VMRXX vs. VUSFX

Last updated Aug 2, 2026

VMRXX (Vanguard Cash Reserves Federal Money Market Fund Admiral Shares) and VUSFX (Vanguard Ultra-Short-Term Bond Fund Admiral Shares) are both mutual funds - VMRXX is a Money Market fund actively managed by Vanguard, while VUSFX is a Total Bond Market fund managed by Vanguard. Over the past 5 years, VMRXX returned 3.09%/yr vs 3.60%/yr for VUSFX. Their 0.04 correlation means their historical movements had little consistent relationship. Both charge a 0.10% expense ratio.

Performance

VMRXX vs. VUSFX - 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 Ultra-Short-Term Bond Fund Admiral Shares (VUSFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMRXX achieves a 1.80% return, which is significantly lower than VUSFX's 1.99% return.

VMRXX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.49%
• YTD: 1.80%
• 1Y: 3.54%
• 3Y*: 4.24%
• 5Y*: 3.09%
• 10Y*: —
• ALL TIME*: 2.98%

VUSFX

• 1D: 0.05%
• 1M: 0.25%
• 6M: 1.59%
• YTD: 1.99%
• 1Y: 4.07%
• 3Y*: 5.35%
• 5Y*: 3.60%
• 10Y*: 2.74%
• ALL TIME*: 2.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares	$0.00	$0.00	$0.00
VUSFX Vanguard Ultra-Short-Term Bond Fund Admiral Shares	$0.00	$0.00	$0.00

VMRXX vs. VUSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares	1.80%	4.25%	4.84%	4.65%	0.00%	0.01%
VUSFX Vanguard Ultra-Short-Term Bond Fund Admiral Shares	1.99%	5.11%	6.11%	5.53%	-0.38%	-0.14%

Correlation

The correlation between VMRXX and VUSFX is -0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.09
Correlation (3Y) Balances recent behavior with more history.	-0.01
Correlation (5Y) Shows whether the relationship held over a longer period.	0.04
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.04

The correlation between VMRXX and VUSFX shifts across timeframes, from -0.09 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VMRXX vs. VUSFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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.

VUSFX

VUSFX Risk / Return Rank: 100
VUSFX Sharpe Ratio Rank: 100
VUSFX Sortino Ratio Rank: 100
VUSFX Omega Ratio Rank: 99
VUSFX Calmar Ratio Rank: 100
VUSFX Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VMRXX vs. VUSFX - 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 Ultra-Short-Term Bond Fund Admiral Shares (VUSFX). 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	VUSFX	Difference
Sharpe ratio: Return per unit of total volatility	3.67	7.11	-3.44
Sortino ratio: Return per unit of downside risk	—	13.95	—
Omega ratio: Gain probability vs. loss probability	—	4.11	—
Calmar ratio: Return relative to maximum drawdown	—	17.22	—
Martin ratio: Return relative to average drawdown	—	99.18	—

VMRXX vs. VUSFX - Sharpe Ratio Comparison

The current VMRXX Sharpe Ratio is 3.67, which is lower than the VUSFX Sharpe Ratio of 7.11. The chart below compares the historical Sharpe Ratios of VMRXX and VUSFX, 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. VUSFX - Drawdown Comparison

The maximum VMRXX drawdown since its inception was 0.00%, smaller than the maximum VUSFX drawdown of -1.71%. Use the drawdown chart below to compare losses from any high point for VMRXX and VUSFX.

Drawdown Indicators

	VMRXX	VUSFX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-1.71%	+1.71%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	-0.25%	+0.25%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	-0.35%	+0.35%
Max Drawdown (5Y) Largest decline over 5 years	0.00%	-1.71%	+1.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-1.71%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	-0.15%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.04%	-0.04%

Volatility

VMRXX vs. VUSFX - Volatility Comparison

The current volatility for Vanguard Cash Reserves Federal Money Market Fund Admiral Shares (VMRXX) is 0.00%, while Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX) has a volatility of 0.17%. This indicates that VMRXX experiences smaller price fluctuations and is considered to be less risky than VUSFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMRXX	VUSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.17%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	0.72%	0.45%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	1.10%	0.60%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.09%	0.81%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.07%	0.68%	+0.39%

VMRXX vs. VUSFX - Expense Ratio Comparison

Both VMRXX and VUSFX have an expense ratio of 0.10%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VMRXX vs. VUSFX - Dividend Comparison

VMRXX's dividend yield for the trailing twelve months is around 3.47%, less than VUSFX's 4.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
VMRXX Vanguard Cash Reserves Federal Money Market Fund Admiral Shares	3.47%	4.15%	4.71%	4.54%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
VUSFX Vanguard Ultra-Short-Term Bond Fund Admiral Shares	4.09%	4.73%	5.52%	4.15%	1.38%	0.53%	1.62%	2.68%	2.23%	1.52%	1.07%

Frequently Asked Questions

Can I hold both VMRXX and VUSFX in my portfolio?

VMRXX and VUSFX have a correlation of -0.09, 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 VUSFX?

VUSFX has higher volatility (0.17%) compared to VMRXX (0.00%). In terms of maximum drawdown, VMRXX dropped 0.00% vs VUSFX's -1.71%.

Which has better risk-adjusted returns?

VUSFX currently has the higher Sharpe Ratio (7.11 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.