Using mutual funds and ETFs for shortterm savings (1 year)
In investing, we make personal choices about how much risk we are willing to take if we think we can get higher return in exchange. Using mutual funds and ETFs for shortterm savings (1 year) compares historical performance of similar funds that are appropriate for shortterm savings.^{[Note 1]}
Volatilityfluctuations in valueare an important aspect of risk. In financial economics, volatility is often measured by a statistical value called the standard deviation, represented by the Greek letter sigma (σ). The standard deviation of mutual funds can be found on sites like Morningstar or PortfolioVisualizer. However, it is hard to relate this number to a practical question, like "how much risk would I be taking by putting money I need a year from now into a shortterm bond fund instead of a money market fund?" This article tries to help with this kind of question.
Overview
In this article, we calculate some other measures of risk by calculating what would have happened to an investment of $10,000, held for short periods of time, in a mutual fund or exchangetraded fund (ETF). You might do this in hope of making more than you would have made in a money market mutual fund, and accepting the possibility of sometimes making less.^{[Note 2]} The possibility of making less is depicted in two ways:
1) What percentage of the time would you have made less than in a money market fund? We chose VMMXX, the Vanguard Prime Money Market Fund, because it is one of the oldest money market fund and gave us a long period of comparison. We also show what percentage of the time you would have actually lost moneyended up with less than $10,000 at the end of the time periodand what percentage of time you would have failed to keep up with inflation.
2) It's important to know not just when a fund or ETF underperformed a money market mutual fund, but by how much. In the case of shortterm funds, the losses, when they did occur, were so small that some might call them negligible To quantify this, we present two numbers. One is the average loss that occurred in those periods in which losses did occur; and the other is the largest loss that ever occurred within the body of data that was used.
Notice that a high probability of underperforming may not be important at all. If two investments have the same return and volatility, but just fluctuate randomly with respect to each other, you would expect each of them to underperform the other about 50% of the time.
We have chosen to present data going back for as far as Morningstar has data. As a result, there are two caveats. First, the data range shown for each fund is different and results for different funds cannot be directly compared. For example, the Vanguard ShortTerm Treasury Fund, VFISX, beat VMMXX by an average of $117.10 while the Vanguard ShortTerm Treasury Index fund, VGSH, only beat it by $33.17. But this is almost entirely due to VGSH's inception in 2009 versus VFISX's inception in 1991. If we restrict our view of VFISX to the same years as VGSH, the benefit for VFISX was only $44.05. Second, this underlines the problem with all historical data, which is that the present timeand thus the shortterm futuremay be quite different from the historical averages.
Median and average (mean)
We show both the average and the median for some key values. A reader requested this. We have a scattered group of values: the return from an investment over many different periods of time. To represent the center of such a group with a single number, we often calculate and average or mean. In the case here, when we are looking, for example, at losses, and only seeing "the tail of the distribution," the average may give the wrong impression because it's influenced by extreme values. The median is another measure, and represents the value that is halfway based on counting. If the median loss of an investment is $600, it means you had a 50% chance of losing more over $600 and a 50% chance of losing less than $600.
Holding bond funds for the average "duration" of the fund
A "duration" is a calculation based on bond math that gives a number of years, related to the bond's term but shorter. One interpretation of the duration is that it is the "point of indifference." It is too well known that when interest rates rise, bond values fall. What is less well known is that if a bond is held for its duration, at the end of that period of time it will have the same value regardless of what interest rates do, provided the yield curve moves in parallel. This does not apply to a bond fund because the bonds in a fund are all different "ages" at any given time, and because the yield curve doesn't move in parallel. So there are no guarantees, but, nevertheless, the duration tells us a holding period over which the fund is unlikely to lose money.
This leads us to expect, for example, that "shortterm" bond fundslike the Vanguard ShortTerm Bond Index Fund, with a duration of 2.7 yearswill sometimes lose money over periods of 6 or 12 months, but rarely lose money over periods of 5 years. This expectation is borne out by history.
A bond fund may not lose money, in the sense of dollars, yet lose value to inflation.
Money market
BTFXX: BlackRock Liquidity
Length of holding period  12 months 
Total number of overlapping 12month periods  355 
Average/median number of dollars earned in 12 months on a $10,000 investment  $213.64 (average), +$69.26 (median) 
Average CAGR (annualized rate of return) of those 355 12month periods  2.14% 
Standard deviation (σ) of singlemonth returns, annualized  0.72% 
Number of periods in which BTFXX made less than VMMXX Average/median shortfall versus VMMXX over those 332 periods 
332/355 = 93.5% $90.64 (average), $35.29 (median) 
Number of periods in which BTFXX lost money Average/median dollar loss over those 143 periods 
143/355 = 40.3% $0.00 (average), $0.00 (median) 
Number of periods in which BTFXX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 194 periods 
194/355 = 54.6% $205.76 (average), $183.56 (median) 
Compared to VMMXX, 9/2006  8/2007  $523.01 
Dollar loss, 12/2014  11/2015  $0.00 
Real loss (inflationcorrected), 8/2007  7/2008  $560.01 
Compared to VMMXX  BTFXX vs VMMXX, 9/2006  8/2007 
Average/median additional return above VMMXX, over 355 overlapping 12month periods  $83.72 (average), $26.96 (median) 
SWPXX: Schwab Government Money Market Portfolio™
Length of holding period  12 months 
Total number of overlapping 12month periods  295 
Average/median number of dollars earned in 12 months on a $10,000 investment  $225.52 (average), +$142.94 (median) 
Average CAGR (annualized rate of return) of those 295 12month periods  2.26% 
Standard deviation (σ) of singlemonth returns, annualized  0.62% 
Number of periods in which SWPXX made less than VMMXX Average/median shortfall versus VMMXX over those 287 periods 
287/295 = 97.3% $29.18 (average), $31.20 (median) 
Number of periods in which SWPXX lost money  0/295 = 0.0% 
Number of periods in which SWPXX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 161 periods 
161/295 = 54.6% $157.40 (average), $158.49 (median) 
Compared to VMMXX, 6/2008  5/2009  $77.94 
Dollar loss, 12/2011  11/2012  +$0.94 
Real loss (inflationcorrected), 10/2010  9/2011  $385.84 
Compared to VMMXX  SWPXX vs VMMXX, 6/2008  5/2009 
Average/median additional return above VMMXX, over 295 overlapping 12month periods  $28.39 (average), $30.51 (median) 
SWRXX: Schwab Investor Money
Length of holding period  12 months 
Total number of overlapping 12month periods  297 
Average/median number of dollars earned in 12 months on a $10,000 investment  $229.89 (average), +$164.84 (median) 
Average CAGR (annualized rate of return) of those 297 12month periods  2.30% 
Standard deviation (σ) of singlemonth returns, annualized  0.62% 
Number of periods in which SWRXX made less than VMMXX Average/median shortfall versus VMMXX over those 289 periods 
289/297 = 97.3% $26.46 (average), $28.95 (median) 
Number of periods in which SWRXX lost money  0/297 = 0.0% 
Number of periods in which SWRXX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 156 periods 
156/297 = 52.5% $160.45 (average), $150.54 (median) 
Compared to VMMXX, 10/2008  9/2009  $59.07 
Dollar loss, 4/2015  3/2016  +$0.99 
Real loss (inflationcorrected), 10/2010  9/2011  $385.85 
Compared to VMMXX  SWRXX vs VMMXX, 10/2008  9/2009 
Average/median additional return above VMMXX, over 297 overlapping 12month periods  $25.75 (average), $28.45 (median) 
SWVXX: Schwab Value Advantage Money
Length of holding period  12 months 
Total number of overlapping 12month periods  320 
Average/median number of dollars earned in 12 months on a $10,000 investment  $253.81 (average), +$210.65 (median) 
Average CAGR (annualized rate of return) of those 320 12month periods  2.54% 
Standard deviation (σ) of singlemonth returns, annualized  0.63% 
Number of periods in which SWVXX made less than VMMXX Average/median shortfall versus VMMXX over those 266 periods 
266/320 = 83.1% $9.89 (average), $7.21 (median) 
Number of periods in which SWVXX lost money Average/median dollar loss over those 1 periods 
1/320 = 0.3% $0.00 (average), $0.00 (median) 
Number of periods in which SWVXX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 156 periods 
156/320 = 48.8% $150.88 (average), $145.37 (median) 
Compared to VMMXX, 10/2008  9/2009  $47.27 
Dollar loss, 8/2009  7/2010  $0.05 
Real loss (inflationcorrected), 10/2010  9/2011  $385.83 
Compared to VMMXX  SWVXX vs VMMXX, 10/2008  9/2009 
Average/median additional return above VMMXX, over 320 overlapping 12month periods  $8.00 (average), $5.29 (median) 
TSCXX: T. Rowe Price Cash Reserves
Length of holding period  12 months 
Total number of overlapping 12month periods  302 
Average/median number of dollars earned in 12 months on a $10,000 investment  $246.79 (average), +$181.00 (median) 
Average CAGR (annualized rate of return) of those 302 12month periods  2.47% 
Standard deviation (σ) of singlemonth returns, annualized  0.64% 
Number of periods in which TSCXX made less than VMMXX Average/median shortfall versus VMMXX over those 281 periods 
281/302 = 93.0% $12.81 (average), $10.77 (median) 
Number of periods in which TSCXX lost money  0/302 = 0.0% 
Number of periods in which TSCXX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 157 periods 
157/302 = 52.0% $152.85 (average), $148.57 (median) 
Compared to VMMXX, 3/2016  2/2017  $37.36 
Dollar loss, 10/2009  9/2010  +$0.83 
Real loss (inflationcorrected), 10/2010  9/2011  $385.84 
Compared to VMMXX  TSCXX vs VMMXX, 3/2016  2/2017 
Average/median additional return above VMMXX, over 302 overlapping 12month periods  $11.76 (average), $10.12 (median) 
VUSXX: Vanguard Treasury Money Market
Length of holding period  12 months 
Total number of overlapping 12month periods  312 
Average/median number of dollars earned in 12 months on a $10,000 investment  $247.79 (average), +$201.95 (median) 
Average CAGR (annualized rate of return) of those 312 12month periods  2.48% 
Standard deviation (σ) of singlemonth returns, annualized  0.61% 
Link to Vanguard's web page for VUSXX  VUSXX 
Vanguard's risk potential classification Risk level 1 (conservative) 
Vanguard funds are classified as conservative if their share prices are expected to remain stable or to fluctuate only slightly. Such funds may be appropriate for the shortterm reserves portion of a longterm investment portfolio or for investors with shortterm investment horizons (3 years or less). 
