SPAXX vs. FFONX

Last updated Jun 13, 2026

SPAXX (Fidelity Government Money Market Fund) and FFONX (Fidelity Advisor Technology Fund Class A) are both mutual funds - SPAXX is a Money Market fund actively managed by Fidelity, while FFONX is a Technology Equities fund actively managed by Fidelity. Both are actively managed. At a 0.07 correlation, their price movements are largely independent. SPAXX charges 0.42%/yr vs 0.89%/yr for FFONX.

Performance

SPAXX vs. FFONX - Performance Comparison

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

Returns By Period

SPAXX

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

FFONX

• 1D: 0.00%
• 1M: 6.31%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPAXX vs. FFONX - Yearly Performance Comparison

	2026 (YTD)
SPAXX Fidelity Government Money Market Fund	0.83%
FFONX Fidelity Advisor Technology Fund Class A	38.63%

Correlation

The correlation between SPAXX and FFONX is 0.07, 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 (All Time) Calculated using the full available price history since Mar 16, 2026	0.07

Return for Risk

SPAXX vs. FFONX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Government Money Market Fund (SPAXX) and Fidelity Advisor Technology Fund Class A (FFONX). 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	FFONX	Difference
Sharpe ratio: Return per unit of total volatility	3.65	—	—
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	—	—	—

Drawdowns

SPAXX vs. FFONX - Drawdown Comparison

The maximum SPAXX drawdown since its inception was 0.00%, smaller than the maximum FFONX drawdown of -10.06%. Use the drawdown chart below to compare losses from any high point for SPAXX and FFONX.

Drawdown Indicators

	SPAXX	FFONX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-10.06%	+10.06%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	—	—
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	0.00%	-6.74%	+6.74%
Average Drawdown Average peak-to-trough decline	0.00%	-1.54%	+1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	—	—

Volatility

Volatility by Period

	SPAXX	FFONX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.03%	29.48%	-28.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.69%	29.48%	-28.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.69%	29.48%	-28.79%

SPAXX vs. FFONX - Expense Ratio Comparison

SPAXX has a 0.42% expense ratio, which is lower than FFONX's 0.89% expense ratio.

Dividends

SPAXX vs. FFONX - Dividend Comparison

SPAXX's dividend yield for the trailing twelve months is around 3.59%, more than FFONX's 2.56% yield.

Position	TTM	2025	2024	2023
FFONX Fidelity Advisor Technology Fund Class A	2.56%	0.00%	0.00%	0.00%
SPAXX Fidelity Government Money Market Fund	3.59%	3.88%	1.53%	0.41%

Frequently Asked Questions

Can I hold both SPAXX and FFONX in my portfolio?

SPAXX and FFONX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.