VMFXX vs. CSHI
VMFXX (Vanguard Federal Money Market Fund) and CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) are both funds - VMFXX is a Money Market fund managed by Vanguard, while CSHI is a Ultrashort Bond fund actively managed by Neos. Over the past 3 years, VMFXX returned 4.22%/yr vs 5.40%/yr for CSHI. Their -0.02 correlation means they have often moved in opposite directions in the past. VMFXX charges 0.11%/yr vs 0.38%/yr for CSHI.
Performance
VMFXX vs. CSHI - Performance Comparison
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Returns By Period
In the year-to-date period, VMFXX achieves a 1.80% return, which is significantly lower than CSHI's 2.96% return.
VMFXX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 1.48%
- YTD
- 1.80%
- 1Y
- 3.53%
- 3Y*
- 4.22%
- 5Y*
- 3.08%
- 10Y*
- —
- ALL TIME*
- 2.97%
CSHI
- 1D
- 0.02%
- 1M
- 0.35%
- 6M
- 2.63%
- YTD
- 2.96%
- 1Y
- 5.17%
- 3Y*
- 5.40%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.44M | $27.08M | $29.26M | |
| $0.00 | $0.00 | $0.00 |
VMFXX vs. CSHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VMFXX Vanguard Federal Money Market Fund | 1.80% | 4.24% | 4.83% | 4.64% | 0.00% |
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF | 2.96% | 5.05% | 5.66% | 6.21% | 1.39% |
Correlation
The correlation between VMFXX and CSHI is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.05 |
Correlation (3Y) Balances recent behavior with more history. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022 | -0.02 |
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Return for Risk
VMFXX vs. CSHI — Risk / Return Rank
VMFXX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CSHI
VMFXX vs. CSHI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Federal Money Market Fund (VMFXX) and NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI). 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.
| VMFXX | CSHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.30 | ||
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 2.76 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 23.98 | — |
| Martin ratioReturn relative to average drawdown | — | 141.06 | — |
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Drawdowns
VMFXX vs. CSHI - Drawdown Comparison
The maximum VMFXX drawdown since its inception was 0.00%, smaller than the maximum CSHI drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for VMFXX and CSHI.
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Drawdown Indicators
| VMFXX | CSHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | 0.00% | -1.69% | +1.69% |
Max Drawdown (1Y)Largest decline over 1 year | 0.00% | -0.21% | +0.21% |
Max Drawdown (3Y)Largest decline over 3 years | 0.00% | -1.69% | +1.69% |
Max Drawdown (5Y)Largest decline over 5 years | 0.00% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -0.03% | +0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.04% | -0.04% |
Volatility
VMFXX vs. CSHI - Volatility Comparison
The current volatility for Vanguard Federal Money Market Fund (VMFXX) is 0.00%, while NEOS Enhanced Income 1-3 Month T-Bill ETF (CSHI) has a volatility of 0.11%. This indicates that VMFXX experiences smaller price fluctuations and is considered to be less risky than CSHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMFXX | CSHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 0.11% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 0.71% | 0.57% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.10% | 0.85% | +0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.08% | 1.31% | -0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.06% | 1.31% | -0.25% |
VMFXX vs. CSHI - Expense Ratio Comparison
VMFXX has a 0.11% expense ratio, which is lower than CSHI's 0.38% expense ratio.
Dividends
VMFXX vs. CSHI - Dividend Comparison
VMFXX's dividend yield for the trailing twelve months is around 3.46%, less than CSHI's 4.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF | 4.83% | 5.11% | 5.72% | 6.15% | 1.52% |
VMFXX Vanguard Federal Money Market Fund | 3.46% | 4.14% | 4.70% | 4.53% | 0.00% |
Frequently Asked Questions
VMFXX and CSHI have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CSHI has higher volatility (0.11%) compared to VMFXX (0.00%). In terms of maximum drawdown, VMFXX dropped 0.00% vs CSHI's -1.69%.
CSHI currently has the higher Sharpe Ratio (5.98 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.
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