What’s a money market fund?
A type of fixed income mutual fund that invests only in highly liquid, short-term debt. These funds offer high liquidity with a very low level of risk.
What’s a money market fund?
A type of fixed income mutual fund that invests only in highly liquid, short-term debt. These funds offer high liquidity with a very low level of risk.
A strong track record
- Performance
- Cost
100%
of our money market funds outperformed their peer-group averages.*
56%
The average expense ratio of Vanguard's money market funds is 56% less than the industry average.**
100%
of our money market funds outperformed their peer-group averages.*
56%
The average expense ratio of Vanguard's money market funds is 56% less than the industry average.**
- Performance
- Cost
Compare our money market funds
Fund
VMRXX
Vanguard Cash Reserves Federal Money Market Fund
Strategy
Short-term, U.S. government securities
Initial investment
$3,000
Average 7-day SEC yield as-of September 13, 2022
2.20%
Expense ratio***
0.10%
Fund
VMFXX
Vanguard Federal Money Market Fund
Strategy
Short-term, U.S. government securities
Initial investment
$3,000
Average 7-day SEC yield as-of September 13, 2022
2.15%
Expense ratio***
0.11%
Fund
VUSXX
Vanguard Cash Reserves Federal Money Market Fund
Strategy
Short-term, U.S. treasuries
Initial investment
$3,000
Average 7-day SEC yield as-of September 13, 2022
2.25%
Expense ratio***
0.09%
Fund
VMSXX
Vanguard Municipal Money Market Fund
Strategy
Short-term, tax-exempt securities
Initial investment
$3,000
Average 7-day SEC yield as-of September 13, 2022
1.25%
Expense ratio***
0.15%
Fund
VCTXX
Vanguard California Municipal Money Market Fund
Strategy
Short-term California municipal securities
Initial investment
$3,000
Average 7-day SEC yield as-of September 13, 2022
1.05%
Expense ratio***
0.16%
Fund
VYFXX
Vanguard New York Municipal Money Market Fund
Strategy
Short-term New York municipal securities
Initial investment
$3,000
Average 7-day SEC yield as-of September 13, 2022
1.18%
Expense ratio***
0.16%
*** Expense ratio data are as of the fund’s most recent prospectus.
Compare our money market funds
| Fund | Strategy | Initial investment | Average 7-day SEC yield as-of September 13, 2022 | Expense ratio*** |
| VMRXX Vanguard Cash Reserves Federal Money Market Fund |
Short-term U.S. goverment securities | $3,000 | 2.20% | 0.10% |
| VMFXX Vanguard Federal Money Market Fund |
Short-term U.S. goverment securities | $3,000 | 2.15% | 0.11% |
| VUSXX Vanguard Treasury Money Market Fund |
Short-term, U.S. Treasuries | $3,000 | 2.25% | 0.09% |
| VMSXX Vanguard Municipal Money Market Fund |
Short-term, tax-exempt securities | $3,000 | 1.25% | 0.15% |
| VCTXX Vanguard California Municipal Money Market Fund |
Short-term California municipal securities | $3,000 | 1.05% | 0.16% |
| VYFXX Vanguard New York Municipal Money Market Fund |
Short-term New York municipal securities | $3,000 | 1.18% | 0.16% |
*** Expense ratio data are as of the fund’s most recent prospectus.
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*For the 10-year period ended June 30, 2022, 6 of 6 Vanguard money market funds, 63 of 74 Vanguard bond funds, 22 of 25 Vanguard balanced funds, and 114 of 131 Vanguard stock funds—for a total of 205 of 236 Vanguard funds—outperformed their Lipper peer-group averages. Results will vary for other time periods. Only mutual funds with a minimum 10-year history were included in the comparison. Source: Lipper, a Thomson Reuters Company. The competitive performance data shown represent past performance, which is not a guarantee of future results. View fund performance
**Vanguard average expense ratio for money market funds: 0.11%. Industry average expense ratio: 0.25%. All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2021.
All investing is subject to risk, including the possible loss of the money you invest.
Vanguard Municipal Money Market Fund: The Fund is only available to retail investors (natural persons). You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Vanguard Municipal Money Market Fund is only available to retail investors (natural persons). Vanguard Municipal Money Market Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors.
Vanguard Cash Reserves Federal Money Market Fund and Vanguard Federal Money Market Fund: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
For more information about Vanguard funds, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.