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VMVFX vs. VMNVX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VMVFX vs. VMNVX

Last updated Jun 24, 2026

VMVFX (Vanguard Global Minimum Volatility Fund Investor Shares) and VMNVX (Vanguard Global Minimum Volatility Fund Admiral Shares) are both Global Equities funds from Vanguard. Over the past 10 years, VMVFX returned 9.63%/yr vs 8.87%/yr for VMNVX. With a 1.00 correlation, they move nearly in lockstep. VMVFX charges 0.21%/yr vs 0.14%/yr for VMNVX.

Performance

VMVFX vs. VMNVX - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with VMVFX having a 7.99% return and VMNVX slightly higher at 8.02%. Over the past 10 years, VMVFX has outperformed VMNVX with an annualized return of 9.63%, while VMNVX has yielded a comparatively lower 8.87% annualized return.

VMVFX

1D
0.12%
1M
0.00%
YTD
7.99%
6M
7.65%
1Y
12.47%
3Y*
13.34%
5Y*
10.62%
10Y*
9.63%

VMNVX

1D
0.12%
1M
-0.03%
YTD
8.02%
6M
7.68%
1Y
12.56%
3Y*
13.41%
5Y*
9.14%
10Y*
8.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VMVFX vs. VMNVX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VMVFX
Vanguard Global Minimum Volatility Fund Investor Shares		7.99%12.74%13.38%7.82%-4.48%23.74%-3.99%23.28%-1.79%15.93%
VMNVX
Vanguard Global Minimum Volatility Fund Admiral Shares		8.02%12.83%13.42%7.94%-4.46%15.40%-3.94%22.66%-1.70%16.03%

Correlation

The correlation between VMVFX and VMNVX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

1.00

Correlation (3Y)
Calculated over the trailing 3-year period

1.00

Correlation (5Y)
Calculated over the trailing 5-year period

1.00

Correlation (10Y)
Calculated over the trailing 10-year period

1.00

Correlation (All Time)
Calculated using the full available price history since Dec 17, 2013

1.00

The correlation between VMVFX and VMNVX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

VMVFX vs. VMNVX - Sectors Allocation Comparison

Sectors
VMVFX
VMNVX

Technology

20.9%
20.9%

Financial Services

12.8%
12.8%

Healthcare

12.8%
12.8%

Industrials

11.4%
11.4%

Consumer Defensive

10.1%
10.1%

Communication Services

9.8%
9.8%

Consumer Cyclical

7.9%
7.9%

Utilities

7.1%
7.1%

Energy

4.3%
4.3%

Real Estate

2.8%
2.8%

Basic Materials

0.2%
0.2%

Technology

VMVFX
20.9%
VMNVX
20.9%

Financial Services

VMVFX
12.8%
VMNVX
12.8%

Healthcare

VMVFX
12.8%
VMNVX
12.8%

Industrials

VMVFX
11.4%
VMNVX
11.4%

Consumer Defensive

VMVFX
10.1%
VMNVX
10.1%

Communication Services

VMVFX
9.8%
VMNVX
9.8%

Consumer Cyclical

VMVFX
7.9%
VMNVX
7.9%

Utilities

VMVFX
7.1%
VMNVX
7.1%

Energy

VMVFX
4.3%
VMNVX
4.3%

Real Estate

VMVFX
2.8%
VMNVX
2.8%

Basic Materials

VMVFX
0.2%
VMNVX
0.2%

Compare stocks, funds, or ETFs

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Vanguard Global Minimum Volatility Fund Investor Shares

Vanguard Global Minimum Volatility Fund Admiral Shares

Often compared with VMVFX:
VMVFX vs. VOOVMVFX vs. VMNFXVMVFX vs. VXUSVMVFX vs. QLVVMVFX vs. SWPPXVMVFX vs. vtsaxVMVFX vs. NOINX
Often compared with VMNVX:
VMNVX vs. VOOVMNVX vs. VIGVMNVX vs. VVIAXVMNVX vs. vtwaxVMNVX vs. HDVVMNVX vs. ^GSPCVMNVX vs. DGRO

