PortfoliosLab logoPortfoliosLab logo

Documentation

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

EDEN vs. SPAXX

Last updated Jun 13, 2026

EDEN (iShares MSCI Denmark ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - EDEN is a Europe Equities fund tracking the MSCI Denmark IMI 25/50 Index, while SPAXX is a Money Market fund actively managed by Fidelity. EDEN is passively managed, while SPAXX is actively managed. Over the past 5 years, EDEN returned 2.08%/yr vs 1.45%/yr for SPAXX. At a 0.01 correlation, their price movements are largely independent. EDEN charges 0.53%/yr vs 0.42%/yr for SPAXX.

Performance

EDEN vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Denmark ETF (EDEN) 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, EDEN achieves a -3.05% return, which is significantly lower than SPAXX's 1.37% return.

EDEN

1D
-0.01%
1M
-1.61%
YTD
-3.05%
6M
-2.55%
1Y
-6.97%
3Y*
2.87%
5Y*
2.08%
10Y*
9.22%

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)

EDEN vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
EDEN
iShares MSCI Denmark ETF		-3.05%10.58%-3.94%17.99%-11.47%2.84%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between EDEN 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

0.01

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.

iShares MSCI Denmark ETF

Fidelity Government Money Market Fund

Often compared with EDEN:
EDEN vs. ARGTEDEN vs. EWNEDEN vs. FNORXEDEN vs. EWIEDEN vs. VOOEDEN vs. ENZLEDEN vs. ENOR
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

EDEN vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EDEN
EDEN Risk / Return Rank: 66
Overall Rank
EDEN Sharpe Ratio Rank: 66
Sharpe Ratio Rank
EDEN Sortino Ratio Rank: 66
Sortino Ratio Rank
EDEN Omega Ratio Rank: 66
Omega Ratio Rank
EDEN Calmar Ratio Rank: 77
Calmar Ratio Rank
EDEN Martin Ratio Rank: 66
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.

EDEN vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Denmark ETF (EDEN) 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.

EDENSPAXXDifference
Sharpe ratioReturn per unit of total volatility
-0.34
3.65

-3.98

Sortino ratioReturn per unit of downside risk
-0.33

—

—

Omega ratioGain probability vs. loss probability

0.96

—

—

Calmar ratioReturn relative to maximum drawdown

-0.33

—

—

Martin ratioReturn relative to average drawdown

-0.72

—

—

EDEN vs. SPAXX - Sharpe Ratio Comparison

The current EDEN Sharpe Ratio is -0.34, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of EDEN 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

EDEN vs. SPAXX - Drawdown Comparison

The maximum EDEN drawdown since its inception was -36.61%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for EDEN and SPAXX.

Loading charts...

Drawdown Indicators

EDENSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-36.61%

0.00%

-36.61%

Max Drawdown (1Y)

Largest decline over 1 year

-21.17%

0.00%

-21.17%

Max Drawdown (3Y)

Largest decline over 3 years

-29.31%

0.00%

-29.31%

Max Drawdown (5Y)

Largest decline over 5 years

-36.61%

0.00%

-36.61%

Max Drawdown (10Y)

Largest decline over 10 years

-36.61%

—

—

Current Drawdown

Current decline from peak

-13.55%

0.00%

-13.55%

Average Drawdown

Average peak-to-trough decline

-7.37%

0.00%

-7.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.27%

0.00%

+10.27%

Volatility

EDEN vs. SPAXX - Volatility Comparison

iShares MSCI Denmark ETF (EDEN) has a higher volatility of 4.93% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that EDEN'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

EDENSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.93%

0.28%

+4.65%

Volatility (6M)

Calculated over the trailing 6-month period

15.72%

0.66%

+15.06%

Volatility (1Y)

Calculated over the trailing 1-year period

20.90%

1.03%

+19.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.25%

0.69%

+19.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.41%

0.69%

+18.72%

EDEN vs. SPAXX - Expense Ratio Comparison

EDEN has a 0.53% expense ratio, which is higher than SPAXX's 0.42% expense ratio.

Dividends

EDEN vs. SPAXX - Dividend Comparison

EDEN's dividend yield for the trailing twelve months is around 2.87%, less than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
EDEN
iShares MSCI Denmark ETF		2.87%2.79%1.50%1.92%1.47%0.74%0.42%2.36%2.01%2.03%1.28%1.46%
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

EDEN 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.

EDEN has higher volatility (4.93%) compared to SPAXX (0.28%). In terms of maximum drawdown, EDEN dropped -36.61% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs -0.34), 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 EDEN 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