VMRXX vs. TRRFX

Last updated Apr 3, 2026

Compare and contrast key facts about Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) and T. Rowe Price Retirement 2005 Fund (TRRFX).

VMRXX is an actively managed fund by Vanguard. It was launched on Oct 3, 1989. TRRFX is managed by T. Rowe Price. It was launched on Feb 26, 2004.

Performance

VMRXX vs. TRRFX - 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 T. Rowe Price Retirement 2005 Fund (TRRFX). The values are adjusted to include any dividend payments, if applicable.

VMRXX vs. TRRFX - 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%
TRRFX T. Rowe Price Retirement 2005 Fund	0.00%	5.43%	8.04%	11.97%	-13.61%	3.21%

Returns By Period

VMRXX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.59%
• 6M: 1.59%
• 1Y: 3.76%
• 3Y*: 3.94%
• 5Y*: —
• 10Y*: —

TRRFX

• 1D: 0.40%
• 1M: -1.94%
• YTD: 0.00%
• 6M: -4.03%
• 1Y: 3.53%
• 3Y*: 6.97%
• 5Y*: 3.03%
• 10Y*: 5.26%

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

VMRXX vs. TRRFX - Expense Ratio Comparison

VMRXX has a 0.10% expense ratio, which is lower than TRRFX's 0.49% expense ratio.

TRRFX

T. Rowe Price Retirement 2005 Fund

VMRXX

Vanguard Cash Reserves Federal Money Market Fund Admiral Shares

Return for Risk

VMRXX vs. TRRFX — Risk / Return Rank

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

TRRFX

TRRFX Risk / Return Rank: 11
TRRFX Sharpe Ratio Rank: 12
TRRFX Sortino Ratio Rank: 9
TRRFX Omega Ratio Rank: 12
TRRFX Calmar Ratio Rank: 12
TRRFX Martin Ratio Rank: 11

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. TRRFX - 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 T. Rowe Price Retirement 2005 Fund (TRRFX). 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	TRRFX	Difference
Sharpe ratio Return per unit of total volatility	3.51	0.44	+3.07
Sortino ratio Return per unit of downside risk	—	0.60	—
Omega ratio Gain probability vs. loss probability	—	1.11	—
Calmar ratio Return relative to maximum drawdown	—	0.54	—
Martin ratio Return relative to average drawdown	—	1.54	—
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. TRRFX - Sharpe Ratio Comparison

The current VMRXX Sharpe Ratio is 3.51, which is higher than the TRRFX Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of VMRXX and TRRFX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VMRXX	TRRFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.51	0.44	+3.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.39	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.69	0.62	+2.08

Correlation

The correlation between VMRXX and TRRFX is 0.01, 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. TRRFX - Dividend Comparison

VMRXX's dividend yield for the trailing twelve months is around 3.69%, while TRRFX has not paid dividends to shareholders.

	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%
TRRFX T. Rowe Price Retirement 2005 Fund	0.00%	0.00%	3.87%	4.24%	10.43%	10.54%	8.55%	3.65%	6.97%	4.25%	1.28%	1.69%

Drawdowns

VMRXX vs. TRRFX - Drawdown Comparison

The maximum VMRXX drawdown since its inception was 0.00%, smaller than the maximum TRRFX drawdown of -33.29%. Use the drawdown chart below to compare losses from any high point for VMRXX and TRRFX.

Drawdown Indicators

	VMRXX	TRRFX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-33.29%	+33.29%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	-6.90%	+6.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-18.82%	—
Current Drawdown Current decline from peak	0.00%	-5.33%	+5.33%
Average Drawdown Average peak-to-trough decline	0.00%	-3.51%	+3.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	2.39%	-2.39%

Volatility

VMRXX vs. TRRFX - Volatility Comparison

The current volatility for Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) is 0.00%, while T. Rowe Price Retirement 2005 Fund (TRRFX) has a volatility of 2.67%. This indicates that VMRXX experiences smaller price fluctuations and is considered to be less risky than TRRFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMRXX	TRRFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	2.67%	-2.67%
Volatility (6M) Calculated over the trailing 6-month period	0.77%	6.46%	-5.69%
Volatility (1Y) Calculated over the trailing 1-year period	1.11%	8.61%	-7.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.01%	7.78%	-6.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.01%	7.34%	-6.33%