VMFXX vs. SGOV
VMFXX (Vanguard Federal Money Market Fund) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both funds - VMFXX is a Money Market fund managed by Vanguard, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Over the past 5 years, VMFXX returned 2.39%/yr vs 3.55%/yr for SGOV. At a 0.02 correlation, their price movements are largely independent. VMFXX charges 0.11%/yr vs 0.09%/yr for SGOV.
Performance
VMFXX vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, VMFXX achieves a 1.50% return, which is significantly lower than SGOV's 1.58% return.
VMFXX
- 1D
- 0.00%
- 1M
- 0.30%
- YTD
- 1.50%
- 6M
- 1.82%
- 1Y
- 3.95%
- 3Y*
- 3.35%
- 5Y*
- 2.39%
- 10Y*
- —
SGOV
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.58%
- 6M
- 1.81%
- 1Y
- 3.95%
- 3Y*
- 4.71%
- 5Y*
- 3.55%
- 10Y*
- —
VMFXX vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VMFXX Vanguard Federal Money Market Fund | 1.50% | 4.24% | 1.64% | 4.64% | 0.00% | 0.00% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.58% | 4.24% | 5.27% | 5.12% | 1.58% | 0.02% |
Correlation
The correlation between VMFXX and SGOV is -0.03, 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 | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 25, 2021 | 0.02 |
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Return for Risk
VMFXX vs. SGOV — Risk / Return Rank
VMFXX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SGOV
VMFXX vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Federal Money Market Fund (VMFXX) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -16.60 | ||
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 195.55 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 398.20 | — |
| Martin ratioReturn relative to average drawdown | — | 4,461.98 | — |
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Drawdowns
VMFXX vs. SGOV - Drawdown Comparison
The maximum VMFXX drawdown since its inception was 0.00%, smaller than the maximum SGOV drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for VMFXX and SGOV.
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Drawdown Indicators
| VMFXX | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | 0.00% | -0.03% | +0.03% |
Max Drawdown (1Y)Largest decline over 1 year | 0.00% | -0.01% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | 0.00% | -0.01% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | 0.00% | -0.03% | +0.03% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -0.00% | 0.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.00% | 0.00% |
Volatility
VMFXX vs. SGOV - Volatility Comparison
Vanguard Federal Money Market Fund (VMFXX) has a higher volatility of 0.30% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that VMFXX's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMFXX | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.30% | 0.05% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 0.79% | 0.13% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.12% | 0.20% | +0.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.94% | 0.24% | +0.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.94% | 0.24% | +0.70% |
VMFXX vs. SGOV - Expense Ratio Comparison
VMFXX has a 0.11% expense ratio, which is higher than SGOV's 0.09% expense ratio. However, 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. SGOV - Dividend Comparison
VMFXX's dividend yield for the trailing twelve months is around 3.87%, which matches SGOV's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% |
VMFXX Vanguard Federal Money Market Fund | 3.87% | 4.14% | 1.63% | 4.53% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VMFXX and SGOV have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VMFXX has higher volatility (0.30%) compared to SGOV (0.05%). In terms of maximum drawdown, VMFXX dropped 0.00% vs SGOV's -0.03%.
SGOV currently has the higher Sharpe Ratio (20.28 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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