Return for Risk

VMVFX vs. VMNVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VMVFX
VMVFX Risk / Return Rank: 4444
Overall Rank
VMVFX Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
VMVFX Sortino Ratio Rank: 5050
Sortino Ratio Rank
VMVFX Omega Ratio Rank: 4646
Omega Ratio Rank
VMVFX Calmar Ratio Rank: 3636
Calmar Ratio Rank
VMVFX Martin Ratio Rank: 4141
Martin Ratio Rank
VMNVX
VMNVX Risk / Return Rank: 4545
Overall Rank
VMNVX Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
VMNVX Sortino Ratio Rank: 5151
Sortino Ratio Rank
VMNVX Omega Ratio Rank: 4646
Omega Ratio Rank
VMNVX Calmar Ratio Rank: 3636
Calmar Ratio Rank
VMNVX Martin Ratio Rank: 4141
Martin Ratio Rank
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.

VMVFX vs. VMNVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX) and Vanguard Global Minimum Volatility Fund Admiral Shares (VMNVX). 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.

VMVFXVMNVXDifference
Sharpe ratioReturn per unit of total volatility
1.91
1.92

-0.01

Sortino ratioReturn per unit of downside risk
2.73
2.75

-0.02

Omega ratioGain probability vs. loss probability

1.34

1.34

0.00

Calmar ratioReturn relative to maximum drawdown

2.14

2.16

-0.02

Martin ratioReturn relative to average drawdown

8.29

8.39

-0.09

VMVFX vs. VMNVX - Sharpe Ratio Comparison

The current VMVFX Sharpe Ratio is 1.91, which is comparable to the VMNVX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of VMVFX and VMNVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VMVFX vs. VMNVX - Drawdown Comparison

The maximum VMVFX drawdown since its inception was -33.09%, roughly equal to the maximum VMNVX drawdown of -33.11%. Use the drawdown chart below to compare losses from any high point for VMVFX and VMNVX.

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Drawdown Indicators

VMVFXVMNVXDifference

Max Drawdown

Largest peak-to-trough decline

-33.09%

-33.11%

+0.02%

Max Drawdown (1Y)

Largest decline over 1 year

-6.27%

-6.24%

-0.03%

Max Drawdown (3Y)

Largest decline over 3 years

-7.96%

-7.93%

-0.03%

Max Drawdown (5Y)

Largest decline over 5 years

-13.02%

-12.93%

-0.09%

Max Drawdown (10Y)

Largest decline over 10 years

-33.09%

-33.11%

+0.02%

Current Drawdown

Current decline from peak

-1.28%

-1.28%

0.00%

Average Drawdown

Average peak-to-trough decline

-2.82%

-2.80%

-0.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.61%

1.61%

0.00%

Volatility

VMVFX vs. VMNVX - Volatility Comparison

Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX) and Vanguard Global Minimum Volatility Fund Admiral Shares (VMNVX) have volatilities of 2.34% and 2.35%, 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

VMVFXVMNVXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.34%

2.35%

-0.01%

Volatility (6M)

Calculated over the trailing 6-month period

5.41%

5.43%

-0.02%

Volatility (1Y)

Calculated over the trailing 1-year period

7.03%

7.05%

-0.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.77%

9.54%

+1.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.48%

11.96%

+0.52%

VMVFX vs. VMNVX - Expense Ratio Comparison

VMVFX has a 0.21% expense ratio, which is higher than VMNVX's 0.14% 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

VMVFX vs. VMNVX - Dividend Comparison

VMVFX's dividend yield for the trailing twelve months is around 9.24%, which matches VMNVX's 9.32% yield.

PositionTTM20252024202320222021202020192018201720162015
VMNVX
Vanguard Global Minimum Volatility Fund Admiral Shares		9.32%10.07%3.84%3.13%5.03%6.33%2.15%4.62%7.37%2.31%2.82%3.30%
VMVFX
Vanguard Global Minimum Volatility Fund Investor Shares		9.24%9.98%3.77%3.05%4.96%12.73%2.02%5.12%7.27%2.30%2.71%3.22%

Frequently Asked Questions

With a correlation of 1.00, VMVFX and VMNVX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

VMNVX has higher volatility (2.35%) compared to VMVFX (2.34%). In terms of maximum drawdown, VMVFX dropped -33.09% vs VMNVX's -33.11%.

VMNVX currently has the higher Sharpe Ratio (1.92 vs 1.91), 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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