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VSIAX vs. VMNFX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VSIAX vs. VMNFX

Last updated Aug 2, 2026
Documentation

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 actively managed by Vanguard. VSIAX is passively managed, while VMNFX is actively managed. Over the past 10 years, VSIAX returned 10.63%/yr vs 5.42%/yr for VMNFX. Their 0.06 correlation means their historical movements had little consistent relationship. VSIAX charges 0.07%/yr vs 1.95%/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.

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Returns By Period

The year-to-date returns for both stocks are quite close, with VSIAX having a 16.88% return and VMNFX slightly lower at 16.68%. Over the past 10 years, VSIAX has outperformed VMNFX with an annualized return of 10.63%, while VMNFX has yielded a comparatively lower 5.42% annualized return.

VSIAX

1D
0.01%
1M
0.76%
6M
10.97%
YTD
16.88%
1Y
27.89%
3Y*
14.38%
5Y*
9.78%
10Y*
10.63%
ALL TIME*
12.39%

VMNFX

1D
0.49%
1M
3.23%
6M
17.35%
YTD
16.68%
1Y
25.28%
3Y*
14.38%
5Y*
14.14%
10Y*
5.42%
ALL TIME*
2.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

VMNFX

Vanguard Market Neutral Fund Investor Shares
$0.00$0.00$0.00

VSIAX

Vanguard Small-Cap Value Index Fund Admiral Shares
$0.00$0.00$0.00

VSIAX vs. VMNFX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VSIAX
Vanguard Small-Cap Value Index Fund Admiral Shares		16.88%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		16.68%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 -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

-0.13

Correlation (3Y)
Balances recent behavior with more history.

-0.08

Correlation (5Y)
Shows whether the relationship held over a longer period.

-0.01

Correlation (10Y)
Provides a long-term view across more market conditions.

0.09

Correlation (All Time)
Calculated using the full available price history since Sep 27, 2011

0.06

The correlation between VSIAX and VMNFX shifts across timeframes, from -0.13 (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%
0.7%

Industrials

17.3%
-4.9%

Consumer Cyclical

13.6%
-1.3%

Real Estate

11.1%
-0.5%

Technology

10.9%
3.9%

Healthcare

8.4%
-0.8%

Basic Materials

5.3%
2.1%

Utilities

4.9%
-0.4%

Energy

4.3%
-0.0%

Consumer Defensive

4.2%
0.1%

Communication Services

2.4%
0.7%

Financial Services

VSIAX
17.5%
VMNFX
0.7%

Industrials

VSIAX
17.3%
VMNFX
-4.9%

Consumer Cyclical

VSIAX
13.6%
VMNFX
-1.3%

Real Estate

VSIAX
11.1%
VMNFX
-0.5%

Technology

VSIAX
10.9%
VMNFX
3.9%

Healthcare

VSIAX
8.4%
VMNFX
-0.8%

Basic Materials

VSIAX
5.3%
VMNFX
2.1%

Utilities

VSIAX
4.9%
VMNFX
-0.4%

Energy

VSIAX
4.3%
VMNFX
-0.0%

Consumer Defensive

VSIAX
4.2%
VMNFX
0.1%

Communication Services

VSIAX
2.4%
VMNFX
0.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Small-Cap Value Index Fund Admiral Shares

Vanguard Market Neutral Fund Investor Shares

Often compared with VSIAX:
VSIAX vs. VBRVSIAX vs. VSGAXVSIAX vs. VINIXVSIAX vs. VSIIXVSIAX vs. VOOVSIAX vs. SWSSXVSIAX vs. VIOV
Often compared with VMNFX:
VMNFX vs. BDMIXVMNFX vs. VMNIXVMNFX vs. VMVFXVMNFX vs. VIPIXVMNFX vs. SPYVMNFX vs. QAMNXVMNFX vs. VIMAX

Return for Risk

VSIAX vs. VMNFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VSIAX
VSIAX Risk / Return Rank: 7777
Overall Rank
VSIAX Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
VSIAX Sortino Ratio Rank: 7575
Sortino Ratio Rank
VSIAX Omega Ratio Rank: 6969
Omega Ratio Rank
VSIAX Calmar Ratio Rank: 8484
Calmar Ratio Rank
VSIAX Martin Ratio Rank: 8484
Martin Ratio Rank
VMNFX
VMNFX Risk / Return Rank: 9797
Overall Rank
VMNFX Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
VMNFX Sortino Ratio Rank: 9898
Sortino Ratio Rank
VMNFX Omega Ratio Rank: 9696
Omega Ratio Rank
VMNFX Calmar Ratio Rank: 9797
Calmar Ratio Rank
VMNFX Martin Ratio Rank: 9797
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

VSIAXVMNFXDifference
Sharpe ratioReturn per unit of total volatility
1.67
3.35

-1.68

Sortino ratioReturn per unit of downside risk
2.49
5.12

-2.63

Omega ratioGain probability vs. loss probability

1.29

1.64

-0.35

Calmar ratioReturn relative to maximum drawdown

2.81

5.54

-2.73

Martin ratioReturn relative to average drawdown

10.31

18.28

-7.97

VSIAX vs. VMNFX - Sharpe Ratio Comparison

The current VSIAX Sharpe Ratio is 1.67, which is lower than the VMNFX Sharpe Ratio of 3.35. 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.

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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.

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Drawdown Indicators

VSIAXVMNFXDifference

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

-1.21%

0.00%

-1.21%

Average Drawdown

Average peak-to-trough decline

-5.44%

-8.71%

+3.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.42%

1.41%

+1.01%

Volatility

VSIAX vs. VMNFX - Volatility Comparison

Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) has a higher volatility of 3.33% compared to Vanguard Market Neutral Fund Investor Shares (VMNFX) at 1.90%. 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.

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Volatility by Period

VSIAXVMNFXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.33%

1.90%

+1.43%

Volatility (6M)

Calculated over the trailing 6-month period

10.26%

5.34%

+4.92%

Volatility (1Y)

Calculated over the trailing 1-year period

14.95%

7.69%

+7.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.57%

7.24%

+12.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.38%

6.43%

+15.95%

VSIAX vs. VMNFX - Expense Ratio Comparison

VSIAX has a 0.07% expense ratio, which is lower than VMNFX's 1.95% expense ratio.

Dividends

VSIAX vs. VMNFX - Dividend Comparison

VSIAX's dividend yield for the trailing twelve months is around 1.75%, less than VMNFX's 3.01% yield.

PositionTTM20252024202320222021202020192018201720162015
VMNFX
Vanguard Market Neutral Fund Investor Shares		3.01%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		1.75%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

VSIAX and VMNFX have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VSIAX has higher volatility (3.33%) compared to VMNFX (1.90%). In terms of maximum drawdown, VSIAX dropped -45.39% vs VMNFX's -26.42%.

VMNFX currently has the higher Sharpe Ratio (3.35 vs 1.67), 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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