Number of periods in which VUSXX made less than VMMXX Average/median shortfall versus VMMXX over those 260 periods 
260/312 = 83.3% $16.43 (average), $13.43 (median) 
Number of periods in which VUSXX lost money  0/312 = 0.0% 
Number of periods in which VUSXX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 155 periods 
155/312 = 49.7% $149.61 (average), $142.59 (median) 
Compared to VMMXX, 3/2008  2/2009  $70.89 
Dollar loss, 9/2014  8/2015  +$0.93 
Real loss (inflationcorrected), 10/2010  9/2011  $385.31 
Compared to VMMXX  VUSXX vs VMMXX, 3/2008  2/2009 
Average/median additional return above VMMXX, over 312 overlapping 12month periods  $12.81 (average), $9.68 (median) 
VMMXX: Vanguard Prime Money Market
Length of holding period  12 months 
Total number of overlapping 12month periods  522 
Average/median number of dollars earned in 12 months on a $10,000 investment  $497.47 (average), +$502.27 (median) 
Average CAGR (annualized rate of return) of those 522 12month periods  4.97% 
Standard deviation (σ) of singlemonth returns, annualized  1.11% 
Link to Vanguard's web page for VMMXX  VMMXX 
Vanguard's risk potential classification Risk level 1 (conservative) 
Vanguard funds are classified as conservative if their share prices are expected to remain stable or to fluctuate only slightly. Such funds may be appropriate for the shortterm reserves portion of a longterm investment portfolio or for investors with shortterm investment horizons (3 years or less). 
Number of periods in which VMMXX lost money  0/522 = 0.0% 
Number of periods in which VMMXX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 196 periods 
196/522 = 37.5% $153.20 (average), $155.56 (median) 
Dollar loss, 4/2014  3/2015  +$0.96 
Real loss (inflationcorrected), 10/2010  9/2011  $381.34 
VMFXX: Vanguard Federal Money Market
Length of holding period  12 months 
Total number of overlapping 12month periods  449 
Average/median number of dollars earned in 12 months on a $10,000 investment  $404.21 (average), +$426.85 (median) 
Average CAGR (annualized rate of return) of those 449 12month periods  4.04% 
Standard deviation (σ) of singlemonth returns, annualized  0.93% 
Link to Vanguard's web page for VMFXX  VMFXX 
Vanguard's risk potential classification Risk level 1 (conservative) 
Vanguard funds are classified as conservative if their share prices are expected to remain stable or to fluctuate only slightly. Such funds may be appropriate for the shortterm reserves portion of a longterm investment portfolio or for investors with shortterm investment horizons (3 years or less). 
Number of periods in which VMFXX made less than VMMXX Average/median shortfall versus VMMXX over those 426 periods 
426/449 = 94.9% $14.76 (average), $7.06 (median) 
Number of periods in which VMFXX lost money  0/449 = 0.0% 
Number of periods in which VMFXX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 154 periods 
154/449 = 34.3% $149.73 (average), $142.99 (median) 
Compared to VMMXX, 9/1981  8/1982  $120.91 
Dollar loss, 11/2011  10/2012  +$0.93 
Real loss (inflationcorrected), 10/2010  9/2011  $385.48 
Compared to VMMXX  VMFXX vs VMMXX, 9/1981  8/1982 
Average/median additional return above VMMXX, over 449 overlapping 12month periods  $13.85 (average), $6.79 (median) 
Very shortterm
BIL: SPDR® Bloomberg Barclays 13 Month TBill
Length of holding period  12 months 
Total number of overlapping 12month periods  139 
Average/median number of dollars earned in 12 months on a $10,000 investment  $47.38 (average), +$1.00 (median) 
Average CAGR (annualized rate of return) of those 139 12month periods  0.47% 
Standard deviation (σ) of singlemonth returns, annualized  0.33% 
Number of periods in which BIL made less than VMMXX Average/median shortfall versus VMMXX over those 139 periods 
139/139 = 100.0% $26.95 (average), $15.63 (median) 
Number of periods in which BIL lost money Average/median dollar loss over those 63 periods 
63/139 = 45.3% $6.69 (average), $6.87 (median) 
Number of periods in which BIL failed to keep up with inflation Average/median real loss (inflationcorrected) over those 115 periods 
115/139 = 82.7% $166.25 (average), $158.67 (median) 
Compared to VMMXX, 2/2008  1/2009  $116.79 
Dollar loss, 11/2014  10/2015  $12.62 
Real loss (inflationcorrected), 10/2010  9/2011  $388.89 
Compared to VMMXX  BIL vs VMMXX, 2/2008  1/2009 
Average/median additional return above VMMXX, over 139 overlapping 12month periods  $26.95 (average), $15.63 (median) 
Length of holding period  12 months 
Total number of overlapping 12month periods  90 
Average/median number of dollars earned in 12 months on a $10,000 investment  $154.55 (average), +$171.02 (median) 
Average CAGR (annualized rate of return) of those 90 12month periods  1.55% 
Standard deviation (σ) of singlemonth returns, annualized  0.77% 
Number of periods in which FLOT made less than VMMXX Average/median shortfall versus VMMXX over those 9 periods 
9/90 = 10.0% $13.18 (average), $5.64 (median) 
Number of periods in which FLOT lost money Average/median dollar loss over those 4 periods 
4/90 = 4.4% $12.40 (average), $11.80 (median) 
Number of periods in which FLOT failed to keep up with inflation Average/median real loss (inflationcorrected) over those 56 periods 
56/90 = 62.2% $54.30 (average), $46.81 (median) 
Compared to VMMXX, 1/2018  12/2018  $38.76 
Dollar loss, 10/2014  9/2015  $24.93 
Real loss (inflationcorrected), 6/2013  5/2014  $140.12 
Compared to VMMXX  FLOT vs VMMXX, 1/2018  12/2018 
Average/median additional return above VMMXX, over 90 overlapping 12month periods  +$89.82 (average), +$71.40 (median) 
FTSM: First Trust Enhanced Short Maturity
Length of holding period  12 months 
Total number of overlapping 12month periods  52 
Average/median number of dollars earned in 12 months on a $10,000 investment  $146.43 (average), +$148.64 (median) 
Average CAGR (annualized rate of return) of those 52 12month periods  1.46% 
Standard deviation (σ) of singlemonth returns, annualized  0.30% 
Number of periods in which FTSM made less than VMMXX Average/median shortfall versus VMMXX over those 1 periods 
1/52 = 1.9% $0.00 (average), $0.00 (median) 
Number of periods in which FTSM lost money  0/52 = 0.0% 
Number of periods in which FTSM failed to keep up with inflation Average/median real loss (inflationcorrected) over those 38 periods 
38/52 = 73.1% $68.09 (average), $66.00 (median) 
Compared to VMMXX, 1/2018  12/2018  $10.24 
Dollar loss, 3/2015  2/2016  +$21.70 
Real loss (inflationcorrected), 3/2016  2/2017  $147.00 
Compared to VMMXX  FTSM vs VMMXX, 1/2018  12/2018 
Average/median additional return above VMMXX, over 52 overlapping 12month periods  +$35.95 (average), +$32.37 (median) 
FULIX: Federated Ultrashort Bond
Length of holding period  12 months 
Total number of overlapping 12month periods  259 
Average/median number of dollars earned in 12 months on a $10,000 investment  $297.55 (average), +$226.17 (median) 
Average CAGR (annualized rate of return) of those 259 12month periods  2.98% 
Standard deviation (σ) of singlemonth returns, annualized  1.23% 
