SNSXX vs SWVXX: Which Should You Pick?
Schwab's Treasury money fund against its prime fund. SWVXX yields 10-28bp more; SNSXX was 99.99% state-exempt for 2025 and passes CA/CT/NY. With a calculator.
Both are Schwab money market funds with a $1.00 share price, a 0.34% net expense ratio and no minimum. SNSXX holds U.S. Treasuries. SWVXX, renamed from the Schwab Value Advantage Money Fund in 2025, is a retail prime fund holding certificates of deposit, commercial paper and repurchase agreements. Neither is where Schwab puts your cash by default; both have to be bought.
Quick answer
SNSXX in a taxable account in most states with an income tax. SWVXX yielded 10 to 28 basis points more at every month end from August 2025 to August 2026, but Schwab reported 99.99% of SNSXX’s 2025 income as Treasury interest, exempt from state tax and passing the California, Connecticut and New York test, against 0% for SWVXX. For one modeled California saver at 32% federal and 9.3% state, SNSXX came out $90 to $130 a year ahead on $50,000 in each of those months. With no state income tax, or inside an IRA, SWVXX keeps its extra yield, at the price of credit risk and a possible fee of up to 2% on sales in a crisis.
| SNSXX | SWVXX | |
|---|---|---|
| Fund type | Government (U.S. Treasuries) | Retail prime (CDs, commercial paper, repo) |
| 7-day yield, Oct 6 2026 | 3.55% | 3.70% |
| Net expense ratio | 0.34% | 0.34% |
| Minimum | None | None |
| 2025 income from US gov't obligations | 99.99% | 0% |
| CA / CT / NY quarterly test | Passed | No exempt income |
| Liquidity fee on sales | Board opted out | Up to 2%, at Schwab's discretion |
| Who can buy | Any Schwab client | Individuals only |
| Share price | $1.00 | $1.00 |
Who should pick which
Buy SNSXX for taxable cash if your state has an income tax above about 2% to 3%, and for an emergency fund anywhere, since it cannot charge a fee on sales without first giving notice.
Buy SWVXX in a state with no income tax, or for cash held inside an IRA, where its 10 to 15 basis points of extra yield are the only difference and you accept the prime-fund risk.
Does this decision matter?
Yields are Schwab’s 7-day yields for October 6, 2026. The 13-month yield history is from the funds’ SEC Form N-MFP3 filings, and government-obligation percentages are for tax year 2025, republished each January.
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