VMFXX vs. VUSXX

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Federal Money Market Fund (VMFXX) and Vanguard Treasury Money Market Fund (VUSXX).

VMFXX is managed by Vanguard. It was launched on Sep 1, 2010. VUSXX is managed by Vanguard. It was launched on Sep 1, 2010.

Performance

VMFXX vs. VUSXX - Performance Comparison

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

VMFXX vs. VUSXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VMFXX Vanguard Federal Money Market Fund	0.59%	4.24%	1.64%	4.64%	0.00%	0.00%
VUSXX Vanguard Treasury Money Market Fund	0.59%	4.25%	1.65%	0.43%	0.00%	0.00%

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with VMFXX at 0.59% and VUSXX at 0.59%.

VMFXX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.59%
• 6M: 1.58%
• 1Y: 3.75%
• 3Y*: 3.32%
• 5Y*: —
• 10Y*: —

VUSXX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.59%
• 6M: 1.59%
• 1Y: 3.76%
• 3Y*: 2.30%
• 5Y*: —
• 10Y*: —

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

VMFXX vs. VUSXX - Expense Ratio Comparison

VMFXX has a 0.00% expense ratio, which is lower than VUSXX's 0.08% 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%.

VUSXX

Vanguard Treasury Money Market Fund

VMFXX

Vanguard Federal Money Market Fund

Return for Risk

VMFXX vs. VUSXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Federal Money Market Fund (VMFXX) and Vanguard Treasury Money Market Fund (VUSXX). 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	VUSXX	Difference
Sharpe ratio Return per unit of total volatility	3.68	3.68	0.00
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. VUSXX - Sharpe Ratio Comparison

The current VMFXX Sharpe Ratio is 3.68, which is comparable to the VUSXX Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of VMFXX and VUSXX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VMFXX	VUSXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.68	3.68	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	2.52	2.02	+0.49

Correlation

The correlation between VMFXX and VUSXX is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

VMFXX vs. VUSXX - Dividend Comparison

VMFXX's dividend yield for the trailing twelve months is around 3.68%, which matches VUSXX's 3.69% yield.

	TTM	2025	2024	2023
VMFXX Vanguard Federal Money Market Fund	3.68%	4.14%	1.63%	4.53%
VUSXX Vanguard Treasury Money Market Fund	3.69%	4.15%	1.63%	0.43%

Drawdowns

VMFXX vs. VUSXX - Drawdown Comparison

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

Drawdown Indicators

	VMFXX	VUSXX	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%
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. VUSXX - Volatility Comparison

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

Volatility by Period

	VMFXX	VUSXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.00%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.77%	0.77%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	1.17%	1.17%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.93%	0.72%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.93%	0.72%	+0.21%