Number of periods in which FULIX made less than VMMXX Average/median shortfall versus VMMXX over those 49 periods 
49/259 = 18.9% $177.32 (average), $74.51 (median) 
Number of periods in which FULIX lost money Average/median dollar loss over those 9 periods 
9/259 = 3.5% $227.86 (average), $276.78 (median) 
Number of periods in which FULIX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 127 periods 
127/259 = 49.0% $116.12 (average), $73.88 (median) 
Compared to VMMXX, 12/2007  11/2008  $689.73 
Dollar loss, 12/2007  11/2008  $392.97 
Real loss (inflationcorrected), 11/2007  10/2008  $659.91 
Compared to VMMXX  FULIX vs VMMXX, 12/2007  11/2008 
Average/median additional return above VMMXX, over 259 overlapping 12month periods  +$84.39 (average), +$74.04 (median) 
GSY: Invesco Ultra Short Duration
Length of holding period  12 months 
Total number of overlapping 12month periods  130 
Average/median number of dollars earned in 12 months on a $10,000 investment  $122.24 (average), +$116.94 (median) 
Average CAGR (annualized rate of return) of those 130 12month periods  1.22% 
Standard deviation (σ) of singlemonth returns, annualized  0.38% 
Number of periods in which GSY made less than VMMXX Average/median shortfall versus VMMXX over those 32 periods 
32/130 = 24.6% $29.00 (average), $11.32 (median) 
Number of periods in which GSY lost money Average/median dollar loss over those 9 periods 
9/130 = 6.9% $6.55 (average), $4.42 (median) 
Number of periods in which GSY failed to keep up with inflation Average/median real loss (inflationcorrected) over those 79 periods 
79/130 = 60.8% $118.06 (average), $77.62 (median) 
Compared to VMMXX, 4/2008  3/2009  $96.37 
Dollar loss, 10/2010  9/2011  $19.69 
Real loss (inflationcorrected), 10/2010  9/2011  $406.52 
Compared to VMMXX  GSY vs VMMXX, 4/2008  3/2009 
Average/median additional return above VMMXX, over 130 overlapping 12month periods  +$64.83 (average), +$78.19 (median) 
MINT: PIMCO Enhanced Short Maturity Active
Length of holding period  12 months 
Total number of overlapping 12month periods  109 
Average/median number of dollars earned in 12 months on a $10,000 investment  $145.15 (average), +$161.74 (median) 
Average CAGR (annualized rate of return) of those 109 12month periods  1.45% 
Standard deviation (σ) of singlemonth returns, annualized  0.47% 
Number of periods in which MINT made less than VMMXX Average/median shortfall versus VMMXX over those 2 periods 
2/109 = 1.8% $14.02 (average), $14.02 (median) 
Number of periods in which MINT lost money  0/109 = 0.0% 
Number of periods in which MINT failed to keep up with inflation Average/median real loss (inflationcorrected) over those 67 periods 
67/109 = 61.5% $86.14 (average), $70.94 (median) 
Compared to VMMXX, 1/2018  12/2018  $23.36 
Dollar loss, 10/2014  9/2015  +$22.14 
Real loss (inflationcorrected), 10/2010  9/2011  $334.48 
Compared to VMMXX  MINT vs VMMXX, 1/2018  12/2018 
Average/median additional return above VMMXX, over 109 overlapping 12month periods  +$90.74 (average), +$77.65 (median) 
Length of holding period  12 months 
Total number of overlapping 12month periods  63 
Average/median number of dollars earned in 12 months on a $10,000 investment  $150.57 (average), +$148.38 (median) 
Average CAGR (annualized rate of return) of those 63 12month periods  1.51% 
Standard deviation (σ) of singlemonth returns, annualized  0.34% 
Number of periods in which NEAR made less than VMMXX Average/median shortfall versus VMMXX over those 2 periods 
2/63 = 3.2% $18.04 (average), $18.04 (median) 
Number of periods in which NEAR lost money  0/63 = 0.0% 
Number of periods in which NEAR failed to keep up with inflation Average/median real loss (inflationcorrected) over those 37 periods 
37/63 = 58.7% $58.87 (average), $51.99 (median) 
Compared to VMMXX, 1/2018  12/2018  $24.16 
Dollar loss, 7/2014  6/2015  +$53.57 
Real loss (inflationcorrected), 8/2017  7/2018  $131.60 
Compared to VMMXX  NEAR vs VMMXX, 1/2018  12/2018 
Average/median additional return above VMMXX, over 63 overlapping 12month periods  +$59.19 (average), +$62.53 (median) 
Length of holding period  12 months 
Total number of overlapping 12month periods  143 
Average/median number of dollars earned in 12 months on a $10,000 investment  $78.22 (average), +$16.57 (median) 
Average CAGR (annualized rate of return) of those 143 12month periods  0.78% 
Standard deviation (σ) of singlemonth returns, annualized  0.46% 
Number of periods in which SHV made less than VMMXX Average/median shortfall versus VMMXX over those 78 periods 
78/143 = 54.5% $17.21 (average), $10.52 (median) 
Number of periods in which SHV lost money Average/median dollar loss over those 6 periods 
6/143 = 4.2% $0.68 (average), $0.49 (median) 
Number of periods in which SHV failed to keep up with inflation Average/median real loss (inflationcorrected) over those 109 periods 
109/143 = 76.2% $160.64 (average), $150.73 (median) 
Compared to VMMXX, 4/2008  3/2009  $55.21 
Dollar loss, 9/2011  8/2012  $1.49 
Real loss (inflationcorrected), 10/2010  9/2011  $376.90 
Compared to VMMXX  SHV vs VMMXX, 4/2008  3/2009 
Average/median additional return above VMMXX, over 143 overlapping 12month periods  $7.17 (average), $0.78 (median) 
Length of holding period  12 months 
Total number of overlapping 12month periods  197 
Average/median number of dollars earned in 12 months on a $10,000 investment  $194.80 (average), +$118.63 (median) 
Average CAGR (annualized rate of return) of those 197 12month periods  1.95% 
Standard deviation (σ) of singlemonth returns, annualized  1.29% 
Number of periods in which SHY made less than VMMXX Average/median shortfall versus VMMXX over those 60 periods 
60/197 = 30.5% $98.43 (average), $92.87 (median) 
Number of periods in which SHY lost money Average/median dollar loss over those 12 periods 
12/197 = 6.1% $24.41 (average), $20.48 (median) 
Number of periods in which SHY failed to keep up with inflation Average/median real loss (inflationcorrected) over those 120 periods 
120/197 = 60.9% $159.88 (average), $153.10 (median) 
Compared to VMMXX, 7/2005  6/2006  $237.14 
Dollar loss, 4/2004  3/2005  $52.71 
Real loss (inflationcorrected), 10/2004  9/2005  $388.31 
Compared to VMMXX  SHY vs VMMXX, 7/2005  6/2006 
Average/median additional return above VMMXX, over 197 overlapping 12month periods  +$53.50 (average), +$47.28 (median) 
VUBFX: Vanguard UltraShortTerm Bond
Length of holding period  12 months 
Total number of overlapping 12month periods  46 
Average/median number of dollars earned in 12 months on a $10,000 investment  $168.45 (average), +$123.50 (median) 
Average CAGR (annualized rate of return) of those 46 12month periods  1.68% 
Standard deviation (σ) of singlemonth returns, annualized  0.44% 
Link to Vanguard's web page for VUBFX  VUBFX 
Vanguard's risk potential classification Risk level 1 (conservative) 
Vanguard funds are classified as conservative if their share prices are expected to remain stable or to fluctuate only slightly. Such funds may be appropriate for the shortterm reserves portion of a longterm investment portfolio or for investors with shortterm investment horizons (3 years or less). 
