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US Money Market Index (^CASHX)
Performance
Return for Risk
Drawdowns
Volatility

US Money Market Index (^CASHX)

Index · Currency in USD · Last updated Apr 1, 2026

A synthetic money market index tracking daily cash equivalent returns based on the Federal Funds Effective Rate data. This index provides a benchmark for money market fund performance and cash holdings in portfolio analysis.

Can be used as the risk-free rate proxy to represent cash allocations, money market funds (such as SWVXX, VUSXX, FDRXX, FDLXX), and Treasury money market positions in portfolio backtesting and performance analysis.

Share Price Chart

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US Money Market Index

Often compared with ^CASHX:
^CASHX vs. SPAXX^CASHX vs. VBIL^CASHX vs. VUSXX^CASHX vs. VMRXX^CASHX vs. JAAA^CASHX vs. FXNAX^CASHX vs. VMFXX^CASHX vs. PDBC^CASHX vs. XTWO^CASHX vs. SWVXX

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in US Money Market Index, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

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S&P 500 Index

Returns By Period

US Money Market Index (^CASHX) has returned 0.88% so far this year and 4.03% over the past 12 months. Over the last ten years, ^CASHX has returned 2.25% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.

US Money Market Index

1D
0.01%
1M
0.28%
YTD
0.88%
6M
1.85%
1Y
4.03%
3Y*
4.72%
5Y*
3.39%
10Y*
2.25%

Benchmark (S&P 500 Index)

1D
2.91%
1M
-5.09%
YTD
-4.63%
6M
-2.39%
1Y
16.33%
3Y*
16.69%
5Y*
10.18%
10Y*
12.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Monthly Returns

Based on dividend-adjusted daily data since Jul 1, 1954, ^CASHX's average daily return is +0.01%, while the average monthly return is +0.37%. At this rate, your investment would double in approximately 15.6 years.

Historically, 100% of months were positive and 0% were negative. The best month was Jan 1981 with a return of +1.5%, while the worst month was Apr 2020 at 0.0%. The longest winning streak lasted 861 consecutive months, and the longest losing streak was 0 months.

On a daily basis, ^CASHX closed higher 100% of trading days. The best single day was Jul 22, 1981 with a return of +0.1%, while the worst single day was Apr 28, 2020 at 0.0%.

JanFebMarAprMayJunJulAugSepOctNovDecTotal
20260.30%0.27%0.29%0.88%
20250.36%0.33%0.36%0.35%0.36%0.35%0.36%0.36%0.34%0.34%0.31%0.31%4.21%
20240.44%0.41%0.44%0.43%0.44%0.43%0.44%0.44%0.41%0.40%0.37%0.37%5.16%
20230.36%0.34%0.39%0.39%0.42%0.41%0.42%0.44%0.43%0.44%0.43%0.44%5.03%
20220.01%0.01%0.02%0.03%0.06%0.10%0.14%0.20%0.21%0.26%0.31%0.34%1.68%
20210.01%0.01%0.01%0.01%0.00%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.08%

Benchmark Metrics

US Money Market Index has an annualized alpha of 3.31%, beta of -0.00, and R² of 0.00 versus S&P 500 Index. Calculated based on daily prices since July 02, 1954.

  • This index captured 6.21% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -10.57%) — a profile typical of hedging or uncorrelated assets.
  • Beta of -0.00 may look defensive, but with R² of 0.00 this index is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this index's risk.
  • R² of 0.00 means this index moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
Alpha
3.31%
Beta
-0.00
R²
0.00
Upside Capture
6.21%
Downside Capture
-10.57%

Return for Risk

Return / Risk — by metrics

The table below present risk-adjusted performance metrics for US Money Market Index (^CASHX) and compare them to a chosen benchmark (S&P 500 Index).

^CASHXBenchmarkDifference

Sharpe ratio

Return per unit of total volatility

266.24

0.90

+265.35

Sortino ratio

Return per unit of downside risk

—

1.39

—

Omega ratio

Gain probability vs. loss probability

—

1.21

—

Calmar ratio

Return relative to maximum drawdown

—

1.40

—

Martin ratio

Return relative to average drawdown

—

6.61

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Explore ^CASHX risk-adjusted metrics in detail

Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.

^CASHX Sharpe Ratio

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the US Money Market Index. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the US Money Market Index was -0.00%, occurring on Jan 1, 1970. Recovery took 1 trading session.

Depth

Start

To Bottom

Bottom

To Recover

End

Total

0%Jan 1, 19701Jan 1, 19701Jan 2, 19702

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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