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SPAXX vs. FDRXX
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between SPAXX and FDRXX is -0.02. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.


-0.50.00.51.0
Correlation: -0.0

Performance

SPAXX vs. FDRXX - Performance Comparison

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

12.00%12.50%13.00%13.50%NovemberDecember2025FebruaryMarchApril
13.58%
13.71%
SPAXX
FDRXX

Key characteristics

Sharpe Ratio

SPAXX:

3.22

FDRXX:

3.23

Ulcer Index

SPAXX:

0.00%

FDRXX:

0.00%

Daily Std Dev

SPAXX:

1.34%

FDRXX:

1.34%

Max Drawdown

SPAXX:

0.00%

FDRXX:

0.00%

Current Drawdown

SPAXX:

0.00%

FDRXX:

0.00%

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with SPAXX at 0.65% and FDRXX at 0.65%. Both investments have delivered pretty close results over the past 10 years, with SPAXX having a 1.28% annualized return and FDRXX not far ahead at 1.29%.


SPAXX

YTD

0.65%

1M

0.00%

6M

1.76%

1Y

4.32%

5Y*

2.31%

10Y*

1.28%

FDRXX

YTD

0.65%

1M

0.00%

6M

1.78%

1Y

4.35%

5Y*

2.32%

10Y*

1.29%

*Annualized

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SPAXX vs. FDRXX - Expense Ratio Comparison


Expense ratio chart for FDRXX: current value is 0.38%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
FDRXX: 0.38%

Risk-Adjusted Performance

SPAXX vs. FDRXX - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Government Money Market Fund (SPAXX) and Fidelity Government Cash Reserves (FDRXX). 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.


The chart of Sharpe ratio for SPAXX, currently valued at 3.22, compared to the broader market-1.000.001.002.003.00
SPAXX: 3.22
FDRXX: 3.23

The current SPAXX Sharpe Ratio is 3.22, which is comparable to the FDRXX Sharpe Ratio of 3.23. The chart below compares the historical Sharpe Ratios of SPAXX and FDRXX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio3.203.303.403.503.60NovemberDecember2025FebruaryMarchApril
3.22
3.23
SPAXX
FDRXX

Dividends

SPAXX vs. FDRXX - Dividend Comparison

SPAXX's dividend yield for the trailing twelve months is around 4.56%, more than FDRXX's 4.25% yield.


TTM20242023202220212020201920182017
SPAXX
Fidelity Government Money Market Fund
4.56%4.81%4.68%1.30%0.01%0.26%0.98%0.00%0.00%
FDRXX
Fidelity Government Cash Reserves
4.25%4.84%4.69%1.33%0.01%0.28%1.01%0.00%0.00%

Drawdowns

SPAXX vs. FDRXX - Drawdown Comparison

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


0.00%NovemberDecember2025FebruaryMarchApril00
SPAXX
FDRXX

Volatility

SPAXX vs. FDRXX - Volatility Comparison

The current volatility for Fidelity Government Money Market Fund (SPAXX) is 0.00%, while Fidelity Government Cash Reserves (FDRXX) has a volatility of 0.00%. This indicates that SPAXX experiences smaller price fluctuations and is considered to be less risky than FDRXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


0.00%0.20%0.40%0.60%0.80%NovemberDecember2025FebruaryMarchApril00
SPAXX
FDRXX