Number of periods in which VUBFX made less than VMMXX Average/median shortfall versus VMMXX over those 11 periods 
11/46 = 23.9% $14.68 (average), $17.19 (median) 
Number of periods in which VUBFX lost money  0/46 = 0.0% 
Number of periods in which VUBFX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 30 periods 
30/46 = 65.2% $93.18 (average), $88.66 (median) 
Compared to VMMXX, 9/2017  8/2018  $25.73 
Dollar loss, 4/2015  3/2016  +$64.24 
Real loss (inflationcorrected), 8/2017  7/2018  $165.89 
Compared to VMMXX  VUBFX vs VMMXX, 9/2017  8/2018 
Average/median additional return above VMMXX, over 46 overlapping 12month periods  +$44.23 (average), +$48.77 (median) 
VMLTX: Vanguard LimitedTerm TaxExempt
Length of holding period  12 months 
Total number of overlapping 12month periods  376 
Average/median number of dollars earned in 12 months on a $10,000 investment  $393.10 (average), +$381.91 (median) 
Average CAGR (annualized rate of return) of those 376 12month periods  3.93% 
Standard deviation (σ) of singlemonth returns, annualized  1.84% 
Link to Vanguard's web page for VMLTX  VMLTX 
Vanguard's risk potential classification Risk level 1 (conservative) 
Vanguard funds are classified as conservative if their share prices are expected to remain stable or to fluctuate only slightly. Such funds may be appropriate for the shortterm reserves portion of a longterm investment portfolio or for investors with shortterm investment horizons (3 years or less). 
Number of periods in which VMLTX made less than VMMXX Average/median shortfall versus VMMXX over those 144 periods 
144/376 = 38.3% $145.49 (average), $129.31 (median) 
Number of periods in which VMLTX lost money Average/median dollar loss over those 8 periods 
8/376 = 2.1% $14.89 (average), $11.72 (median) 
Number of periods in which VMLTX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 110 periods 
110/376 = 29.3% $142.83 (average), $137.38 (median) 
Compared to VMMXX, 2/1999  1/2000  $443.89 
Dollar loss, 12/2015  11/2016  $34.62 
Real loss (inflationcorrected), 11/2004  10/2005  $364.10 
Compared to VMMXX  VMLTX vs VMMXX, 2/1999  1/2000 
Average/median additional return above VMMXX, over 376 overlapping 12month periods  +$64.16 (average), +$53.65 (median) 
Shortterm
VFIIX: Vanguard GNMA
Length of holding period  12 months 
Total number of overlapping 12month periods  462 
Average/median number of dollars earned in 12 months on a $10,000 investment  $760.28 (average), +$672.92 (median) 
Average CAGR (annualized rate of return) of those 462 12month periods  7.60% 
Standard deviation (σ) of singlemonth returns, annualized  4.88% 
Link to Vanguard's web page for VFIIX  VFIIX 
Vanguard's risk potential classification Risk level 2 (conservative to moderate) 
Vanguard funds classified as conservative to moderate are subject to low to moderate fluctuations in share prices. In general, such funds may be appropriate for investors with mediumterm investment horizons (4 to 10 years). 
Number of periods in which VFIIX made less than VMMXX Average/median shortfall versus VMMXX over those 109 periods 
109/462 = 23.6% $304.08 (average), $195.84 (median) 
Number of periods in which VFIIX lost money Average/median dollar loss over those 33 periods 
33/462 = 7.1% $125.91 (average), $89.60 (median) 
Number of periods in which VFIIX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 92 periods 
92/462 = 19.9% $260.46 (average), $212.85 (median) 
Compared to VMMXX, 9/1980  8/1981  $2216.48 
Dollar loss, 9/1980  8/1981  $605.85 
Real loss (inflationcorrected), 9/1980  8/1981  $1686.28 
Compared to VMMXX  VFIIX vs VMMXX, 9/1980  8/1981 
Average/median additional return above VMMXX, over 462 overlapping 12month periods  +$307.89 (average), +$303.89 (median) 
VFISX: Vanguard ShortTerm Treasury
Length of holding period  12 months 
Total number of overlapping 12month periods  326 
Average/median number of dollars earned in 12 months on a $10,000 investment  $382.28 (average), +$306.98 (median) 
Average CAGR (annualized rate of return) of those 326 12month periods  3.82% 
Standard deviation (σ) of singlemonth returns, annualized  1.95% 
Link to Vanguard's web page for VFISX  VFISX 
Vanguard's risk potential classification Risk level 1 (conservative) 
Vanguard funds are classified as conservative if their share prices are expected to remain stable or to fluctuate only slightly. Such funds may be appropriate for the shortterm reserves portion of a longterm investment portfolio or for investors with shortterm investment horizons (3 years or less). 
Number of periods in which VFISX made less than VMMXX Average/median shortfall versus VMMXX over those 97 periods 
97/326 = 29.8% $131.29 (average), $109.94 (median) 
Number of periods in which VFISX lost money Average/median dollar loss over those 19 periods 
19/326 = 5.8% $32.68 (average), $31.99 (median) 
Number of periods in which VFISX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 132 periods 
132/326 = 40.5% $150.49 (average), $140.03 (median) 
Compared to VMMXX, 1/1994  12/1994  $456.03 
Dollar loss, 5/2017  4/2018  $69.26 
Real loss (inflationcorrected), 11/2004  10/2005  $369.35 
Compared to VMMXX  VFISX vs VMMXX, 1/1994  12/1994 
Average/median additional return above VMMXX, over 326 overlapping 12month periods  +$118.69 (average), +$92.71 (median) 
VFITX: Vanguard IntermediateTerm Treasury
Length of holding period  12 months 
Total number of overlapping 12month periods  326 
Average/median number of dollars earned in 12 months on a $10,000 investment  $553.47 (average), +$490.60 (median) 
Average CAGR (annualized rate of return) of those 326 12month periods  5.53% 
Standard deviation (σ) of singlemonth returns, annualized  4.72% 
Link to Vanguard's web page for VFITX  VFITX 
Vanguard's risk potential classification Risk level 2 (conservative to moderate) 
Vanguard funds classified as conservative to moderate are subject to low to moderate fluctuations in share prices. In general, such funds may be appropriate for investors with mediumterm investment horizons (4 to 10 years). 
Number of periods in which VFITX made less than VMMXX Average/median shortfall versus VMMXX over those 95 periods 
95/326 = 29.1% $298.08 (average), $231.94 (median) 
Number of periods in which VFITX lost money Average/median dollar loss over those 56 periods 
56/326 = 17.2% $192.03 (average), $178.95 (median) 
Number of periods in which VFITX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 90 periods 
90/326 = 27.6% $321.44 (average), $315.29 (median) 
Compared to VMMXX, 2/1999  1/2000  $966.09 
Dollar loss, 11/1993  10/1994  $529.38 
Real loss (inflationcorrected), 10/1993  9/1994  $791.88 
Compared to VMMXX  VFITX vs VMMXX, 2/1999  1/2000 
Average/median additional return above VMMXX, over 326 overlapping 12month periods  +$289.88 (average), +$289.77 (median) 
VGSH: Vanguard ShortTerm Treasury Index Fund
Length of holding period  12 months 
Total number of overlapping 12month periods  109 
Average/median number of dollars earned in 12 months on a $10,000 investment  $95.87 (average), +$65.98 (median) 
Average CAGR (annualized rate of return) of those 109 12month periods  0.96% 
Standard deviation (σ) of singlemonth returns, annualized  0.81% 
Link to Vanguard's web page for VGSH  VGSH 
Vanguard's risk potential classification Risk level 1 (conservative) 
Vanguard funds are classified as conservative if their share prices are expected to remain stable or to fluctuate only slightly. Such funds may be appropriate for the shortterm reserves portion of a longterm investment portfolio or for investors with shortterm investment horizons (3 years or less). 
