SWVXX vs. VMFXX

Last updated Jun 24, 2026

SWVXX (Schwab Prime Advantage Money Fund Investor Shares) and VMFXX (Vanguard Federal Money Market Fund) are both Money Market funds. Over the past 5 years, SWVXX returned 3.14%/yr vs 3.02%/yr for VMFXX. At a 0.44 correlation, their price movements are largely independent. SWVXX charges 0.34%/yr vs 0.11%/yr for VMFXX.

Performance

SWVXX vs. VMFXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Prime Advantage Money Fund Investor Shares (SWVXX) and Vanguard Federal Money Market Fund (VMFXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SWVXX having a 1.45% return and VMFXX slightly higher at 1.50%.

SWVXX

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.45%
• 6M: 1.77%
• 1Y: 3.85%
• 3Y*: 4.56%
• 5Y*: 3.14%
• 10Y*: —

VMFXX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.50%
• 6M: 1.82%
• 1Y: 3.95%
• 3Y*: 4.42%
• 5Y*: 3.02%
• 10Y*: —

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

SWVXX vs. VMFXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SWVXX Schwab Prime Advantage Money Fund Investor Shares	1.45%	4.15%	5.16%	5.04%	0.00%	0.00%
VMFXX Vanguard Federal Money Market Fund	1.50%	4.24%	4.83%	4.64%	0.00%	0.00%

Correlation

The correlation between SWVXX and VMFXX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.44

Over the past year, SWVXX and VMFXX have become more correlated (1.00) than their long-term average of 0.44, meaning their price movements have been converging.

Return for Risk

SWVXX vs. VMFXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Prime Advantage Money Fund Investor Shares (SWVXX) 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.

	SWVXX	VMFXX	Difference
Sharpe ratio: Return per unit of total volatility	3.71	3.67	+0.03
Sortino ratio: Return per unit of downside risk	—	—	—
Omega ratio: Gain probability vs. loss probability	—	—	—
Calmar ratio: Return relative to maximum drawdown	—	—	—
Martin ratio: Return relative to average drawdown	—	—	—

SWVXX vs. VMFXX - Sharpe Ratio Comparison

The current SWVXX Sharpe Ratio is 3.71, which is comparable to the VMFXX Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of SWVXX and VMFXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SWVXX vs. VMFXX - Drawdown Comparison

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

Drawdown Indicators

	SWVXX	VMFXX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	0.00%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	0.00%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	0.00%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	0.00%	0.00%	0.00%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

SWVXX vs. VMFXX - Volatility Comparison

Schwab Prime Advantage Money Fund Investor Shares (SWVXX) and Vanguard Federal Money Market Fund (VMFXX) have volatilities of 0.29% and 0.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWVXX	VMFXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.29%	0.30%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.70%	0.72%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	1.10%	1.12%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.09%	1.08%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.09%	1.07%	+0.02%

SWVXX vs. VMFXX - Expense Ratio Comparison

SWVXX has a 0.34% expense ratio, which is higher than VMFXX's 0.11% expense ratio.

Dividends

SWVXX vs. VMFXX - Dividend Comparison

SWVXX's dividend yield for the trailing twelve months is around 3.77%, less than VMFXX's 3.87% yield.

Position	TTM	2025	2024	2023
SWVXX Schwab Prime Advantage Money Fund Investor Shares	3.77%	4.06%	5.02%	4.91%
VMFXX Vanguard Federal Money Market Fund	3.87%	4.14%	4.70%	4.53%

Frequently Asked Questions

Can I hold both SWVXX and VMFXX in my portfolio?

With a correlation of 1.00, SWVXX and VMFXX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SWVXX or VMFXX?

VMFXX has higher volatility (0.30%) compared to SWVXX (0.29%). In terms of maximum drawdown, SWVXX dropped 0.00% vs VMFXX's 0.00%.

Which has better risk-adjusted returns?

SWVXX currently has the higher Sharpe Ratio (3.71 vs 3.67), 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.