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VMRXX vs. PONAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VMRXX vs. PONAX

Last updated Jun 24, 2026

VMRXX (Vanguard Cash Reserves Federal Money Market Fund Admiral Shares) and PONAX (PIMCO Income Fund Class A) are both mutual funds - VMRXX is a Money Market fund actively managed by Vanguard, while PONAX is a Multisector Bonds fund actively managed by PIMCO. Both are actively managed. Over the past 5 years, VMRXX returned 3.03%/yr vs 3.10%/yr for PONAX. At a 0.26 correlation, their price movements are largely independent. VMRXX charges 0.10%/yr vs 0.94%/yr for PONAX.

Performance

VMRXX vs. PONAX - 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 PIMCO Income Fund Class A (PONAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VMRXX achieves a 1.50% return, which is significantly higher than PONAX's 0.55% return.

VMRXX

1D
0.00%
1M
0.30%
YTD
1.50%
6M
1.83%
1Y
3.96%
3Y*
4.43%
5Y*
3.03%
10Y*
—

PONAX

1D
-0.28%
1M
0.88%
YTD
0.55%
6M
1.11%
1Y
6.85%
3Y*
7.17%
5Y*
3.10%
10Y*
4.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VMRXX vs. PONAX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
VMRXX
Vanguard Cash Reserves Federal Money Market Fund Admiral Shares		1.50%4.25%4.84%4.65%0.00%0.01%
PONAX
PIMCO Income Fund Class A		0.55%10.63%5.02%8.96%-9.34%1.32%

Correlation

The correlation between VMRXX and PONAX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.35

Correlation (3Y)
Calculated over the trailing 3-year period

0.31

Correlation (5Y)
Calculated over the trailing 5-year period

0.26

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.26

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Vanguard Cash Reserves Federal Money Market Fund Admiral Shares

PIMCO Income Fund Class A

Often compared with VMRXX:
VMRXX vs. VMFXXVMRXX vs. VUSXXVMRXX vs. SWVXXVMRXX vs. VGSHVMRXX vs. FCSSXVMRXX vs. VYMVMRXX vs. USFR
Often compared with PONAX:
PONAX vs. PIMIXPONAX vs. BNDPONAX vs. BINCPONAX vs. VBTLXPONAX vs. PTTRXPONAX vs. FAGIXPONAX vs. SAMBX

Return for Risk

VMRXX vs. PONAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VMRXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PONAX
PONAX Risk / Return Rank: 3838
Overall Rank
PONAX Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
PONAX Sortino Ratio Rank: 4545
Sortino Ratio Rank
PONAX Omega Ratio Rank: 4545
Omega Ratio Rank
PONAX Calmar Ratio Rank: 3030
Calmar Ratio Rank
PONAX Martin Ratio Rank: 3030
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VMRXX vs. PONAX - 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 PIMCO Income Fund Class A (PONAX). 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.

VMRXXPONAXDifference
Sharpe ratioReturn per unit of total volatility
3.67
1.74

+1.93

Sortino ratioReturn per unit of downside risk

—

2.58

—

Omega ratioGain probability vs. loss probability

—

1.33

—

Calmar ratioReturn relative to maximum drawdown

—

1.95

—

Martin ratioReturn relative to average drawdown

—

6.46

—

VMRXX vs. PONAX - Sharpe Ratio Comparison

The current VMRXX Sharpe Ratio is 3.67, which is higher than the PONAX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of VMRXX and PONAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VMRXX vs. PONAX - Drawdown Comparison

The maximum VMRXX drawdown since its inception was 0.00%, smaller than the maximum PONAX drawdown of -13.64%. Use the drawdown chart below to compare losses from any high point for VMRXX and PONAX.

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Drawdown Indicators

VMRXXPONAXDifference

Max Drawdown

Largest peak-to-trough decline

0.00%

-13.64%

+13.64%

Max Drawdown (1Y)

Largest decline over 1 year

0.00%

-3.69%

+3.69%

Max Drawdown (3Y)

Largest decline over 3 years

0.00%

-3.90%

+3.90%

Max Drawdown (5Y)

Largest decline over 5 years

0.00%

-13.64%

+13.64%

Max Drawdown (10Y)

Largest decline over 10 years

—

-13.64%

—

Current Drawdown

Current decline from peak

0.00%

-1.31%

+1.31%

Average Drawdown

Average peak-to-trough decline

0.00%

-1.79%

+1.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.00%

1.11%

-1.11%

Volatility

VMRXX vs. PONAX - Volatility Comparison

The current volatility for Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) is 0.30%, while PIMCO Income Fund Class A (PONAX) has a volatility of 1.33%. This indicates that VMRXX experiences smaller price fluctuations and is considered to be less risky than PONAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VMRXXPONAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.30%

1.33%

-1.03%

Volatility (6M)

Calculated over the trailing 6-month period

0.73%

3.38%

-2.65%

Volatility (1Y)

Calculated over the trailing 1-year period

1.12%

4.14%

-3.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.08%

4.83%

-3.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.07%

4.22%

-3.15%

VMRXX vs. PONAX - Expense Ratio Comparison

VMRXX has a 0.10% expense ratio, which is lower than PONAX's 0.94% expense ratio.

Dividends

VMRXX vs. PONAX - Dividend Comparison

VMRXX's dividend yield for the trailing twelve months is around 3.88%, less than PONAX's 5.44% yield.

PositionTTM20252024202320222021202020192018201720162015
PONAX
PIMCO Income Fund Class A		5.44%5.61%5.86%5.86%4.66%3.62%4.48%5.42%5.24%4.97%5.13%7.45%
VMRXX
Vanguard Cash Reserves Federal Money Market Fund Admiral Shares		3.88%4.15%4.71%4.54%0.00%0.01%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

VMRXX and PONAX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PONAX has higher volatility (1.33%) compared to VMRXX (0.30%). In terms of maximum drawdown, VMRXX dropped 0.00% vs PONAX's -13.64%.

VMRXX currently has the higher Sharpe Ratio (3.67 vs 1.74), 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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