SNSXX vs SWVXX (2026)
Schwab’s safety-versus-yield pair. SNSXX is a Treasury fund: lower headline yield, but the income is largely exempt from state and local tax, and it holds only Treasuries. SWVXX is a prime fund holding commercial paper and other short corporate debt, which is why its yield runs higher. Neither is a Schwab sweep, so you are buying both by hand either way. In a high-tax state the after-tax gap narrows or reverses, so run your own state rate before assuming the prime fund’s bigger number wins.
By Wealthy Pot · Last updated October 2026
| Feature | SNSXX | SWVXX |
|---|---|---|
| Provider | Schwab | Schwab |
| Wrapper | Money-market fund | Money-market fund |
| Holdings type | Treasury | Prime |
| 7-day SEC yield | 3.53% (7-day yield, Sep 30, 2026, SEC filing) | 3.71% (7-day yield, Sep 30, 2026, SEC filing) |
| Share price | Stable $1.00 NAV (targeted, not guaranteed) | Stable $1.00 NAV (targeted, not guaranteed) |
| Expense ratio | 0.34% | 0.34% |
| Minimum | $0 | $0 |
| State tax | Largely state-tax-exempt, a U.S. Treasury fund (~100% Treasury holdings) | Fully taxable at the state level (0% U.S. government obligations, 2025) |
| Auto-sweep? | No, bought manually | No, Schwab does not auto-sweep into it; you buy it manually |
| Best for | High-tax-state Schwab investors who want state-tax-exempt Treasury income | Schwab investors who want a higher prime-fund yield on cash |
Where SNSXX wins
- A no-minimum Treasury fund with largely state-tax-exempt income
Where SWVXX wins
- A competitive prime-fund yield
- No minimum investment
- One of the most popular funds for Schwab cash
Which should you choose?
Schwab’s safety-versus-yield pair. SNSXX is a Treasury fund: lower headline yield, but the income is largely exempt from state and local tax, and it holds only Treasuries. SWVXX is a prime fund holding commercial paper and other short corporate debt, which is why its yield runs higher. Neither is a Schwab sweep, so you are buying both by hand either way. In a high-tax state the after-tax gap narrows or reverses, so run your own state rate before assuming the prime fund’s bigger number wins.
Compare these against every fund in our money-market fund comparison.
We summarize the funds' published facts, not user reviews. Yields are variable, change daily, and are re-checked against each fund's official page. Neither money-market funds nor ETFs are FDIC-insured, and an ETF's share price can fall as well as rise. Some outbound links may be affiliate links. That never affects our comparisons. Nothing here is financial advice.