VMRXX vs. VMFXX

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) and Vanguard Federal Money Market Fund (VMFXX).

VMRXX is an actively managed fund by Vanguard. It was launched on Oct 3, 1989. VMFXX is managed by Vanguard. It was launched on Sep 1, 2010.

Performance

VMRXX vs. VMFXX - 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 Federal Money Market Fund (VMFXX). The values are adjusted to include any dividend payments, if applicable.

VMRXX vs. VMFXX - 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%
VMFXX Vanguard Federal Money Market Fund	0.59%	4.24%	1.64%	4.64%	0.00%	0.00%

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with VMRXX at 0.59% and VMFXX at 0.59%.

VMRXX

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

VMFXX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.59%
• 6M: 1.58%
• 1Y: 3.75%
• 3Y*: 3.32%
• 5Y*: —
• 10Y*: —

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

VMRXX vs. VMFXX - Expense Ratio Comparison

VMRXX has a 0.10% expense ratio, which is higher than VMFXX's 0.00% 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%.

VMRXX

Vanguard Cash Reserves Federal Money Market Fund Admiral Shares

VMFXX

Vanguard Federal Money Market Fund

Return for Risk

VMRXX vs. VMFXX - 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 Federal Money Market Fund (VMFXX). 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	VMFXX	Difference
Sharpe ratio Return per unit of total volatility	3.68	3.68	0.00
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. VMFXX - Sharpe Ratio Comparison

The current VMRXX Sharpe Ratio is 3.68, which is comparable to the VMFXX Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of VMRXX and VMFXX, 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	VMFXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.68	3.68	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	2.70	2.52	+0.18

Correlation

The correlation between VMRXX and VMFXX is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

VMRXX vs. VMFXX - Dividend Comparison

VMRXX's dividend yield for the trailing twelve months is around 3.69%, which matches VMFXX's 3.68% yield.

	TTM	2025	2024	2023	2022	2021
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares	3.69%	4.15%	3.38%	4.54%	0.00%	0.01%
VMFXX Vanguard Federal Money Market Fund	3.68%	4.14%	1.63%	4.53%	0.00%	0.00%

Drawdowns

VMRXX vs. VMFXX - Drawdown Comparison

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

Drawdown Indicators

	VMRXX	VMFXX	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%
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. VMFXX - Volatility Comparison

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

Volatility by Period

	VMRXX	VMFXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.00%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.77%	0.77%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	1.17%	1.17%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.01%	0.93%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.01%	0.93%	+0.08%