Number of periods in which VGSH made less than VMMXX Average/median shortfall versus VMMXX over those 24 periods 
24/109 = 22.0% $95.95 (average), $81.72 (median) 
Number of periods in which VGSH lost money Average/median dollar loss over those 10 periods 
10/109 = 9.2% $16.51 (average), $15.60 (median) 
Number of periods in which VGSH failed to keep up with inflation Average/median real loss (inflationcorrected) over those 82 periods 
82/109 = 75.2% $146.47 (average), $142.62 (median) 
Compared to VMMXX, 8/2017  7/2018  $180.27 
Dollar loss, 5/2017  4/2018  $39.96 
Real loss (inflationcorrected), 8/2017  7/2018  $324.01 
Compared to VMMXX  VGSH vs VMMXX, 8/2017  7/2018 
Average/median additional return above VMMXX, over 109 overlapping 12month periods  +$41.46 (average), +$48.43 (median) 
VBISX: Vanguard ShortTerm Bond Index
Length of holding period  12 months 
Total number of overlapping 12month periods  297 
Average/median number of dollars earned in 12 months on a $10,000 investment  $413.92 (average), +$388.54 (median) 
Average CAGR (annualized rate of return) of those 297 12month periods  4.14% 
Standard deviation (σ) of singlemonth returns, annualized  2.03% 
Link to Vanguard's web page for VBISX  VBISX 
Vanguard's risk potential classification Risk level 1 (conservative) 
Vanguard funds are classified as conservative if their share prices are expected to remain stable or to fluctuate only slightly. Such funds may be appropriate for the shortterm reserves portion of a longterm investment portfolio or for investors with shortterm investment horizons (3 years or less). 
Number of periods in which VBISX made less than VMMXX Average/median shortfall versus VMMXX over those 67 periods 
67/297 = 22.6% $128.70 (average), $122.27 (median) 
Number of periods in which VBISX lost money Average/median dollar loss over those 11 periods 
11/297 = 3.7% $41.49 (average), $43.48 (median) 
Number of periods in which VBISX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 92 periods 
92/297 = 31.0% $149.68 (average), $141.21 (median) 
Compared to VMMXX, 2/1999  1/2000  $356.95 
Dollar loss, 8/2017  7/2018  $66.54 
Real loss (inflationcorrected), 11/2004  10/2005  $413.11 
Compared to VMMXX  VBISX vs VMMXX, 2/1999  1/2000 
Average/median additional return above VMMXX, over 297 overlapping 12month periods  +$158.28 (average), +$148.71 (median) 
VSBSX: Vanguard ShortTerm Treasury Index
Length of holding period  12 months 
Total number of overlapping 12month periods  109 
Average/median number of dollars earned in 12 months on a $10,000 investment  $95.30 (average), +$65.91 (median) 
Average CAGR (annualized rate of return) of those 109 12month periods  0.95% 
Standard deviation (σ) of singlemonth returns, annualized  0.81% 
Link to Vanguard's web page for VSBSX  VSBSX 
Vanguard's risk potential classification Risk level 1 (conservative) 
Vanguard funds are classified as conservative if their share prices are expected to remain stable or to fluctuate only slightly. Such funds may be appropriate for the shortterm reserves portion of a longterm investment portfolio or for investors with shortterm investment horizons (3 years or less). 
Number of periods in which VSBSX made less than VMMXX Average/median shortfall versus VMMXX over those 24 periods 
24/109 = 22.0% $94.78 (average), $82.29 (median) 
Number of periods in which VSBSX lost money Average/median dollar loss over those 10 periods 
10/109 = 9.2% $15.03 (average), $13.41 (median) 
Number of periods in which VSBSX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 82 periods 
82/109 = 75.2% $146.94 (average), $142.59 (median) 
Compared to VMMXX, 10/2017  9/2018  $177.70 
Dollar loss, 5/2017  4/2018  $37.27 
Real loss (inflationcorrected), 8/2017  7/2018  $319.22 
Compared to VMMXX  VSBSX vs VMMXX, 10/2017  9/2018 
Average/median additional return above VMMXX, over 109 overlapping 12month periods  +$40.89 (average), +$46.26 (median) 
VSGBX: Vanguard ShortTerm Federal
Length of holding period  12 months 
Total number of overlapping 12month periods  372 
Average/median number of dollars earned in 12 months on a $10,000 investment  $473.72 (average), +$458.01 (median) 
Average CAGR (annualized rate of return) of those 372 12month periods  4.74% 
Standard deviation (σ) of singlemonth returns, annualized  2.02% 
Link to Vanguard's web page for VSGBX  VSGBX 
Vanguard's risk potential classification Risk level 1 (conservative) 
Vanguard funds are classified as conservative if their share prices are expected to remain stable or to fluctuate only slightly. Such funds may be appropriate for the shortterm reserves portion of a longterm investment portfolio or for investors with shortterm investment horizons (3 years or less). 
Number of periods in which VSGBX made less than VMMXX Average/median shortfall versus VMMXX over those 100 periods 
100/372 = 26.9% $132.79 (average), $104.81 (median) 
Number of periods in which VSGBX lost money Average/median dollar loss over those 24 periods 
24/372 = 6.5% $32.78 (average), $29.42 (median) 
Number of periods in which VSGBX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 116 periods 
116/372 = 31.2% $151.74 (average), $144.23 (median) 
Compared to VMMXX, 1/1994  12/1994  $502.65 
Dollar loss, 1/1994  12/1994  $94.36 
Real loss (inflationcorrected), 11/2004  10/2005  $375.84 
Compared to VMMXX  VSGBX vs VMMXX, 1/1994  12/1994 
Average/median additional return above VMMXX, over 372 overlapping 12month periods  +$149.24 (average), +$130.76 (median) 
VTIPX: Vanguard ShortTerm InflationProtected Securities Index
Length of holding period  12 months 
Total number of overlapping 12month periods  74 
Average/median number of dollars earned in 12 months on a $10,000 investment  $67.70 (average), +$57.44 (median) 
Average CAGR (annualized rate of return) of those 74 12month periods  0.68% 
Standard deviation (σ) of singlemonth returns, annualized  1.54% 
Link to Vanguard's web page for VTIPX  VTIPX 
Vanguard's risk potential classification Risk level 1 (conservative) 
Vanguard funds are classified as conservative if their share prices are expected to remain stable or to fluctuate only slightly. Such funds may be appropriate for the shortterm reserves portion of a longterm investment portfolio or for investors with shortterm investment horizons (3 years or less). 
Number of periods in which VTIPX made less than VMMXX Average/median shortfall versus VMMXX over those 45 periods 
45/74 = 60.8% $96.16 (average), $95.75 (median) 
Number of periods in which VTIPX lost money Average/median dollar loss over those 25 periods 
25/74 = 33.8% $111.22 (average), $121.98 (median) 
Number of periods in which VTIPX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 55 periods 
55/74 = 74.3% $154.42 (average), $157.31 (median) 
Compared to VMMXX, 9/2014  8/2015  $224.53 
Dollar loss, 9/2014  8/2015  $222.98 
Real loss (inflationcorrected), 4/2013  3/2014  $347.89 
Compared to VMMXX  VTIPX vs VMMXX, 9/2014  8/2015 
Average/median additional return above VMMXX, over 74 overlapping 12month periods  $10.37 (average), $27.99 (median) 
Intermediateterm
VBMFX: Vanguard Total Bond Market Index
Length of holding period  12 months 
Total number of overlapping 12month periods  384 
Average/median number of dollars earned in 12 months on a $10,000 investment  $607.22 (average), +$582.82 (median) 
Average CAGR (annualized rate of return) of those 384 12month periods  6.07% 
Standard deviation (σ) of singlemonth returns, annualized  3.81% 
Link to Vanguard's web page for VBMFX  VBMFX 
Vanguard's risk potential classification Risk level 2 (conservative to moderate) 
Vanguard funds classified as conservative to moderate are subject to low to moderate fluctuations in share prices. In general, such funds may be appropriate for investors with mediumterm investment horizons (4 to 10 years). 
Number of periods in which VBMFX made less than VMMXX Average/median shortfall versus VMMXX over those 105 periods 
105/384 = 27.3% $216.49 (average), $170.36 (median) 
Number of periods in which VBMFX lost money Average/median dollar loss over those 38 periods 
38/384 = 9.9% $126.38 (average), $100.58 (median) 
Number of periods in which VBMFX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 82 periods 
82/384 = 21.4% $245.39 (average), $215.60 (median) 
Compared to VMMXX, 11/1993  10/1994  $743.09 
Dollar loss, 11/1993  10/1994  $372.88 
Real loss (inflationcorrected), 11/1993  10/1994  $633.69 
Compared to VMMXX  VBMFX vs VMMXX, 11/1993  10/1994 
Average/median additional return above VMMXX, over 384 overlapping 12month periods  +$270.52 (average), +$285.73 (median) 
VTEB: Vanguard TaxExempt Bond Index Fund
Length of holding period  12 months 
Total number of overlapping 12month periods  40 
Average/median number of dollars earned in 12 months on a $10,000 investment  $295.12 (average), +$162.81 (median) 
Average CAGR (annualized rate of return) of those 40 12month periods  2.95% 
Standard deviation (σ) of singlemonth returns, annualized  3.03% 
Link to Vanguard's web page for VTEB  VTEB 
Vanguard's risk potential classification Risk level 2 (conservative to moderate) 
Vanguard funds classified as conservative to moderate are subject to low to moderate fluctuations in share prices. In general, such funds may be appropriate for investors with mediumterm investment horizons (4 to 10 years). 
