FFONX vs. SPAXX

Last updated Jun 13, 2026

FFONX (Fidelity Advisor Technology Fund Class A) and SPAXX (Fidelity Government Money Market Fund) are both mutual funds - FFONX is a Technology Equities fund actively managed by Fidelity, while SPAXX is a Money Market fund actively managed by Fidelity. Both are actively managed. At a 0.07 correlation, their price movements are largely independent. FFONX charges 0.89%/yr vs 0.42%/yr for SPAXX.

Performance

FFONX vs. SPAXX - Performance Comparison

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

Returns By Period

FFONX

• 1D: 0.00%
• 1M: 6.31%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

FFONX vs. SPAXX - Yearly Performance Comparison

	2026 (YTD)
FFONX Fidelity Advisor Technology Fund Class A	38.63%
SPAXX Fidelity Government Money Market Fund	0.83%

Correlation

The correlation between FFONX and SPAXX is 0.07, 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 (All Time) Calculated using the full available price history since Mar 16, 2026	0.07

Return for Risk

FFONX vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Technology Fund Class A (FFONX) 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.

	FFONX	SPAXX	Difference
Sharpe ratio: Return per unit of total volatility	—	3.65	—
Sortino ratio: Return per unit of downside risk	—	—	—
Omega ratio: Gain probability vs. loss probability	—	—	—
Calmar ratio: Return relative to maximum drawdown	—	—	—
Martin ratio: Return relative to average drawdown	—	—	—

Drawdowns

FFONX vs. SPAXX - Drawdown Comparison

The maximum FFONX drawdown since its inception was -10.06%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FFONX and SPAXX.

Drawdown Indicators

	FFONX	SPAXX	Difference
Max Drawdown Largest peak-to-trough decline	-10.06%	0.00%	-10.06%
Max Drawdown (1Y) Largest decline over 1 year	—	0.00%	—
Max Drawdown (3Y) Largest decline over 3 years	—	0.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	0.00%	—
Current Drawdown Current decline from peak	-6.74%	0.00%	-6.74%
Average Drawdown Average peak-to-trough decline	-1.54%	0.00%	-1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	FFONX	SPAXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.28%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.66%	—
Volatility (1Y) Calculated over the trailing 1-year period	29.48%	1.03%	+28.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.48%	0.69%	+28.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.48%	0.69%	+28.79%

FFONX vs. SPAXX - Expense Ratio Comparison

FFONX has a 0.89% expense ratio, which is higher than SPAXX's 0.42% expense ratio.

Dividends

FFONX vs. SPAXX - Dividend Comparison

FFONX's dividend yield for the trailing twelve months is around 2.56%, less than SPAXX's 3.59% yield.

Position	TTM	2025	2024	2023
FFONX Fidelity Advisor Technology Fund Class A	2.56%	0.00%	0.00%	0.00%
SPAXX Fidelity Government Money Market Fund	3.59%	3.88%	1.53%	0.41%

Frequently Asked Questions

Can I hold both FFONX and SPAXX in my portfolio?

FFONX and SPAXX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.