VMFXX vs. JPHY

Last updated Apr 3, 2026

Compare and contrast key facts about Vanguard Federal Money Market Fund (VMFXX) and JPMorgan High Yield Research Enhanced ETF (JPHY).

VMFXX is managed by Vanguard. It was launched on Sep 1, 2010. JPHY is an actively managed fund by JPMorgan. It was launched on Sep 14, 2016.

Performance

VMFXX vs. JPHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Federal Money Market Fund (VMFXX) and JPMorgan High Yield Research Enhanced ETF (JPHY). The values are adjusted to include any dividend payments, if applicable.

VMFXX vs. JPHY - Yearly Performance Comparison

	2026 (YTD)	2025
VMFXX Vanguard Federal Money Market Fund	0.59%	2.42%
JPHY JPMorgan High Yield Research Enhanced ETF	0.38%	4.00%

Returns By Period

In the year-to-date period, VMFXX achieves a 0.59% return, which is significantly higher than JPHY's 0.38% return.

VMFXX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.59%
• 6M: 1.58%
• 1Y: 3.75%
• 3Y*: 3.32%
• 5Y*: —
• 10Y*: —

JPHY

• 1D: 0.22%
• 1M: -0.10%
• YTD: 0.38%
• 6M: 1.54%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VMFXX vs. JPHY - Expense Ratio Comparison

VMFXX has a 0.00% expense ratio, which is lower than JPHY's 0.24% 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%.

JPHY

JPMorgan High Yield Research Enhanced ETF

VMFXX

Vanguard Federal Money Market Fund

Return for Risk

VMFXX vs. JPHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Federal Money Market Fund (VMFXX) and JPMorgan High Yield Research Enhanced ETF (JPHY). 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.

	VMFXX	JPHY	Difference
Sharpe ratio Return per unit of total volatility	3.51	—	—
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	—	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	VMFXX	JPHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.51	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.51	1.87	+0.64

Correlation

The correlation between VMFXX and JPHY is -0.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

VMFXX vs. JPHY - Dividend Comparison

VMFXX's dividend yield for the trailing twelve months is around 3.68%, less than JPHY's 4.91% yield.

	TTM	2025	2024	2023
VMFXX Vanguard Federal Money Market Fund	3.68%	4.14%	1.63%	4.53%
JPHY JPMorgan High Yield Research Enhanced ETF	4.91%	3.32%	0.00%	0.00%

Drawdowns

VMFXX vs. JPHY - Drawdown Comparison

The maximum VMFXX drawdown since its inception was 0.00%, smaller than the maximum JPHY drawdown of -1.65%. Use the drawdown chart below to compare losses from any high point for VMFXX and JPHY.

Drawdown Indicators

	VMFXX	JPHY	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-1.65%	+1.65%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	—	—
Current Drawdown Current decline from peak	0.00%	-0.43%	+0.43%
Average Drawdown Average peak-to-trough decline	0.00%	-0.23%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	—	—

Volatility

Volatility by Period

	VMFXX	JPHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.77%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.11%	3.09%	-1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.93%	3.09%	-2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.93%	3.09%	-2.16%