VMRXX vs. SWVXX

Last updated Jun 3, 2026

VMRXX (Vanguard Cash Reserves Federal Money Market Fund Admiral Shares) and SWVXX (Schwab Value Advantage Money Fund) are both Money Market funds. Both are actively managed. Over the past 5 years, VMRXX returned 2.76%/yr vs 3.14%/yr for SWVXX. At a 0.45 correlation, their price movements are largely independent. VMRXX charges 0.10%/yr vs 0.34%/yr for SWVXX.

Performance

VMRXX vs. SWVXX - 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 Schwab Value Advantage Money Fund (SWVXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VMRXX having a 1.50% return and SWVXX slightly lower at 1.45%.

VMRXX

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

SWVXX

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.45%
• 6M: 1.77%
• 1Y: 3.85%
• 3Y*: 4.71%
• 5Y*: 3.14%
• 10Y*: —

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

VMRXX vs. SWVXX - 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%
SWVXX Schwab Value Advantage Money Fund	1.45%	4.15%	5.16%	5.04%	0.00%	0.00%

Correlation

The correlation between VMRXX and SWVXX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.45

Over the past year, VMRXX and SWVXX have become more correlated (1.00) than their long-term average of 0.45, meaning their price movements have been converging.

Return for Risk

VMRXX vs. SWVXX - 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 Schwab Value Advantage Money Fund (SWVXX). 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	SWVXX	Difference
Sharpe ratio Return per unit of total volatility	3.67	3.71	-0.03
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.

VMRXX vs. SWVXX - Sharpe Ratio Comparison

The current VMRXX Sharpe Ratio is 3.67, which is comparable to the SWVXX Sharpe Ratio of 3.71. The chart below compares the historical Sharpe Ratios of VMRXX and SWVXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VMRXX	SWVXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.67	3.71	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.77	2.95	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	2.77	2.95	-0.18

Drawdowns

VMRXX vs. SWVXX - Drawdown Comparison

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

Drawdown Indicators

	VMRXX	SWVXX	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%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	0.00%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	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

VMRXX vs. SWVXX - Volatility Comparison

The current volatility for Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) is 0.30%, while Schwab Value Advantage Money Fund (SWVXX) has a volatility of 0.40%. This indicates that VMRXX experiences smaller price fluctuations and is considered to be less risky than SWVXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMRXX	SWVXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	0.40%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	0.79%	0.76%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	1.10%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.02%	1.09%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.02%	1.09%	-0.07%

VMRXX vs. SWVXX - Expense Ratio Comparison

VMRXX has a 0.10% expense ratio, which is lower than SWVXX's 0.34% expense ratio.

Dividends

VMRXX vs. SWVXX - Dividend Comparison

VMRXX's dividend yield for the trailing twelve months is around 3.88%, more than SWVXX's 3.77% yield.

Position	TTM	2025	2024	2023	2022	2021
SWVXX Schwab Value Advantage Money Fund	3.77%	4.06%	5.02%	4.91%	0.00%	0.00%
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares	3.88%	4.15%	3.38%	4.54%	0.00%	0.01%

Frequently Asked Questions

Can I hold both VMRXX and SWVXX in my portfolio?

With a correlation of 1.00, VMRXX and SWVXX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VMRXX or SWVXX?

SWVXX has higher volatility (0.40%) compared to VMRXX (0.30%). In terms of maximum drawdown, VMRXX dropped 0.00% vs SWVXX's 0.00%.

Which has better risk-adjusted returns?

SWVXX currently has the higher Sharpe Ratio (3.71 vs 3.67), 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.