VMFXX Money Market — Vanguard Federal Money Market Fund

Vanguard Federal Money Market Fund (VMFXX)

Updated October 12, 2026.

VMFXX is a Money Market. its distribution rate is 3.65%, its trailing-12-month yield is 3.68%, its expense ratio is 0.114%. Total return is 26.1% over the past 27.5 years, 821.9 points behind SPY at 848.0%.

Vanguard Federal Money Market Fund is a money market fund that seeks current income while maintaining liquidity and a stable share price of $1 by investing at least 99.5% of assets in cash, U.S. government securities, and repurchase agreements collateralized by U.S. government securities. The fund distributes income monthly and carries a current distribution rate in the mid-single digits, reflecting prevailing short-term interest rates. It appeals to conservative investors with short-term savings goals who prioritize capital preservation and liquidity over growth.

VMFXX performance versus SPY

Price and return data through 2026-10-12.

Total return is 26.1% over the past 27.5 years, 821.9 points behind SPY at 848.0%. Over the past year its total return — price change plus distributions reinvested — is 3.8%.

VMFXX key facts

Issuer

Vanguard

Asset type

Money Market

Asset class

Fixed Income

Inception date

07/13/1981

Expense ratio

0.114%

Distribution rate

3.65%

Distribution frequency

Monthly

Trailing yield

3.68%

Last close

$1.00 (stale; as of 2026-10-12)

AUM

$286,881,054,720

Average volume

0.0

Dividend

$0.00304

Ex-dividend date

09/30/2026

Payment date

10/01/2026

Beta

0.0036

How Dividend Vision calculates yield and returns

Distribution rate (3.65%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (3.68%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Vanguard or company page; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

VMFXX risks and drawbacks

VMFXX's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Total return has trailed SPY over the available window.

Who may consider VMFXX — and who may not

VMFXX may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Compare VMFXX

VMFXX vs similar funds:

• VMFXX vs SGOV

Frequently asked questions

More securities from Vanguard.