VHYAX vs. VMFXX

Last updated Jun 13, 2026

VHYAX (Vanguard High Dividend Yield Index Fund Admiral Shares) and VMFXX (Vanguard Federal Money Market Fund) are both mutual funds - VHYAX is a Large Cap Value Equities fund tracking the FTSE High Dividend Yield Index, while VMFXX is a Money Market fund managed by Vanguard. Over the past 5 years, VHYAX returned 11.38%/yr vs 2.39%/yr for VMFXX. At a 0.06 correlation, their price movements are largely independent. VHYAX charges 0.08%/yr vs 0.11%/yr for VMFXX.

Performance

VHYAX vs. VMFXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) 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, VHYAX achieves a 11.50% return, which is significantly higher than VMFXX's 1.50% return.

VHYAX

• 1D: 1.25%
• 1M: 1.16%
• YTD: 11.50%
• 6M: 10.33%
• 1Y: 24.91%
• 3Y*: 18.01%
• 5Y*: 11.38%
• 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)

VHYAX vs. VMFXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	11.50%	15.39%	17.39%	6.68%	-0.45%	7.14%
VMFXX Vanguard Federal Money Market Fund	1.50%	4.24%	1.64%	4.64%	0.00%	0.00%

Correlation

The correlation between VHYAX 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 (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.06

VHYAX vs. VMFXX - Sectors Allocation Comparison

Sectors	VHYAX	VMFXX
Financial Services	20.5%	17.5%
Technology	17.7%	-
Healthcare	12.2%	-
Industrials	12.1%	-
Energy	9.8%	-
Consumer Defensive	8.1%	-
Consumer Cyclical	6.7%	-
Utilities	5.7%	-
Communication Services	3.5%	-
Basic Materials	3.5%	-
Real Estate	0.0%	-

Return for Risk

VHYAX vs. VMFXX — Risk / Return Rank

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

VHYAX

VHYAX Risk / Return Rank: 84
VHYAX Sharpe Ratio Rank: 84
VHYAX Sortino Ratio Rank: 82
VHYAX Omega Ratio Rank: 78
VHYAX Calmar Ratio Rank: 88
VHYAX Martin Ratio Rank: 87

VMFXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

VHYAX vs. VMFXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) 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.

	VHYAX	VMFXX	Difference
Sharpe ratio: Return per unit of total volatility	2.31	3.67	-1.36
Sortino ratio: Return per unit of downside risk	3.29	—	—
Omega ratio: Gain probability vs. loss probability	1.41	—	—
Calmar ratio: Return relative to maximum drawdown	3.60	—	—
Martin ratio: Return relative to average drawdown	13.51	—	—

VHYAX vs. VMFXX - Sharpe Ratio Comparison

The current VHYAX Sharpe Ratio is 2.31, which is lower than the VMFXX Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of VHYAX 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

VHYAX vs. VMFXX - Drawdown Comparison

The maximum VHYAX drawdown since its inception was -35.14%, which is greater than VMFXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VHYAX and VMFXX.

Drawdown Indicators

	VHYAX	VMFXX	Difference
Max Drawdown Largest peak-to-trough decline	-35.14%	0.00%	-35.14%
Max Drawdown (1Y) Largest decline over 1 year	-6.75%	0.00%	-6.75%
Max Drawdown (3Y) Largest decline over 3 years	-14.42%	0.00%	-14.42%
Max Drawdown (5Y) Largest decline over 5 years	-15.87%	0.00%	-15.87%
Current Drawdown Current decline from peak	-1.26%	0.00%	-1.26%
Average Drawdown Average peak-to-trough decline	-3.76%	0.00%	-3.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	0.00%	+1.80%

Volatility

VHYAX vs. VMFXX - Volatility Comparison

Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) has a higher volatility of 3.32% compared to Vanguard Federal Money Market Fund (VMFXX) at 0.30%. This indicates that VHYAX'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.

Volatility by Period

	VHYAX	VMFXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	0.30%	+3.02%
Volatility (6M) Calculated over the trailing 6-month period	7.95%	0.79%	+7.16%
Volatility (1Y) Calculated over the trailing 1-year period	10.51%	1.12%	+9.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.03%	0.94%	+13.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	0.94%	+17.01%

VHYAX vs. VMFXX - Expense Ratio Comparison

VHYAX has a 0.08% expense ratio, which is lower than VMFXX's 0.11% 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

VHYAX vs. VMFXX - Dividend Comparison

VHYAX's dividend yield for the trailing twelve months is around 2.19%, less than VMFXX's 3.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	2.19%	2.42%	2.72%	3.09%	2.98%	2.74%	3.16%	3.00%
VMFXX Vanguard Federal Money Market Fund	3.87%	4.14%	1.63%	4.53%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VHYAX and VMFXX in my portfolio?

VHYAX 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.

Which is riskier, VHYAX or VMFXX?

VHYAX has higher volatility (3.32%) compared to VMFXX (0.30%). In terms of maximum drawdown, VHYAX dropped -35.14% vs VMFXX's 0.00%.

Which has better risk-adjusted returns?

VMFXX currently has the higher Sharpe Ratio (3.67 vs 2.31), 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.