FSEDX vs. SPAXX

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Series Emerging Markets Debt Local Currency Fund (FSEDX) and Fidelity Government Money Market Fund (SPAXX).

FSEDX is managed by Fidelity. It was launched on Jan 24, 2021. SPAXX is managed by Fidelity. It was launched on Feb 5, 1990.

Performance

FSEDX vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Emerging Markets Debt Local Currency Fund (FSEDX) and Fidelity Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

FSEDX vs. SPAXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSEDX Fidelity Series Emerging Markets Debt Local Currency Fund	-2.63%	19.49%	-2.54%	13.58%	-7.94%	-5.80%
SPAXX Fidelity Government Money Market Fund	0.53%	3.96%	1.54%	0.41%	0.00%	0.00%

Returns By Period

In the year-to-date period, FSEDX achieves a -2.63% return, which is significantly lower than SPAXX's 0.53% return.

FSEDX

• 1D: -0.22%
• 1M: -6.00%
• YTD: -2.63%
• 6M: 0.78%
• 1Y: 11.39%
• 3Y*: 7.02%
• 5Y*: 3.04%
• 10Y*: —

SPAXX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.53%
• 6M: 1.46%
• 1Y: 3.49%
• 3Y*: 2.14%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FSEDX vs. SPAXX - Expense Ratio Comparison

FSEDX

Fidelity Series Emerging Markets Debt Local Currency Fund

Return for Risk

FSEDX vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FSEDX

FSEDX Risk / Return Rank: 87
FSEDX Sharpe Ratio Rank: 92
FSEDX Sortino Ratio Rank: 92
FSEDX Omega Ratio Rank: 88
FSEDX Calmar Ratio Rank: 79
FSEDX Martin Ratio Rank: 84

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.

FSEDX vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Emerging Markets Debt Local Currency Fund (FSEDX) 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.

	FSEDX	SPAXX	Difference
Sharpe ratio Return per unit of total volatility	1.97	3.48	-1.51
Sortino ratio Return per unit of downside risk	2.71	—	—
Omega ratio Gain probability vs. loss probability	1.38	—	—
Calmar ratio Return relative to maximum drawdown	1.89	—	—
Martin ratio Return relative to average drawdown	8.62	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSEDX vs. SPAXX - Sharpe Ratio Comparison

The current FSEDX Sharpe Ratio is 1.97, which is lower than the SPAXX Sharpe Ratio of 3.48. The chart below compares the historical Sharpe Ratios of FSEDX 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.

Sharpe Ratios by Period

	FSEDX	SPAXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	3.48	-1.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	2.01	-1.74

Correlation

The correlation between FSEDX 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.

Dividends

FSEDX vs. SPAXX - Dividend Comparison

FSEDX's dividend yield for the trailing twelve months is around 7.76%, more than SPAXX's 3.42% yield.

	TTM	2025	2024	2023	2022	2021
FSEDX Fidelity Series Emerging Markets Debt Local Currency Fund	7.76%	6.97%	6.92%	5.14%	0.00%	3.96%
SPAXX Fidelity Government Money Market Fund	3.42%	3.88%	1.53%	0.41%	0.00%	0.00%

Drawdowns

FSEDX vs. SPAXX - Drawdown Comparison

The maximum FSEDX drawdown since its inception was -24.77%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FSEDX and SPAXX.

Drawdown Indicators

	FSEDX	SPAXX	Difference
Max Drawdown Largest peak-to-trough decline	-24.77%	0.00%	-24.77%
Max Drawdown (1Y) Largest decline over 1 year	-6.10%	0.00%	-6.10%
Max Drawdown (5Y) Largest decline over 5 years	-23.00%	—	—
Current Drawdown Current decline from peak	-6.10%	0.00%	-6.10%
Average Drawdown Average peak-to-trough decline	-8.19%	0.00%	-8.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	0.00%	+1.34%

Volatility

FSEDX vs. SPAXX - Volatility Comparison

Fidelity Series Emerging Markets Debt Local Currency Fund (FSEDX) has a higher volatility of 3.26% compared to Fidelity Government Money Market Fund (SPAXX) at 0.00%. This indicates that FSEDX'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.

Volatility by Period

	FSEDX	SPAXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.26%	0.00%	+3.26%
Volatility (6M) Calculated over the trailing 6-month period	4.38%	0.71%	+3.67%
Volatility (1Y) Calculated over the trailing 1-year period	5.93%	1.08%	+4.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.54%	0.67%	+6.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.66%	0.67%	+6.99%