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FAGIX vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FAGIX vs. SPAXX

Last updated Jun 13, 2026

FAGIX (Fidelity Capital & Income Fund) and SPAXX (Fidelity Government Money Market Fund) are both mutual funds - FAGIX is a High Yield Bonds fund actively managed by Fidelity, while SPAXX is a Money Market fund actively managed by Fidelity. Both are actively managed. Over the past 5 years, FAGIX returned 6.75%/yr vs 1.45%/yr for SPAXX. At a 0.13 correlation, their price movements are largely independent. FAGIX charges 0.67%/yr vs 0.42%/yr for SPAXX.

Performance

FAGIX vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Capital & Income Fund (FAGIX) 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, FAGIX achieves a 7.40% return, which is significantly higher than SPAXX's 1.37% return.

FAGIX

1D
1.15%
1M
0.25%
YTD
7.40%
6M
7.95%
1Y
16.73%
3Y*
12.87%
5Y*
6.75%
10Y*
8.03%

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)

FAGIX vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
FAGIX
Fidelity Capital & Income Fund		7.40%12.38%10.69%13.02%-11.50%5.43%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between FAGIX and SPAXX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.18

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

0.17

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

0.13

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

0.13

Compare stocks, funds, or ETFs

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

Fidelity Capital & Income Fund

Fidelity Government Money Market Fund

Often compared with FAGIX:
FAGIX vs. FBALXFAGIX vs. FFRHXFAGIX vs. SPHIXFAGIX vs. VYMFAGIX vs. HYGHFAGIX vs. BNDFAGIX vs. SCHD
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

FAGIX vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FAGIX
FAGIX Risk / Return Rank: 9191
Overall Rank
FAGIX Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
FAGIX Sortino Ratio Rank: 8888
Sortino Ratio Rank
FAGIX Omega Ratio Rank: 8787
Omega Ratio Rank
FAGIX Calmar Ratio Rank: 9595
Calmar Ratio Rank
FAGIX Martin Ratio Rank: 9696
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.

FAGIX vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Capital & Income Fund (FAGIX) 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.

FAGIXSPAXXDifference
Sharpe ratioReturn per unit of total volatility
2.63
3.65

-1.01

Sortino ratioReturn per unit of downside risk
3.75

—

—

Omega ratioGain probability vs. loss probability

1.52

—

—

Calmar ratioReturn relative to maximum drawdown

4.85

—

—

Martin ratioReturn relative to average drawdown

19.86

—

—

FAGIX vs. SPAXX - Sharpe Ratio Comparison

The current FAGIX Sharpe Ratio is 2.63, which is comparable to the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of FAGIX 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

FAGIX vs. SPAXX - Drawdown Comparison

The maximum FAGIX drawdown since its inception was -37.97%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FAGIX and SPAXX.

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Drawdown Indicators

FAGIXSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-37.97%

0.00%

-37.97%

Max Drawdown (1Y)

Largest decline over 1 year

-3.49%

0.00%

-3.49%

Max Drawdown (3Y)

Largest decline over 3 years

-7.26%

0.00%

-7.26%

Max Drawdown (5Y)

Largest decline over 5 years

-15.42%

0.00%

-15.42%

Max Drawdown (10Y)

Largest decline over 10 years

-28.45%

—

—

Current Drawdown

Current decline from peak

-1.04%

0.00%

-1.04%

Average Drawdown

Average peak-to-trough decline

-6.98%

0.00%

-6.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.85%

0.00%

+0.85%

Volatility

FAGIX vs. SPAXX - Volatility Comparison

Fidelity Capital & Income Fund (FAGIX) has a higher volatility of 2.71% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that FAGIX'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

FAGIXSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.71%

0.28%

+2.43%

Volatility (6M)

Calculated over the trailing 6-month period

5.30%

0.66%

+4.64%

Volatility (1Y)

Calculated over the trailing 1-year period

6.42%

1.03%

+5.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.66%

0.69%

+5.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.84%

0.69%

+7.15%

FAGIX vs. SPAXX - Expense Ratio Comparison

FAGIX has a 0.67% expense ratio, which is higher than SPAXX's 0.42% expense ratio.

Dividends

FAGIX vs. SPAXX - Dividend Comparison

FAGIX's dividend yield for the trailing twelve months is around 4.47%, more than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
FAGIX
Fidelity Capital & Income Fund		4.47%4.74%5.02%5.28%10.25%6.08%4.59%5.00%5.67%5.05%4.57%4.51%
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

FAGIX and SPAXX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FAGIX has higher volatility (2.71%) compared to SPAXX (0.28%). In terms of maximum drawdown, FAGIX dropped -37.97% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 2.63), 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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