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FMSDX vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FMSDX vs. SPAXX

Last updated Jun 9, 2026

FMSDX (Fidelity Multi-Asset Income Fund) and SPAXX (Fidelity Government Money Market Fund) are both mutual funds - FMSDX is a Diversified Portfolio fund managed by Fidelity, while SPAXX is a Money Market fund actively managed by Fidelity. Over the past 5 years, FMSDX returned 5.71%/yr vs 1.45%/yr for SPAXX. At a 0.09 correlation, their price movements are largely independent. FMSDX charges 0.78%/yr vs 0.42%/yr for SPAXX.

Performance

FMSDX vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Multi-Asset Income Fund (FMSDX) 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, FMSDX achieves a 5.38% return, which is significantly higher than SPAXX's 1.37% return.

FMSDX

1D
-2.19%
1M
-3.41%
YTD
5.38%
6M
4.57%
1Y
17.46%
3Y*
11.88%
5Y*
5.71%
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)

FMSDX vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
FMSDX
Fidelity Multi-Asset Income Fund		5.38%14.10%9.95%11.75%-13.67%5.64%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between FMSDX and SPAXX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.15

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

0.12

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

0.09

Correlation (All Time)
Calculated using the full available price history since May 26, 2021

0.09

Compare stocks, funds, or ETFs

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

Fidelity Multi-Asset Income Fund

Fidelity Government Money Market Fund

Often compared with FMSDX:
FMSDX vs. FBALXFMSDX vs. SCHDFMSDX vs. FAGIXFMSDX vs. VBINXFMSDX vs. BAICXFMSDX vs. FSRRXFMSDX vs. FSKAX
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

FMSDX vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FMSDX
FMSDX Risk / Return Rank: 4343
Overall Rank
FMSDX Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
FMSDX Sortino Ratio Rank: 3535
Sortino Ratio Rank
FMSDX Omega Ratio Rank: 3838
Omega Ratio Rank
FMSDX Calmar Ratio Rank: 5757
Calmar Ratio Rank
FMSDX Martin Ratio Rank: 4848
Martin Ratio Rank
SPAXX
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.

FMSDX vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Multi-Asset Income Fund (FMSDX) 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.

FMSDXSPAXXDifference
Sharpe ratioReturn per unit of total volatility
1.76
3.65

-1.89

Sortino ratioReturn per unit of downside risk
2.37

—

—

Omega ratioGain probability vs. loss probability

1.32

—

—

Calmar ratioReturn relative to maximum drawdown

2.77

—

—

Martin ratioReturn relative to average drawdown

9.55

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMSDX vs. SPAXX - Sharpe Ratio Comparison

The current FMSDX Sharpe Ratio is 1.76, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of FMSDX 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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Sharpe Ratios by Period

FMSDXSPAXXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.76

3.65

-1.89

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.58

2.13

-1.55

Sharpe Ratio (All Time)

Calculated using the full available price history

0.88

2.12

-1.24

Drawdowns

FMSDX vs. SPAXX - Drawdown Comparison

The maximum FMSDX drawdown since its inception was -21.64%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FMSDX and SPAXX.

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Drawdown Indicators

FMSDXSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-21.64%

0.00%

-21.64%

Max Drawdown (1Y)

Largest decline over 1 year

-6.47%

0.00%

-6.47%

Max Drawdown (3Y)

Largest decline over 3 years

-13.17%

0.00%

-13.17%

Max Drawdown (5Y)

Largest decline over 5 years

-18.12%

0.00%

-18.12%

Current Drawdown

Current decline from peak

-3.52%

0.00%

-3.52%

Average Drawdown

Average peak-to-trough decline

-3.81%

0.00%

-3.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.88%

0.00%

+1.88%

Volatility

FMSDX vs. SPAXX - Volatility Comparison

Fidelity Multi-Asset Income Fund (FMSDX) has a higher volatility of 3.41% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that FMSDX'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

FMSDXSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.41%

0.28%

+3.13%

Volatility (6M)

Calculated over the trailing 6-month period

7.75%

0.72%

+7.03%

Volatility (1Y)

Calculated over the trailing 1-year period

10.23%

1.03%

+9.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.86%

0.69%

+9.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.63%

0.69%

+9.94%

FMSDX vs. SPAXX - Expense Ratio Comparison

FMSDX has a 0.78% expense ratio, which is higher than SPAXX's 0.42% expense ratio.

Dividends

FMSDX vs. SPAXX - Dividend Comparison

FMSDX's dividend yield for the trailing twelve months is around 3.57%, which matches SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018
FMSDX
Fidelity Multi-Asset Income Fund		3.57%3.81%3.84%4.23%3.74%2.81%1.79%2.82%4.36%
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

FMSDX and SPAXX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FMSDX has higher volatility (3.41%) compared to SPAXX (0.28%). In terms of maximum drawdown, FMSDX dropped -21.64% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 1.76), 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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