VTWNX vs. ^CASHX
VTWNX (Vanguard Target Retirement 2020 Fund) is Target Retirement Date fund managed by Vanguard, while ^CASHX (US Money Market Index) is an index. Over the past 10 years, VTWNX returned 6.81%/yr vs 2.32%/yr for ^CASHX. At a correlation of -0.00, they often move in opposite directions.
Performance
VTWNX vs. ^CASHX - Performance Comparison
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Returns By Period
In the year-to-date period, VTWNX achieves a 4.19% return, which is significantly higher than ^CASHX's 1.60% return. Over the past 10 years, VTWNX has outperformed ^CASHX with an annualized return of 6.81%, while ^CASHX has yielded a comparatively lower 2.32% annualized return.
VTWNX
- 1D
- 1.06%
- 1M
- 0.11%
- YTD
- 4.19%
- 6M
- 4.73%
- 1Y
- 11.96%
- 3Y*
- 10.05%
- 5Y*
- 4.50%
- 10Y*
- 6.81%
^CASHX
- 1D
- 0.01%
- 1M
- 0.26%
- YTD
- 1.60%
- 6M
- 1.77%
- 1Y
- 3.87%
- 3Y*
- 4.63%
- 5Y*
- 3.53%
- 10Y*
- 2.32%
VTWNX vs. ^CASHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTWNX Vanguard Target Retirement 2020 Fund | 4.19% | 12.17% | 7.57% | 12.71% | -14.17% | 8.15% | 12.05% | 17.64% | -4.23% | 11.83% |
^CASHX US Money Market Index | 1.60% | 4.21% | 5.16% | 5.03% | 1.68% | 0.08% | 0.37% | 2.16% | 1.83% | 1.00% |
Correlation
The correlation between VTWNX and ^CASHX is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jun 7, 2006 | -0.00 |
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Return for Risk
VTWNX vs. ^CASHX — Risk / Return Rank
VTWNX
^CASHX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
VTWNX vs. ^CASHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Target Retirement 2020 Fund (VTWNX) and US Money Market Index (^CASHX). 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.
| VTWNX | ^CASHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -257.79 | ||
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.40 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | — | — |
| Martin ratioReturn relative to average drawdown | 11.30 | — | — |
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Drawdowns
VTWNX vs. ^CASHX - Drawdown Comparison
The maximum VTWNX drawdown since its inception was -42.16%, which is greater than ^CASHX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VTWNX and ^CASHX.
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Drawdown Indicators
| VTWNX | ^CASHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.16% | 0.00% | -42.16% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | 0.00% | -4.43% |
Max Drawdown (3Y)Largest decline over 3 years | -6.20% | 0.00% | -6.20% |
Max Drawdown (5Y)Largest decline over 5 years | -19.38% | 0.00% | -19.38% |
Max Drawdown (10Y)Largest decline over 10 years | -19.38% | 0.00% | -19.38% |
Current DrawdownCurrent decline from peak | -0.87% | 0.00% | -0.87% |
Average DrawdownAverage peak-to-trough decline | -4.79% | 0.00% | -4.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 0.00% | +1.03% |
Volatility
VTWNX vs. ^CASHX - Volatility Comparison
Vanguard Target Retirement 2020 Fund (VTWNX) has a higher volatility of 2.40% compared to US Money Market Index (^CASHX) at 0.00%. This indicates that VTWNX's price experiences larger fluctuations and is considered to be riskier than ^CASHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTWNX | ^CASHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.40% | 0.00% | +2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 4.69% | 0.00% | +4.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.61% | 0.01% | +5.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.44% | 0.08% | +7.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.29% | 0.08% | +8.21% |
Frequently Asked Questions
VTWNX and ^CASHX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTWNX has higher volatility (2.40%) compared to ^CASHX (0.00%). In terms of maximum drawdown, VTWNX dropped -42.16% vs ^CASHX's 0.00%.
^CASHX currently has the higher Sharpe Ratio (259.86 vs 2.08), 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.
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