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SCHD vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SCHD vs. SPAXX

Last updated Jun 9, 2026

SCHD (Schwab U.S. Dividend Equity ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index, while SPAXX is a Money Market fund actively managed by Fidelity. SCHD is passively managed, while SPAXX is actively managed. Over the past 5 years, SCHD returned 8.49%/yr vs 1.45%/yr for SPAXX. At a 0.06 correlation, their price movements are largely independent. SCHD charges 0.06%/yr vs 0.42%/yr for SPAXX.

Performance

SCHD vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab U.S. Dividend Equity ETF (SCHD) 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, SCHD achieves a 18.71% return, which is significantly higher than SPAXX's 1.37% return.

SCHD

1D
-0.03%
1M
2.12%
YTD
18.71%
6M
19.28%
1Y
26.37%
3Y*
14.73%
5Y*
8.49%
10Y*
12.65%

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)

SCHD vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
SCHD
Schwab U.S. Dividend Equity ETF		18.71%4.34%11.66%4.54%-3.26%8.11%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between SCHD and SPAXX is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.10

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

0.07

Correlation (5Y)
Calculated over the trailing 5-year period

0.06

Correlation (All Time)
Calculated using the full available price history since May 26, 2021

0.06

Compare stocks, funds, or ETFs

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Schwab U.S. Dividend Equity ETF

Fidelity Government Money Market Fund

Often compared with SCHD:
SCHD vs. VOOSCHD vs. VYMSCHD vs. SPYSCHD vs. SCHGSCHD vs. JEPISCHD vs. FDVVSCHD vs. VIG
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

SCHD vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SCHD
SCHD Risk / Return Rank: 8585
Overall Rank
SCHD Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
SCHD Sortino Ratio Rank: 8989
Sortino Ratio Rank
SCHD Omega Ratio Rank: 8181
Omega Ratio Rank
SCHD Calmar Ratio Rank: 9292
Calmar Ratio Rank
SCHD Martin Ratio Rank: 8080
Martin Ratio Rank
SPAXX
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.

SCHD vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Dividend Equity ETF (SCHD) 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.

SCHDSPAXXDifference
Sharpe ratioReturn per unit of total volatility
2.43
3.65

-1.22

Sortino ratioReturn per unit of downside risk
3.75

—

—

Omega ratioGain probability vs. loss probability

1.43

—

—

Calmar ratioReturn relative to maximum drawdown

5.74

—

—

Martin ratioReturn relative to average drawdown

14.06

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCHD vs. SPAXX - Sharpe Ratio Comparison

The current SCHD Sharpe Ratio is 2.43, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of SCHD 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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Sharpe Ratios by Period

SCHDSPAXXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.43

3.65

-1.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.59

2.13

-1.54

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.76

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.86

2.12

-1.27

Drawdowns

SCHD vs. SPAXX - Drawdown Comparison

The maximum SCHD drawdown since its inception was -33.37%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for SCHD and SPAXX.

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Drawdown Indicators

SCHDSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-33.37%

0.00%

-33.37%

Max Drawdown (1Y)

Largest decline over 1 year

-4.61%

0.00%

-4.61%

Max Drawdown (3Y)

Largest decline over 3 years

-16.13%

0.00%

-16.13%

Max Drawdown (5Y)

Largest decline over 5 years

-16.85%

0.00%

-16.85%

Max Drawdown (10Y)

Largest decline over 10 years

-33.37%

—

—

Current Drawdown

Current decline from peak

-1.64%

0.00%

-1.64%

Average Drawdown

Average peak-to-trough decline

-3.32%

0.00%

-3.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.88%

0.00%

+1.88%

Volatility

SCHD vs. SPAXX - Volatility Comparison

Schwab U.S. Dividend Equity ETF (SCHD) has a higher volatility of 2.83% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that SCHD'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

SCHDSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.83%

0.28%

+2.55%

Volatility (6M)

Calculated over the trailing 6-month period

7.60%

0.72%

+6.88%

Volatility (1Y)

Calculated over the trailing 1-year period

10.94%

1.03%

+9.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.38%

0.69%

+13.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.72%

0.69%

+16.03%

SCHD vs. SPAXX - Expense Ratio Comparison

SCHD has a 0.06% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

SCHD vs. SPAXX - Dividend Comparison

SCHD's dividend yield for the trailing twelve months is around 3.27%, less than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
SCHD
Schwab U.S. Dividend Equity ETF		3.27%3.82%3.64%3.49%3.39%2.78%3.16%2.98%3.06%2.63%2.89%2.97%
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

SCHD and SPAXX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SCHD has higher volatility (2.83%) compared to SPAXX (0.28%). In terms of maximum drawdown, SCHD dropped -33.37% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 2.43), 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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