- ISIN
- US9229063006
- CUSIP
- 922906300
- Issuer
- Vanguard
- Inception Date
- Jul 13, 1981
- Category
- Money Market
- Min. Investment
- $3,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $0
Share Price Chart
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Performance
VMFXX Performance Chart
Vanguard Federal Money Market Fund (VMFXX) is up 1.5% since the beginning of the year. VMFXX is currently trading at $1 per share. Investors who bought $1,000 worth of VMFXX shares 5 years ago would now be looking at an investment worth $1,125.
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Returns By Period
Vanguard Federal Money Market Fund (VMFXX) has returned 1.50% so far this year and 3.95% over the past 12 months.
Vanguard Federal Money Market Fund
- 1D
- 0.00%
- 1M
- 0.30%
- YTD
- 1.50%
- 6M
- 1.82%
- 1Y
- 3.95%
- 3Y*
- 3.35%
- 5Y*
- 2.39%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -1.62%
- 1M
- -1.97%
- YTD
- 6.16%
- 6M
- 5.52%
- 1Y
- 20.34%
- 3Y*
- 19.12%
- 5Y*
- 11.34%
- 10Y*
- 13.24%
VMFXX Monthly Returns History
Based on dividend-adjusted daily data since May 25, 2021, VMFXX's average daily return is +0.01%, while the average monthly return is +0.19%. At this rate, an investment would double in approximately 30.4 years.
Historically, 52% of months were positive and 48% were negative. The best month was Oct 2023 with a return of +0.5%, while the worst month was May 2021 at 0.0%. The longest winning streak lasted 19 consecutive months, and the longest losing streak was 0 months.
On a daily basis, VMFXX closed higher 3% of trading days. The best single day was Oct 31, 2023 with a return of +0.5%, while the worst single day was May 25, 2021 at 0.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.31% | 0.28% | 0.31% | 0.29% | 0.30% | 0.00% | 1.50% | ||||||
| 2025 | 0.37% | 0.33% | 0.36% | 0.35% | 0.36% | 0.35% | 0.36% | 0.36% | 0.34% | 0.34% | 0.32% | 0.32% | 4.24% |
| 2024 | 0.00% | 0.00% | 0.00% | 0.00% | 0.45% | 0.00% | 0.00% | 0.00% | 0.42% | 0.00% | 0.38% | 0.38% | 1.64% |
| 2023 | 0.36% | 0.35% | 0.39% | 0.39% | 0.43% | 0.42% | 0.43% | 0.45% | 0.44% | 0.45% | 0.44% | 0.00% | 4.64% |
| 2022 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 2021 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Benchmark Metrics
Vanguard Federal Money Market Fund has an annualized alpha of 2.40%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since May 25, 2021.
- This fund captured 4.88% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -4.66%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.00 may look defensive, but with R2 of 0.00 this fund 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 fund's risk.
- R2 of 0.00 means this fund 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
- 2.40%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 4.88%
- Downside Capture
- -4.66%
Expense Ratio
VMFXX has an expense ratio of 0.11%, which is considered low.
Return for Risk
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Vanguard Federal Money Market Fund (VMFXX) and compare them to S&P 500 Index.
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.
| VMFXX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.01 | ||
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.30 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.25 | — |
| Martin ratioReturn relative to average drawdown | — | 10.14 | — |
Dividends
Dividend History
Vanguard Federal Money Market Fund provided a 3.87% dividend yield over the last twelve months, with an annual payout of $0.04 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $0.04 | $0.04 | $0.02 | $0.05 |
Dividend yield | 3.87% | 4.14% | 1.63% | 4.53% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard Federal Money Market Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.04 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.02 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.05 |
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 Vanguard Federal Money Market Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The portfolio has not yet recovered.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|
Drawdown Indicators
| VMFXX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | 0.00% | -56.78% | +56.78% |
Max Drawdown (1Y)Largest decline over 1 year | 0.00% | -9.10% | +9.10% |
Max Drawdown (3Y)Largest decline over 3 years | 0.00% | -18.90% | +18.90% |
Max Drawdown (5Y)Largest decline over 5 years | 0.00% | -25.43% | +25.43% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | -4.50% | +4.50% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -10.72% | +10.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 2.01% | -2.01% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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