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EEM vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEM vs. SPAXX

Last updated Jun 18, 2026

EEM (iShares MSCI Emerging Markets ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net), while SPAXX is a Money Market fund actively managed by Fidelity. EEM is passively managed, while SPAXX is actively managed. Over the past 5 years, EEM returned 7.29%/yr vs 1.45%/yr for SPAXX. At a correlation of -0.04, they often move in opposite directions. EEM charges 0.72%/yr vs 0.42%/yr for SPAXX.

Performance

EEM vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets ETF (EEM) 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, EEM achieves a 25.97% return, which is significantly higher than SPAXX's 1.37% return.

EEM

1D
-0.12%
1M
6.07%
YTD
25.97%
6M
31.02%
1Y
49.97%
3Y*
21.67%
5Y*
7.29%
10Y*
9.97%

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)

EEM vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
EEM
iShares MSCI Emerging Markets ETF		25.97%33.98%6.49%8.95%-20.56%-7.07%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between EEM and SPAXX is -0.04, 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

-0.04

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

-0.07

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

-0.04

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

-0.04

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iShares MSCI Emerging Markets ETF

Fidelity Government Money Market Fund

Often compared with EEM:
EEM vs. VWOEEM vs. SPYEEM vs. IEMGEEM vs. VXUSEEM vs. IS3N.DEEEM vs. EEMSEEM vs. SPEM
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

EEM vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EEM
EEM Risk / Return Rank: 7777
Overall Rank
EEM Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EEM Sortino Ratio Rank: 7171
Sortino Ratio Rank
EEM Omega Ratio Rank: 8080
Omega Ratio Rank
EEM Calmar Ratio Rank: 7878
Calmar Ratio Rank
EEM Martin Ratio Rank: 7777
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.

EEM vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ETF (EEM) 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.

EEMSPAXXDifference
Sharpe ratioReturn per unit of total volatility
2.30
3.65

-1.34

Sortino ratioReturn per unit of downside risk
2.97

—

—

Omega ratioGain probability vs. loss probability

1.43

—

—

Calmar ratioReturn relative to maximum drawdown

3.71

—

—

Martin ratioReturn relative to average drawdown

13.67

—

—

EEM vs. SPAXX - Sharpe Ratio Comparison

The current EEM Sharpe Ratio is 2.30, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of EEM 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

EEM vs. SPAXX - Drawdown Comparison

The maximum EEM drawdown since its inception was -66.43%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for EEM and SPAXX.

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Drawdown Indicators

EEMSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-66.43%

0.00%

-66.43%

Max Drawdown (1Y)

Largest decline over 1 year

-13.52%

0.00%

-13.52%

Max Drawdown (3Y)

Largest decline over 3 years

-17.29%

0.00%

-17.29%

Max Drawdown (5Y)

Largest decline over 5 years

-37.49%

0.00%

-37.49%

Max Drawdown (10Y)

Largest decline over 10 years

-39.82%

—

—

Current Drawdown

Current decline from peak

-2.66%

0.00%

-2.66%

Average Drawdown

Average peak-to-trough decline

-16.00%

0.00%

-16.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.67%

0.00%

+3.67%

Volatility

EEM vs. SPAXX - Volatility Comparison

iShares MSCI Emerging Markets ETF (EEM) has a higher volatility of 10.76% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that EEM'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

EEMSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.76%

0.28%

+10.48%

Volatility (6M)

Calculated over the trailing 6-month period

19.65%

0.66%

+18.99%

Volatility (1Y)

Calculated over the trailing 1-year period

21.84%

1.03%

+20.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.33%

0.69%

+18.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.67%

0.69%

+19.98%

EEM vs. SPAXX - Expense Ratio Comparison

EEM has a 0.72% expense ratio, which is higher than SPAXX's 0.42% expense ratio.

Dividends

EEM vs. SPAXX - Dividend Comparison

EEM's dividend yield for the trailing twelve months is around 1.62%, less than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
EEM
iShares MSCI Emerging Markets ETF		1.62%2.22%2.43%2.63%2.50%1.99%1.45%2.76%2.24%1.89%1.89%2.49%
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

EEM and SPAXX have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEM has higher volatility (10.76%) compared to SPAXX (0.28%). In terms of maximum drawdown, EEM dropped -66.43% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 2.30), 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.

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