VMRXX vs. VGSH

Last updated Jun 19, 2026

VMRXX (Vanguard Cash Reserves Federal Money Market Fund Admiral Shares) and VGSH (Vanguard Short-Term Treasury ETF) are both funds - VMRXX is a Money Market fund actively managed by Vanguard, while VGSH is a Government Bonds fund tracking the Bloomberg U.S. Treasury 1-3 Year Index. VMRXX is actively managed, while VGSH is passively managed. Over the past 5 years, VMRXX returned 2.76%/yr vs 1.86%/yr for VGSH. At a 0.09 correlation, their price movements are largely independent. VMRXX charges 0.10%/yr vs 0.03%/yr for VGSH.

Performance

VMRXX vs. VGSH - 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 Vanguard Short-Term Treasury ETF (VGSH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMRXX achieves a 1.50% return, which is significantly higher than VGSH's 0.50% return.

VMRXX

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

VGSH

• 1D: 0.12%
• 1M: 0.27%
• YTD: 0.50%
• 6M: 0.57%
• 1Y: 3.24%
• 3Y*: 4.22%
• 5Y*: 1.86%
• 10Y*: 1.73%

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

VMRXX vs. VGSH - 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%
VGSH Vanguard Short-Term Treasury ETF	0.50%	5.07%	4.00%	4.31%	-3.86%	-0.64%

Correlation

The correlation between VMRXX and VGSH is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.09

Return for Risk

VMRXX vs. VGSH — 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.

VGSH

VGSH Risk / Return Rank: 84
VGSH Sharpe Ratio Rank: 84
VGSH Sortino Ratio Rank: 91
VGSH Omega Ratio Rank: 90
VGSH Calmar Ratio Rank: 77
VGSH Martin Ratio Rank: 79

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. 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.

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	VGSH	Difference
Sharpe ratio: Return per unit of total volatility	3.67	2.48	+1.19
Sortino ratio: Return per unit of downside risk	—	3.95	—
Omega ratio: Gain probability vs. loss probability	—	1.52	—
Calmar ratio: Return relative to maximum drawdown	—	3.68	—
Martin ratio: Return relative to average drawdown	—	14.21	—

VMRXX vs. VGSH - Sharpe Ratio Comparison

The current VMRXX Sharpe Ratio is 3.67, which is higher than the VGSH Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of VMRXX and VGSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	VMRXX	VGSH	Difference
Max Drawdown Largest 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 (3Y) Largest decline over 3 years	0.00%	-0.97%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	0.00%	-5.66%	+5.66%
Max Drawdown (10Y) Largest decline over 10 years	—	-5.70%	—
Current Drawdown Current decline from peak	0.00%	-0.27%	+0.27%
Average Drawdown Average peak-to-trough decline	0.00%	-0.60%	+0.60%
Ulcer Index Depth 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 0.30%, while Vanguard Short-Term Treasury ETF (VGSH) has a volatility of 0.47%. 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.

Volatility by Period

	VMRXX	VGSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	0.47%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	0.73%	0.95%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	1.31%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.02%	1.97%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.02%	1.58%	-0.56%

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%.

Dividends

VMRXX vs. VGSH - Dividend Comparison

VMRXX's dividend yield for the trailing twelve months is around 3.88%, which matches VGSH's 3.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGSH Vanguard Short-Term Treasury ETF	3.87%	4.00%	4.18%	3.31%	1.15%	0.66%	1.74%	2.28%	1.79%	1.10%	0.84%	0.69%
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares	3.88%	4.15%	3.38%	4.54%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VMRXX and VGSH in my portfolio?

VMRXX and VGSH have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMRXX or VGSH?

VGSH has higher volatility (0.47%) compared to VMRXX (0.30%). In terms of maximum drawdown, VMRXX dropped 0.00% vs VGSH's -5.70%.

Which has better risk-adjusted returns?

VMRXX currently has the higher Sharpe Ratio (3.67 vs 2.48), 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.