Fidelity Government Money Market Fund (SPAXX)

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Fidelity Government Money Market Fund (SPAXX) is up 1.4% since the beginning of the year. SPAXX is currently trading at $1 per share. Investors who bought $1,000 worth of SPAXX shares 5 years ago would now be looking at an investment worth $1,075.

Fidelity Government Money Market Fund (SPAXX) has returned 1.37% so far this year and 3.66% over the past 12 months.

Based on dividend-adjusted daily data since May 25, 2021, SPAXX's average daily return is +0.01%, while the average monthly return is +0.12%. At this rate, an investment would double in approximately 48.2 years.

Historically, 35% of months were positive and 65% were negative. The best month was May 2024 with a return of +0.4%, while the worst month was May 2021 at 0.0%. The longest winning streak lasted 19 consecutive months, and the longest losing streak was 0 months.

On a daily basis, SPAXX closed higher 2% of trading days. The best single day was May 31, 2024 with a return of +0.4%, while the worst single day was May 26, 2021 at 0.0%.

Fidelity Government Money Market Fund has an annualized alpha of 1.45%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since May 26, 2021.

• This fund captured 2.88% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -2.98%) - a profile typical of hedging or uncorrelated assets.
• Beta of 0.00 may look defensive, but with R2 of 0.00 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
• R2 of 0.00 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

SPAXX has an expense ratio of 0.42%, placing it in the medium range.

The table below present risk-adjusted performance metrics for Fidelity Government Money Market Fund (SPAXX) and compare them to S&P 500 Index.

Fidelity Government Money Market Fund provided a 3.59% dividend yield over the last twelve months, with an annual payout of $0.04 per share. The fund has been increasing its distributions for 2 consecutive years.

The table displays the monthly dividend distributions for Fidelity Government Money Market Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the Fidelity Government Money Market Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The portfolio has not yet recovered.

The chart below shows the rolling one-month volatility.