VMRXX vs. JCPI
VMRXX (Vanguard Cash Reserves Federal Money Market Fund Admiral Shares) and JCPI (JPMorgan Inflation Managed Bond ETF) are both funds - VMRXX is a Money Market fund actively managed by Vanguard, while JCPI is a Inflation-Protected Bonds fund actively managed by JPMorgan. Both are actively managed. Over the past 3 years, VMRXX returned 4.39%/yr vs 5.17%/yr for JCPI. At a 0.05 correlation, their price movements are largely independent. VMRXX charges 0.10%/yr vs 0.25%/yr for JCPI.
Performance
VMRXX vs. JCPI - Performance Comparison
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Returns By Period
In the year-to-date period, VMRXX achieves a 1.80% return, which is significantly higher than JCPI's 1.26% return.
VMRXX
- 1D
- 0.00%
- 1M
- 0.30%
- 6M
- 1.80%
- YTD
- 1.80%
- 1Y
- 3.91%
- 3Y*
- 4.39%
- 5Y*
- 3.09%
- 10Y*
- —
- ALL TIME*
- 3.00%
JCPI
- 1D
- -0.19%
- 1M
- 0.17%
- 6M
- 1.18%
- YTD
- 1.26%
- 1Y
- 3.45%
- 3Y*
- 5.17%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.83%
VMRXX vs. JCPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares | 1.80% | 4.25% | 4.84% | 4.65% | 0.00% |
JCPI JPMorgan Inflation Managed Bond ETF | 1.26% | 7.10% | 4.70% | 5.04% | -5.53% |
Correlation
The correlation between VMRXX and JCPI is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2022 | 0.05 |
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Return for Risk
VMRXX vs. JCPI — Risk / Return Rank
VMRXX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
JCPI
VMRXX vs. JCPI - 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 JPMorgan Inflation Managed Bond ETF (JCPI). 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.
| VMRXX | JCPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.54 | ||
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.20 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.17 | — |
| Martin ratioReturn relative to average drawdown | — | 6.25 | — |
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Drawdowns
VMRXX vs. JCPI - Drawdown Comparison
The maximum VMRXX drawdown since its inception was 0.00%, smaller than the maximum JCPI drawdown of -7.85%. Use the drawdown chart below to compare losses from any high point for VMRXX and JCPI.
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Drawdown Indicators
| VMRXX | JCPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | 0.00% | -7.85% | +7.85% |
Max Drawdown (1Y)Largest decline over 1 year | 0.00% | -1.60% | +1.60% |
Max Drawdown (3Y)Largest decline over 3 years | 0.00% | -2.77% | +2.77% |
Max Drawdown (5Y)Largest decline over 5 years | 0.00% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.82% | +0.82% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -1.84% | +1.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.55% | -0.55% |
Volatility
VMRXX vs. JCPI - Volatility Comparison
The current volatility for Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) is 0.29%, while JPMorgan Inflation Managed Bond ETF (JCPI) has a volatility of 1.03%. This indicates that VMRXX experiences smaller price fluctuations and is considered to be less risky than JCPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMRXX | JCPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.29% | 1.03% | -0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 0.72% | 2.35% | -1.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.10% | 3.07% | -1.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.09% | 4.48% | -3.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.07% | 4.48% | -3.41% |
VMRXX vs. JCPI - Expense Ratio Comparison
VMRXX has a 0.10% expense ratio, which is lower than JCPI's 0.25% 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%.
Dividends
VMRXX vs. JCPI - Dividend Comparison
VMRXX's dividend yield for the trailing twelve months is around 3.83%, less than JCPI's 4.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
JCPI JPMorgan Inflation Managed Bond ETF | 4.23% | 3.93% | 3.98% | 3.45% | 3.29% | 0.00% |
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares | 3.83% | 4.15% | 4.71% | 4.54% | 0.00% | 0.01% |
Frequently Asked Questions
VMRXX and JCPI have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JCPI has higher volatility (1.03%) compared to VMRXX (0.29%). In terms of maximum drawdown, VMRXX dropped 0.00% vs JCPI's -7.85%.
VMRXX currently has the higher Sharpe Ratio (3.67 vs 1.13), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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