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VMFXX vs. FAGIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VMFXX vs. FAGIX

Last updated Jun 13, 2026

VMFXX (Vanguard Federal Money Market Fund) and FAGIX (Fidelity Capital & Income Fund) are both mutual funds - VMFXX is a Money Market fund managed by Vanguard, while FAGIX is a High Yield Bonds fund actively managed by Fidelity. Over the past 5 years, VMFXX returned 2.39%/yr vs 6.75%/yr for FAGIX. At a 0.18 correlation, their price movements are largely independent. VMFXX charges 0.11%/yr vs 0.67%/yr for FAGIX.

Performance

VMFXX vs. FAGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Federal Money Market Fund (VMFXX) and Fidelity Capital & Income Fund (FAGIX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VMFXX achieves a 1.50% return, which is significantly lower than FAGIX's 7.40% return.

VMFXX

1D
0.00%
1M
0.30%
YTD
1.50%
6M
1.82%
1Y
3.95%
3Y*
3.35%
5Y*
2.39%
10Y*
—

FAGIX

1D
1.15%
1M
-0.19%
YTD
7.40%
6M
7.95%
1Y
17.42%
3Y*
12.87%
5Y*
6.75%
10Y*
8.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VMFXX vs. FAGIX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
VMFXX
Vanguard Federal Money Market Fund		1.50%4.24%1.64%4.64%0.00%0.00%
FAGIX
Fidelity Capital & Income Fund		7.40%12.38%10.69%13.02%-11.50%5.43%

Correlation

The correlation between VMFXX and FAGIX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.18

Correlation (3Y)
Calculated over the trailing 3-year period

0.21

Correlation (5Y)
Calculated over the trailing 5-year period

0.18

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.18

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Federal Money Market Fund

Fidelity Capital & Income Fund

Often compared with VMFXX:
VMFXX vs. VUSXXVMFXX vs. SPAXXVMFXX vs. SWVXXVMFXX vs. SGOVVMFXX vs. VMRXXVMFXX vs. BNDVMFXX vs. SNSXX
Often compared with FAGIX:
FAGIX vs. FBALXFAGIX vs. FFRHXFAGIX vs. SPHIXFAGIX vs. VYMFAGIX vs. HYGHFAGIX vs. BNDFAGIX vs. SCHD

Return for Risk

VMFXX vs. FAGIX — Risk / Return Rank

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

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

FAGIX
FAGIX Risk / Return Rank: 9191
Overall Rank
FAGIX Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
FAGIX Sortino Ratio Rank: 8888
Sortino Ratio Rank
FAGIX Omega Ratio Rank: 8787
Omega Ratio Rank
FAGIX Calmar Ratio Rank: 9595
Calmar Ratio Rank
FAGIX Martin Ratio Rank: 9696
Martin Ratio Rank
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.

VMFXX vs. FAGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Federal Money Market Fund (VMFXX) and Fidelity Capital & Income Fund (FAGIX). 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.

VMFXXFAGIXDifference
Sharpe ratioReturn per unit of total volatility
3.67
2.63

+1.04

Sortino ratioReturn per unit of downside risk

—

3.75

—

Omega ratioGain probability vs. loss probability

—

1.52

—

Calmar ratioReturn relative to maximum drawdown

—

4.85

—

Martin ratioReturn relative to average drawdown

—

19.86

—

VMFXX vs. FAGIX - Sharpe Ratio Comparison

The current VMFXX Sharpe Ratio is 3.67, which is higher than the FAGIX Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of VMFXX and FAGIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VMFXX vs. FAGIX - Drawdown Comparison

The maximum VMFXX drawdown since its inception was 0.00%, smaller than the maximum FAGIX drawdown of -37.97%. Use the drawdown chart below to compare losses from any high point for VMFXX and FAGIX.

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Drawdown Indicators

VMFXXFAGIXDifference

Max Drawdown

Largest peak-to-trough decline

0.00%

-37.97%

+37.97%

Max Drawdown (1Y)

Largest decline over 1 year

0.00%

-3.49%

+3.49%

Max Drawdown (3Y)

Largest decline over 3 years

0.00%

-7.26%

+7.26%

Max Drawdown (5Y)

Largest decline over 5 years

0.00%

-15.42%

+15.42%

Max Drawdown (10Y)

Largest decline over 10 years

—

-28.45%

—

Current Drawdown

Current decline from peak

0.00%

-1.04%

+1.04%

Average Drawdown

Average peak-to-trough decline

0.00%

-6.98%

+6.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.00%

0.85%

-0.85%

Volatility

VMFXX vs. FAGIX - Volatility Comparison

The current volatility for Vanguard Federal Money Market Fund (VMFXX) is 0.30%, while Fidelity Capital & Income Fund (FAGIX) has a volatility of 2.71%. This indicates that VMFXX experiences smaller price fluctuations and is considered to be less risky than FAGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VMFXXFAGIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.30%

2.71%

-2.41%

Volatility (6M)

Calculated over the trailing 6-month period

0.79%

5.30%

-4.51%

Volatility (1Y)

Calculated over the trailing 1-year period

1.12%

6.42%

-5.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.94%

6.66%

-5.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.94%

7.84%

-6.90%

VMFXX vs. FAGIX - Expense Ratio Comparison

VMFXX has a 0.11% expense ratio, which is lower than FAGIX's 0.67% expense ratio.

Dividends

VMFXX vs. FAGIX - Dividend Comparison

VMFXX's dividend yield for the trailing twelve months is around 3.87%, less than FAGIX's 4.47% yield.

PositionTTM20252024202320222021202020192018201720162015
FAGIX
Fidelity Capital & Income Fund		4.47%4.74%5.02%5.28%10.25%6.08%4.59%5.00%5.67%5.05%4.57%4.51%
VMFXX
Vanguard Federal Money Market Fund		3.87%4.14%1.63%4.53%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

VMFXX and FAGIX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FAGIX has higher volatility (2.71%) compared to VMFXX (0.30%). In terms of maximum drawdown, VMFXX dropped 0.00% vs FAGIX's -37.97%.

VMFXX currently has the higher Sharpe Ratio (3.67 vs 2.63), 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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