OAEM vs. SPAXX

Last updated Jun 14, 2026

OAEM (OneAscent Emerging Markets ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - OAEM is a Emerging Markets Diversified fund actively managed by Oneascent, while SPAXX is a Money Market fund actively managed by Fidelity. Both are actively managed. Over the past 3 years, OAEM returned 19.06%/yr vs 2.42%/yr for SPAXX. At a correlation of -0.05, they often move in opposite directions. OAEM charges 1.25%/yr vs 0.42%/yr for SPAXX.

Performance

OAEM vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in OneAscent Emerging Markets ETF (OAEM) 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, OAEM achieves a 33.09% return, which is significantly higher than SPAXX's 1.37% return.

OAEM

• 1D: 1.25%
• 1M: 0.58%
• YTD: 33.09%
• 6M: 39.50%
• 1Y: 54.45%
• 3Y*: 19.06%
• 5Y*: —
• 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)

OAEM vs. SPAXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OAEM OneAscent Emerging Markets ETF	33.09%	26.67%	0.43%	17.97%	1.40%
SPAXX Fidelity Government Money Market Fund	1.37%	3.96%	1.54%	0.41%	0.00%

Correlation

The correlation between OAEM and SPAXX is -0.00, 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	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Sep 15, 2022	-0.05

Return for Risk

OAEM vs. SPAXX — Risk / Return Rank

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

OAEM

OAEM Risk / Return Rank: 77
OAEM Sharpe Ratio Rank: 78
OAEM Sortino Ratio Rank: 69
OAEM Omega Ratio Rank: 76
OAEM Calmar Ratio Rank: 79
OAEM Martin Ratio Rank: 82

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.

OAEM vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for OneAscent Emerging Markets ETF (OAEM) 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.

	OAEM	SPAXX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	3.65	-1.43
Sortino ratio: Return per unit of downside risk	2.78	—	—
Omega ratio: Gain probability vs. loss probability	1.40	—	—
Calmar ratio: Return relative to maximum drawdown	3.65	—	—
Martin ratio: Return relative to average drawdown	14.54	—	—

OAEM vs. SPAXX - Sharpe Ratio Comparison

The current OAEM Sharpe Ratio is 2.21, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of OAEM 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

OAEM vs. SPAXX - Drawdown Comparison

The maximum OAEM drawdown since its inception was -17.05%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for OAEM and SPAXX.

Drawdown Indicators

	OAEM	SPAXX	Difference
Max Drawdown Largest peak-to-trough decline	-17.05%	0.00%	-17.05%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	0.00%	-14.63%
Max Drawdown (3Y) Largest decline over 3 years	-17.05%	0.00%	-17.05%
Max Drawdown (5Y) Largest decline over 5 years	—	0.00%	—
Current Drawdown Current decline from peak	-3.26%	0.00%	-3.26%
Average Drawdown Average peak-to-trough decline	-3.87%	0.00%	-3.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	0.00%	+3.66%

Volatility

OAEM vs. SPAXX - Volatility Comparison

OneAscent Emerging Markets ETF (OAEM) has a higher volatility of 11.58% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that OAEM'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

	OAEM	SPAXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.58%	0.28%	+11.30%
Volatility (6M) Calculated over the trailing 6-month period	21.93%	0.66%	+21.27%
Volatility (1Y) Calculated over the trailing 1-year period	24.12%	1.03%	+23.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.04%	0.69%	+19.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.04%	0.69%	+19.35%

OAEM vs. SPAXX - Expense Ratio Comparison

OAEM has a 1.25% expense ratio, which is higher than SPAXX's 0.42% expense ratio.

Dividends

OAEM vs. SPAXX - Dividend Comparison

OAEM's dividend yield for the trailing twelve months is around 0.58%, less than SPAXX's 3.59% yield.

Position	TTM	2025	2024	2023	2022
OAEM OneAscent Emerging Markets ETF	0.58%	0.77%	0.91%	1.63%	0.04%
SPAXX Fidelity Government Money Market Fund	3.59%	3.88%	1.53%	0.41%	0.00%

Frequently Asked Questions

Can I hold both OAEM and SPAXX in my portfolio?

OAEM and SPAXX have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OAEM or SPAXX?

OAEM has higher volatility (11.58%) compared to SPAXX (0.28%). In terms of maximum drawdown, OAEM dropped -17.05% vs SPAXX's 0.00%.

Which has better risk-adjusted returns?

SPAXX currently has the higher Sharpe Ratio (3.65 vs 2.21), 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.