VUSXX vs. SPAXX

Last updated Apr 3, 2026

Compare and contrast key facts about Vanguard Treasury Money Market Fund (VUSXX) and Fidelity Government Money Market Fund (SPAXX).

VUSXX is managed by Vanguard. It was launched on Sep 1, 2010. SPAXX is managed by Fidelity. It was launched on Feb 5, 1990.

Performance

VUSXX vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Treasury Money Market Fund (VUSXX) and Fidelity Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

VUSXX vs. SPAXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VUSXX Vanguard Treasury Money Market Fund	0.59%	4.25%	1.65%	0.43%	0.00%	0.00%
SPAXX Fidelity Government Money Market Fund	0.53%	3.96%	1.54%	0.41%	0.00%	0.00%

Returns By Period

In the year-to-date period, VUSXX achieves a 0.59% return, which is significantly higher than SPAXX's 0.53% return.

VUSXX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.59%
• 6M: 1.59%
• 1Y: 3.76%
• 3Y*: 2.30%
• 5Y*: —
• 10Y*: —

SPAXX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.53%
• 6M: 1.46%
• 1Y: 3.49%
• 3Y*: 2.14%
• 5Y*: —
• 10Y*: —

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

VUSXX vs. SPAXX - Expense Ratio Comparison

VUSXX

Vanguard Treasury Money Market Fund

Return for Risk

VUSXX vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Treasury Money Market Fund (VUSXX) and Fidelity Government Money Market Fund (SPAXX). 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.

	VUSXX	SPAXX	Difference
Sharpe ratio Return per unit of total volatility	3.51	3.48	+0.02
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.

VUSXX vs. SPAXX - Sharpe Ratio Comparison

The current VUSXX Sharpe Ratio is 3.51, which is comparable to the SPAXX Sharpe Ratio of 3.48. The chart below compares the historical Sharpe Ratios of VUSXX and SPAXX, 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

	VUSXX	SPAXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.51	3.48	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	2.02	2.01	+0.01

Correlation

The correlation between VUSXX and SPAXX is 1.00, 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

VUSXX vs. SPAXX - Dividend Comparison

VUSXX's dividend yield for the trailing twelve months is around 3.69%, more than SPAXX's 3.42% yield.

	TTM	2025	2024	2023
VUSXX Vanguard Treasury Money Market Fund	3.69%	4.15%	1.63%	0.43%
SPAXX Fidelity Government Money Market Fund	3.42%	3.88%	1.53%	0.41%

Drawdowns

VUSXX vs. SPAXX - Drawdown Comparison

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

Drawdown Indicators

	VUSXX	SPAXX	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

VUSXX vs. SPAXX - Volatility Comparison

The current volatility for Vanguard Treasury Money Market Fund (VUSXX) is 0.00%, while Fidelity Government Money Market Fund (SPAXX) has a volatility of 0.00%. This indicates that VUSXX experiences smaller price fluctuations and is considered to be less risky than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VUSXX	SPAXX	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%	0.71%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	1.11%	1.03%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.72%	0.67%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.72%	0.67%	+0.05%