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FDHY vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FDHY vs. SPAXX

Last updated Jun 16, 2026

FDHY (Fidelity High Yield Factor ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - FDHY 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, FDHY returned 4.02%/yr vs 1.45%/yr for SPAXX. At a 0.04 correlation, their price movements are largely independent. FDHY charges 0.45%/yr vs 0.42%/yr for SPAXX.

Performance

FDHY vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity High Yield Factor ETF (FDHY) 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, FDHY achieves a 2.64% return, which is significantly higher than SPAXX's 1.37% return.

FDHY

1D
0.25%
1M
1.41%
YTD
2.64%
6M
3.31%
1Y
8.78%
3Y*
8.80%
5Y*
4.02%
10Y*
—

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)

FDHY vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
FDHY
Fidelity High Yield Factor ETF		2.64%9.24%7.53%11.14%-11.30%3.22%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between FDHY and SPAXX is 0.09, 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

0.09

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

0.05

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

Compare stocks, funds, or ETFs

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

Fidelity High Yield Factor ETF

Fidelity Government Money Market Fund

Often compared with FDHY:
FDHY vs. VWEAXFDHY vs. FBNDFDHY vs. SCHDFDHY vs. FSYDFDHY vs. EFASFDHY vs. FLHYFDHY vs. PFFR
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

FDHY vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FDHY
FDHY Risk / Return Rank: 8787
Overall Rank
FDHY Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
FDHY Sortino Ratio Rank: 9090
Sortino Ratio Rank
FDHY Omega Ratio Rank: 8989
Omega Ratio Rank
FDHY Calmar Ratio Rank: 8484
Calmar Ratio Rank
FDHY Martin Ratio Rank: 8888
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.

FDHY vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity High Yield Factor ETF (FDHY) 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.

FDHYSPAXXDifference
Sharpe ratioReturn per unit of total volatility
2.47
3.65

-1.18

Sortino ratioReturn per unit of downside risk
3.79

—

—

Omega ratioGain probability vs. loss probability

1.50

—

—

Calmar ratioReturn relative to maximum drawdown

4.15

—

—

Martin ratioReturn relative to average drawdown

17.48

—

—

FDHY vs. SPAXX - Sharpe Ratio Comparison

The current FDHY Sharpe Ratio is 2.47, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of FDHY 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

FDHY vs. SPAXX - Drawdown Comparison

The maximum FDHY drawdown since its inception was -20.01%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FDHY and SPAXX.

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Drawdown Indicators

FDHYSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-20.01%

0.00%

-20.01%

Max Drawdown (1Y)

Largest decline over 1 year

-2.12%

0.00%

-2.12%

Max Drawdown (3Y)

Largest decline over 3 years

-5.26%

0.00%

-5.26%

Max Drawdown (5Y)

Largest decline over 5 years

-16.38%

0.00%

-16.38%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-2.87%

0.00%

-2.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.50%

0.00%

+0.50%

Volatility

FDHY vs. SPAXX - Volatility Comparison

Fidelity High Yield Factor ETF (FDHY) has a higher volatility of 1.25% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that FDHY'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

FDHYSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.25%

0.28%

+0.97%

Volatility (6M)

Calculated over the trailing 6-month period

2.76%

0.66%

+2.10%

Volatility (1Y)

Calculated over the trailing 1-year period

3.58%

1.03%

+2.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.14%

0.69%

+6.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.03%

0.69%

+7.34%

FDHY vs. SPAXX - Expense Ratio Comparison

FDHY has a 0.45% expense ratio, which is higher than SPAXX's 0.42% expense ratio.

Dividends

FDHY vs. SPAXX - Dividend Comparison

FDHY's dividend yield for the trailing twelve months is around 6.49%, more than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018
FDHY
Fidelity High Yield Factor ETF		6.49%6.56%6.58%6.26%5.34%6.09%5.78%4.94%2.55%
SPAXX
Fidelity Government Money Market Fund		3.59%3.88%1.53%0.41%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FDHY and SPAXX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FDHY has higher volatility (1.25%) compared to SPAXX (0.28%). In terms of maximum drawdown, FDHY dropped -20.01% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 2.47), 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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