Number of periods in which VTEB made less than VMMXX Average/median shortfall versus VMMXX over those 18 periods 
18/40 = 45.0% $78.49 (average), $61.60 (median) 
Number of periods in which VTEB lost money Average/median dollar loss over those 5 periods 
5/40 = 12.5% $38.45 (average), $28.61 (median) 
Number of periods in which VTEB failed to keep up with inflation Average/median real loss (inflationcorrected) over those 21 periods 
21/40 = 52.5% $180.10 (average), $176.11 (median) 
Compared to VMMXX, 11/2017  10/2018  $262.26 
Dollar loss, 11/2017  10/2018  $85.35 
Real loss (inflationcorrected), 11/2017  10/2018  $337.60 
Compared to VMMXX  VTEB vs VMMXX, 11/2017  10/2018 
Average/median additional return above VMMXX, over 40 overlapping 12month periods  +$155.70 (average), +$62.09 (median) 
VTEAX: Vanguard TaxExempt Bond Index
Length of holding period  12 months 
Total number of overlapping 12month periods  40 
Average/median number of dollars earned in 12 months on a $10,000 investment  $295.55 (average), +$160.86 (median) 
Average CAGR (annualized rate of return) of those 40 12month periods  2.96% 
Standard deviation (σ) of singlemonth returns, annualized  3.02% 
Link to Vanguard's web page for VTEAX  VTEAX 
Vanguard's risk potential classification Risk level 2 (conservative to moderate) 
Vanguard funds classified as conservative to moderate are subject to low to moderate fluctuations in share prices. In general, such funds may be appropriate for investors with mediumterm investment horizons (4 to 10 years). 
Number of periods in which VTEAX made less than VMMXX Average/median shortfall versus VMMXX over those 18 periods 
18/40 = 45.0% $77.15 (average), $59.77 (median) 
Number of periods in which VTEAX lost money Average/median dollar loss over those 4 periods 
4/40 = 10.0% $43.59 (average), $44.69 (median) 
Number of periods in which VTEAX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 21 periods 
21/40 = 52.5% $179.08 (average), $174.01 (median) 
Compared to VMMXX, 11/2017  10/2018  $261.41 
Dollar loss, 11/2017  10/2018  $84.50 
Real loss (inflationcorrected), 11/2017  10/2018  $336.75 
Compared to VMMXX  VTEAX vs VMMXX, 11/2017  10/2018 
Average/median additional return above VMMXX, over 40 overlapping 12month periods  +$156.13 (average), +$60.88 (median) 
VWIUX: Vanguard IntermediateTerm TaxExempt
Length of holding period  12 months 
Total number of overlapping 12month periods  495 
Average/median number of dollars earned in 12 months on a $10,000 investment  $567.24 (average), +$543.55 (median) 
Average CAGR (annualized rate of return) of those 495 12month periods  5.67% 
Standard deviation (σ) of singlemonth returns, annualized  5.48% 
Link to Vanguard's web page for VWIUX  VWIUX 
Vanguard's risk potential classification Risk level 2 (conservative to moderate) 
Vanguard funds classified as conservative to moderate are subject to low to moderate fluctuations in share prices. In general, such funds may be appropriate for investors with mediumterm investment horizons (4 to 10 years). 
Number of periods in which VWIUX made less than VMMXX Average/median shortfall versus VMMXX over those 184 periods 
184/495 = 37.2% $588.72 (average), $233.87 (median) 
Number of periods in which VWIUX lost money Average/median dollar loss over those 67 periods 
67/495 = 13.5% $407.91 (average), $212.28 (median) 
Number of periods in which VWIUX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 147 periods 
147/495 = 29.7% $620.38 (average), $271.88 (median) 
Compared to VMMXX, 9/1980  8/1981  $3159.91 
Dollar loss, 4/1979  3/1980  $1563.90 
Real loss (inflationcorrected), 4/1979  3/1980  $3039.55 
Compared to VMMXX  VWIUX vs VMMXX, 9/1980  8/1981 
Average/median additional return above VMMXX, over 495 overlapping 12month periods  +$71.51 (average), +$150.15 (median) 
Longterm
VNYTX: Vanguard New York LongTerm TaxExempt
Length of holding period  12 months 
Total number of overlapping 12month periods  392 
Average/median number of dollars earned in 12 months on a $10,000 investment  $580.88 (average), +$605.74 (median) 
Average CAGR (annualized rate of return) of those 392 12month periods  5.81% 
Standard deviation (σ) of singlemonth returns, annualized  5.29% 
Link to Vanguard's web page for VNYTX  VNYTX 
Vanguard's risk potential classification Risk level 3 (moderate) 
Vanguard funds classified as moderate are subject to a moderate degree of fluctuation in share prices. In general, such funds may be appropriate for investors who have a relatively longterm investment horizon (more than 5 years). 
Number of periods in which VNYTX made less than VMMXX Average/median shortfall versus VMMXX over those 124 periods 
124/392 = 31.6% $327.51 (average), $226.70 (median) 
Number of periods in which VNYTX lost money Average/median dollar loss over those 47 periods 
47/392 = 12.0% $260.35 (average), $288.70 (median) 
Number of periods in which VNYTX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 116 periods 
116/392 = 29.6% $294.57 (average), $219.35 (median) 
Compared to VMMXX, 11/1986  10/1987  $1381.28 
Dollar loss, 11/1986  10/1987  $750.14 
Real loss (inflationcorrected), 11/1986  10/1987  $1203.45 
Compared to VMMXX  VNYTX vs VMMXX, 11/1986  10/1987 
Average/median additional return above VMMXX, over 392 overlapping 12month periods  +$238.36 (average), +$250.44 (median) 
Balanced
VBINX: Vanguard Balanced Index
Length of holding period  12 months 
Total number of overlapping 12month periods  313 
Average/median number of dollars earned in 12 months on a $10,000 investment  $849.61 (average), +$985.16 (median) 
Average CAGR (annualized rate of return) of those 313 12month periods  8.50% 
Standard deviation (σ) of singlemonth returns, annualized  8.79% 
Link to Vanguard's web page for VBINX  VBINX 
Vanguard's risk potential classification Risk level 3 (moderate) 
Vanguard funds classified as moderate are subject to a moderate degree of fluctuation in share prices. In general, such funds may be appropriate for investors who have a relatively longterm investment horizon (more than 5 years). 
Number of periods in which VBINX made less than VMMXX Average/median shortfall versus VMMXX over those 66 periods 
66/313 = 21.1% $959.42 (average), $773.22 (median) 
Number of periods in which VBINX lost money Average/median dollar loss over those 55 periods 
55/313 = 17.6% $783.36 (average), $485.73 (median) 
Number of periods in which VBINX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 68 periods 
68/313 = 21.7% $824.47 (average), $631.16 (median) 
Compared to VMMXX, 3/2008  2/2009  $3000.48 
Dollar loss, 3/2008  2/2009  $2767.23 
Real loss (inflationcorrected), 3/2008  2/2009  $2790.85 
Compared to VMMXX  VBINX vs VMMXX, 3/2008  2/2009 
Average/median additional return above VMMXX, over 313 overlapping 12month periods  +$588.88 (average), +$753.11 (median) 
VSCGX: Vanguard LifeStrategy Conservative Growth
Length of holding period  12 months 
Total number of overlapping 12month periods  291 
Average/median number of dollars earned in 12 months on a $10,000 investment  $698.59 (average), +$781.79 (median) 
Average CAGR (annualized rate of return) of those 291 12month periods  6.99% 
Standard deviation (σ) of singlemonth returns, annualized  6.68% 
Link to Vanguard's web page for VSCGX  VSCGX 
Vanguard's risk potential classification Risk level 3 (moderate) 
Vanguard funds classified as moderate are subject to a moderate degree of fluctuation in share prices. In general, such funds may be appropriate for investors who have a relatively longterm investment horizon (more than 5 years). 
