SWVXX vs SNSXX: Schwab prime or Treasury, state by state
Schwab Prime Advantage against Schwab U.S. Treasury, as filed for October 30, 2026. Not investment advice.
Example result
SNSXX after federal and California tax
2.74%
$1,372 a year kept on $1,805 of dividends
| Dividends before tax | $1,805 |
| Federal tax at 24.0% | −$433 |
| State tax at 9.30% $1,805 of the $1,805 is free of California tax | −$0 |
SWVXX after federal and California tax
2.51%
$1,257 a year kept on $1,885 of dividends
SNSXX leaves $115 more a year than SWVXX.
Yield reported by the fund for October 30, 2026; yields change daily. Estimate, not tax or investment advice. Nothing you type leaves your browser. How it is computed
A yield edge that state tax can erase
SWVXX is a prime fund: it earns its extra yield by lending to banks and companies for days or weeks, and on the last filed day it paid 3.77% against 3.61% for SNSXX, which holds Treasury bills and notes only. Federal tax treats the two the same, as ordinary income. State tax does not. Almost none of the SWVXX dividend comes from U.S. obligations, so every state with an income tax taxes nearly all of it, while the SNSXX dividend is interest on Treasuries that states may not tax. Whether the prime fund’s yield edge survives therefore depends on your state rate. With $120,000 of taxable income as a single filer, the Treasury fund kept more in California, New York, Connecticut, New Jersey, Illinois, and the prime fund kept more in the others. The edge also depends on how long it lasts: prime yields move with bank funding conditions, and the gap between the two funds was not constant over the months on file.
Which keeps more, by state
| State | SWVXX after tax | SNSXX after tax | Keeps more |
|---|---|---|---|
| California | 2.51% | 2.74% | SNSXX |
| New York | 2.64% | 2.74% | SNSXX |
| Connecticut | 2.64% | 2.74% | SNSXX |
| New Jersey | 2.63% | 2.74% | SNSXX |
| Pennsylvania | 2.75% | 2.74% | SWVXX |
| Illinois | 2.68% | 2.74% | SNSXX |
| Texas | 2.87% | 2.74% | SWVXX (no state tax) |
| Florida | 2.87% | 2.74% | SWVXX (no state tax) |
Single filer, $120,000 of taxable income, yields as filed.
SWVXX and SNSXX side by side
| SWVXX | SNSXX | |
|---|---|---|
| Type | Prime | Treasury only |
| 7-day net yield as filed | 3.77% | 3.61% |
| Gross 7-day yield of the fund | 4.11% | 3.95% |
| Expenses taken from the yield (expense drag) | 0.34% | 0.34% |
| State-tax-free part (U.S. government debt), last month end | 0.7% | 100.0% |
| U.S. government debt, June 30, 2026 | 0.0% | 100.0% |
| U.S. government debt, September 30, 2026 | 0.0% | 100.0% |
| Average days until holdings repay or reset their rate (weighted average maturity) | 31 days | 44 days |
| Average days until holdings are paid back in full (weighted average life) | 59 days | 72 days |
| Assets in the share class | $247.8 billion | $44.7 billion |
| Minimum initial investment on file | None reported | None reported |
| After tax, California | 2.51% | 2.74% |
| After tax, New York (outside NYC) | 2.64% | 2.74% |
| After tax, Texas | 2.87% | 2.74% |
The after-tax rows use one fixed example, the same in every side-by-side table on this site: a single filer with $120,000 of taxable income, and this site’s estimate of the state-tax-free part. Your own figures go in the calculator above.
Questions about this page
Tap a question to see the answer.
Is SWVXX or SNSXX better for a Californian?
On the filed yields, for a single filer at $120,000, SWVXX left 2.51% and SNSXX 2.74% after federal and California tax. The prime fund’s higher yield is taxed by California in full; the Treasury fund’s is not taxed by California at all. Past yields, not advice.
What is the risk difference between SWVXX and SNSXX?
SNSXX holds only Treasury securities. SWVXX lends to banks and companies through commercial paper and certificates of deposit, about 54% of its portfolio, so it carries credit risk the Treasury fund does not, and as a retail prime fund it may charge a liquidity fee in stress.
Does the answer change with income?
Yes. A higher bracket raises the state tax saved by the Treasury fund and also the federal tax on both, which shrinks the gap in dollars. A low flat state rate, as in Pennsylvania at 3.07%, can leave the prime fund narrowly ahead. The calculator reruns the comparison for your income and state.
Other pages
Filings, rules and tax schedules behind this page
- Securities and Exchange Commission, Form N-MFP data sets (monthly, as filed)
- 17 CFR 270.2a-7, money market funds (rule 2a-7)
- California Franchise Tax Board, 2025 Schedule CA (540) instructions: funds with 50% of assets in U.S. or California obligations
- Pennsylvania Department of Revenue, Personal Income Tax Guide: Dividends
- Illinois Department of Revenue, Publication 101, Income Exempt from Tax
Compiled by Radif Partners
Independent publisher of money market fund yield and after-tax calculators built on Form N-MFP filings
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Fund data as filed for 2026, site checked on