PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
AVES vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AVES vs. SPAXX

Last updated Jun 14, 2026

AVES (Avantis Emerging Markets Value ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - AVES is a Emerging Markets Equities fund actively managed by Avantis, while SPAXX is a Money Market fund actively managed by Fidelity. Both are actively managed. Over the past 3 years, AVES returned 19.19%/yr vs 2.42%/yr for SPAXX. At a correlation of -0.04, they often move in opposite directions. AVES charges 0.36%/yr vs 0.42%/yr for SPAXX.

Performance

AVES vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Value ETF (AVES) and Fidelity Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, AVES achieves a 15.51% return, which is significantly higher than SPAXX's 1.37% return.

AVES

1D
0.32%
1M
2.97%
YTD
15.51%
6M
18.20%
1Y
31.51%
3Y*
19.19%
5Y*
—
10Y*
—

SPAXX

1D
0.00%
1M
0.28%
YTD
1.37%
6M
1.67%
1Y
3.66%
3Y*
2.42%
5Y*
1.45%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

AVES vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
AVES
Avantis Emerging Markets Value ETF		15.51%30.49%4.50%16.79%-16.04%0.95%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between AVES and SPAXX is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.01

Correlation (3Y)
Calculated over the trailing 3-year period

-0.06

Correlation (All Time)
Calculated using the full available price history since Sep 30, 2021

-0.04

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Avantis Emerging Markets Value ETF

Fidelity Government Money Market Fund

Often compared with AVES:
AVES vs. AVEMAVES vs. AVEEAVES vs. VWOAVES vs. DFEVAVES vs. DGSAVES vs. FNDEAVES vs. DFEVX
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

AVES vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
AVES
AVES Risk / Return Rank: 5454
Overall Rank
AVES Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
AVES Sortino Ratio Rank: 5252
Sortino Ratio Rank
AVES Omega Ratio Rank: 5858
Omega Ratio Rank
AVES Calmar Ratio Rank: 5353
Calmar Ratio Rank
AVES Martin Ratio Rank: 5555
Martin Ratio Rank
SPAXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AVES vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Value ETF (AVES) and Fidelity Government Money Market Fund (SPAXX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

AVESSPAXXDifference
Sharpe ratioReturn per unit of total volatility
1.64
3.65

-2.01

Sortino ratioReturn per unit of downside risk
2.22

—

—

Omega ratioGain probability vs. loss probability

1.31

—

—

Calmar ratioReturn relative to maximum drawdown

2.32

—

—

Martin ratioReturn relative to average drawdown

8.40

—

—

AVES vs. SPAXX - Sharpe Ratio Comparison

The current AVES Sharpe Ratio is 1.64, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of AVES and SPAXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

AVES vs. SPAXX - Drawdown Comparison

The maximum AVES drawdown since its inception was -27.40%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for AVES and SPAXX.

Loading charts...

Drawdown Indicators

AVESSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-27.40%

0.00%

-27.40%

Max Drawdown (1Y)

Largest decline over 1 year

-12.90%

0.00%

-12.90%

Max Drawdown (3Y)

Largest decline over 3 years

-18.50%

0.00%

-18.50%

Max Drawdown (5Y)

Largest decline over 5 years

—

0.00%

—

Current Drawdown

Current decline from peak

-2.45%

0.00%

-2.45%

Average Drawdown

Average peak-to-trough decline

-7.70%

0.00%

-7.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.56%

0.00%

+3.56%

Volatility

AVES vs. SPAXX - Volatility Comparison

Avantis Emerging Markets Value ETF (AVES) has a higher volatility of 8.89% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that AVES's price experiences larger fluctuations and is considered to be riskier than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

AVESSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.89%

0.28%

+8.61%

Volatility (6M)

Calculated over the trailing 6-month period

15.88%

0.66%

+15.22%

Volatility (1Y)

Calculated over the trailing 1-year period

18.34%

1.03%

+17.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.20%

0.69%

+16.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.20%

0.69%

+16.51%

AVES vs. SPAXX - Expense Ratio Comparison

AVES has a 0.36% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

AVES vs. SPAXX - Dividend Comparison

AVES's dividend yield for the trailing twelve months is around 3.53%, less than SPAXX's 3.59% yield.

PositionTTM20252024202320222021
AVES
Avantis Emerging Markets Value ETF		3.53%3.17%4.09%3.96%3.70%0.62%
SPAXX
Fidelity Government Money Market Fund		3.59%3.88%1.53%0.41%0.00%0.00%

Frequently Asked Questions

AVES and SPAXX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AVES has higher volatility (8.89%) compared to SPAXX (0.28%). In terms of maximum drawdown, AVES dropped -27.40% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 1.64), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

Portfolio Optimizer

Find the right allocation for AVES and SPAXX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer