SWVXX vs SNSXX: SWVXX yields more, but SNSXX keeps more after tax in 38 states (0% vs 99.99% state tax exempt for 2025)
Schwab Prime Advantage Money Fund (SWVXX) paid the higher 7-day yield on October 16, 2026, 3.71% against 3.60% for Schwab U.S. Treasury Money Fund (SNSXX). But none of SWVXX's 2025 dividends came from U.S. government obligations, while 99.99% of SNSXX's did, and SNSXX met the 50% test that California, Connecticut and New York require. So for our example filer SNSXX keeps more after tax in 38 states, and SWVXX keeps more in the other 13: Alaska, District of Columbia, Florida, Hawaii, Kentucky, Nevada, New Hampshire, North Dakota, South Dakota, Tennessee, Texas, Washington and Wyoming.
- The flip point. Where dividends are not taxed, SWVXX's higher yield wins: $44.46 more a year on $50,000 in Texas. In a state that taxes SWVXX's dividends but exempts SNSXX's, SWVXX would need a 7-day yield of about 4.08% in California and 3.89% in New York to keep as much as SNSXX at 3.60%, for this filer. Every state is in the table.
- What they hold. SWVXX is a prime fund: Schwab says it “Invests in high-quality, short-term money market investments issued by U.S. and foreign issuers”. SNSXX “Typically invests in securities backed by the full faith and credit of the U.S. government”, and Schwab adds: “This fund is prohibited from investing in repurchase agreements.”
- Same cost, same minimum. Both Investor Shares have no minimum and a 0.34% net expense ratio (0.35% gross). Both are open only to Schwab clients.
- A rule only SWVXX has. SWVXX is a retail fund “available for investment by natural persons only”, and, unlike SNSXX, it “may impose a fee upon the sale of your shares” if its board decides that is in the fund's best interests.
SWVXX and SNSXX side by side
| SWVXX | SNSXX | |
|---|---|---|
| Fund | Schwab Prime Advantage Money Fund, Investor Shares | Schwab U.S. Treasury Money Fund, Investor Shares |
| Sponsor | Schwab | Schwab |
| Type | Prime money market fund (mutual fund), retail only, $1.00 share price | Government money market fund (mutual fund), $1.00 share price |
| What it holds | Schwab: “Invests in high-quality, short-term money market investments issued by U.S. and foreign issuers” | Schwab: “Typically invests in securities backed by the full faith and credit of the U.S. government”; “This fund is prohibited from investing in repurchase agreements.” |
| Current yield | 7-day yield 3.71% (Oct. 16, 2026) | 7-day yield 3.60% (Oct. 16, 2026) |
| Expense ratio | 0.34% net (0.35% gross) | 0.34% net (0.35% gross) |
| Minimum first purchase | No minimum | No minimum |
| How you buy and sell | Only for Schwab clients, at the $1.00 net asset value; open to “natural persons only” | Only for Schwab clients, at the $1.00 net asset value |
| Settlement or sweep fund? | No. Schwab says it “has eliminated sweep money market funds as a cash feature for most new and existing accounts” | No (same Schwab statement as SWVXX) |
| Fees on sales or gates | Can charge a fee on sales: Schwab's money funds other than its government and Treasury funds “may impose a fee upon the sale of your shares” if the fund's board decides it is in the fund's best interests | Not subject to that fee: Schwab lists it among the exceptions |
| U.S. government share of 2025 dividends | 0.00% | 99.99% |
| Met the 50% test (CA, CT, NY), 2025 | No | Yes |
| What the sponsor says about 2025 | A prime fund that Schwab's 2025 table leaves out, which Schwab says means 0% of its dividends came from U.S. government obligations | Schwab marks it as meeting the 50% test (Schwab's document, read Sept. 22, 2026) |
SWVXX vs SNSXX after tax in all 50 states and D.C.
The yield left after federal and state income tax for a single filer aged 35 with $90,000 of wages and $50,000 in the fund for a year, at the yields above. “Keeps more” is the dollar difference over a year on $50,000. “Break-even” is the 7-day yield SWVXX would need to keep as much as SNSXX at 3.60% in that state, for this filer.
