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FNDA vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FNDA vs. SPAXX

Last updated Jul 21, 2026
Documentation

FNDA (Schwab Fundamental U.S. Small Company ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - FNDA is a Small Cap Blend Equities fund tracking the RAFI Fundamental High Liquidity U.S. Small Index, while SPAXX is a Money Market fund actively managed by Fidelity. FNDA is passively managed, while SPAXX is actively managed. Over the past 5 years, FNDA returned 8.71%/yr vs 1.50%/yr for SPAXX. At a correlation of -0.01, they often move in opposite directions. FNDA charges 0.25%/yr vs 0.42%/yr for SPAXX.

Performance

FNDA vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental U.S. Small Company ETF (FNDA) 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, FNDA achieves a 19.19% return, which is significantly higher than SPAXX's 1.64% return.

FNDA

1D
-0.69%
1M
1.37%
6M
10.86%
YTD
19.19%
1Y
28.58%
3Y*
14.05%
5Y*
8.71%
10Y*
10.83%
ALL TIME*
10.42%

SPAXX

1D
0.00%
1M
0.27%
6M
1.64%
YTD
1.64%
1Y
3.60%
3Y*
2.52%
5Y*
1.50%
10Y*
—
ALL TIME*
1.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FNDA vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
FNDA
Schwab Fundamental U.S. Small Company ETF		19.19%7.44%9.00%20.29%-14.83%5.49%
SPAXX
Fidelity Government Money Market Fund		1.64%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between FNDA and SPAXX is -0.04, 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

-0.04

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

-0.01

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

-0.01

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

-0.01

Compare stocks, funds, or ETFs

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

Schwab Fundamental U.S. Small Company ETF

Fidelity Government Money Market Fund

Often compared with FNDA:
FNDA vs. SCHAFNDA vs. FNDCFNDA vs. VBKFNDA vs. IFRAFNDA vs. IGFFNDA vs. SPYFNDA vs. LRGF
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SWVXXSPAXX vs. SNSXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

FNDA vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FNDA
FNDA Risk / Return Rank: 7272
Overall Rank
FNDA Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
FNDA Sortino Ratio Rank: 7373
Sortino Ratio Rank
FNDA Omega Ratio Rank: 6666
Omega Ratio Rank
FNDA Calmar Ratio Rank: 7979
Calmar Ratio Rank
FNDA Martin Ratio Rank: 7474
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.

FNDA vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental U.S. Small Company ETF (FNDA) 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.

FNDASPAXXDifference
Sharpe ratioReturn per unit of total volatility
1.68
3.65

-1.96

Sortino ratioReturn per unit of downside risk
2.48

—

—

Omega ratioGain probability vs. loss probability

1.29

—

—

Calmar ratioReturn relative to maximum drawdown

3.07

—

—

Martin ratioReturn relative to average drawdown

9.90

—

—

FNDA vs. SPAXX - Sharpe Ratio Comparison

The current FNDA Sharpe Ratio is 1.68, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of FNDA 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

FNDA vs. SPAXX - Drawdown Comparison

The maximum FNDA drawdown since its inception was -44.64%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FNDA and SPAXX.

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Drawdown Indicators

FNDASPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-44.64%

0.00%

-44.64%

Max Drawdown (1Y)

Largest decline over 1 year

-9.36%

0.00%

-9.36%

Max Drawdown (3Y)

Largest decline over 3 years

-25.92%

0.00%

-25.92%

Max Drawdown (5Y)

Largest decline over 5 years

-25.92%

0.00%

-25.92%

Max Drawdown (10Y)

Largest decline over 10 years

-44.64%

—

—

Current Drawdown

Current decline from peak

-1.76%

0.00%

-1.76%

Average Drawdown

Average peak-to-trough decline

-6.64%

0.00%

-6.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.90%

0.00%

+2.90%

Volatility

FNDA vs. SPAXX - Volatility Comparison

Schwab Fundamental U.S. Small Company ETF (FNDA) has a higher volatility of 3.51% compared to Fidelity Government Money Market Fund (SPAXX) at 0.27%. This indicates that FNDA'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

FNDASPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.51%

0.27%

+3.24%

Volatility (6M)

Calculated over the trailing 6-month period

12.09%

0.65%

+11.44%

Volatility (1Y)

Calculated over the trailing 1-year period

17.10%

1.02%

+16.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.74%

0.70%

+20.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.32%

0.69%

+21.63%

FNDA vs. SPAXX - Expense Ratio Comparison

FNDA has a 0.25% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

FNDA vs. SPAXX - Dividend Comparison

FNDA's dividend yield for the trailing twelve months is around 1.11%, less than SPAXX's 3.53% yield.

PositionTTM20252024202320222021202020192018201720162015
FNDA
Schwab Fundamental U.S. Small Company ETF		1.11%1.22%1.53%1.37%1.38%1.15%1.31%1.38%1.64%1.30%1.18%1.33%
SPAXX
Fidelity Government Money Market Fund		3.53%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

FNDA and SPAXX have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FNDA has higher volatility (3.51%) compared to SPAXX (0.27%). In terms of maximum drawdown, FNDA dropped -44.64% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 1.68), 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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