SNSXX vs. SPAXX

Last updated Jun 4, 2026

SNSXX (Schwab U.S. Treasury Money Fund) and SPAXX (Fidelity Government Money Market Fund) are both Money Market funds. Over the past 5 years, SNSXX returned 1.38%/yr vs 1.45%/yr for SPAXX. Their correlation of 0.88 suggests significant overlap in exposure.

Performance

SNSXX vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab U.S. Treasury Money Fund (SNSXX) and Fidelity Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SNSXX having a 1.40% return and SPAXX slightly lower at 1.37%.

SNSXX

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.40%
• 6M: 1.72%
• 1Y: 3.69%
• 3Y*: 2.32%
• 5Y*: 1.38%
• 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)

SNSXX vs. SPAXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SNSXX Schwab U.S. Treasury Money Fund	1.40%	3.97%	1.61%	0.00%	0.00%	0.00%
SPAXX Fidelity Government Money Market Fund	1.37%	3.96%	1.54%	0.41%	0.00%	0.00%

Correlation

The correlation between SNSXX and SPAXX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.88

The correlation between SNSXX and SPAXX shifts across timeframes, from 0.87 (3 years) to 1.00 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SNSXX vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Treasury Money Fund (SNSXX) 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.

	SNSXX	SPAXX	Difference
Sharpe ratio Return per unit of total volatility	3.71	3.65	+0.06
Sortino ratio Return per unit of downside risk	—	—	—
Omega ratio Gain probability vs. loss probability	—	—	—
Calmar ratio Return relative to maximum drawdown	—	—	—
Martin ratio Return relative to average drawdown	—	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SNSXX vs. SPAXX - Sharpe Ratio Comparison

The current SNSXX Sharpe Ratio is 3.71, which is comparable to the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of SNSXX 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

	SNSXX	SPAXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.71	3.65	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.09	2.13	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	2.08	2.13	-0.04

Drawdowns

SNSXX vs. SPAXX - Drawdown Comparison

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

Drawdown Indicators

	SNSXX	SPAXX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	0.00%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	0.00%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	0.00%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	0.00%	0.00%	0.00%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

SNSXX vs. SPAXX - Volatility Comparison

Schwab U.S. Treasury Money Fund (SNSXX) and Fidelity Government Money Market Fund (SPAXX) have volatilities of 0.29% and 0.28%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SNSXX	SPAXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.29%	0.28%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.73%	0.72%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	1.05%	1.03%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.68%	0.69%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.68%	0.69%	-0.01%

Dividends

SNSXX vs. SPAXX - Dividend Comparison

SNSXX's dividend yield for the trailing twelve months is around 3.62%, which matches SPAXX's 3.59% yield.

Position	TTM	2025	2024	2023
SNSXX Schwab U.S. Treasury Money Fund	3.62%	3.88%	1.59%	0.00%
SPAXX Fidelity Government Money Market Fund	3.59%	3.88%	1.53%	0.41%

Frequently Asked Questions

Can I hold both SNSXX and SPAXX in my portfolio?

With a correlation of 1.00, SNSXX and SPAXX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SNSXX or SPAXX?

SNSXX has higher volatility (0.29%) compared to SPAXX (0.28%). In terms of maximum drawdown, SNSXX dropped 0.00% vs SPAXX's 0.00%.

Which has better risk-adjusted returns?

SNSXX currently has the higher Sharpe Ratio (3.71 vs 3.65), 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.