SPAXX vs. ENIAX

Last updated Jun 16, 2026

SPAXX (Fidelity Government Money Market Fund) and ENIAX (SEI Institutional Investments Trust Opportunistic Income Fund) are both mutual funds - SPAXX is a Money Market fund actively managed by Fidelity, while ENIAX is a Ultrashort Bond fund managed by SEI. Over the past 5 years, SPAXX returned 1.45%/yr vs 4.72%/yr for ENIAX. At a correlation of -0.05, they often move in opposite directions. SPAXX charges 0.42%/yr vs 0.23%/yr for ENIAX.

Performance

SPAXX vs. ENIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Government Money Market Fund (SPAXX) and SEI Institutional Investments Trust Opportunistic Income Fund (ENIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPAXX achieves a 1.37% return, which is significantly lower than ENIAX's 1.65% return.

SPAXX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.37%
• 6M: 1.67%
• 1Y: 3.66%
• 3Y*: 2.42%
• 5Y*: 1.45%
• 10Y*: —

ENIAX

• 1D: 0.13%
• 1M: 0.38%
• YTD: 1.65%
• 6M: 1.93%
• 1Y: 5.15%
• 3Y*: 6.59%
• 5Y*: 4.72%
• 10Y*: 4.18%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPAXX vs. ENIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPAXX Fidelity Government Money Market Fund	1.37%	3.96%	1.54%	0.41%	0.00%	0.00%
ENIAX SEI Institutional Investments Trust Opportunistic Income Fund	1.65%	6.14%	8.34%	7.94%	-1.16%	1.09%

Correlation

The correlation between SPAXX and ENIAX is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.09
Correlation (5Y) Calculated over the trailing 5-year period	-0.05
Correlation (All Time) Calculated using the full available price history since May 25, 2021	-0.05

Return for Risk

SPAXX vs. ENIAX — Risk / Return Rank

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

SPAXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ENIAX

ENIAX Risk / Return Rank: 100
ENIAX Sharpe Ratio Rank: 100
ENIAX Sortino Ratio Rank: 100
ENIAX Omega Ratio Rank: 99
ENIAX Calmar Ratio Rank: 99
ENIAX Martin Ratio Rank: 100

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.

SPAXX vs. ENIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Government Money Market Fund (SPAXX) and SEI Institutional Investments Trust Opportunistic Income Fund (ENIAX). 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.

	SPAXX	ENIAX	Difference
Sharpe ratio: Return per unit of total volatility	3.65	5.38	-1.73
Sortino ratio: Return per unit of downside risk	—	11.21	—
Omega ratio: Gain probability vs. loss probability	—	4.10	—
Calmar ratio: Return relative to maximum drawdown	—	13.83	—
Martin ratio: Return relative to average drawdown	—	84.16	—

SPAXX vs. ENIAX - Sharpe Ratio Comparison

The current SPAXX Sharpe Ratio is 3.65, which is lower than the ENIAX Sharpe Ratio of 5.38. The chart below compares the historical Sharpe Ratios of SPAXX and ENIAX, 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

SPAXX vs. ENIAX - Drawdown Comparison

The maximum SPAXX drawdown since its inception was 0.00%, smaller than the maximum ENIAX drawdown of -33.30%. Use the drawdown chart below to compare losses from any high point for SPAXX and ENIAX.

Drawdown Indicators

	SPAXX	ENIAX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-33.30%	+33.30%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	-0.37%	+0.37%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	-2.11%	+2.11%
Max Drawdown (5Y) Largest decline over 5 years	0.00%	-3.52%	+3.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-13.45%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	-7.77%	+7.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.06%	-0.06%

Volatility

SPAXX vs. ENIAX - Volatility Comparison

Fidelity Government Money Market Fund (SPAXX) and SEI Institutional Investments Trust Opportunistic Income Fund (ENIAX) have volatilities of 0.28% and 0.27%, 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

	SPAXX	ENIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	0.27%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.66%	0.71%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	1.03%	0.96%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.69%	2.86%	-2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.69%	2.79%	-2.10%

SPAXX vs. ENIAX - Expense Ratio Comparison

SPAXX has a 0.42% expense ratio, which is higher than ENIAX's 0.23% expense ratio.

Dividends

SPAXX vs. ENIAX - Dividend Comparison

SPAXX's dividend yield for the trailing twelve months is around 3.59%, less than ENIAX's 5.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENIAX SEI Institutional Investments Trust Opportunistic Income Fund	5.92%	6.00%	6.78%	5.33%	4.07%	2.66%	2.96%	4.32%	3.96%	3.02%	2.75%	2.54%
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

Can I hold both SPAXX and ENIAX in my portfolio?

SPAXX and ENIAX have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPAXX or ENIAX?

SPAXX has higher volatility (0.28%) compared to ENIAX (0.27%). In terms of maximum drawdown, SPAXX dropped 0.00% vs ENIAX's -33.30%.

Which has better risk-adjusted returns?

ENIAX currently has the higher Sharpe Ratio (5.38 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.