AVLV vs. SPAXX

Last updated Jun 18, 2026

AVLV (Avantis U.S. Large Cap Value ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - AVLV is a Large Cap Value 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, AVLV returned 21.73%/yr vs 2.42%/yr for SPAXX. At a 0.01 correlation, their price movements are largely independent. AVLV charges 0.15%/yr vs 0.42%/yr for SPAXX.

Performance

AVLV vs. SPAXX - Performance Comparison

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

Returns By Period

In the year-to-date period, AVLV achieves a 19.96% return, which is significantly higher than SPAXX's 1.37% return.

AVLV

• 1D: -1.32%
• 1M: 3.29%
• YTD: 19.96%
• 6M: 21.55%
• 1Y: 37.67%
• 3Y*: 21.73%
• 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)

AVLV vs. SPAXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVLV Avantis U.S. Large Cap Value ETF	19.96%	15.12%	17.49%	17.43%	-5.53%	6.27%
SPAXX Fidelity Government Money Market Fund	1.37%	3.96%	1.54%	0.41%	0.00%	0.00%

Correlation

The correlation between AVLV and SPAXX is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Sep 23, 2021	0.01

Return for Risk

AVLV vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AVLV

AVLV Risk / Return Rank: 92
AVLV Sharpe Ratio Rank: 93
AVLV Sortino Ratio Rank: 92
AVLV Omega Ratio Rank: 91
AVLV Calmar Ratio Rank: 93
AVLV Martin Ratio Rank: 94

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.

AVLV vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis U.S. Large Cap Value ETF (AVLV) 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.

	AVLV	SPAXX	Difference
Sharpe ratio: Return per unit of total volatility	3.03	3.65	-0.62
Sortino ratio: Return per unit of downside risk	4.15	—	—
Omega ratio: Gain probability vs. loss probability	1.54	—	—
Calmar ratio: Return relative to maximum drawdown	5.92	—	—
Martin ratio: Return relative to average drawdown	23.50	—	—

AVLV vs. SPAXX - Sharpe Ratio Comparison

The current AVLV Sharpe Ratio is 3.03, which is comparable to the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of AVLV 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.

Drawdowns

AVLV vs. SPAXX - Drawdown Comparison

The maximum AVLV drawdown since its inception was -19.50%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for AVLV and SPAXX.

Drawdown Indicators

	AVLV	SPAXX	Difference
Max Drawdown Largest peak-to-trough decline	-19.50%	0.00%	-19.50%
Max Drawdown (1Y) Largest decline over 1 year	-6.39%	0.00%	-6.39%
Max Drawdown (3Y) Largest decline over 3 years	-19.50%	0.00%	-19.50%
Max Drawdown (5Y) Largest decline over 5 years	—	0.00%	—
Current Drawdown Current decline from peak	-1.80%	0.00%	-1.80%
Average Drawdown Average peak-to-trough decline	-3.90%	0.00%	-3.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	0.00%	+1.61%

Volatility

AVLV vs. SPAXX - Volatility Comparison

Avantis U.S. Large Cap Value ETF (AVLV) has a higher volatility of 3.87% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that AVLV'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.

Volatility by Period

	AVLV	SPAXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	0.28%	+3.59%
Volatility (6M) Calculated over the trailing 6-month period	9.38%	0.66%	+8.72%
Volatility (1Y) Calculated over the trailing 1-year period	12.55%	1.03%	+11.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.34%	0.69%	+16.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.34%	0.69%	+16.65%

AVLV vs. SPAXX - Expense Ratio Comparison

AVLV has a 0.15% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

AVLV vs. SPAXX - Dividend Comparison

AVLV's dividend yield for the trailing twelve months is around 1.39%, less than SPAXX's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021
AVLV Avantis U.S. Large Cap Value ETF	1.39%	1.33%	1.58%	1.85%	2.00%	0.29%
SPAXX Fidelity Government Money Market Fund	3.59%	3.88%	1.53%	0.41%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AVLV and SPAXX in my portfolio?

AVLV and SPAXX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVLV or SPAXX?

AVLV has higher volatility (3.87%) compared to SPAXX (0.28%). In terms of maximum drawdown, AVLV dropped -19.50% vs SPAXX's 0.00%.

Which has better risk-adjusted returns?

SPAXX currently has the higher Sharpe Ratio (3.65 vs 3.03), 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.