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FDRXX vs. SPAXX
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between FDRXX and SPAXX is -0.02. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.


Performance

FDRXX vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Government Cash Reserves (FDRXX) and Fidelity Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

12.00%12.50%13.00%13.50%December2025FebruaryMarchAprilMay
13.71%
13.58%
FDRXX
SPAXX

Key characteristics

Sharpe Ratio

FDRXX:

3.04

SPAXX:

3.03

Ulcer Index

FDRXX:

0.00%

SPAXX:

0.00%

Daily Std Dev

FDRXX:

1.29%

SPAXX:

1.28%

Max Drawdown

FDRXX:

0.00%

SPAXX:

0.00%

Current Drawdown

FDRXX:

0.00%

SPAXX:

0.00%

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with FDRXX at 0.65% and SPAXX at 0.65%. Both investments have delivered pretty close results over the past 10 years, with FDRXX having a 1.29% annualized return and SPAXX not far behind at 1.28%.


FDRXX

YTD

0.65%

1M

0.00%

6M

1.39%

1Y

3.93%

5Y*

2.32%

10Y*

1.29%

SPAXX

YTD

0.65%

1M

0.00%

6M

1.37%

1Y

3.90%

5Y*

2.31%

10Y*

1.28%

*Annualized

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FDRXX vs. SPAXX - Expense Ratio Comparison


Risk-Adjusted Performance

FDRXX vs. SPAXX - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Government Cash Reserves (FDRXX) 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.


The current FDRXX Sharpe Ratio is 3.04, which is comparable to the SPAXX Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of FDRXX and SPAXX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio3.003.203.403.603.80December2025FebruaryMarchAprilMay
3.04
3.03
FDRXX
SPAXX

Dividends

FDRXX vs. SPAXX - Dividend Comparison

FDRXX's dividend yield for the trailing twelve months is around 3.84%, less than SPAXX's 4.15% yield.


TTM20242023202220212020201920182017
FDRXX
Fidelity Government Cash Reserves
3.84%4.84%4.69%1.33%0.01%0.28%1.01%0.00%0.00%
SPAXX
Fidelity Government Money Market Fund
4.15%4.81%4.68%1.30%0.01%0.26%0.98%0.00%0.00%

Drawdowns

FDRXX vs. SPAXX - Drawdown Comparison

The maximum FDRXX drawdown since its inception was 0.00%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FDRXX and SPAXX. For additional features, visit the drawdowns tool.


0.00%December2025FebruaryMarchAprilMay00
FDRXX
SPAXX

Volatility

FDRXX vs. SPAXX - Volatility Comparison

The current volatility for Fidelity Government Cash Reserves (FDRXX) is 0.00%, while Fidelity Government Money Market Fund (SPAXX) has a volatility of 0.00%. This indicates that FDRXX experiences smaller price fluctuations and is considered to be less risky than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


0.00%0.20%0.40%0.60%0.80%December2025FebruaryMarchAprilMay00
FDRXX
SPAXX