PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
FSSNX vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FSSNX vs. SPAXX

Last updated Jun 13, 2026

FSSNX (Fidelity Small Cap Index Fund) and SPAXX (Fidelity Government Money Market Fund) are both mutual funds - FSSNX is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while SPAXX is a Money Market fund actively managed by Fidelity. FSSNX is passively managed, while SPAXX is actively managed. Over the past 5 years, FSSNX returned 6.13%/yr vs 1.45%/yr for SPAXX. At a correlation of -0.01, they often move in opposite directions. FSSNX charges 0.03%/yr vs 0.42%/yr for SPAXX.

Performance

FSSNX vs. SPAXX - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, FSSNX achieves a 18.33% return, which is significantly higher than SPAXX's 1.37% return.

FSSNX

1D
3.04%
1M
2.84%
YTD
18.33%
6M
15.24%
1Y
38.39%
3Y*
17.71%
5Y*
6.13%
10Y*
11.30%

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)

FSSNX vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
FSSNX
Fidelity Small Cap Index Fund		18.33%12.94%11.71%17.11%-20.28%1.35%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between FSSNX 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

-0.02

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.

Fidelity Small Cap Index Fund

Fidelity Government Money Market Fund

Often compared with FSSNX:
FSSNX vs. VBFSSNX vs. FXAIXFSSNX vs. FISVXFSSNX vs. VSMAXFSSNX vs. VTWOFSSNX vs. FLXSXFSSNX vs. FECGX
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

FSSNX vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FSSNX
FSSNX Risk / Return Rank: 7373
Overall Rank
FSSNX Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
FSSNX Sortino Ratio Rank: 6868
Sortino Ratio Rank
FSSNX Omega Ratio Rank: 5757
Omega Ratio Rank
FSSNX Calmar Ratio Rank: 8686
Calmar Ratio Rank
FSSNX Martin Ratio Rank: 8282
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.

FSSNX vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small Cap Index Fund (FSSNX) 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.

FSSNXSPAXXDifference
Sharpe ratioReturn per unit of total volatility
1.93
3.65

-1.72

Sortino ratioReturn per unit of downside risk
2.68

—

—

Omega ratioGain probability vs. loss probability

1.32

—

—

Calmar ratioReturn relative to maximum drawdown

3.46

—

—

Martin ratioReturn relative to average drawdown

12.23

—

—

FSSNX vs. SPAXX - Sharpe Ratio Comparison

The current FSSNX Sharpe Ratio is 1.93, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of FSSNX 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.

Loading charts...

Drawdowns

FSSNX vs. SPAXX - Drawdown Comparison

The maximum FSSNX drawdown since its inception was -41.72%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FSSNX and SPAXX.

Loading charts...

Drawdown Indicators

FSSNXSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-41.72%

0.00%

-41.72%

Max Drawdown (1Y)

Largest decline over 1 year

-11.00%

0.00%

-11.00%

Max Drawdown (3Y)

Largest decline over 3 years

-27.45%

0.00%

-27.45%

Max Drawdown (5Y)

Largest decline over 5 years

-31.87%

0.00%

-31.87%

Max Drawdown (10Y)

Largest decline over 10 years

-41.72%

—

—

Current Drawdown

Current decline from peak

-0.46%

0.00%

-0.46%

Average Drawdown

Average peak-to-trough decline

-8.28%

0.00%

-8.28%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.11%

0.00%

+3.11%

Volatility

FSSNX vs. SPAXX - Volatility Comparison

Fidelity Small Cap Index Fund (FSSNX) has a higher volatility of 7.09% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that FSSNX'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.

Loading charts...

Volatility by Period

FSSNXSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.09%

0.28%

+6.81%

Volatility (6M)

Calculated over the trailing 6-month period

14.37%

0.66%

+13.71%

Volatility (1Y)

Calculated over the trailing 1-year period

19.71%

1.03%

+18.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.68%

0.69%

+21.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.49%

0.69%

+22.80%

FSSNX vs. SPAXX - Expense Ratio Comparison

FSSNX has a 0.03% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

FSSNX vs. SPAXX - Dividend Comparison

FSSNX's dividend yield for the trailing twelve months is around 0.92%, less than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
FSSNX
Fidelity Small Cap Index Fund		0.92%1.08%1.04%1.43%1.26%3.92%0.94%2.96%4.94%3.37%2.27%2.66%
SPAXX
Fidelity Government Money Market Fund		3.59%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

FSSNX 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.

FSSNX has higher volatility (7.09%) compared to SPAXX (0.28%). In terms of maximum drawdown, FSSNX dropped -41.72% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 1.93), 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.

Portfolio Optimizer

Find the right allocation for FSSNX and SPAXX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer