VGSH vs. VMRXX
Compare and contrast key facts about Vanguard Short-Term Treasury ETF (VGSH) and Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX).
VGSH is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. Treasury 1-3 Year Index. It was launched on Nov 19, 2009. VMRXX is an actively managed fund by Vanguard. It was launched on Oct 3, 1989.
Performance
VGSH vs. VMRXX - Performance Comparison
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VGSH vs. VMRXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VGSH Vanguard Short-Term Treasury ETF | 0.25% | 5.07% | 4.00% | 4.31% | -3.86% | -0.65% |
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares | 0.59% | 4.25% | 3.45% | 4.65% | 0.00% | 0.01% |
Returns By Period
In the year-to-date period, VGSH achieves a 0.25% return, which is significantly lower than VMRXX's 0.59% return.
VGSH
- 1D
- -0.02%
- 1M
- -0.33%
- YTD
- 0.25%
- 6M
- 1.24%
- 1Y
- 3.68%
- 3Y*
- 3.97%
- 5Y*
- 1.79%
- 10Y*
- 1.74%
VMRXX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.59%
- 6M
- 1.59%
- 1Y
- 3.76%
- 3Y*
- 3.94%
- 5Y*
- —
- 10Y*
- —
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VGSH vs. VMRXX - Expense Ratio Comparison
VGSH has a 0.03% 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%.
Return for Risk
VGSH vs. VMRXX — Risk / Return Rank
VGSH
VMRXX
VGSH vs. VMRXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Treasury ETF (VGSH) 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.
| VGSH | VMRXX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.57 | 3.51 | -0.94 |
Sortino ratioReturn per unit of downside risk | 4.13 | — | — |
Omega ratioGain probability vs. loss probability | 1.55 | — | — |
Calmar ratioReturn relative to maximum drawdown | 4.21 | — | — |
Martin ratioReturn relative to average drawdown | 15.93 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VGSH | VMRXX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.57 | 3.51 | -0.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.92 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.11 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.01 | 2.69 | -1.68 |
Correlation
The correlation between VGSH and VMRXX is 0.08, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
VGSH vs. VMRXX - Dividend Comparison
VGSH's dividend yield for the trailing twelve months is around 3.93%, more than VMRXX's 3.69% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VGSH Vanguard Short-Term Treasury ETF | 3.93% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares | 3.69% | 4.15% | 3.38% | 4.54% | 0.00% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
VGSH vs. VMRXX - Drawdown Comparison
The maximum VGSH drawdown since its inception was -5.70%, which is greater than VMRXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VGSH and VMRXX.
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Drawdown Indicators
| VGSH | VMRXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.70% | 0.00% | -5.70% |
Max Drawdown (1Y)Largest decline over 1 year | -0.88% | 0.00% | -0.88% |
Max Drawdown (5Y)Largest decline over 5 years | -5.70% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -5.70% | — | — |
Current DrawdownCurrent decline from peak | -0.52% | 0.00% | -0.52% |
Average DrawdownAverage peak-to-trough decline | -0.60% | 0.00% | -0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.23% | 0.00% | +0.23% |
Volatility
VGSH vs. VMRXX - Volatility Comparison
Vanguard Short-Term Treasury ETF (VGSH) has a higher volatility of 0.52% compared to Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) at 0.00%. This indicates that VGSH'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.
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Volatility by Period
| VGSH | VMRXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.52% | 0.00% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 0.84% | 0.77% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.44% | 1.17% | +0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.96% | 1.01% | +0.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.57% | 1.01% | +0.56% |