%	15.9%
Healthcare	12.8%	8.1%
Industrials	11.4%	12.0%
Consumer Defensive	10.1%	4.8%
Communication Services	9.8%	8.3%
Consumer Cyclical	7.9%	9.5%
Utilities	7.1%	2.7%
Energy	4.3%	4.3%
Real Estate	2.8%	2.4%
Basic Materials	0.2%	4.2%

Return for Risk

VMNVX vs. VTWAX — Risk / Return Rank

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

VMNVX

VMNVX Risk / Return Rank: 39
VMNVX Sharpe Ratio Rank: 43
VMNVX Sortino Ratio Rank: 44
VMNVX Omega Ratio Rank: 42
VMNVX Calmar Ratio Rank: 31
VMNVX Martin Ratio Rank: 37

VTWAX

VTWAX Risk / Return Rank: 70
VTWAX Sharpe Ratio Rank: 73
VTWAX Sortino Ratio Rank: 67
VTWAX Omega Ratio Rank: 65
VTWAX Calmar Ratio Rank: 68
VTWAX Martin Ratio Rank: 75

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.

VMNVX vs. VTWAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Minimum Volatility Fund Admiral Shares (VMNVX) and Vanguard Total World Stock Index Fund Admiral Shares (VTWAX). 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.

	VMNVX	VTWAX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.49	-0.57
Sortino ratio: Return per unit of downside risk	2.76	3.41	-0.65
Omega ratio: Gain probability vs. loss probability	1.34	1.45	-0.11
Calmar ratio: Return relative to maximum drawdown	2.10	3.19	-1.09
Martin ratio: Return relative to average drawdown	8.20	14.26	-6.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VMNVX vs. VTWAX - Sharpe Ratio Comparison

The current VMNVX Sharpe Ratio is 1.92, which is comparable to the VTWAX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of VMNVX and VTWAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VMNVX	VTWAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	2.49	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	0.73	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.77	+0.02

Drawdowns

VMNVX vs. VTWAX - Drawdown Comparison

The maximum VMNVX drawdown since its inception was -33.11%, roughly equal to the maximum VTWAX drawdown of -34.20%. Use the drawdown chart below to compare losses from any high point for VMNVX and VTWAX.

Drawdown Indicators

	VMNVX	VTWAX	Difference
Max Drawdown Largest peak-to-trough decline	-33.11%	-34.20%	+1.09%
Max Drawdown (1Y) Largest decline over 1 year	-6.24%	-9.64%	+3.40%
Max Drawdown (3Y) Largest decline over 3 years	-7.93%	-16.43%	+8.50%
Max Drawdown (5Y) Largest decline over 5 years	-12.93%	-26.40%	+13.47%
Max Drawdown (10Y) Largest decline over 10 years	-33.11%	—	—
Current Drawdown Current decline from peak	-0.18%	0.00%	-0.18%
Average Drawdown Average peak-to-trough decline	-2.81%	-5.30%	+2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	2.15%	-0.55%

Volatility

VMNVX vs. VTWAX - Volatility Comparison

The current volatility for Vanguard Global Minimum Volatility Fund Admiral Shares (VMNVX) is 1.95%, while Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) has a volatility of 3.55%. This indicates that VMNVX experiences smaller price fluctuations and is considered to be less risky than VTWAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMNVX	VTWAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	3.55%	-1.60%
Volatility (6M) Calculated over the trailing 6-month period	5.17%	9.82%	-4.65%
Volatility (1Y) Calculated over the trailing 1-year period	6.83%	12.37%	-5.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.53%	15.71%	-6.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.96%	18.20%	-6.24%

VMNVX vs. VTWAX - Expense Ratio Comparison

VMNVX has a 0.14% expense ratio, which is higher than VTWAX's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VMNVX vs. VTWAX - Dividend Comparison

VMNVX's dividend yield for the trailing twelve months is around 9.28%, more than VTWAX's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMNVX Vanguard Global Minimum Volatility Fund Admiral Shares	9.28%	10.07%	3.84%	3.13%	5.03%	6.33%	2.15%	4.62%	7.37%	2.31%	2.82%	3.30%
VTWAX Vanguard Total World Stock Index Fund Admiral Shares	1.56%	1.80%	1.92%	2.06%	2.17%	1.79%	1.64%	2.28%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VMNVX and VTWAX in my portfolio?

VMNVX and VTWAX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMNVX or VTWAX?

VTWAX has higher volatility (3.55%) compared to VMNVX (1.95%). In terms of maximum drawdown, VMNVX dropped -33.11% vs VTWAX's -34.20%.

Which has better risk-adjusted returns?

VTWAX currently has the higher Sharpe Ratio (2.49 vs 1.92), 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.