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DFIVX vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DFIVX vs. SPAXX

Last updated Jun 13, 2026

DFIVX (DFA International Value Portfolio) and SPAXX (Fidelity Government Money Market Fund) are both mutual funds - DFIVX is a Foreign Large Cap Equities fund managed by Dimensional, while SPAXX is a Money Market fund actively managed by Fidelity. Over the past 5 years, DFIVX returned 14.00%/yr vs 1.45%/yr for SPAXX. At a correlation of -0.01, they often move in opposite directions. DFIVX charges 0.30%/yr vs 0.42%/yr for SPAXX.

Performance

DFIVX vs. SPAXX - Performance Comparison

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

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Returns By Period

In the year-to-date period, DFIVX achieves a 11.58% return, which is significantly higher than SPAXX's 1.37% return.

DFIVX

1D
2.28%
1M
-0.81%
YTD
11.58%
6M
13.38%
1Y
33.04%
3Y*
23.51%
5Y*
14.00%
10Y*
12.11%

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)

DFIVX vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
DFIVX
DFA International Value Portfolio		11.58%45.24%6.87%17.83%-3.51%-0.18%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between DFIVX 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

-0.02

Correlation (5Y)
Calculated over the trailing 5-year period

-0.01

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

-0.01

Compare stocks, funds, or ETFs

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

DFA International Value Portfolio

Fidelity Government Money Market Fund

Often compared with DFIVX:
DFIVX vs. VXUSDFIVX vs. AVDVDFIVX vs. EFVDFIVX vs. DFVIXDFIVX vs. DFAXDFIVX vs. DISVXDFIVX vs. IDVO
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

DFIVX vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DFIVX
DFIVX Risk / Return Rank: 8585
Overall Rank
DFIVX Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
DFIVX Sortino Ratio Rank: 8282
Sortino Ratio Rank
DFIVX Omega Ratio Rank: 8080
Omega Ratio Rank
DFIVX Calmar Ratio Rank: 8888
Calmar Ratio Rank
DFIVX Martin Ratio Rank: 8989
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.

DFIVX vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA International Value Portfolio (DFIVX) 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.

DFIVXSPAXXDifference
Sharpe ratioReturn per unit of total volatility
2.42
3.65

-1.23

Sortino ratioReturn per unit of downside risk
3.26

—

—

Omega ratioGain probability vs. loss probability

1.43

—

—

Calmar ratioReturn relative to maximum drawdown

3.60

—

—

Martin ratioReturn relative to average drawdown

14.00

—

—

DFIVX vs. SPAXX - Sharpe Ratio Comparison

The current DFIVX Sharpe Ratio is 2.42, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of DFIVX 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.

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Drawdowns

DFIVX vs. SPAXX - Drawdown Comparison

The maximum DFIVX drawdown since its inception was -66.61%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for DFIVX and SPAXX.

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Drawdown Indicators

DFIVXSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-66.61%

0.00%

-66.61%

Max Drawdown (1Y)

Largest decline over 1 year

-9.58%

0.00%

-9.58%

Max Drawdown (3Y)

Largest decline over 3 years

-14.39%

0.00%

-14.39%

Max Drawdown (5Y)

Largest decline over 5 years

-25.29%

0.00%

-25.29%

Max Drawdown (10Y)

Largest decline over 10 years

-48.11%

—

—

Current Drawdown

Current decline from peak

-1.55%

0.00%

-1.55%

Average Drawdown

Average peak-to-trough decline

-12.23%

0.00%

-12.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.46%

0.00%

+2.46%

Volatility

DFIVX vs. SPAXX - Volatility Comparison

DFA International Value Portfolio (DFIVX) has a higher volatility of 4.48% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that DFIVX'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.

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Volatility by Period

DFIVXSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.48%

0.28%

+4.20%

Volatility (6M)

Calculated over the trailing 6-month period

11.46%

0.66%

+10.80%

Volatility (1Y)

Calculated over the trailing 1-year period

14.26%

1.03%

+13.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.36%

0.69%

+15.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.01%

0.69%

+17.32%

DFIVX vs. SPAXX - Expense Ratio Comparison

DFIVX has a 0.30% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

DFIVX vs. SPAXX - Dividend Comparison

DFIVX's dividend yield for the trailing twelve months is around 3.77%, more than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
DFIVX
DFA International Value Portfolio		3.77%4.21%3.94%4.40%3.78%4.37%2.42%3.70%6.60%2.85%3.36%3.45%
SPAXX
Fidelity Government Money Market Fund		3.59%3.88%1.53%0.41%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

DFIVX 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.

DFIVX has higher volatility (4.48%) compared to SPAXX (0.28%). In terms of maximum drawdown, DFIVX dropped -66.61% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 2.42), 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

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