VMFXX vs. USD=X

Last updated Jun 12, 2026

VMFXX (Vanguard Federal Money Market Fund) is Money Market fund managed by Vanguard, while USD=X (USD Cash) is a currency. Over the past 5 years, VMFXX returned 2.39%/yr vs 0.00%/yr for USD=X.

Performance

VMFXX vs. USD=X - Performance Comparison

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

Returns By Period

VMFXX

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

USD=X

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 0.00%
• 3Y*: 0.00%
• 5Y*: 0.00%
• 10Y*: 0.00%

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

VMFXX vs. USD=X - 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%
USD=X USD Cash	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Return for Risk

VMFXX vs. USD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Federal Money Market Fund (VMFXX) and USD Cash (USD=X). 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	USD=X	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	—	—	—

Drawdowns

VMFXX vs. USD=X - Drawdown Comparison

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

Drawdown Indicators

	VMFXX	USD=X	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%
Max Drawdown (10Y) Largest decline over 10 years	—	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. USD=X - Volatility Comparison

Vanguard Federal Money Market Fund (VMFXX) has a higher volatility of 0.30% compared to USD Cash (USD=X) at 0.00%. This indicates that VMFXX's price experiences larger fluctuations and is considered to be riskier than USD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMFXX	USD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	0.00%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	0.79%	0.00%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	0.00%	+1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.94%	0.00%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.94%	0.00%	+0.94%

Frequently Asked Questions

Which is riskier, VMFXX or USD=X?

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