JPHY vs. VMFXX

Last updated Jun 4, 2026

JPHY (JPMorgan High Yield Research Enhanced ETF) and VMFXX (Vanguard Federal Money Market Fund) are both funds - JPHY is a High Yield Bonds fund actively managed by JPMorgan, while VMFXX is a Money Market fund managed by Vanguard. At a 0.06 correlation, their price movements are largely independent. JPHY charges 0.24%/yr vs 0.11%/yr for VMFXX.

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.

Returns By Period

In the year-to-date period, JPHY achieves a 2.07% return, which is significantly higher than VMFXX's 1.50% return.

JPHY

• 1D: -0.09%
• 1M: 0.44%
• YTD: 2.07%
• 6M: 2.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VMFXX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.50%
• 6M: 1.82%
• 1Y: 3.95%
• 3Y*: 3.35%
• 5Y*: 2.39%
• 10Y*: —

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

JPHY vs. VMFXX - Yearly Performance Comparison

	2026 (YTD)	2025
JPHY JPMorgan High Yield Research Enhanced ETF	2.07%	4.00%
VMFXX Vanguard Federal Money Market Fund	1.50%	2.42%

Correlation

The correlation between JPHY and VMFXX is 0.06, 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 (All Time) Calculated using the full available price history since Jun 26, 2025	0.06

JPHY vs. VMFXX - Sectors Allocation Comparison

Sectors	JPHY	VMFXX
Communication Services	15.8%	-
Industrials	10.8%	-
Consumer Cyclical	8.9%	-
Energy	7.0%	-
Healthcare	5.1%	-
Technology	4.8%	-
Basic Materials	3.6%	-
Real Estate	3.0%	-
Utilities	2.8%	-
Consumer Defensive	2.4%	-
Financial Services	1.8%	17.5%

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	—	3.67	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.17	2.60	-0.43

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%	—
Max Drawdown (3Y) Largest decline over 3 years	—	0.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	0.00%	—
Current Drawdown Current decline from peak	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-0.21%	0.00%	-0.21%
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	—	0.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.79%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.04%	1.12%	+1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.04%	0.94%	+2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.04%	0.94%	+2.10%

JPHY vs. VMFXX - Expense Ratio Comparison

JPHY has a 0.24% expense ratio, which is higher than VMFXX's 0.11% 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%.

Dividends

JPHY vs. VMFXX - Dividend Comparison

JPHY's dividend yield for the trailing twelve months is around 5.92%, more than VMFXX's 3.87% yield.

Position	TTM	2025	2024	2023
JPHY JPMorgan High Yield Research Enhanced ETF	5.92%	3.32%	0.00%	0.00%
VMFXX Vanguard Federal Money Market Fund	3.87%	4.14%	1.63%	4.53%

Frequently Asked Questions

Can I hold both JPHY and VMFXX in my portfolio?

JPHY and VMFXX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.