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IGF vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IGF vs. SPAXX

Last updated Jun 21, 2026

IGF (iShares Global Infrastructure ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - IGF is a Industrials Equities fund tracking the S&P Global Infrastructure Index (Net), while SPAXX is a Money Market fund actively managed by Fidelity. IGF is passively managed, while SPAXX is actively managed. Over the past 5 years, IGF returned 10.85%/yr vs 1.45%/yr for SPAXX. At a 0.01 correlation, their price movements are largely independent. IGF charges 0.39%/yr vs 0.42%/yr for SPAXX.

Performance

IGF vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Infrastructure ETF (IGF) 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, IGF achieves a 9.67% return, which is significantly higher than SPAXX's 1.37% return.

IGF

1D
0.58%
1M
-0.16%
YTD
9.67%
6M
10.73%
1Y
18.46%
3Y*
15.62%
5Y*
10.85%
10Y*
8.40%

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)

IGF vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
IGF
iShares Global Infrastructure ETF		9.67%21.31%14.81%6.14%-1.26%2.93%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between IGF and SPAXX is 0.01, 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

0.01

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

0.00

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.

iShares Global Infrastructure ETF

Fidelity Government Money Market Fund

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Return for Risk

IGF vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGF
IGF Risk / Return Rank: 5555
Overall Rank
IGF Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
IGF Sortino Ratio Rank: 5353
Sortino Ratio Rank
IGF Omega Ratio Rank: 5050
Omega Ratio Rank
IGF Calmar Ratio Rank: 6565
Calmar Ratio Rank
IGF Martin Ratio Rank: 5353
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.

IGF vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Infrastructure ETF (IGF) 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.

IGFSPAXXDifference
Sharpe ratioReturn per unit of total volatility
1.72
3.65

-1.93

Sortino ratioReturn per unit of downside risk
2.44

—

—

Omega ratioGain probability vs. loss probability

1.31

—

—

Calmar ratioReturn relative to maximum drawdown

3.10

—

—

Martin ratioReturn relative to average drawdown

8.83

—

—

IGF vs. SPAXX - Sharpe Ratio Comparison

The current IGF Sharpe Ratio is 1.72, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of IGF 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

IGF vs. SPAXX - Drawdown Comparison

The maximum IGF drawdown since its inception was -58.33%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for IGF and SPAXX.

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Drawdown Indicators

IGFSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-58.33%

0.00%

-58.33%

Max Drawdown (1Y)

Largest decline over 1 year

-5.87%

0.00%

-5.87%

Max Drawdown (3Y)

Largest decline over 3 years

-14.28%

0.00%

-14.28%

Max Drawdown (5Y)

Largest decline over 5 years

-20.83%

0.00%

-20.83%

Max Drawdown (10Y)

Largest decline over 10 years

-42.11%

—

—

Current Drawdown

Current decline from peak

-2.99%

0.00%

-2.99%

Average Drawdown

Average peak-to-trough decline

-11.85%

0.00%

-11.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.06%

0.00%

+2.06%

Volatility

IGF vs. SPAXX - Volatility Comparison

iShares Global Infrastructure ETF (IGF) has a higher volatility of 3.45% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that IGF'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

IGFSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.45%

0.28%

+3.17%

Volatility (6M)

Calculated over the trailing 6-month period

8.73%

0.66%

+8.07%

Volatility (1Y)

Calculated over the trailing 1-year period

10.57%

1.03%

+9.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.97%

0.69%

+13.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.83%

0.69%

+16.14%

IGF vs. SPAXX - Expense Ratio Comparison

IGF has a 0.39% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

IGF vs. SPAXX - Dividend Comparison

IGF's dividend yield for the trailing twelve months is around 2.91%, less than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
IGF
iShares Global Infrastructure ETF		2.91%3.23%3.21%3.36%2.67%2.42%2.33%3.27%3.52%2.95%2.98%3.25%
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

IGF and SPAXX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IGF has higher volatility (3.45%) compared to SPAXX (0.28%). In terms of maximum drawdown, IGF dropped -58.33% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 1.72), 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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