SPAXX vs. IJR
SPAXX (Fidelity Government Money Market Fund) and IJR (iShares Core S&P Small-Cap ETF) are both funds - SPAXX is a Money Market fund actively managed by Fidelity, while IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. SPAXX is actively managed, while IJR is passively managed. Over the past 5 years, SPAXX returned 1.45%/yr vs 6.35%/yr for IJR. At a correlation of -0.01, they often move in opposite directions. SPAXX charges 0.42%/yr vs 0.06%/yr for IJR.
Performance
SPAXX vs. IJR - Performance Comparison
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Returns By Period
In the year-to-date period, SPAXX achieves a 1.37% return, which is significantly lower than IJR's 19.86% return.
SPAXX
- 1D
- 0.00%
- 1M
- 0.28%
- YTD
- 1.37%
- 6M
- 1.67%
- 1Y
- 3.66%
- 3Y*
- 2.42%
- 5Y*
- 1.45%
- 10Y*
- —
IJR
- 1D
- 0.11%
- 1M
- 7.39%
- YTD
- 19.86%
- 6M
- 16.97%
- 1Y
- 37.16%
- 3Y*
- 15.09%
- 5Y*
- 6.35%
- 10Y*
- 11.21%
SPAXX vs. IJR - 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% |
IJR iShares Core S&P Small-Cap ETF | 19.86% | 5.89% | 8.63% | 16.06% | -16.20% | 4.53% |
Correlation
The correlation between SPAXX and IJR 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 (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 25, 2021 | -0.01 |
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Return for Risk
SPAXX vs. IJR — Risk / Return Rank
SPAXX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
IJR
SPAXX vs. IJR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Government Money Market Fund (SPAXX) and iShares Core S&P Small-Cap ETF (IJR). 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 | IJR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.53 | ||
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.36 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 4.30 | — |
| Martin ratioReturn relative to average drawdown | — | 14.44 | — |
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Drawdowns
SPAXX vs. IJR - Drawdown Comparison
The maximum SPAXX drawdown since its inception was 0.00%, smaller than the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for SPAXX and IJR.
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Drawdown Indicators
| SPAXX | IJR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | 0.00% | -58.15% | +58.15% |
Max Drawdown (1Y)Largest decline over 1 year | 0.00% | -8.68% | +8.68% |
Max Drawdown (3Y)Largest decline over 3 years | 0.00% | -28.02% | +28.02% |
Max Drawdown (5Y)Largest decline over 5 years | 0.00% | -28.02% | +28.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.36% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -9.27% | +9.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 2.58% | -2.58% |
Volatility
SPAXX vs. IJR - Volatility Comparison
The current volatility for Fidelity Government Money Market Fund (SPAXX) is 0.28%, while iShares Core S&P Small-Cap ETF (IJR) has a volatility of 5.17%. This indicates that SPAXX experiences smaller price fluctuations and is considered to be less risky than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPAXX | IJR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.28% | 5.17% | -4.89% |
Volatility (6M)Calculated over the trailing 6-month period | 0.66% | 11.93% | -11.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.03% | 17.67% | -16.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.69% | 21.44% | -20.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.69% | 22.93% | -22.24% |
SPAXX vs. IJR - Expense Ratio Comparison
SPAXX has a 0.42% expense ratio, which is higher than IJR's 0.06% expense ratio.
Dividends
SPAXX vs. IJR - Dividend Comparison
SPAXX's dividend yield for the trailing twelve months is around 3.59%, more than IJR's 1.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IJR iShares Core S&P Small-Cap ETF | 1.42% | 1.44% | 2.05% | 1.31% | 1.41% | 1.53% | 1.11% | 1.44% | 1.58% | 1.20% | 1.22% | 1.48% |
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 IJR 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.
IJR has higher volatility (5.17%) compared to SPAXX (0.28%). In terms of maximum drawdown, SPAXX dropped 0.00% vs IJR's -58.15%.
SPAXX currently has the higher Sharpe Ratio (3.65 vs 2.12), 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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