Number of periods in which VSCGX made less than VMMXX Average/median shortfall versus VMMXX over those 59 periods 
59/291 = 20.3% $744.00 (average), $535.80 (median) 
Number of periods in which VSCGX lost money Average/median dollar loss over those 44 periods 
44/291 = 15.1% $652.59 (average), $395.93 (median) 
Number of periods in which VSCGX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 63 periods 
63/291 = 21.6% $612.24 (average), $368.79 (median) 
Compared to VMMXX, 3/2008  2/2009  $2660.09 
Dollar loss, 3/2008  2/2009  $2426.84 
Real loss (inflationcorrected), 3/2008  2/2009  $2450.46 
Compared to VMMXX  VSCGX vs VMMXX, 3/2008  2/2009 
Average/median additional return above VMMXX, over 291 overlapping 12month periods  +$448.82 (average), +$536.07 (median) 
VSMGX: Vanguard LifeStrategy Moderate Growth
Length of holding period  12 months 
Total number of overlapping 12month periods  291 
Average/median number of dollars earned in 12 months on a $10,000 investment  $799.49 (average), +$993.15 (median) 
Average CAGR (annualized rate of return) of those 291 12month periods  7.99% 
Standard deviation (σ) of singlemonth returns, annualized  9.40% 
Link to Vanguard's web page for VSMGX  VSMGX 
Vanguard's risk potential classification Risk level 3 (moderate) 
Vanguard funds classified as moderate are subject to a moderate degree of fluctuation in share prices. In general, such funds may be appropriate for investors who have a relatively longterm investment horizon (more than 5 years). 
Number of periods in which VSMGX made less than VMMXX Average/median shortfall versus VMMXX over those 67 periods 
67/291 = 23.0% $1032.23 (average), $884.19 (median) 
Number of periods in which VSMGX lost money Average/median dollar loss over those 59 periods 
59/291 = 20.3% $869.41 (average), $585.99 (median) 
Number of periods in which VSMGX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 68 periods 
68/291 = 23.4% $941.55 (average), $707.64 (median) 
Compared to VMMXX, 3/2008  2/2009  $3459.91 
Dollar loss, 3/2008  2/2009  $3226.66 
Real loss (inflationcorrected), 3/2008  2/2009  $3250.28 
Compared to VMMXX  VSMGX vs VMMXX, 3/2008  2/2009 
Average/median additional return above VMMXX, over 291 overlapping 12month periods  +$549.71 (average), +$744.56 (median) 
VASIX: Vanguard LifeStrategy Income
Length of holding period  12 months 
Total number of overlapping 12month periods  291 
Average/median number of dollars earned in 12 months on a $10,000 investment  $614.61 (average), +$598.96 (median) 
Average CAGR (annualized rate of return) of those 291 12month periods  6.15% 
Standard deviation (σ) of singlemonth returns, annualized  4.33% 
Link to Vanguard's web page for VASIX  VASIX 
Vanguard's risk potential classification Risk level 2 (conservative to moderate) 
Vanguard funds classified as conservative to moderate are subject to low to moderate fluctuations in share prices. In general, such funds may be appropriate for investors with mediumterm investment horizons (4 to 10 years). 
Number of periods in which VASIX made less than VMMXX Average/median shortfall versus VMMXX over those 53 periods 
53/291 = 18.2% $375.77 (average), $202.98 (median) 
Number of periods in which VASIX lost money Average/median dollar loss over those 22 periods 
22/291 = 7.6% $504.99 (average), $163.66 (median) 
Number of periods in which VASIX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 46 periods 
46/291 = 15.8% $371.38 (average), $236.60 (median) 
Compared to VMMXX, 3/2008  2/2009  $1662.90 
Dollar loss, 3/2008  2/2009  $1429.66 
Real loss (inflationcorrected), 11/2007  10/2008  $1594.10 
Compared to VMMXX  VASIX vs VMMXX, 3/2008  2/2009 
Average/median additional return above VMMXX, over 291 overlapping 12month periods  +$364.84 (average), +$370.02 (median) 
VASGX: Vanguard LifeStrategy Growth
Length of holding period  12 months 
Total number of overlapping 12month periods  291 
Average/median number of dollars earned in 12 months on a $10,000 investment  $883.17 (average), +$1175.63 (median) 
Average CAGR (annualized rate of return) of those 291 12month periods  8.83% 
Standard deviation (σ) of singlemonth returns, annualized  12.27% 
Link to Vanguard's web page for VASGX  VASGX 
Vanguard's risk potential classification Risk level 4 (moderate to aggressive) 
Vanguard funds classified as moderate to aggressive are broadly diversified but are subject to wide fluctuations in share prices because they hold virtually all of their assets in common stocks. These funds may be appropriate for investors who have a longterm investment horizon (10 years or longer). 
Number of periods in which VASGX made less than VMMXX Average/median shortfall versus VMMXX over those 76 periods 
76/291 = 26.1% $1293.38 (average), $1175.26 (median) 
Number of periods in which VASGX lost money Average/median dollar loss over those 67 periods 
67/291 = 23.0% $1179.95 (average), $885.60 (median) 
Number of periods in which VASGX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 77 periods 
77/291 = 26.5% $1211.60 (average), $978.27 (median) 
Compared to VMMXX, 3/2008  2/2009  $4293.05 
Dollar loss, 3/2008  2/2009  $4059.80 
Real loss (inflationcorrected), 3/2008  2/2009  $4083.42 
Compared to VMMXX  VASGX vs VMMXX, 3/2008  2/2009 
Average/median additional return above VMMXX, over 291 overlapping 12month periods  +$633.39 (average), +$935.78 (median) 
VWELX: Vanguard Wellington
Length of holding period  12 months 
Total number of overlapping 12month periods  522 
Average/median number of dollars earned in 12 months on a $10,000 investment  $1145.23 (average), +$1169.91 (median) 
Average CAGR (annualized rate of return) of those 522 12month periods  11.45% 
Standard deviation (σ) of singlemonth returns, annualized  10.11% 
Link to Vanguard's web page for VWELX  VWELX 
Vanguard's risk potential classification Risk level 3 (moderate) 
Vanguard funds classified as moderate are subject to a moderate degree of fluctuation in share prices. In general, such funds may be appropriate for investors who have a relatively longterm investment horizon (more than 5 years). 
Number of periods in which VWELX made less than VMMXX Average/median shortfall versus VMMXX over those 127 periods 
127/522 = 24.3% $783.88 (average), $655.82 (median) 
Number of periods in which VWELX lost money Average/median dollar loss over those 70 periods 
70/522 = 13.4% $610.53 (average), $373.47 (median) 
Number of periods in which VWELX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 117 periods 
117/522 = 22.4% $685.15 (average), $511.66 (median) 
Compared to VMMXX, 3/2008  2/2009  $3104.03 
Dollar loss, 3/2008  2/2009  $2870.78 
Real loss (inflationcorrected), 3/2008  2/2009  $2894.40 
Compared to VMMXX  VWELX vs VMMXX, 3/2008  2/2009 
Average/median additional return above VMMXX, over 522 overlapping 12month periods  +$647.76 (average), +$748.54 (median) 
VWINX: Vanguard Wellesley Income
Length of holding period  12 months 
Total number of overlapping 12month periods  522 
Average/median number of dollars earned in 12 months on a $10,000 investment  $1035.54 (average), +$922.50 (median) 
Average CAGR (annualized rate of return) of those 522 12month periods  10.36% 
Standard deviation (σ) of singlemonth returns, annualized  6.94% 
Link to Vanguard's web page for VWINX  VWINX 
Vanguard's risk potential classification Risk level 3 (moderate) 
Vanguard funds classified as moderate are subject to a moderate degree of fluctuation in share prices. In general, such funds may be appropriate for investors who have a relatively longterm investment horizon (more than 5 years). 
Number of periods in which VWINX made less than VMMXX Average/median shortfall versus VMMXX over those 130 periods 
130/522 = 24.9% $549.84 (average), $470.07 (median) 
Number of periods in which VWINX lost money Average/median dollar loss over those 38 periods 
38/522 = 7.3% $479.82 (average), $353.96 (median) 
Number of periods in which VWINX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 116 periods 
116/522 = 22.2% $474.54 (average), $404.59 (median) 
Compared to VMMXX, 3/2008  2/2009  $1884.28 
Dollar loss, 3/2008  2/2009  $1651.03 
Real loss (inflationcorrected), 4/1979  3/1980  $1984.16 
Compared to VMMXX  VWINX vs VMMXX, 3/2008  2/2009 
Average/median additional return above VMMXX, over 522 overlapping 12month periods  +$538.07 (average), +$595.04 (median) 
Stock
VFINX: Vanguard 500 Index Investor
Length of holding period  12 months 
Total number of overlapping 12month periods  508 
Average/median number of dollars earned in 12 months on a $10,000 investment  $1242.92 (average), +$1387.06 (median) 
Average CAGR (annualized rate of return) of those 508 12month periods  12.43% 
Standard deviation (σ) of singlemonth returns, annualized  14.67% 
Link to Vanguard's web page for VFINX  VFINX 
Vanguard's risk potential classification Risk level 4 (moderate to aggressive) 
Vanguard funds classified as moderate to aggressive are broadly diversified but are subject to wide fluctuations in share prices because they hold virtually all of their assets in common stocks. These funds may be appropriate for investors who have a longterm investment horizon (10 years or longer). 
