VUSXX vs. SWVXX

Last updated Jun 5, 2026

VUSXX (Vanguard Treasury Money Market Fund) and SWVXX (Schwab Prime Advantage Money Fund Investor Shares) are both Money Market funds. Both are actively managed. Over the past 5 years, VUSXX returned 1.56%/yr vs 3.14%/yr for SWVXX. A 0.61 correlation means they provide meaningful diversification when combined. VUSXX charges 0.07%/yr vs 0.34%/yr for SWVXX.

Performance

VUSXX vs. SWVXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Treasury Money Market Fund (VUSXX) and Schwab Prime Advantage Money Fund Investor Shares (SWVXX). 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 VUSXX having a 1.51% return and SWVXX slightly lower at 1.45%.

VUSXX

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

SWVXX

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.45%
• 6M: 1.77%
• 1Y: 3.85%
• 3Y*: 4.71%
• 5Y*: 3.14%
• 10Y*: —

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

VUSXX vs. SWVXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VUSXX Vanguard Treasury Money Market Fund	1.51%	4.25%	1.65%	0.43%	0.00%	0.00%
SWVXX Schwab Prime Advantage Money Fund Investor Shares	1.45%	4.15%	5.16%	5.04%	0.00%	0.00%

Correlation

The correlation between VUSXX and SWVXX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.61

Over the past year, VUSXX and SWVXX have become more correlated (1.00) than their long-term average of 0.61, meaning their price movements have been converging.

Return for Risk

VUSXX vs. SWVXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Treasury Money Market Fund (VUSXX) and Schwab Prime Advantage Money Fund Investor Shares (SWVXX). 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	SWVXX	Difference
Sharpe ratio: Return per unit of total volatility	3.68	3.71	-0.03
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. SWVXX - Sharpe Ratio Comparison

The current VUSXX Sharpe Ratio is 3.68, which is comparable to the SWVXX Sharpe Ratio of 3.71. The chart below compares the historical Sharpe Ratios of VUSXX and SWVXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VUSXX	SWVXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.68	3.71	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.15	2.95	-0.81
Sharpe Ratio (All Time) Calculated using the full available price history	2.14	2.94	-0.80

Drawdowns

VUSXX vs. SWVXX - Drawdown Comparison

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

Drawdown Indicators

	VUSXX	SWVXX	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%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	0.00%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	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. SWVXX - Volatility Comparison

Vanguard Treasury Money Market Fund (VUSXX) has a higher volatility of 0.31% compared to Schwab Prime Advantage Money Fund Investor Shares (SWVXX) at 0.29%. This indicates that VUSXX's price experiences larger fluctuations and is considered to be riskier than SWVXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VUSXX	SWVXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.31%	0.29%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	0.79%	0.76%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	1.10%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.75%	1.09%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.75%	1.09%	-0.34%

VUSXX vs. SWVXX - Expense Ratio Comparison

VUSXX has a 0.07% expense ratio, which is lower than SWVXX's 0.34% expense ratio.

Dividends

VUSXX vs. SWVXX - Dividend Comparison

VUSXX's dividend yield for the trailing twelve months is around 3.89%, more than SWVXX's 3.77% yield.

Position	TTM	2025	2024	2023
SWVXX Schwab Prime Advantage Money Fund Investor Shares	3.77%	4.06%	5.02%	4.91%
VUSXX Vanguard Treasury Money Market Fund	3.89%	4.15%	1.63%	0.43%

Frequently Asked Questions

Can I hold both VUSXX and SWVXX in my portfolio?

With a correlation of 1.00, VUSXX and SWVXX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VUSXX or SWVXX?

VUSXX has higher volatility (0.31%) compared to SWVXX (0.29%). In terms of maximum drawdown, VUSXX dropped 0.00% vs SWVXX's 0.00%.

Which has better risk-adjusted returns?

SWVXX currently has the higher Sharpe Ratio (3.71 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.