VMFXX vs. JPHY

Last updated Jun 5, 2026

VMFXX (Vanguard Federal Money Market Fund) and JPHY (JPMorgan High Yield Research Enhanced ETF) are both funds - VMFXX is a Money Market fund managed by Vanguard, while JPHY is a High Yield Bonds fund actively managed by JPMorgan. At a 0.06 correlation, their price movements are largely independent. VMFXX charges 0.11%/yr vs 0.24%/yr for JPHY.

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.

Returns By Period

In the year-to-date period, VMFXX achieves a 1.50% return, which is significantly lower than JPHY's 2.06% return.

VMFXX

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

JPHY

• 1D: -0.01%
• 1M: 0.35%
• YTD: 2.06%
• 6M: 2.42%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VMFXX vs. JPHY - Yearly Performance Comparison

	2026 (YTD)	2025
VMFXX Vanguard Federal Money Market Fund	1.50%	2.42%
JPHY JPMorgan High Yield Research Enhanced ETF	2.06%	4.00%

Correlation

The correlation between VMFXX and JPHY 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 (All Time) Calculated using the full available price history since Jun 26, 2025	0.06

VMFXX vs. JPHY - Sectors Allocation Comparison

Sectors	VMFXX	JPHY
Financial Services	17.5%	1.8%
Basic Materials	-	3.6%
Communication Services	-	15.8%
Consumer Cyclical	-	8.9%
Consumer Defensive	-	2.4%
Energy	-	7.0%
Healthcare	-	5.1%
Industrials	-	10.8%
Real Estate	-	3.0%
Technology	-	4.8%
Utilities	-	2.8%

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	3.67	—	—
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	3.67	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.60	2.16	+0.44

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%	—	—
Max Drawdown (3Y) Largest decline over 3 years	0.00%	—	—
Max Drawdown (5Y) Largest decline over 5 years	0.00%	—	—
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	0.00%	-0.21%	+0.21%
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	0.30%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.79%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	3.04%	-1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.94%	3.04%	-2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.94%	3.04%	-2.10%

VMFXX vs. JPHY - Expense Ratio Comparison

VMFXX has a 0.11% 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%.

Dividends

VMFXX vs. JPHY - Dividend Comparison

VMFXX's dividend yield for the trailing twelve months is around 3.87%, less than JPHY's 5.92% yield.

Position	TTM	2025	2024	2023
JPHY JPMorgan High Yield Research Enhanced ETF	5.92%	3.32%	0.00%	0.00%
VMFXX Vanguard Federal Money Market Fund	3.87%	4.14%	1.63%	4.53%

Frequently Asked Questions

Can I hold both VMFXX and JPHY in my portfolio?

VMFXX and JPHY 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.