Money market fund yields vs T-bill auction rates, after your state's tax
Daily yields of the Treasury and government money funds (and T-bill ETFs) we track, against the rate at every Treasury bill auction. Pick your state to see what each one pays after state income tax.
Short history so far. We started recording fund yields on Oct 21, 2026 (15 refresh days through Nov 12, 2026); we don't back-fill fund yields. Bill auctions are shown from Sep 23, 2026 for context. The chart grows with every refresh. For bill rates back to 1979 see rate history.
Showing yields before state tax. T-bills are 100% state-tax-exempt. Funds use their 2025 state-exempt share; CA/CT/NY get 0% for funds that failed or didn't state the 50% test. Federal tax is left out because it hits every option equally.
Latest point per series
| Series | Date | Yield | Shown (after state tax if picked) | Notes |
|---|
Download the data
- fund_vs_bill_yields.csv: every point in this chart before tax (250 rows), one row per fund per source as-of date and one per bill auction, with yield type, 2025 state-exempt share and CA/CT/NY 50% test result.
- the series you've ticked, with the after-state-tax yield for the state you picked.
- Full archives: yield_snapshots.csv (every tracked yield per refresh day) and auctions.csv (every bill auction since 1979), described on rate history.
How to read it
- Fund points are dated by the issuer's own as-of date (7-day yield for money funds, 30-day SEC yield for ETFs; F/m reports SEC yields a month late). Bill points are each auction's high investment rate, the bond-equivalent yield, dated by auction day.
- A money fund's yield is an average of what it earned over the last 7 days, so it trails changes in bill auction rates by a few days to weeks.
- After state tax = yield × (1 − state rate × (1 − state-exempt share)). This is the same math as the state pages.
Not financial advice. Rankings are mechanical calculations from published yields and issuer tax data. They ignore fees you pay your broker, trading spreads, minimums, liquidity, and your full tax picture. Check the source links before acting.