VMFXX vs. SNSXX

Last updated Jun 3, 2026

VMFXX (Vanguard Federal Money Market Fund) and SNSXX (Schwab U.S. Treasury Money Fund) are both Money Market funds. Over the past 5 years, VMFXX returned 2.39%/yr vs 1.38%/yr for SNSXX. A 0.72 correlation means they provide meaningful diversification when combined.

Performance

VMFXX vs. SNSXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Federal Money Market Fund (VMFXX) and Schwab U.S. Treasury Money Fund (SNSXX). 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 higher than SNSXX's 1.40% return.

VMFXX

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

SNSXX

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.40%
• 6M: 1.72%
• 1Y: 3.69%
• 3Y*: 2.32%
• 5Y*: 1.38%
• 10Y*: —

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

VMFXX vs. SNSXX - 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%
SNSXX Schwab U.S. Treasury Money Fund	1.40%	3.97%	1.61%	0.00%	0.00%	0.00%

Correlation

The correlation between VMFXX and SNSXX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.72

Over the past year, VMFXX and SNSXX have become more correlated (1.00) than their long-term average of 0.72, meaning their price movements have been converging.

Return for Risk

VMFXX vs. SNSXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Federal Money Market Fund (VMFXX) and Schwab U.S. Treasury Money Fund (SNSXX). 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	SNSXX	Difference
Sharpe ratio Return per unit of total volatility	3.67	3.71	-0.03
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.

VMFXX vs. SNSXX - Sharpe Ratio Comparison

The current VMFXX Sharpe Ratio is 3.67, which is comparable to the SNSXX Sharpe Ratio of 3.71. The chart below compares the historical Sharpe Ratios of VMFXX and SNSXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VMFXX	SNSXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.67	3.71	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.60	2.09	+0.52
Sharpe Ratio (All Time) Calculated using the full available price history	2.60	2.08	+0.52

Drawdowns

VMFXX vs. SNSXX - Drawdown Comparison

The maximum VMFXX drawdown since its inception was 0.00%, which is greater than SNSXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VMFXX and SNSXX.

Drawdown Indicators

	VMFXX	SNSXX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	0.00%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	0.00%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	0.00%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	0.00%	0.00%	0.00%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

VMFXX vs. SNSXX - Volatility Comparison

The current volatility for Vanguard Federal Money Market Fund (VMFXX) is 0.30%, while Schwab U.S. Treasury Money Fund (SNSXX) has a volatility of 0.39%. This indicates that VMFXX experiences smaller price fluctuations and is considered to be less risky than SNSXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMFXX	SNSXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	0.39%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	0.79%	0.73%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	1.06%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.94%	0.68%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.94%	0.68%	+0.26%

Dividends

VMFXX vs. SNSXX - Dividend Comparison

VMFXX's dividend yield for the trailing twelve months is around 3.87%, more than SNSXX's 3.62% yield.

Position	TTM	2025	2024	2023
SNSXX Schwab U.S. Treasury Money Fund	3.62%	3.88%	1.59%	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 SNSXX in my portfolio?

With a correlation of 1.00, VMFXX and SNSXX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VMFXX or SNSXX?

SNSXX has higher volatility (0.39%) compared to VMFXX (0.30%). In terms of maximum drawdown, VMFXX dropped 0.00% vs SNSXX's 0.00%.

Which has better risk-adjusted returns?

SNSXX currently has the higher Sharpe Ratio (3.71 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.