VMFXX vs SPAXX
Side-by-side 7-day yields from the September 2026 month-end N-MFP filings.
Data: September 2026 month-end SEC filings
All figures are from the September 2026 month-end Form N-MFP filings (report date ) - money-market funds must file within five business days of month-end. Regulatory data, not live quotes.
- As of the September 2026 month-end filings, VMFXX's 7-day yield of 3.79% is 0.31 points above SPAXX's 3.48%.
| VMFXX | SPAXX | |
|---|---|---|
| Fund | Vanguard Federal Money Market Fund | Fidelity Government Money Market Fund |
| Category | Government | Government |
| 7-day net yield | 3.79% | 3.48% |
| Yield as of | ||
| Net assets (class) | $376.8B | $433.8B |
| Series gross 7-day yield | 3.90% | 3.90% |
| Implied expense gap (gross − net) | 0.11% | 0.42% |
| WAM / WAL (days) | 22 / 49 | 38 / 111 |
| Daily / weekly liquid assets | 55.3% / 67.8% | 58.0% / 74.0% |
| Minimum initial investment | $3,000 | None |
| 2025 USGO income (state tax) | 66.61% | 50.90% |
| Manager | Vanguard Money Market Reserves | Fidelity Hereford Street Trust |
Five-year yield history
FAQ
Which has a higher 7-day yield, VMFXX or SPAXX?
VMFXX - as of the September 2026 month-end SEC Form N-MFP filings, VMFXX's 7-day net yield of 3.79% is 0.31 percentage points above SPAXX's 3.48%.
Numbers only - this site makes no recommendation between funds. Both rows come from each fund's own September 2026 month-end Form N-MFP filing; yields move daily, so check each fund company for live figures (links on the VMFXX and SPAXX pages).