PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
SPAXX vs. FMSDX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPAXX vs. FMSDX

Last updated Jun 9, 2026

SPAXX (Fidelity Government Money Market Fund) and FMSDX (Fidelity Multi-Asset Income Fund) are both mutual funds - SPAXX is a Money Market fund actively managed by Fidelity, while FMSDX is a Diversified Portfolio fund managed by Fidelity. Over the past 5 years, SPAXX returned 1.45%/yr vs 5.71%/yr for FMSDX. At a 0.09 correlation, their price movements are largely independent. SPAXX charges 0.42%/yr vs 0.78%/yr for FMSDX.

Performance

SPAXX vs. FMSDX - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, SPAXX achieves a 1.37% return, which is significantly lower than FMSDX's 5.38% return.

SPAXX

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

FMSDX

1D
-2.19%
1M
-3.41%
YTD
5.38%
6M
4.57%
1Y
17.46%
3Y*
11.88%
5Y*
5.71%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPAXX vs. FMSDX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%
FMSDX
Fidelity Multi-Asset Income Fund		5.38%14.10%9.95%11.75%-13.67%5.64%

Correlation

The correlation between SPAXX and FMSDX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.15

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

0.12

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

0.09

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

0.09

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Government Money Market Fund

Fidelity Multi-Asset Income Fund

Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO
Often compared with FMSDX:
FMSDX vs. FBALXFMSDX vs. SCHDFMSDX vs. FAGIXFMSDX vs. VBINXFMSDX vs. BAICXFMSDX vs. FSRRXFMSDX vs. FSKAX

Return for Risk

SPAXX vs. FMSDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPAXX
FMSDX
FMSDX Risk / Return Rank: 4343
Overall Rank
FMSDX Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
FMSDX Sortino Ratio Rank: 3535
Sortino Ratio Rank
FMSDX Omega Ratio Rank: 3838
Omega Ratio Rank
FMSDX Calmar Ratio Rank: 5757
Calmar Ratio Rank
FMSDX Martin Ratio Rank: 4848
Martin Ratio Rank
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. FMSDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Government Money Market Fund (SPAXX) and Fidelity Multi-Asset Income Fund (FMSDX). 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.

SPAXXFMSDXDifference
Sharpe ratioReturn per unit of total volatility
3.65
1.76

+1.89

Sortino ratioReturn per unit of downside risk

—

2.37

—

Omega ratioGain probability vs. loss probability

—

1.32

—

Calmar ratioReturn relative to maximum drawdown

—

2.77

—

Martin ratioReturn relative to average drawdown

—

9.55

—

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

SPAXX vs. FMSDX - Sharpe Ratio Comparison

The current SPAXX Sharpe Ratio is 3.65, which is higher than the FMSDX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of SPAXX and FMSDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

SPAXXFMSDXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.65

1.76

+1.89

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

2.13

0.58

+1.55

Sharpe Ratio (All Time)

Calculated using the full available price history

2.12

0.88

+1.24

Drawdowns

SPAXX vs. FMSDX - Drawdown Comparison

The maximum SPAXX drawdown since its inception was 0.00%, smaller than the maximum FMSDX drawdown of -21.64%. Use the drawdown chart below to compare losses from any high point for SPAXX and FMSDX.

Loading charts...

Drawdown Indicators

SPAXXFMSDXDifference

Max Drawdown

Largest peak-to-trough decline

0.00%

-21.64%

+21.64%

Max Drawdown (1Y)

Largest decline over 1 year

0.00%

-6.47%

+6.47%

Max Drawdown (3Y)

Largest decline over 3 years

0.00%

-13.17%

+13.17%

Max Drawdown (5Y)

Largest decline over 5 years

0.00%

-18.12%

+18.12%

Current Drawdown

Current decline from peak

0.00%

-3.52%

+3.52%

Average Drawdown

Average peak-to-trough decline

0.00%

-3.81%

+3.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.00%

1.88%

-1.88%

Volatility

SPAXX vs. FMSDX - Volatility Comparison

The current volatility for Fidelity Government Money Market Fund (SPAXX) is 0.28%, while Fidelity Multi-Asset Income Fund (FMSDX) has a volatility of 3.41%. This indicates that SPAXX experiences smaller price fluctuations and is considered to be less risky than FMSDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

SPAXXFMSDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.28%

3.41%

-3.13%

Volatility (6M)

Calculated over the trailing 6-month period

0.72%

7.75%

-7.03%

Volatility (1Y)

Calculated over the trailing 1-year period

1.03%

10.23%

-9.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.69%

9.86%

-9.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.69%

10.63%

-9.94%

SPAXX vs. FMSDX - Expense Ratio Comparison

SPAXX has a 0.42% expense ratio, which is lower than FMSDX's 0.78% expense ratio.

Dividends

SPAXX vs. FMSDX - Dividend Comparison

SPAXX's dividend yield for the trailing twelve months is around 3.59%, which matches FMSDX's 3.57% yield.

PositionTTM20252024202320222021202020192018
FMSDX
Fidelity Multi-Asset Income Fund		3.57%3.81%3.84%4.23%3.74%2.81%1.79%2.82%4.36%
SPAXX
Fidelity Government Money Market Fund		3.59%3.88%1.53%0.41%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

SPAXX and FMSDX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FMSDX has higher volatility (3.41%) compared to SPAXX (0.28%). In terms of maximum drawdown, SPAXX dropped 0.00% vs FMSDX's -21.64%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 1.76), 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.

Portfolio Optimizer

Find the right allocation for SPAXX and FMSDX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer