- CUSIP
- 922906508
- Issuer
- Vanguard
- Inception Date
- Oct 3, 1989
- Category
- Money Market
- Min. Investment
- $3,000
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $0
Share Price Chart
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Performance
VMRXX Performance Chart
Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) is up 1.5% since the beginning of the year. VMRXX is currently trading at $1 per share. Investors who bought $1,000 worth of VMRXX shares 5 years ago would now be looking at an investment worth $1,146.
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Returns By Period
Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) has returned 1.50% so far this year and 3.96% over the past 12 months.
Vanguard Cash Reserves Federal Money Market Fund Admiral Shares
- 1D
- 0.00%
- 1M
- 0.30%
- YTD
- 1.50%
- 6M
- 1.83%
- 1Y
- 3.96%
- 3Y*
- 3.96%
- 5Y*
- 2.76%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -2.64%
- 1M
- -0.21%
- YTD
- 7.86%
- 6M
- 7.47%
- 1Y
- 23.05%
- 3Y*
- 19.90%
- 5Y*
- 11.79%
- 10Y*
- 13.33%
VMRXX Monthly Returns History
Based on dividend-adjusted daily data since May 25, 2021, VMRXX's average daily return is +0.01%, while the average monthly return is +0.22%. At this rate, an investment would double in approximately 26.3 years.
Historically, 61% of months were positive and 39% 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, VMRXX 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 26, 2021 at 0.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.31% | 0.28% | 0.31% | 0.30% | 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% | 0.35% | 0.32% | 0.32% | 4.25% |
| 2024 | 0.45% | 0.42% | 0.45% | 0.44% | 0.45% | 0.00% | 0.00% | 0.00% | 0.42% | 0.00% | 0.38% | 0.38% | 3.45% |
| 2023 | 0.36% | 0.35% | 0.39% | 0.39% | 0.43% | 0.42% | 0.44% | 0.45% | 0.44% | 0.45% | 0.44% | 0.00% | 4.65% |
| 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% | 0.01% | 0.01% |
Benchmark Metrics
Vanguard Cash Reserves Federal Money Market Fund Admiral Shares has an annualized alpha of 2.80%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since May 26, 2021.
- This fund captured 5.66% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -5.56%) - 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
- 2.80%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 5.66%
- Downside Capture
- -5.56%
Expense Ratio
VMRXX has an expense ratio of 0.10%, which is considered low.
Return for Risk
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) and compare them to S&P 500 Index.
| VMRXX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.67 | ||
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.36 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.69 | — |
| Martin ratioReturn relative to average drawdown | — | 12.34 | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Vanguard Cash Reserves Federal Money Market Fund Admiral Shares provided a 3.88% dividend yield over the last twelve months, with an annual payout of $0.04 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Dividend | $0.04 | $0.04 | $0.03 | $0.05 | $0.00 | $0.00 |
Dividend yield | 3.88% | 4.15% | 3.38% | 4.54% | 0.00% | 0.01% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard Cash Reserves Federal Money Market Fund Admiral Shares. 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 | $0.03 |
| 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 |
| 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 |
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 Cash Reserves Federal Money Market Fund Admiral Shares. 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
| VMRXX | 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% | -2.97% | +2.97% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -10.72% | +10.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 1.97% | -1.97% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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