SPAXX vs. IEF
SPAXX (Fidelity Government Money Market Fund) and IEF (iShares 7-10 Year Treasury Bond ETF) are both funds - SPAXX is a Money Market fund actively managed by Fidelity, while IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. SPAXX is actively managed, while IEF is passively managed. Over the past 5 years, SPAXX returned 1.45%/yr vs -1.34%/yr for IEF. At a 0.04 correlation, their price movements are largely independent. SPAXX charges 0.42%/yr vs 0.15%/yr for IEF.
Performance
SPAXX vs. IEF - Performance Comparison
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Returns By Period
In the year-to-date period, SPAXX achieves a 1.37% return, which is significantly higher than IEF's -1.16% return.
SPAXX
- 1D
- 0.00%
- 1M
- 0.28%
- YTD
- 1.37%
- 6M
- 1.67%
- 1Y
- 3.66%
- 3Y*
- 2.42%
- 5Y*
- 1.45%
- 10Y*
- —
IEF
- 1D
- -0.11%
- 1M
- -1.19%
- YTD
- -1.16%
- 6M
- -0.96%
- 1Y
- 3.91%
- 3Y*
- 2.43%
- 5Y*
- -1.34%
- 10Y*
- 0.53%
SPAXX vs. IEF - 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% |
IEF iShares 7-10 Year Treasury Bond ETF | -1.16% | 8.03% | -0.63% | 3.64% | -15.15% | 0.81% |
Correlation
The correlation between SPAXX and IEF is 0.04, 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 (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since May 26, 2021 | 0.04 |
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Return for Risk
SPAXX vs. IEF — Risk / Return Rank
SPAXX
IEF
SPAXX vs. IEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Government Money Market Fund (SPAXX) and iShares 7-10 Year Treasury Bond ETF (IEF). 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.
| SPAXX | IEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.81 | ||
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.14 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.96 | — |
| Martin ratioReturn relative to average drawdown | — | 2.79 | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPAXX | IEF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.65 | 0.84 | +2.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.13 | -0.17 | +2.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.08 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.12 | 0.50 | +1.63 |
Drawdowns
SPAXX vs. IEF - Drawdown Comparison
The maximum SPAXX drawdown since its inception was 0.00%, smaller than the maximum IEF drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for SPAXX and IEF.
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Drawdown Indicators
| SPAXX | IEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | 0.00% | -23.93% | +23.93% |
Max Drawdown (1Y)Largest decline over 1 year | 0.00% | -4.07% | +4.07% |
Max Drawdown (3Y)Largest decline over 3 years | 0.00% | -7.74% | +7.74% |
Max Drawdown (5Y)Largest decline over 5 years | 0.00% | -21.40% | +21.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.93% | — |
Current DrawdownCurrent decline from peak | 0.00% | -11.80% | +11.80% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -5.35% | +5.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 1.40% | -1.40% |
Volatility
SPAXX vs. IEF - Volatility Comparison
The current volatility for Fidelity Government Money Market Fund (SPAXX) is 0.28%, while iShares 7-10 Year Treasury Bond ETF (IEF) has a volatility of 1.51%. This indicates that SPAXX experiences smaller price fluctuations and is considered to be less risky than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPAXX | IEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.28% | 1.51% | -1.23% |
Volatility (6M)Calculated over the trailing 6-month period | 0.72% | 3.36% | -2.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.03% | 4.69% | -3.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.69% | 7.71% | -7.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.69% | 6.63% | -5.94% |
SPAXX vs. IEF - Expense Ratio Comparison
SPAXX has a 0.42% expense ratio, which is higher than IEF's 0.15% expense ratio.
Dividends
SPAXX vs. IEF - Dividend Comparison
SPAXX's dividend yield for the trailing twelve months is around 3.59%, less than IEF's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | 3.92% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
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
SPAXX and IEF have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEF has higher volatility (1.51%) compared to SPAXX (0.28%). In terms of maximum drawdown, SPAXX dropped 0.00% vs IEF's -23.93%.
SPAXX currently has the higher Sharpe Ratio (3.65 vs 0.84), 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.
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