VMRXX vs. VGSH
Compare and contrast key facts about Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) and Vanguard Short-Term Treasury ETF (VGSH).
VMRXX is an actively managed fund by Vanguard. It was launched on Oct 3, 1989. VGSH is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. Treasury 1-3 Year Index. It was launched on Nov 19, 2009.
Performance
VMRXX vs. VGSH - Performance Comparison
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VMRXX vs. VGSH - 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% |
VGSH Vanguard Short-Term Treasury ETF | 0.28% | 5.07% | 4.00% | 4.31% | -3.86% | -0.65% |
Returns By Period
In the year-to-date period, VMRXX achieves a 0.59% return, which is significantly higher than VGSH's 0.28% return.
VMRXX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.59%
- 6M
- 1.59%
- 1Y
- 3.76%
- 3Y*
- 3.94%
- 5Y*
- —
- 10Y*
- —
VGSH
- 1D
- 0.09%
- 1M
- -0.49%
- YTD
- 0.28%
- 6M
- 1.37%
- 1Y
- 3.75%
- 3Y*
- 3.98%
- 5Y*
- 1.79%
- 10Y*
- 1.74%
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VMRXX vs. VGSH - Expense Ratio Comparison
VMRXX has a 0.10% expense ratio, which is higher than VGSH's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
VMRXX vs. VGSH — Risk / Return Rank
VMRXX
VGSH
VMRXX vs. VGSH - 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 Vanguard Short-Term Treasury ETF (VGSH). 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 | VGSH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.68 | 2.62 | +1.06 |
Sortino ratioReturn per unit of downside risk | — | 4.21 | — |
Omega ratioGain probability vs. loss probability | — | 1.57 | — |
Calmar ratioReturn relative to maximum drawdown | — | 4.26 | — |
Martin ratioReturn relative to average drawdown | — | 16.28 | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VMRXX | VGSH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.68 | 2.62 | +1.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.92 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.70 | 1.02 | +1.68 |
Correlation
The correlation between VMRXX and VGSH is 0.08, 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. VGSH - Dividend Comparison
VMRXX's dividend yield for the trailing twelve months is around 3.69%, less than VGSH's 3.95% yield.
| 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% |
VGSH Vanguard Short-Term Treasury ETF | 3.95% | 4.00% | 4.18% | 3.31% | 1.15% | 0.66% | 1.74% | 2.28% | 1.79% | 1.10% | 0.84% | 0.69% |
Drawdowns
VMRXX vs. VGSH - Drawdown Comparison
The maximum VMRXX drawdown since its inception was 0.00%, smaller than the maximum VGSH drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for VMRXX and VGSH.
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Drawdown Indicators
| VMRXX | VGSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | 0.00% | -5.70% | +5.70% |
Max Drawdown (1Y)Largest decline over 1 year | 0.00% | -0.88% | +0.88% |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.70% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.49% | +0.49% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -0.60% | +0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.23% | -0.23% |
Volatility
VMRXX vs. VGSH - Volatility Comparison
The current volatility for Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) is 0.00%, while Vanguard Short-Term Treasury ETF (VGSH) has a volatility of 0.52%. This indicates that VMRXX experiences smaller price fluctuations and is considered to be less risky than VGSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMRXX | VGSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 0.52% | -0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 0.77% | 0.84% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.17% | 1.44% | -0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.01% | 1.96% | -0.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.01% | 1.57% | -0.56% |