SWVXX yield: 3.77% as filed, and what it keeps after tax

What the filings say about SWVXX

Schwab Prime Advantage Money Fund is the highest-yielding of the large retail funds in this data: 3.77% for October 30, 2026, with $247.8 billion in its Investor class. The reason is in the holdings. More than half of the portfolio, 54%, sat in commercial paper, certificates of deposit and similar bank and corporate debt, the rest mostly in repo. Almost none of it, 1%, was in Treasuries or exempt agency debt, so for state tax purposes SWVXX dividends are close to fully taxable everywhere. That is the trade: a higher yield, more credit exposure, and no state exemption. In a state without income tax the trade is simple. In California, the Treasury fund SNSXX, which reported 3.61%, can keep more of each dollar despite the lower yield, because its dividend escapes the 9.3% or higher state rate. The calculator shows where the line falls for your income.

SWVXX 7-day yield as filed, June 1, 2026 to October 30, 2026

A fund reports these yields once a month, within five business days of month end. Between two reports the figure here ages: by the time the October 2026 report is replaced, it is up to five weeks old. The fund’s own site shows today’s figure.

What SWVXX held on October 31, 2026

Share of the portfolio in U.S. government debt whose interest states cannot tax: 0.7%. This is the figure the calculator above uses as the state-tax-free part of the dividend. It is an estimate from the holdings on one day; the fund’s year-end tax statement gives the share of the year’s dividends, which is the figure for a tax return.

SWVXX and the 50% quarter-end test

In California, Connecticut and New York, the part of a dividend earned on U.S. government debt is state-tax-free only if the fund kept at least half its money in that debt at every quarter end. These quarter-end figures only decide pass or fail; the 1% above is the part the calculator treats as tax-free. SWVXX fell below half at one or more quarter ends in the data, so residents of the three states pay state tax on the whole dividend for the year. The law looks at the close of each quarter of the fund’s own tax year, which is not always the calendar quarter; calendar quarter-end reports are a close proxy, and the fund’s year-end letter says whether it qualified. How the rule works.

SWVXX at a glance

Where SWVXX ranks after tax

Among the 283 share classes in the data, for a single filer with $120,000 of taxable income and $50,000 in the fund:

The rank compares SWVXX with every other fund for a resident of that state. In a state with no income tax, such as Texas, funds whose dividends are taxed by states catch up, so the rank can be lower even though you keep more. In California, the fund ranked first kept $259 a year more than SWVXX on $50,000.

A rank of past yields, not a recommendation, and this site does not say which fund to hold. Moving cash to another fund can involve a minimum or a fee set by your brokerage. Rank every fund for your situation.

What to watch in SWVXX

Retail prime funds keep a stable $1.00 price under rule 2a-7 and may charge a discretionary liquidity fee in stress. The expense drag measured on the filed gross and net yields was about 0.34%.