JPHY vs. VMFXX
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. Over the past year, JPHY returned 5.98% vs 3.90% for VMFXX. 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
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Returns By Period
In the year-to-date period, JPHY achieves a 2.22% return, which is significantly higher than VMFXX's 1.80% return.
JPHY
- 1D
- -0.16%
- 1M
- -0.00%
- 6M
- 1.78%
- YTD
- 2.22%
- 1Y
- 5.98%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VMFXX
- 1D
- 0.00%
- 1M
- 0.29%
- 6M
- 1.80%
- YTD
- 1.80%
- 1Y
- 3.90%
- 3Y*
- 4.37%
- 5Y*
- 3.08%
- 10Y*
- —
JPHY vs. VMFXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
JPHY JPMorgan High Yield Research Enhanced ETF | 2.22% | 4.06% |
VMFXX Vanguard Federal Money Market Fund | 1.80% | 2.42% |
Correlation
The correlation between JPHY and VMFXX is 0.03, 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 (1Y) Calculated over the trailing 1-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025 | 0.06 |
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Return for Risk
JPHY vs. VMFXX — Risk / Return Rank
JPHY
VMFXX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
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.
| JPHY | VMFXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.41 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.64 | — | — |
| Martin ratioReturn relative to average drawdown | 16.80 | — | — |
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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.
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Drawdown Indicators
| JPHY | VMFXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.65% | 0.00% | -1.65% |
Max Drawdown (1Y)Largest decline over 1 year | -1.65% | 0.00% | -1.65% |
Max Drawdown (3Y)Largest decline over 3 years | — | 0.00% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | 0.00% | — |
Current DrawdownCurrent decline from peak | -0.49% | 0.00% | -0.49% |
Average DrawdownAverage peak-to-trough decline | -0.21% | 0.00% | -0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 0.00% | +0.36% |
Volatility
JPHY vs. VMFXX - Volatility Comparison
JPMorgan High Yield Research Enhanced ETF (JPHY) has a higher volatility of 0.67% compared to Vanguard Federal Money Market Fund (VMFXX) at 0.29%. This indicates that JPHY's price experiences larger fluctuations and is considered to be riskier than VMFXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JPHY | VMFXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | 0.29% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 2.33% | 0.71% | +1.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 1.10% | +1.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.97% | 1.08% | +1.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.97% | 1.07% | +1.90% |
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 6.48%, more than VMFXX's 3.82% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
JPHY JPMorgan High Yield Research Enhanced ETF | 6.48% | 3.32% | 0.00% | 0.00% |
VMFXX Vanguard Federal Money Market Fund | 3.82% | 4.14% | 4.70% | 4.53% |
Frequently Asked Questions
JPHY and VMFXX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JPHY has higher volatility (0.67%) compared to VMFXX (0.29%). In terms of maximum drawdown, JPHY dropped -1.65% vs VMFXX's 0.00%.
VMFXX currently has the higher Sharpe Ratio (3.67 vs 2.00), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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