Number of periods in which VFINX made less than VMMXX Average/median shortfall versus VMMXX over those 126 periods 
126/508 = 24.8% $1464.58 (average), $1384.27 (median) 
Number of periods in which VFINX lost money Average/median dollar loss over those 93 periods 
93/508 = 18.3% $1285.91 (average), $965.20 (median) 
Number of periods in which VFINX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 121 periods 
121/508 = 23.8% $1326.04 (average), $1168.58 (median) 
Compared to VMMXX, 3/2008  2/2009  $4565.72 
Dollar loss, 3/2008  2/2009  $4332.47 
Real loss (inflationcorrected), 3/2008  2/2009  $4356.09 
Compared to VMMXX  VFINX vs VMMXX, 3/2008  2/2009 
Average/median additional return above VMMXX, over 508 overlapping 12month periods  +$746.29 (average), +$899.83 (median) 
VGT: Vanguard Information Technology Index Fund
Length of holding period  12 months 
Total number of overlapping 12month periods  179 
Average/median number of dollars earned in 12 months on a $10,000 investment  $1360.69 (average), +$1341.98 (median) 
Average CAGR (annualized rate of return) of those 179 12month periods  13.61% 
Standard deviation (σ) of singlemonth returns, annualized  17.64% 
Link to Vanguard's web page for VGT  VGT 
Vanguard's risk potential classification Risk level 5 (aggressive) 
Vanguard funds classified as aggressive are subject to extremely wide fluctuations in share prices. These funds may be appropriate for investors who have a longterm investment horizon (10 years or longer). The unusually high volatility associated with these funds may stem from a number of strategies. 
Number of periods in which VGT made less than VMMXX Average/median shortfall versus VMMXX over those 33 periods 
33/179 = 18.4% $1478.65 (average), $753.79 (median) 
Number of periods in which VGT lost money Average/median dollar loss over those 28 periods 
28/179 = 15.6% $1463.38 (average), $831.76 (median) 
Number of periods in which VGT failed to keep up with inflation Average/median real loss (inflationcorrected) over those 35 periods 
35/179 = 19.6% $1360.78 (average), $756.79 (median) 
Compared to VMMXX, 12/2007  11/2008  $4615.09 
Dollar loss, 12/2007  11/2008  $4318.33 
Real loss (inflationcorrected), 11/2007  10/2008  $4488.07 
Compared to VMMXX  VGT vs VMMXX, 12/2007  11/2008 
Average/median additional return above VMMXX, over 179 overlapping 12month periods  +$1214.45 (average), +$1228.76 (median) 
VTI: Vanguard Total Stock Market Index Fund
Length of holding period  12 months 
Total number of overlapping 12month periods  320 
Average/median number of dollars earned in 12 months on a $10,000 investment  $1103.92 (average), +$1385.15 (median) 
Average CAGR (annualized rate of return) of those 320 12month periods  11.04% 
Standard deviation (σ) of singlemonth returns, annualized  14.50% 
Link to Vanguard's web page for VTI  VTI 
Vanguard's risk potential classification Risk level 4 (moderate to aggressive) 
Vanguard funds classified as moderate to aggressive are broadly diversified but are subject to wide fluctuations in share prices because they hold virtually all of their assets in common stocks. These funds may be appropriate for investors who have a longterm investment horizon (10 years or longer). 
Number of periods in which VTI made less than VMMXX Average/median shortfall versus VMMXX over those 72 periods 
72/320 = 22.5% $1587.34 (average), $1507.24 (median) 
Number of periods in which VTI lost money Average/median dollar loss over those 61 periods 
61/320 = 19.1% $1535.06 (average), $1367.37 (median) 
Number of periods in which VTI failed to keep up with inflation Average/median real loss (inflationcorrected) over those 71 periods 
71/320 = 22.2% $1510.09 (average), $1396.15 (median) 
Compared to VMMXX, 3/2008  2/2009  $4547.36 
Dollar loss, 3/2008  2/2009  $4314.12 
Real loss (inflationcorrected), 3/2008  2/2009  $4337.74 
Compared to VMMXX  VTI vs VMMXX, 3/2008  2/2009 
Average/median additional return above VMMXX, over 320 overlapping 12month periods  +$842.11 (average), +$1112.94 (median) 
VTIAX: Vanguard Total International Stock Index
Length of holding period  12 months 
Total number of overlapping 12month periods  272 
Average/median number of dollars earned in 12 months on a $10,000 investment  $673.14 (average), +$881.74 (median) 
Average CAGR (annualized rate of return) of those 272 12month periods  6.73% 
Standard deviation (σ) of singlemonth returns, annualized  16.81% 
Link to Vanguard's web page for VTIAX  VTIAX 
Vanguard's risk potential classification Risk level 5 (aggressive) 
Vanguard funds classified as aggressive are subject to extremely wide fluctuations in share prices. These funds may be appropriate for investors who have a longterm investment horizon (10 years or longer). The unusually high volatility associated with these funds may stem from a number of strategies. 
Number of periods in which VTIAX made less than VMMXX Average/median shortfall versus VMMXX over those 108 periods 
108/272 = 39.7% $1489.53 (average), $1175.82 (median) 
Number of periods in which VTIAX lost money Average/median dollar loss over those 94 periods 
94/272 = 34.6% $1453.19 (average), $1188.21 (median) 
Number of periods in which VTIAX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 103 periods 
103/272 = 37.9% $1499.40 (average), $1276.12 (median) 
Compared to VMMXX, 3/2008  2/2009  $5383.16 
Dollar loss, 3/2008  2/2009  $5149.92 
Real loss (inflationcorrected), 11/2007  10/2008  $5222.38 
Compared to VMMXX  VTIAX vs VMMXX, 3/2008  2/2009 
Average/median additional return above VMMXX, over 272 overlapping 12month periods  +$444.35 (average), +$614.94 (median) 
VTSAX: Vanguard Total Stock Market Index
Length of holding period  12 months 
Total number of overlapping 12month periods  320 
Average/median number of dollars earned in 12 months on a $10,000 investment  $1103.60 (average), +$1383.17 (median) 
Average CAGR (annualized rate of return) of those 320 12month periods  11.04% 
Standard deviation (σ) of singlemonth returns, annualized  14.44% 
Link to Vanguard's web page for VTSAX  VTSAX 
Vanguard's risk potential classification Risk level 4 (moderate to aggressive) 
Vanguard funds classified as moderate to aggressive are broadly diversified but are subject to wide fluctuations in share prices because they hold virtually all of their assets in common stocks. These funds may be appropriate for investors who have a longterm investment horizon (10 years or longer). 
Number of periods in which VTSAX made less than VMMXX Average/median shortfall versus VMMXX over those 72 periods 
72/320 = 22.5% $1587.75 (average), $1506.84 (median) 
Number of periods in which VTSAX lost money Average/median dollar loss over those 61 periods 
61/320 = 19.1% $1535.53 (average), $1368.58 (median) 
Number of periods in which VTSAX failed to keep up with inflation Average/median real loss (inflationcorrected) over those 71 periods 
71/320 = 22.2% $1510.51 (average), $1395.19 (median) 
Compared to VMMXX, 3/2008  2/2009  $4548.42 
Dollar loss, 3/2008  2/2009  $4315.17 
Real loss (inflationcorrected), 3/2008  2/2009  $4338.79 
Compared to VMMXX  VTSAX vs VMMXX, 3/2008  2/2009 
Average/median additional return above VMMXX, over 320 overlapping 12month periods  +$841.79 (average), +$1112.52 (median) 
Notes
 ↑ John Bogle, in his 1994 classic, Bogle on Mutual Funds, suggested using a lowcost shortterm treasury bond fund, with its government backed credit rating, as a prudent substitute for a money market fund for investment reserves distinct from savings and transaction account balances. (p.132 in the text)
 ↑ For funds and ETFs, calculations are based on data made publicly available free of charge from Morningstar. Data for the CPI is CPIU, "CPI for All Urban Consumers," not seasonally adjusted, obtained from the Bureau of Labor Statistics.
See also
 Using mutual funds and ETFs for shortterm savings (6 months)
 Using mutual funds and ETFs for shortterm savings (5 years)
