VMRXX vs. FIVFX

Last updated Jun 9, 2026

VMRXX (Vanguard Cash Reserves Federal Money Market Fund Admiral Shares) and FIVFX (Fidelity International Capital Appreciation Fund) are both mutual funds - VMRXX is a Money Market fund actively managed by Vanguard, while FIVFX is a Foreign Large Cap Equities fund managed by Fidelity. At a correlation of -0.01, they often move in opposite directions. VMRXX charges 0.10%/yr vs 1.00%/yr for FIVFX.

Performance

VMRXX vs. FIVFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) and Fidelity International Capital Appreciation Fund (FIVFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

VMRXX

• 1D: 0.00%
• 1M: 0.30%
• YTD: 1.50%
• 6M: 1.83%
• 1Y: 3.96%
• 3Y*: 3.96%
• 5Y*: 2.76%
• 10Y*: —

FIVFX

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

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

VMRXX vs. FIVFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares	1.50%	4.25%	3.45%	4.65%	0.00%	0.01%
FIVFX Fidelity International Capital Appreciation Fund	0.00%	19.54%	8.05%	27.58%	-26.48%	6.74%

Correlation

The correlation between VMRXX and FIVFX is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (All Time) Calculated using the full available price history since May 26, 2021	-0.01

Return for Risk

VMRXX vs. FIVFX - 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 Fidelity International Capital Appreciation Fund (FIVFX). 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	FIVFX	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	—	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	VMRXX	FIVFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.67	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.76	—	—

Drawdowns

Drawdown Indicators

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

Volatility

Volatility by Period

	VMRXX	FIVFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.79%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.02%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.02%	—	—

VMRXX vs. FIVFX - Expense Ratio Comparison

VMRXX has a 0.10% expense ratio, which is lower than FIVFX's 1.00% expense ratio.

Dividends

VMRXX vs. FIVFX - Dividend Comparison

VMRXX's dividend yield for the trailing twelve months is around 3.88%, while FIVFX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIVFX Fidelity International Capital Appreciation Fund	10.67%	10.67%	4.19%	0.38%	0.05%	9.08%	1.28%	3.29%	3.00%	2.99%	0.68%	1.57%
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares	3.88%	4.15%	3.38%	4.54%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VMRXX and FIVFX in my portfolio?

VMRXX and FIVFX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.