WRAIX vs. VMNFX

Last updated Jun 24, 2026

WRAIX (Wilmington Global Alpha Equities Fund) and VMNFX (Vanguard Market Neutral Fund Investor Shares) are both Long-Short funds. Over the past 10 years, WRAIX returned 5.43%/yr vs 5.23%/yr for VMNFX. At a 0.06 correlation, their price movements are largely independent. WRAIX charges 1.24%/yr vs 1.31%/yr for VMNFX.

Performance

WRAIX vs. VMNFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wilmington Global Alpha Equities Fund (WRAIX) and Vanguard Market Neutral Fund Investor Shares (VMNFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WRAIX achieves a 2.85% return, which is significantly lower than VMNFX's 14.39% return. Both investments have delivered pretty close results over the past 10 years, with WRAIX having a 5.43% annualized return and VMNFX not far behind at 5.23%.

WRAIX

• 1D: -0.20%
• 1M: -0.47%
• YTD: 2.85%
• 6M: 2.57%
• 1Y: 6.97%
• 3Y*: 8.21%
• 5Y*: 5.27%
• 10Y*: 5.43%

VMNFX

• 1D: 1.20%
• 1M: 3.90%
• YTD: 14.39%
• 6M: 15.13%
• 1Y: 21.65%
• 3Y*: 13.93%
• 5Y*: 14.06%
• 10Y*: 5.23%

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

WRAIX vs. VMNFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WRAIX Wilmington Global Alpha Equities Fund	2.85%	9.13%	7.74%	7.73%	-3.41%	6.52%	1.04%	12.34%	-2.67%	9.75%
VMNFX Vanguard Market Neutral Fund Investor Shares	14.39%	9.27%	5.78%	12.23%	13.48%	23.24%	-11.58%	-9.57%	0.60%	-4.89%

Correlation

The correlation between WRAIX and VMNFX is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jan 13, 2012	0.06

The correlation between WRAIX and VMNFX shifts across timeframes, from -0.05 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

WRAIX vs. VMNFX — Risk / Return Rank

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

WRAIX

WRAIX Risk / Return Rank: 23
WRAIX Sharpe Ratio Rank: 21
WRAIX Sortino Ratio Rank: 21
WRAIX Omega Ratio Rank: 25
WRAIX Calmar Ratio Rank: 19
WRAIX Martin Ratio Rank: 29

VMNFX

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

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.

WRAIX vs. VMNFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wilmington Global Alpha Equities Fund (WRAIX) 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.

	WRAIX	VMNFX	Difference
Sharpe ratio: Return per unit of total volatility	1.21	2.84	-1.63
Sortino ratio: Return per unit of downside risk	1.77	4.31	-2.54
Omega ratio: Gain probability vs. loss probability	1.24	1.53	-0.29
Calmar ratio: Return relative to maximum drawdown	1.48	4.77	-3.29
Martin ratio: Return relative to average drawdown	6.19	13.36	-7.17

WRAIX vs. VMNFX - Sharpe Ratio Comparison

The current WRAIX Sharpe Ratio is 1.21, which is lower than the VMNFX Sharpe Ratio of 2.84. The chart below compares the historical Sharpe Ratios of WRAIX 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

WRAIX vs. VMNFX - Drawdown Comparison

The maximum WRAIX drawdown since its inception was -15.44%, smaller than the maximum VMNFX drawdown of -26.42%. Use the drawdown chart below to compare losses from any high point for WRAIX and VMNFX.

Drawdown Indicators

	WRAIX	VMNFX	Difference
Max Drawdown Largest peak-to-trough decline	-15.44%	-26.42%	+10.98%
Max Drawdown (1Y) Largest decline over 1 year	-5.03%	-4.65%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-5.03%	-5.44%	+0.41%
Max Drawdown (5Y) Largest decline over 5 years	-9.24%	-6.75%	-2.49%
Max Drawdown (10Y) Largest decline over 10 years	-15.44%	-25.09%	+9.65%
Current Drawdown Current decline from peak	-0.87%	0.00%	-0.87%
Average Drawdown Average peak-to-trough decline	-1.97%	-8.74%	+6.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	1.66%	-0.46%

Volatility

WRAIX vs. VMNFX - Volatility Comparison

The current volatility for Wilmington Global Alpha Equities Fund (WRAIX) is 2.05%, while Vanguard Market Neutral Fund Investor Shares (VMNFX) has a volatility of 2.18%. This indicates that WRAIX experiences smaller price fluctuations and is considered to be less risky than VMNFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WRAIX	VMNFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.05%	2.18%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	5.05%	5.75%	-0.70%
Volatility (1Y) Calculated over the trailing 1-year period	6.17%	7.83%	-1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.52%	7.22%	-0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.75%	6.41%	+0.34%

WRAIX vs. VMNFX - Expense Ratio Comparison

WRAIX has a 1.24% expense ratio, which is lower than VMNFX's 1.31% expense ratio.

Dividends

WRAIX vs. VMNFX - Dividend Comparison

WRAIX's dividend yield for the trailing twelve months is around 0.17%, less than VMNFX's 3.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMNFX Vanguard Market Neutral Fund Investor Shares	3.07%	3.53%	5.61%	5.09%	0.75%	0.16%	0.81%	3.16%	0.94%	1.07%	0.38%	0.02%
WRAIX Wilmington Global Alpha Equities Fund	0.17%	0.17%	1.47%	1.31%	2.77%	0.52%	1.98%	1.15%	1.25%	1.15%	0.30%	2.38%

Frequently Asked Questions

Can I hold both WRAIX and VMNFX in my portfolio?

WRAIX and VMNFX have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WRAIX or VMNFX?

VMNFX has higher volatility (2.18%) compared to WRAIX (2.05%). In terms of maximum drawdown, WRAIX dropped -15.44% vs VMNFX's -26.42%.

Which has better risk-adjusted returns?

VMNFX currently has the higher Sharpe Ratio (2.84 vs 1.21), 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.