JPHY vs. VMFXX

Last updated Apr 2, 2026

Compare and contrast key facts about JPMorgan High Yield Research Enhanced ETF (JPHY) and Vanguard Federal Money Market Fund (VMFXX).

JPHY is an actively managed fund by JPMorgan. It was launched on Sep 14, 2016. VMFXX is managed by Vanguard. It was launched on Sep 1, 2010.

Performance

JPHY vs. VMFXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan High Yield Research Enhanced ETF (JPHY) and Vanguard Federal Money Market Fund (VMFXX). The values are adjusted to include any dividend payments, if applicable.

JPHY vs. VMFXX - Yearly Performance Comparison

	2026 (YTD)	2025
JPHY JPMorgan High Yield Research Enhanced ETF	0.38%	4.00%
VMFXX Vanguard Federal Money Market Fund	0.59%	2.42%

Returns By Period

In the year-to-date period, JPHY achieves a 0.38% return, which is significantly lower than VMFXX's 0.59% return.

JPHY

• 1D: 0.22%
• 1M: -0.10%
• YTD: 0.38%
• 6M: 1.54%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VMFXX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.59%
• 6M: 1.58%
• 1Y: 3.75%
• 3Y*: 3.32%
• 5Y*: —
• 10Y*: —

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

JPHY vs. VMFXX - Expense Ratio Comparison

JPHY has a 0.24% expense ratio, which is higher than VMFXX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

JPHY

JPMorgan High Yield Research Enhanced ETF

VMFXX

Vanguard Federal Money Market Fund

Return for Risk

JPHY vs. VMFXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan High Yield Research Enhanced ETF (JPHY) and Vanguard Federal Money Market Fund (VMFXX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	JPHY	VMFXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.87	2.52	-0.64

Correlation

The correlation between JPHY and VMFXX is -0.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

JPHY vs. VMFXX - Dividend Comparison

JPHY's dividend yield for the trailing twelve months is around 4.91%, more than VMFXX's 3.68% yield.

	TTM	2025	2024	2023
JPHY JPMorgan High Yield Research Enhanced ETF	4.91%	3.32%	0.00%	0.00%
VMFXX Vanguard Federal Money Market Fund	3.68%	4.14%	1.63%	4.53%

Drawdowns

JPHY vs. VMFXX - Drawdown Comparison

The maximum JPHY drawdown since its inception was -1.65%, which is greater than VMFXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for JPHY and VMFXX.

Drawdown Indicators

	JPHY	VMFXX	Difference
Max Drawdown Largest peak-to-trough decline	-1.65%	0.00%	-1.65%
Max Drawdown (1Y) Largest decline over 1 year	—	0.00%	—
Current Drawdown Current decline from peak	-0.43%	0.00%	-0.43%
Average Drawdown Average peak-to-trough decline	-0.23%	0.00%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	JPHY	VMFXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.09%	1.16%	+1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.09%	0.93%	+2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.09%	0.93%	+2.16%