VUSFX vs. VUSXX

Last updated Jun 25, 2026

VUSFX (Vanguard Ultra-Short-Term Bond Fund Admiral Shares) and VUSXX (Vanguard Treasury Money Market Fund) are both mutual funds - VUSFX is a Total Bond Market fund managed by Vanguard, while VUSXX is a Money Market fund actively managed by Vanguard. Over the past 5 years, VUSFX returned 3.53%/yr vs 1.56%/yr for VUSXX. At a 0.02 correlation, their price movements are largely independent. VUSFX charges 0.10%/yr vs 0.07%/yr for VUSXX.

Performance

VUSFX vs. VUSXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX) and Vanguard Treasury Money Market Fund (VUSXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VUSFX having a 1.52% return and VUSXX slightly lower at 1.51%.

VUSFX

• 1D: 0.00%
• 1M: 0.26%
• YTD: 1.52%
• 6M: 1.62%
• 1Y: 4.20%
• 3Y*: 5.41%
• 5Y*: 3.53%
• 10Y*: 2.71%

VUSXX

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.51%
• 6M: 1.84%
• 1Y: 3.98%
• 3Y*: 2.61%
• 5Y*: 1.56%
• 10Y*: —

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

VUSFX vs. VUSXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VUSFX Vanguard Ultra-Short-Term Bond Fund Admiral Shares	1.52%	5.11%	6.11%	5.53%	-0.38%	-0.14%
VUSXX Vanguard Treasury Money Market Fund	1.51%	4.25%	1.65%	0.43%	0.00%	0.00%

Correlation

The correlation between VUSFX and VUSXX is -0.04, 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	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.02

Return for Risk

VUSFX vs. VUSXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

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: 99
VUSFX Martin Ratio Rank: 100

VUSXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

VUSFX vs. VUSXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX) and Vanguard Treasury Money Market Fund (VUSXX). 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.

	VUSFX	VUSXX	Difference
Sharpe ratio: Return per unit of total volatility	7.16	3.68	+3.49
Sortino ratio: Return per unit of downside risk	13.88	—	—
Omega ratio: Gain probability vs. loss probability	4.26	—	—
Calmar ratio: Return relative to maximum drawdown	17.36	—	—
Martin ratio: Return relative to average drawdown	100.73	—	—

VUSFX vs. VUSXX - Sharpe Ratio Comparison

The current VUSFX Sharpe Ratio is 7.16, which is higher than the VUSXX Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of VUSFX and VUSXX, 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

VUSFX vs. VUSXX - Drawdown Comparison

The maximum VUSFX drawdown since its inception was -1.71%, which is greater than VUSXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VUSFX and VUSXX.

Drawdown Indicators

	VUSFX	VUSXX	Difference
Max Drawdown Largest peak-to-trough decline	-1.71%	0.00%	-1.71%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	0.00%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-0.35%	0.00%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	-1.71%	0.00%	-1.71%
Max Drawdown (10Y) Largest decline over 10 years	-1.71%	—	—
Current Drawdown Current decline from peak	-0.05%	0.00%	-0.05%
Average Drawdown Average peak-to-trough decline	-0.15%	0.00%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	0.00%	+0.04%

Volatility

VUSFX vs. VUSXX - Volatility Comparison

The current volatility for Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX) is 0.19%, while Vanguard Treasury Money Market Fund (VUSXX) has a volatility of 0.31%. This indicates that VUSFX experiences smaller price fluctuations and is considered to be less risky than VUSXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VUSFX	VUSXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	0.31%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	0.43%	0.73%	-0.30%
Volatility (1Y) Calculated over the trailing 1-year period	0.60%	1.12%	-0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.81%	0.75%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.68%	0.74%	-0.06%

VUSFX vs. VUSXX - Expense Ratio Comparison

VUSFX has a 0.10% expense ratio, which is higher than VUSXX's 0.07% 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

VUSFX vs. VUSXX - Dividend Comparison

VUSFX's dividend yield for the trailing twelve months is around 4.53%, more than VUSXX's 3.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
VUSFX Vanguard Ultra-Short-Term Bond Fund Admiral Shares	4.53%	4.73%	5.52%	4.15%	1.38%	0.53%	1.62%	2.68%	2.23%	1.52%	1.07%
VUSXX Vanguard Treasury Money Market Fund	3.89%	4.15%	1.63%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VUSFX and VUSXX in my portfolio?

VUSFX and VUSXX have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VUSFX or VUSXX?

VUSXX has higher volatility (0.31%) compared to VUSFX (0.19%). In terms of maximum drawdown, VUSFX dropped -1.71% vs VUSXX's 0.00%.

Which has better risk-adjusted returns?

VUSFX currently has the higher Sharpe Ratio (7.16 vs 3.68), 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.