VMRXX vs. BIV
Compare and contrast key facts about Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) and Vanguard Intermediate-Term Bond Index ETF (BIV).
VMRXX is an actively managed fund by Vanguard. It was launched on Oct 3, 1989. BIV is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. 5–10 Year Government/Credit Float Adjusted Bond Index. It was launched on Apr 3, 2007.
Performance
VMRXX vs. BIV - Performance Comparison
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VMRXX vs. BIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares | 0.59% | 4.25% | 3.45% | 4.65% | 0.00% | 0.01% |
BIV Vanguard Intermediate-Term Bond Index ETF | 0.00% | 8.52% | 1.57% | 6.07% | -13.21% | 0.12% |
Returns By Period
VMRXX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.59%
- 6M
- 1.59%
- 1Y
- 3.76%
- 3Y*
- 3.94%
- 5Y*
- —
- 10Y*
- —
BIV
- 1D
- 0.23%
- 1M
- -1.25%
- YTD
- 0.00%
- 6M
- 0.66%
- 1Y
- 4.96%
- 3Y*
- 3.91%
- 5Y*
- 0.59%
- 10Y*
- 2.04%
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VMRXX vs. BIV - Expense Ratio Comparison
VMRXX has a 0.10% expense ratio, which is higher than BIV's 0.03% 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%.
Return for Risk
VMRXX vs. BIV — Risk / Return Rank
VMRXX
BIV
VMRXX vs. BIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) and Vanguard Intermediate-Term Bond Index ETF (BIV). 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.
| VMRXX | BIV | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.51 | 1.10 | +2.41 |
Sortino ratioReturn per unit of downside risk | — | 1.58 | — |
Omega ratioGain probability vs. loss probability | — | 1.19 | — |
Calmar ratioReturn relative to maximum drawdown | — | 1.72 | — |
Martin ratioReturn relative to average drawdown | — | 5.46 | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VMRXX | BIV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.51 | 1.10 | +2.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.09 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.69 | 0.65 | +2.04 |
Correlation
The correlation between VMRXX and BIV is 0.04, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
VMRXX vs. BIV - Dividend Comparison
VMRXX's dividend yield for the trailing twelve months is around 3.69%, less than BIV's 4.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares | 3.69% | 4.15% | 3.38% | 4.54% | 0.00% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
BIV Vanguard Intermediate-Term Bond Index ETF | 4.13% | 4.01% | 3.79% | 3.09% | 2.41% | 3.42% | 2.95% | 2.75% | 2.88% | 2.69% | 3.01% | 3.02% |
Drawdowns
VMRXX vs. BIV - Drawdown Comparison
The maximum VMRXX drawdown since its inception was 0.00%, smaller than the maximum BIV drawdown of -18.95%. Use the drawdown chart below to compare losses from any high point for VMRXX and BIV.
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Drawdown Indicators
| VMRXX | BIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | 0.00% | -18.95% | +18.95% |
Max Drawdown (1Y)Largest decline over 1 year | 0.00% | -2.87% | +2.87% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.95% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -3.40% | +3.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.90% | -0.90% |
Volatility
VMRXX vs. BIV - Volatility Comparison
The current volatility for Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) is 0.00%, while Vanguard Intermediate-Term Bond Index ETF (BIV) has a volatility of 1.80%. This indicates that VMRXX experiences smaller price fluctuations and is considered to be less risky than BIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMRXX | BIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 1.80% | -1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 0.77% | 2.73% | -1.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.11% | 4.55% | -3.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.01% | 6.38% | -5.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.01% | 5.50% | -4.49% |