| State | SWVXX after tax | SNSXX after tax | Keeps more, a year | Break-even SWVXX yield | Why |
|---|---|---|---|---|---|
| Alabama | 2.80% | 2.90% | SNSXX, $49.36 | 3.84% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Alaska | 2.95% | 2.86% | SWVXX, $44.46 | 3.60% | No state tax on dividends: only the yields matter. |
| Arizona | 2.85% | 2.86% | SNSXX, $2.76 | 3.72% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Arkansas | 2.81% | 2.86% | SNSXX, $25.43 | 3.78% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| California | 2.60% | 2.86% | SNSXX, $131.21 | 4.08% | 50% test: SNSXX met it (99.99% exempt); SWVXX had no U.S. government income. |
| Colorado | 2.78% | 2.86% | SNSXX, $38.65 | 3.81% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Connecticut | 2.69% | 2.86% | SNSXX, $84.43 | 3.93% | 50% test: SNSXX met it (99.99% exempt); SWVXX had no U.S. government income. |
| Delaware | 2.70% | 2.86% | SNSXX, $80.20 | 3.93% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| District of Columbia | 2.63% | 2.55% | SWVXX, $39.62 | 3.60% | No rule found for fund dividends: our calculator taxes both in full, so only the yields matter. |
| Florida | 2.95% | 2.86% | SWVXX, $44.46 | 3.60% | No state tax on dividends: only the yields matter. |
| Georgia | 2.76% | 2.86% | SNSXX, $49.80 | 3.84% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Hawaii | 2.66% | 2.58% | SWVXX, $40.14 | 3.60% | No rule found for fund dividends: our calculator taxes both in full, so only the yields matter. |
| Idaho | 2.75% | 2.86% | SNSXX, $55.65 | 3.86% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Illinois | 2.76% | 2.86% | SNSXX, $49.04 | 3.84% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Indiana | 2.84% | 2.86% | SNSXX, $11.26 | 3.74% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Iowa | 2.80% | 2.86% | SNSXX, $27.32 | 3.78% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Kansas | 2.74% | 2.86% | SNSXX, $60.94 | 3.87% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Kentucky | 2.81% | 2.73% | SWVXX, $42.47 | 3.60% | No rule found for fund dividends: our calculator taxes both in full, so only the yields matter. |
| Louisiana | 2.83% | 2.86% | SNSXX, $12.20 | 3.74% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Maine | 2.68% | 2.86% | SNSXX, $90.59 | 3.96% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Maryland | 2.77% | 2.86% | SNSXX, $45.26 | 3.83% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Massachusetts | 2.76% | 2.86% | SNSXX, $49.99 | 3.84% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Michigan | 2.79% | 2.86% | SNSXX, $35.82 | 3.80% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Minnesota | 2.69% | 2.86% | SNSXX, $83.98 | 3.94% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Mississippi | 2.80% | 2.86% | SNSXX, $31.10 | 3.79% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Missouri | 2.78% | 2.86% | SNSXX, $44.23 | 3.83% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Montana | 2.73% | 2.86% | SNSXX, $62.27 | 3.88% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Nebraska | 2.78% | 2.86% | SNSXX, $41.49 | 3.82% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Nevada | 2.95% | 2.86% | SWVXX, $44.46 | 3.60% | No state tax on dividends: only the yields matter. |
| New Hampshire | 2.95% | 2.86% | SWVXX, $44.46 | 3.60% | No state tax on dividends: only the yields matter. |
| New Jersey | 2.71% | 2.86% | SNSXX, $75.86 | 3.91% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| New Mexico | 2.76% | 2.86% | SNSXX, $48.10 | 3.84% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| New York | 2.72% | 2.86% | SNSXX, $66.99 | 3.89% | 50% test: SNSXX met it (99.99% exempt); SWVXX had no U.S. government income. |
| North Carolina | 2.80% | 2.86% | SNSXX, $30.91 | 3.79% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| North Dakota | 2.87% | 2.86% | SWVXX, $7.63 | 3.69% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Ohio | 2.84% | 2.86% | SNSXX, $7.48 | 3.73% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Oklahoma | 2.78% | 2.86% | SNSXX, $40.54 | 3.82% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Oregon | 2.62% | 2.86% | SNSXX, $120.82 | 4.05% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Pennsylvania | 2.83% | 2.86% | SNSXX, $13.53 | 3.74% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. Pennsylvania uses its own percentage, which can differ. |
| Rhode Island | 2.81% | 2.86% | SNSXX, $26.37 | 3.78% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| South Carolina | 2.70% | 2.81% | SNSXX, $55.00 | 3.86% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| South Dakota | 2.95% | 2.86% | SWVXX, $44.46 | 3.60% | No state tax on dividends: only the yields matter. |
| Tennessee | 2.95% | 2.86% | SWVXX, $44.46 | 3.60% | No state tax on dividends: only the yields matter. |
| Texas | 2.95% | 2.86% | SWVXX, $44.46 | 3.60% | No state tax on dividends: only the yields matter. |
| Utah | 2.73% | 2.86% | SNSXX, $64.16 | 3.88% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Vermont | 2.70% | 2.86% | SNSXX, $80.20 | 3.93% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Virginia | 2.73% | 2.86% | SNSXX, $64.16 | 3.88% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Washington | 2.95% | 2.86% | SWVXX, $44.46 | 3.60% | No state tax on dividends: only the yields matter. |
| West Virginia | 2.77% | 2.86% | SNSXX, $42.05 | 3.82% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Wisconsin | 2.72% | 2.86% | SNSXX, $67.66 | 3.89% | Exempts each fund's U.S. government share: SNSXX 99.99%, SWVXX none. |
| Wyoming | 2.95% | 2.86% | SWVXX, $44.46 | 3.60% | No state tax on dividends: only the yields matter. |
SNSXX keeps more in 38 states, all of them states that tax SWVXX's dividends; SWVXX keeps more in the 9 states without tax on dividends, in D.C., Hawaii and Kentucky (where our calculator taxes both funds), and in North Dakota, where the state tax on this filer's dividends is too small to cover the yield gap.
