SPHY vs. VMRXX

Last updated Jun 9, 2026

SPHY (SPDR Portfolio High Yield Bond ETF) and VMRXX (Vanguard Cash Reserves Federal Money Market Fund Admiral Shares) are both funds - SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index, while VMRXX is a Money Market fund actively managed by Vanguard. SPHY is passively managed, while VMRXX is actively managed. Over the past 5 years, SPHY returned 4.29%/yr vs 2.76%/yr for VMRXX. At a 0.01 correlation, their price movements are largely independent. SPHY charges 0.05%/yr vs 0.10%/yr for VMRXX.

Performance

SPHY vs. VMRXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio High Yield Bond ETF (SPHY) and Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHY achieves a 1.32% return, which is significantly lower than VMRXX's 1.50% return.

SPHY

• 1D: 0.09%
• 1M: -0.18%
• YTD: 1.32%
• 6M: 1.93%
• 1Y: 6.98%
• 3Y*: 8.78%
• 5Y*: 4.29%
• 10Y*: 5.03%

VMRXX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.50%
• 6M: 1.83%
• 1Y: 3.96%
• 3Y*: 3.96%
• 5Y*: 2.76%
• 10Y*: —

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

SPHY vs. VMRXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPHY SPDR Portfolio High Yield Bond ETF	1.32%	8.59%	8.54%	12.81%	-10.57%	3.22%
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares	1.50%	4.25%	3.45%	4.65%	0.00%	0.01%

Correlation

The correlation between SPHY and VMRXX is 0.04, 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	0.04
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.01

SPHY vs. VMRXX - Sectors Allocation Comparison

Sectors	SPHY	VMRXX
Financial Services	99.9%	17.8%
Energy	0.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SPHY vs. VMRXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPHY

SPHY Risk / Return Rank: 69
SPHY Sharpe Ratio Rank: 63
SPHY Sortino Ratio Rank: 70
SPHY Omega Ratio Rank: 70
SPHY Calmar Ratio Rank: 64
SPHY Martin Ratio Rank: 76

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPHY vs. VMRXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX). 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.

	SPHY	VMRXX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	3.67	-1.77
Sortino ratio: Return per unit of downside risk	2.88	—	—
Omega ratio: Gain probability vs. loss probability	1.38	—	—
Calmar ratio: Return relative to maximum drawdown	2.90	—	—
Martin ratio: Return relative to average drawdown	13.14	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPHY vs. VMRXX - Sharpe Ratio Comparison

The current SPHY Sharpe Ratio is 1.90, which is lower than the VMRXX Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of SPHY and VMRXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPHY	VMRXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	3.67	-1.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	2.77	-2.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	2.76	-2.13

Drawdowns

SPHY vs. VMRXX - Drawdown Comparison

The maximum SPHY drawdown since its inception was -21.97%, which is greater than VMRXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for SPHY and VMRXX.

Drawdown Indicators

	SPHY	VMRXX	Difference
Max Drawdown Largest peak-to-trough decline	-21.97%	0.00%	-21.97%
Max Drawdown (1Y) Largest decline over 1 year	-2.41%	0.00%	-2.41%
Max Drawdown (3Y) Largest decline over 3 years	-4.85%	0.00%	-4.85%
Max Drawdown (5Y) Largest decline over 5 years	-15.29%	0.00%	-15.29%
Max Drawdown (10Y) Largest decline over 10 years	-21.97%	—	—
Current Drawdown Current decline from peak	-0.44%	0.00%	-0.44%
Average Drawdown Average peak-to-trough decline	-2.29%	0.00%	-2.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.00%	+0.53%

Volatility

SPHY vs. VMRXX - Volatility Comparison

SPDR Portfolio High Yield Bond ETF (SPHY) has a higher volatility of 1.10% compared to Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) at 0.30%. This indicates that SPHY's price experiences larger fluctuations and is considered to be riskier than VMRXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHY	VMRXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	0.30%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	2.94%	0.79%	+2.15%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	1.12%	+2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.18%	1.02%	+6.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.88%	1.02%	+6.86%

SPHY vs. VMRXX - Expense Ratio Comparison

SPHY has a 0.05% expense ratio, which is lower than VMRXX's 0.10% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPHY vs. VMRXX - Dividend Comparison

SPHY's dividend yield for the trailing twelve months is around 7.28%, more than VMRXX's 3.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHY SPDR Portfolio High Yield Bond ETF	7.28%	7.38%	7.80%	7.30%	6.47%	5.13%	5.63%	5.73%	4.09%	4.41%	4.27%	4.29%
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares	3.88%	4.15%	3.38%	4.54%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPHY and VMRXX in my portfolio?

SPHY and VMRXX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHY or VMRXX?

SPHY has higher volatility (1.10%) compared to VMRXX (0.30%). In terms of maximum drawdown, SPHY dropped -21.97% vs VMRXX's 0.00%.

Which has better risk-adjusted returns?

VMRXX currently has the higher Sharpe Ratio (3.67 vs 1.90), 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.