FSMD vs. SPAXX

Last updated Jun 16, 2026

FSMD (Fidelity Small-Mid Multifactor ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index, while SPAXX is a Money Market fund actively managed by Fidelity. FSMD is passively managed, while SPAXX is actively managed. Over the past 5 years, FSMD returned 10.41%/yr vs 1.45%/yr for SPAXX. At a 0.00 correlation, their price movements are largely independent. FSMD charges 0.29%/yr vs 0.42%/yr for SPAXX.

Performance

FSMD vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small-Mid Multifactor ETF (FSMD) and Fidelity Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMD achieves a 18.15% return, which is significantly higher than SPAXX's 1.37% return.

FSMD

• 1D: 0.48%
• 1M: 6.83%
• YTD: 18.15%
• 6M: 16.30%
• 1Y: 30.28%
• 3Y*: 17.72%
• 5Y*: 10.41%
• 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)

FSMD vs. SPAXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSMD Fidelity Small-Mid Multifactor ETF	18.15%	8.70%	15.18%	17.37%	-11.15%	7.12%
SPAXX Fidelity Government Money Market Fund	1.37%	3.96%	1.54%	0.41%	0.00%	0.00%

Correlation

The correlation between FSMD 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	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.00
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.00

Return for Risk

FSMD vs. SPAXX — Risk / Return Rank

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

FSMD

FSMD Risk / Return Rank: 69
FSMD Sharpe Ratio Rank: 65
FSMD Sortino Ratio Rank: 68
FSMD Omega Ratio Rank: 62
FSMD Calmar Ratio Rank: 77
FSMD Martin Ratio Rank: 75

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.

FSMD vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small-Mid Multifactor ETF (FSMD) 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.

	FSMD	SPAXX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	3.65	-1.70
Sortino ratio: Return per unit of downside risk	2.80	—	—
Omega ratio: Gain probability vs. loss probability	1.34	—	—
Calmar ratio: Return relative to maximum drawdown	3.61	—	—
Martin ratio: Return relative to average drawdown	12.98	—	—

FSMD vs. SPAXX - Sharpe Ratio Comparison

The current FSMD Sharpe Ratio is 1.95, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of FSMD 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.

Drawdowns

FSMD vs. SPAXX - Drawdown Comparison

The maximum FSMD drawdown since its inception was -40.67%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FSMD and SPAXX.

Drawdown Indicators

	FSMD	SPAXX	Difference
Max Drawdown Largest peak-to-trough decline	-40.67%	0.00%	-40.67%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	0.00%	-8.44%
Max Drawdown (3Y) Largest decline over 3 years	-22.16%	0.00%	-22.16%
Max Drawdown (5Y) Largest decline over 5 years	-22.16%	0.00%	-22.16%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.98%	0.00%	-5.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	0.00%	+2.34%

Volatility

FSMD vs. SPAXX - Volatility Comparison

Fidelity Small-Mid Multifactor ETF (FSMD) has a higher volatility of 5.15% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that FSMD'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

	FSMD	SPAXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.15%	0.28%	+4.87%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	0.66%	+11.15%
Volatility (1Y) Calculated over the trailing 1-year period	15.64%	1.03%	+14.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.55%	0.69%	+17.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.42%	0.69%	+20.73%

FSMD vs. SPAXX - Expense Ratio Comparison

FSMD has a 0.29% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

FSMD vs. SPAXX - Dividend Comparison

FSMD's dividend yield for the trailing twelve months is around 1.18%, less than SPAXX's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FSMD Fidelity Small-Mid Multifactor ETF	1.18%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%
SPAXX Fidelity Government Money Market Fund	3.59%	3.88%	1.53%	0.41%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSMD and SPAXX in my portfolio?

FSMD 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.

Which is riskier, FSMD or SPAXX?

FSMD has higher volatility (5.15%) compared to SPAXX (0.28%). In terms of maximum drawdown, FSMD dropped -40.67% vs SPAXX's 0.00%.

Which has better risk-adjusted returns?

SPAXX currently has the higher Sharpe Ratio (3.65 vs 1.95), 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.