VSIAX vs. VMNFX

Last updated Jul 14, 2026

VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) and VMNFX (Vanguard Market Neutral Fund Investor Shares) are both mutual funds - VSIAX is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index, while VMNFX is a Long-Short fund managed by Vanguard. Over the past 10 years, VSIAX returned 10.56%/yr vs 5.42%/yr for VMNFX. At a 0.07 correlation, their price movements are largely independent. VSIAX charges 0.07%/yr vs 1.31%/yr for VMNFX.

Performance

VSIAX vs. VMNFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) and Vanguard Market Neutral Fund Investor Shares (VMNFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VSIAX having a 15.38% return and VMNFX slightly higher at 15.75%. Over the past 10 years, VSIAX has outperformed VMNFX with an annualized return of 10.56%, while VMNFX has yielded a comparatively lower 5.42% annualized return.

VSIAX

• 1D: 0.34%
• 1M: 0.68%
• 6M: 10.19%
• YTD: 15.38%
• 1Y: 22.58%
• 3Y*: 15.26%
• 5Y*: 9.20%
• 10Y*: 10.56%

VMNFX

• 1D: 0.06%
• 1M: 2.15%
• 6M: 18.55%
• YTD: 15.75%
• 1Y: 24.28%
• 3Y*: 14.23%
• 5Y*: 14.09%
• 10Y*: 5.42%

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

VSIAX vs. VMNFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	15.38%	9.09%	11.34%	17.06%	-9.31%	28.10%	5.80%	22.76%	-12.24%	11.80%
VMNFX Vanguard Market Neutral Fund Investor Shares	15.75%	9.27%	5.78%	12.23%	13.48%	23.24%	-11.58%	-9.57%	0.60%	-4.89%

Correlation

The correlation between VSIAX and VMNFX is -0.14, 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	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.07

The correlation between VSIAX and VMNFX shifts across timeframes, from -0.14 (1 year) to 0.09 (10 years), reflecting how their relationship changes across market environments.

VSIAX vs. VMNFX - Sectors Allocation Comparison

Sectors	VSIAX	VMNFX
Financial Services	17.5%	0.1%
Industrials	17.4%	-3.8%
Consumer Cyclical	12.5%	-1.1%
Technology	12.1%	4.2%
Real Estate	10.5%	0.1%
Healthcare	8.3%	-0.5%
Basic Materials	6.0%	2.3%
Utilities	4.6%	0.0%
Energy	4.3%	0.3%
Consumer Defensive	4.0%	-1.0%
Communication Services	2.8%	-0.8%

Return for Risk

VSIAX vs. VMNFX — Risk / Return Rank

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

VSIAX

VSIAX Risk / Return Rank: 48
VSIAX Sharpe Ratio Rank: 41
VSIAX Sortino Ratio Rank: 45
VSIAX Omega Ratio Rank: 38
VSIAX Calmar Ratio Rank: 63
VSIAX Martin Ratio Rank: 54

VMNFX

VMNFX Risk / Return Rank: 95
VMNFX Sharpe Ratio Rank: 97
VMNFX Sortino Ratio Rank: 96
VMNFX Omega Ratio Rank: 91
VMNFX Calmar Ratio Rank: 96
VMNFX Martin Ratio Rank: 95

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.

VSIAX vs. VMNFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) 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.

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.

	VSIAX	VMNFX	Difference
Sharpe ratio: Return per unit of total volatility	1.43	3.06	-1.62
Sortino ratio: Return per unit of downside risk	2.15	4.62	-2.47
Omega ratio: Gain probability vs. loss probability	1.25	1.57	-0.32
Calmar ratio: Return relative to maximum drawdown	2.44	5.17	-2.72
Martin ratio: Return relative to average drawdown	8.69	16.46	-7.77

VSIAX vs. VMNFX - Sharpe Ratio Comparison

The current VSIAX Sharpe Ratio is 1.43, which is lower than the VMNFX Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of VSIAX and VMNFX, 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

VSIAX vs. VMNFX - Drawdown Comparison

The maximum VSIAX drawdown since its inception was -45.39%, which is greater than VMNFX's maximum drawdown of -26.42%. Use the drawdown chart below to compare losses from any high point for VSIAX and VMNFX.

Drawdown Indicators

	VSIAX	VMNFX	Difference
Max Drawdown Largest peak-to-trough decline	-45.39%	-26.42%	-18.97%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-4.65%	-4.22%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-5.44%	-18.65%
Max Drawdown (5Y) Largest decline over 5 years	-24.09%	-6.75%	-17.34%
Max Drawdown (10Y) Largest decline over 10 years	-45.39%	-25.09%	-20.30%
Current Drawdown Current decline from peak	-0.66%	0.00%	-0.66%
Average Drawdown Average peak-to-trough decline	-5.46%	-8.73%	+3.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	1.47%	+1.03%

Volatility

VSIAX vs. VMNFX - Volatility Comparison

Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) has a higher volatility of 3.90% compared to Vanguard Market Neutral Fund Investor Shares (VMNFX) at 2.43%. This indicates that VSIAX's price experiences larger fluctuations and is considered to be riskier than VMNFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSIAX	VMNFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	2.43%	+1.47%
Volatility (6M) Calculated over the trailing 6-month period	10.53%	5.91%	+4.62%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	7.88%	+7.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.67%	7.23%	+12.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.37%	6.42%	+15.95%

VSIAX vs. VMNFX - Expense Ratio Comparison

VSIAX has a 0.07% expense ratio, which is lower than VMNFX's 1.31% expense ratio.

Dividends

VSIAX vs. VMNFX - Dividend Comparison

VSIAX's dividend yield for the trailing twelve months is around 1.78%, less than VMNFX's 3.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMNFX Vanguard Market Neutral Fund Investor Shares	3.03%	3.53%	5.61%	5.09%	0.75%	0.16%	0.81%	3.16%	0.94%	1.07%	0.38%	0.02%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	1.78%	1.95%	1.98%	2.10%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both VSIAX and VMNFX in my portfolio?

VSIAX and VMNFX have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSIAX or VMNFX?

VSIAX has higher volatility (3.90%) compared to VMNFX (2.43%). In terms of maximum drawdown, VSIAX dropped -45.39% vs VMNFX's -26.42%.

Which has better risk-adjusted returns?

VMNFX currently has the higher Sharpe Ratio (3.06 vs 1.43), 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.