OASC vs. SPAXX

Last updated Jun 4, 2026

OASC (OneAscent Enhanced Small and Mid Cap ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - OASC is a Small Cap Blend Equities fund actively managed by Oneascent, while SPAXX is a Money Market fund actively managed by Fidelity. Both are actively managed. Over the past year, OASC returned 36.18% vs 3.66% for SPAXX. At a correlation of -0.05, they often move in opposite directions. OASC charges 0.69%/yr vs 0.42%/yr for SPAXX.

Performance

OASC vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in OneAscent Enhanced Small and Mid Cap ETF (OASC) 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, OASC achieves a 16.43% return, which is significantly higher than SPAXX's 1.37% return.

OASC

• 1D: -0.70%
• 1M: 3.98%
• YTD: 16.43%
• 6M: 17.89%
• 1Y: 36.18%
• 3Y*: —
• 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)

OASC vs. SPAXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OASC OneAscent Enhanced Small and Mid Cap ETF	16.43%	8.91%	10.35%
SPAXX Fidelity Government Money Market Fund	1.37%	3.96%	1.11%

Correlation

The correlation between OASC and SPAXX is -0.08, 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	-0.08
Correlation (All Time) Calculated using the full available price history since Jun 14, 2024	-0.05

Return for Risk

OASC vs. SPAXX — Risk / Return Rank

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

OASC

OASC Risk / Return Rank: 70
OASC Sharpe Ratio Rank: 61
OASC Sortino Ratio Rank: 63
OASC Omega Ratio Rank: 57
OASC Calmar Ratio Rank: 86
OASC Martin Ratio Rank: 81

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.

OASC vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for OneAscent Enhanced Small and Mid Cap ETF (OASC) 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.

	OASC	SPAXX	Difference
Sharpe ratio: Return per unit of total volatility	2.02	3.65	-1.63
Sortino ratio: Return per unit of downside risk	2.91	—	—
Omega ratio: Gain probability vs. loss probability	1.34	—	—
Calmar ratio: Return relative to maximum drawdown	4.74	—	—
Martin ratio: Return relative to average drawdown	15.82	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OASC vs. SPAXX - Sharpe Ratio Comparison

The current OASC Sharpe Ratio is 2.02, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of OASC 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.

Sharpe Ratios by Period

	OASC	SPAXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	3.65	-1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	2.13	-1.23

Drawdowns

OASC vs. SPAXX - Drawdown Comparison

The maximum OASC drawdown since its inception was -27.00%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for OASC and SPAXX.

Drawdown Indicators

	OASC	SPAXX	Difference
Max Drawdown Largest peak-to-trough decline	-27.00%	0.00%	-27.00%
Max Drawdown (1Y) Largest decline over 1 year	-7.67%	0.00%	-7.67%
Max Drawdown (3Y) Largest decline over 3 years	—	0.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	0.00%	—
Current Drawdown Current decline from peak	-0.70%	0.00%	-0.70%
Average Drawdown Average peak-to-trough decline	-6.06%	0.00%	-6.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	0.00%	+2.29%

Volatility

OASC vs. SPAXX - Volatility Comparison

OneAscent Enhanced Small and Mid Cap ETF (OASC) has a higher volatility of 5.13% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that OASC'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

	OASC	SPAXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	0.28%	+4.85%
Volatility (6M) Calculated over the trailing 6-month period	12.22%	0.72%	+11.50%
Volatility (1Y) Calculated over the trailing 1-year period	18.04%	1.03%	+17.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.95%	0.69%	+20.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.95%	0.69%	+20.26%

OASC vs. SPAXX - Expense Ratio Comparison

OASC has a 0.69% expense ratio, which is higher than SPAXX's 0.42% expense ratio.

Dividends

OASC vs. SPAXX - Dividend Comparison

OASC's dividend yield for the trailing twelve months is around 0.46%, less than SPAXX's 3.59% yield.

Position	TTM	2025	2024	2023
OASC OneAscent Enhanced Small and Mid Cap ETF	0.46%	0.53%	0.46%	0.00%
SPAXX Fidelity Government Money Market Fund	3.59%	3.88%	1.53%	0.41%

Frequently Asked Questions

Can I hold both OASC and SPAXX in my portfolio?

OASC and SPAXX have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OASC or SPAXX?

OASC has higher volatility (5.13%) compared to SPAXX (0.28%). In terms of maximum drawdown, OASC dropped -27.00% vs SPAXX's 0.00%.

Which has better risk-adjusted returns?

SPAXX currently has the higher Sharpe Ratio (3.65 vs 2.02), 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.