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EFV vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EFV vs. SPAXX

Last updated Jun 18, 2026

EFV (iShares MSCI EAFE Value ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - EFV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Value Index (Net), while SPAXX is a Money Market fund actively managed by Fidelity. EFV is passively managed, while SPAXX is actively managed. Over the past 5 years, EFV returned 13.24%/yr vs 1.45%/yr for SPAXX. At a correlation of -0.02, they often move in opposite directions. EFV charges 0.31%/yr vs 0.42%/yr for SPAXX.

Performance

EFV vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EAFE Value ETF (EFV) 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, EFV achieves a 10.38% return, which is significantly higher than SPAXX's 1.37% return.

EFV

1D
-0.81%
1M
0.81%
YTD
10.38%
6M
12.23%
1Y
30.17%
3Y*
21.13%
5Y*
13.24%
10Y*
10.27%

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)

EFV vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
EFV
iShares MSCI EAFE Value ETF		10.38%42.22%5.35%18.85%-5.22%-2.64%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between EFV 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

-0.03

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

-0.02

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

-0.02

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iShares MSCI EAFE Value ETF

Fidelity Government Money Market Fund

Often compared with EFV:
EFV vs. VEAEFV vs. EFAVEFV vs. DFIVXEFV vs. FIVAEFV vs. VOOEFV vs. VTRIXEFV vs. SCHF
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

EFV vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EFV
EFV Risk / Return Rank: 6565
Overall Rank
EFV Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
EFV Sortino Ratio Rank: 6969
Sortino Ratio Rank
EFV Omega Ratio Rank: 6868
Omega Ratio Rank
EFV Calmar Ratio Rank: 6060
Calmar Ratio Rank
EFV Martin Ratio Rank: 6161
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.

EFV vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE Value ETF (EFV) 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.

EFVSPAXXDifference
Sharpe ratioReturn per unit of total volatility
2.09
3.65

-1.55

Sortino ratioReturn per unit of downside risk
2.89

—

—

Omega ratioGain probability vs. loss probability

1.38

—

—

Calmar ratioReturn relative to maximum drawdown

2.78

—

—

Martin ratioReturn relative to average drawdown

10.27

—

—

EFV vs. SPAXX - Sharpe Ratio Comparison

The current EFV Sharpe Ratio is 2.09, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of EFV 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

EFV vs. SPAXX - Drawdown Comparison

The maximum EFV drawdown since its inception was -63.94%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for EFV and SPAXX.

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Drawdown Indicators

EFVSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-63.94%

0.00%

-63.94%

Max Drawdown (1Y)

Largest decline over 1 year

-10.90%

0.00%

-10.90%

Max Drawdown (3Y)

Largest decline over 3 years

-13.72%

0.00%

-13.72%

Max Drawdown (5Y)

Largest decline over 5 years

-25.84%

0.00%

-25.84%

Max Drawdown (10Y)

Largest decline over 10 years

-43.16%

—

—

Current Drawdown

Current decline from peak

-1.40%

0.00%

-1.40%

Average Drawdown

Average peak-to-trough decline

-14.80%

0.00%

-14.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.94%

0.00%

+2.94%

Volatility

EFV vs. SPAXX - Volatility Comparison

iShares MSCI EAFE Value ETF (EFV) has a higher volatility of 4.32% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that EFV'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

EFVSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.32%

0.28%

+4.04%

Volatility (6M)

Calculated over the trailing 6-month period

11.96%

0.66%

+11.30%

Volatility (1Y)

Calculated over the trailing 1-year period

14.53%

1.03%

+13.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.03%

0.69%

+15.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.84%

0.69%

+17.15%

EFV vs. SPAXX - Expense Ratio Comparison

EFV has a 0.31% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

EFV vs. SPAXX - Dividend Comparison

EFV's dividend yield for the trailing twelve months is around 4.76%, more than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
EFV
iShares MSCI EAFE Value ETF		4.76%4.16%4.66%4.36%4.17%4.07%2.42%4.62%4.56%3.56%3.28%3.59%
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

EFV 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.

EFV has higher volatility (4.32%) compared to SPAXX (0.28%). In terms of maximum drawdown, EFV dropped -63.94% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 2.09), 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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