Dividend comparison
VMFXX vs FDRXX: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Vanguard Federal Money Market Fund and Fidelity Cash Reserves, side by side. Updated October 21, 2026.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | VMFXX Vanguard Federal Money Market Fund | FDRXX Fidelity Cash Reserves |
|---|---|---|
| Dividend yield (TTM) | 3.68% | — |
| Dividend / share (TTM) | $0.04 | — |
| Payout frequency | Monthly | — |
| Last dividend | $0.0030 on Oct 1, 2026 | — |
| Ex-dividend date | Sep 30, 2026 | — |
| Dividend growth (CAGR) | 345.2% over 4 yrs | — |
| Price | $1.00 | $1.00 |
| Beta | 0.00 | 0.00 |
| Max drawdown (5Y) | 0.0% | 0.0% |
| Exchange | NASDAQ | NASDAQ |
| Number of holdings | 21 | — |
| Top 10 concentration | 6.2% | — |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
VMFXX
$30.63/mo
$368 /yr at 3.68% yield
FDRXX
—/mo
Yield data unavailable
Dividend history
Total dividends paid per share in each calendar year.
| Year | VMFXX | FDRXX |
|---|---|---|
| 2025 | $0.0420 | — |
| 2024 | $0.0518 | — |
| 2023 | $0.0486 | — |
| 2022 | $0.0120 | — |
| 2021 | $0.0001 | — |
Strategy: Cash equivalent
Funds holding short-dated US government paper, where the objective is that the principal is there when you need it. Yield follows short-term interest rates with a short lag rather than being locked in, so income falls when the central bank cuts and rises when it hikes. Because the underlying holdings are nearly identical across providers, the expense ratio comes almost directly out of what you receive.
There is no growth here by design, and purchasing power erodes whenever the after-tax yield sits below inflation.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Jun 22, 2026 would now be worth $10,000 in VMFXX and $10,000 in FDRXX.
| Period | VMFXX | FDRXX |
|---|---|---|
| 1 month | 0.00% | 0.00% |
| 3 months | 0.00% | 0.00% |
| Year to date | — | — |
| 1 year | — | — |
| 3 years | — | — |
| 5 years | — | — |
- VMFXX
- FDRXX
Both series indexed to 100 on 2026-06-22 using the adjusted closing price series. Past performance does not guarantee future results.
Top 10 holdings
Largest positions by portfolio weight.
VMFXX21 holdings total
| Name | Weight |
|---|---|
| CITI.TOCitigroup Global Markets. 10/01/2026 | 1.83% |
| BNP.SWBNP Paribas SA 07/29/2026 | 1.22% |
| DBDeutsche Bank Securities. 10/01/2026 | 0.65% |
| BBVABanco Bilbao Vizcaya Argentaria SA. 08/03/2026 | 0.53% |
| BNPQYBNP Paribas SA 10/19/2026 | 0.43% |
| SAN.WABanco Santander SA. 10/01/2026 | 0.39% |
| 2888.HKStandard Chartered Bank 10/01/2026 | 0.35% |
| KN.PANatixis SA (Paris Branch). 10/01/2026 | 0.32% |
| CM.TOCanadian Imperial Bank of Commerce. 10/21/2026 | 0.24% |
| GSBDGoldman Sachs & Co. 10/01/2026 | 0.23% |
Quick verdict
Compare the metrics above, then add both tickers to a Dividend Wealth portfolio to see combined income forecasts and diversification impact.
Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how VMFXX vs FDRXX fits with the rest of your holdings. Free to start — no credit card required for the trial.
Frequently asked questions
Is VMFXX or FDRXX better for dividend income?
Compare yield, payout sustainability, and how each fund or stock fits your income goals. Use Dividend Wealth to model both holdings inside a real portfolio forecast.
What is the difference between VMFXX and FDRXX?
Vanguard Federal Money Market Fund (VMFXX) is an ETF listed on NASDAQ. Fidelity Cash Reserves (FDRXX) is an ETF listed on NASDAQ. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Can I hold both VMFXX and FDRXX?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare VMFXX vs FDRXX with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how VMFXX and FDRXX fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.