What SWVXX costs in California, Connecticut and New York
For a single filer aged 35 with $90,000 of wages and $50,000 in the fund for a year, SWVXX's $1,889.16 of dividends adds $175.69 to California tax; SNSXX's $1,832.15 adds $0.02, because SNSXX met the 50% test. In New York the figures are $111.46 and $0.01, in Connecticut $128.90 and $0.01. New York and Connecticut do not count repurchase agreements toward the 50%; SNSXX may not hold them at all. The largest gaps in SNSXX's favor are in California, Oregon and Maine: $131.21, $120.82 and $90.59 a year.
Quick answers
Is SNSXX better than SWVXX?
For what is left after tax, it depends on your state. At the Oct. 16, 2026 yields SNSXX kept more for our example in 38 states and SWVXX in 13 (Alaska, District of Columbia, Florida, Hawaii, Kentucky, Nevada, New Hampshire, North Dakota, South Dakota, Tennessee, Texas, Washington, Wyoming). The rule behind it: SWVXX's extra yield (0.11 point on Oct. 16, 2026) is fully taxed by your state, while SNSXX's dividends are almost entirely exempt in most states. The higher your state tax rate, the larger the yield gap SWVXX needs. Which suits your cash is your decision.
Is SNSXX state tax exempt? Is SWVXX?
SNSXX: 99.99% of its 2025 dividends came from U.S. government obligations, and Schwab marks it as meeting the 50% test, so that share is exempt in 39 states, California, Connecticut and New York included. SWVXX: 0%, so its dividends are fully taxable in every state that taxes dividends. Federal tax applies to both; IRS Publication 550: “Report amounts you receive from money market funds as dividend income.”
SNSXX vs SWVXX yield and expense ratio
Schwab's money fund yields page for October 16, 2026: SWVXX 3.71% and SNSXX 3.60% (7-day yield with waivers). Both Investor Shares show a 0.35% gross and 0.34% net expense ratio and no minimum initial investment. The Ultra Shares (SNAXX for Prime Advantage, SUTXX for U.S. Treasury) have a $1,000,000 minimum and lower expenses.
Is SWVXX or SNSXX Schwab's sweep fund?
No. Schwab says it “has eliminated sweep money market funds as a cash feature for most new and existing accounts”; it says only limited accounts can still have a money fund as their cash feature. What brokerage sweeps pay is in our cash rate record.
Can SWVXX charge a fee when I sell?
It can. Schwab says its money funds, with the exception of “Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund” and two others, “may impose a fee upon the sale of your shares” if the fund's board or its delegate decides the fee is in the fund's best interests. SNSXX is on the list of exceptions; SWVXX is not.
Is SWVXX still the Value Advantage fund?
Schwab now lists SWVXX as Schwab Prime Advantage Money Fund, Investor Shares, on its money fund yields page and the fund's own page.
How we built this page
- The yields, expense ratios, minimums and fund descriptions are the sponsors' own pages, read October 17, 2026. To keep the comparison fair, both yields are each fund company's latest figure.
- The 2025 shares and 50% test results are the sponsors' 2025 tax documents. Schwab's is a PDF on a server whose robots.txt closes it to automated reading; we read it on September 22, 2026 and quote nothing from it.
- Each state's rule comes from its own instructions, regulations or statutes, listed in our calculator's table of state rules. The after-tax figures come from the reference code that produces the calculator's published test cases.
- For twelve funds from five sponsors side by side, see state tax exempt money market funds; for Fidelity's core fund, Is SPAXX state tax exempt?; for SGOV in every state, Is SGOV state tax exempt?
Rechecks and changes
We will update the 2025 shares when the sponsors publish their 2026 documents, usually in January or February, and the yields every month.
- . First published.
Sources: Schwab Asset Management, 2025 Supplementary Tax Information; Schwab Asset Management, Money Fund Yields; Schwab Asset Management, SWVXX fund page; Schwab Asset Management, SNSXX fund page; IRS, Publication 550 (2025); each state's source is in our calculator's table of state rules. Dollars Ahead is not affiliated with Schwab or any state. This page reports what the funds and states publish. It is not tax or investment advice.