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VMFXX vs. SPAXX
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between VMFXX and SPAXX is -0.02. 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.


Performance

VMFXX vs. SPAXX - Performance Comparison

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

12.00%13.00%14.00%15.00%16.00%17.00%18.00%19.00%December2025FebruaryMarchAprilMay
18.58%
13.58%
VMFXX
SPAXX

Key characteristics

Sharpe Ratio

VMFXX:

3.26

SPAXX:

3.04

Ulcer Index

VMFXX:

0.00%

SPAXX:

0.00%

Daily Std Dev

VMFXX:

1.27%

SPAXX:

1.28%

Max Drawdown

VMFXX:

0.00%

SPAXX:

0.00%

Current Drawdown

VMFXX:

0.00%

SPAXX:

0.00%

Returns By Period

In the year-to-date period, VMFXX achieves a 0.69% return, which is significantly higher than SPAXX's 0.65% return. Over the past 10 years, VMFXX has outperformed SPAXX with an annualized return of 1.72%, while SPAXX has yielded a comparatively lower 1.28% annualized return.


VMFXX

YTD

0.69%

1M

0.00%

6M

1.46%

1Y

4.14%

5Y*

2.52%

10Y*

1.72%

SPAXX

YTD

0.65%

1M

0.00%

6M

1.37%

1Y

3.90%

5Y*

2.31%

10Y*

1.28%

*Annualized

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VMFXX vs. SPAXX - Expense Ratio Comparison


Risk-Adjusted Performance

VMFXX vs. SPAXX - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Federal Money Market Fund (VMFXX) and Fidelity Government Money Market Fund (SPAXX). 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.


The current VMFXX Sharpe Ratio is 3.26, which is comparable to the SPAXX Sharpe Ratio of 3.04. The chart below compares the historical Sharpe Ratios of VMFXX and SPAXX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio3.003.203.403.603.80December2025FebruaryMarchAprilMay
3.25
3.03
VMFXX
SPAXX

Dividends

VMFXX vs. SPAXX - Dividend Comparison

VMFXX's dividend yield for the trailing twelve months is around 4.05%, less than SPAXX's 4.15% yield.


TTM20242023202220212020201920182017
VMFXX
Vanguard Federal Money Market Fund
4.05%5.11%4.97%1.54%0.01%0.45%2.12%1.61%0.50%
SPAXX
Fidelity Government Money Market Fund
4.15%4.81%4.68%1.30%0.01%0.26%0.98%0.00%0.00%

Drawdowns

VMFXX vs. SPAXX - Drawdown Comparison

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


0.00%December2025FebruaryMarchAprilMay00
VMFXX
SPAXX

Volatility

VMFXX vs. SPAXX - Volatility Comparison

The current volatility for Vanguard Federal Money Market Fund (VMFXX) is 0.00%, while Fidelity Government Money Market Fund (SPAXX) has a volatility of 0.00%. This indicates that VMFXX experiences smaller price fluctuations and is considered to be less risky than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


0.00%0.20%0.40%0.60%0.80%December2025FebruaryMarchAprilMay00
VMFXX
SPAXX