ENIAX vs. SPAXX

Last updated Jun 16, 2026

ENIAX (SEI Institutional Investments Trust Opportunistic Income Fund) and SPAXX (Fidelity Government Money Market Fund) are both mutual funds - ENIAX is a Ultrashort Bond fund managed by SEI, while SPAXX is a Money Market fund actively managed by Fidelity. Over the past 5 years, ENIAX returned 4.72%/yr vs 1.45%/yr for SPAXX. At a correlation of -0.05, they often move in opposite directions. ENIAX charges 0.23%/yr vs 0.42%/yr for SPAXX.

Performance

ENIAX vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Investments Trust Opportunistic Income Fund (ENIAX) 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, ENIAX achieves a 1.65% return, which is significantly higher than SPAXX's 1.37% return.

ENIAX

• 1D: 0.13%
• 1M: 0.38%
• YTD: 1.65%
• 6M: 1.93%
• 1Y: 5.15%
• 3Y*: 6.59%
• 5Y*: 4.72%
• 10Y*: 4.18%

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)

ENIAX vs. SPAXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ENIAX SEI Institutional Investments Trust Opportunistic Income Fund	1.65%	6.14%	8.34%	7.94%	-1.16%	1.09%
SPAXX Fidelity Government Money Market Fund	1.37%	3.96%	1.54%	0.41%	0.00%	0.00%

Correlation

The correlation between ENIAX and SPAXX is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (5Y) Calculated over the trailing 5-year period	-0.05
Correlation (All Time) Calculated using the full available price history since May 25, 2021	-0.05

Return for Risk

ENIAX vs. SPAXX — Risk / Return Rank

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

ENIAX

ENIAX Risk / Return Rank: 100
ENIAX Sharpe Ratio Rank: 100
ENIAX Sortino Ratio Rank: 100
ENIAX Omega Ratio Rank: 99
ENIAX Calmar Ratio Rank: 99
ENIAX Martin Ratio Rank: 100

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.

ENIAX vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Investments Trust Opportunistic Income Fund (ENIAX) 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.

	ENIAX	SPAXX	Difference
Sharpe ratio: Return per unit of total volatility	5.38	3.65	+1.73
Sortino ratio: Return per unit of downside risk	11.21	—	—
Omega ratio: Gain probability vs. loss probability	4.10	—	—
Calmar ratio: Return relative to maximum drawdown	13.83	—	—
Martin ratio: Return relative to average drawdown	84.16	—	—

ENIAX vs. SPAXX - Sharpe Ratio Comparison

The current ENIAX Sharpe Ratio is 5.38, which is higher than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of ENIAX 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

ENIAX vs. SPAXX - Drawdown Comparison

The maximum ENIAX drawdown since its inception was -33.30%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for ENIAX and SPAXX.

Drawdown Indicators

	ENIAX	SPAXX	Difference
Max Drawdown Largest peak-to-trough decline	-33.30%	0.00%	-33.30%
Max Drawdown (1Y) Largest decline over 1 year	-0.37%	0.00%	-0.37%
Max Drawdown (3Y) Largest decline over 3 years	-2.11%	0.00%	-2.11%
Max Drawdown (5Y) Largest decline over 5 years	-3.52%	0.00%	-3.52%
Max Drawdown (10Y) Largest decline over 10 years	-13.45%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.77%	0.00%	-7.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.00%	+0.06%

Volatility

ENIAX vs. SPAXX - Volatility Comparison

SEI Institutional Investments Trust Opportunistic Income Fund (ENIAX) and Fidelity Government Money Market Fund (SPAXX) have volatilities of 0.27% and 0.28%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENIAX	SPAXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.27%	0.28%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.71%	0.66%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	0.96%	1.03%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.86%	0.69%	+2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.79%	0.69%	+2.10%

ENIAX vs. SPAXX - Expense Ratio Comparison

ENIAX has a 0.23% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

ENIAX vs. SPAXX - Dividend Comparison

ENIAX's dividend yield for the trailing twelve months is around 5.92%, more than SPAXX's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENIAX SEI Institutional Investments Trust Opportunistic Income Fund	5.92%	6.00%	6.78%	5.33%	4.07%	2.66%	2.96%	4.32%	3.96%	3.02%	2.75%	2.54%
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

Can I hold both ENIAX and SPAXX in my portfolio?

ENIAX and SPAXX have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ENIAX or SPAXX?

SPAXX has higher volatility (0.28%) compared to ENIAX (0.27%). In terms of maximum drawdown, ENIAX dropped -33.30% vs SPAXX's 0.00%.

Which has better risk-adjusted returns?

ENIAX currently has the higher Sharpe Ratio (5.38 vs 3.65), 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.