SPAXX vs. KO

Last updated Jun 13, 2026

SPAXX (Fidelity Government Money Market Fund) is Money Market fund actively managed by Fidelity, while KO (The Coca-Cola Company) is a stock. Over the past 5 years, SPAXX returned 1.45%/yr vs 11.29%/yr for KO. At a 0.04 correlation, their price movements are largely independent.

Performance

SPAXX vs. KO - Performance Comparison

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

Returns By Period

In the year-to-date period, SPAXX achieves a 1.37% return, which is significantly lower than KO's 18.99% return.

SPAXX

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

KO

• 1D: 0.11%
• 1M: 2.94%
• YTD: 18.99%
• 6M: 17.96%
• 1Y: 17.68%
• 3Y*: 14.33%
• 5Y*: 11.29%
• 10Y*: 9.55%

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

SPAXX vs. KO - 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%
KO The Coca-Cola Company	18.99%	15.60%	8.88%	-4.43%	10.61%	10.53%

Correlation

The correlation between SPAXX and KO is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.04

Return for Risk

SPAXX vs. KO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPAXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

KO

KO Risk / Return Rank: 74
KO Sharpe Ratio Rank: 75
KO Sortino Ratio Rank: 72
KO Omega Ratio Rank: 67
KO Calmar Ratio Rank: 79
KO Martin Ratio Rank: 75

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. KO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Government Money Market Fund (SPAXX) and The Coca-Cola Company (KO). 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	KO	Difference
Sharpe ratio: Return per unit of total volatility	3.65	1.06	+2.59
Sortino ratio: Return per unit of downside risk	—	1.73	—
Omega ratio: Gain probability vs. loss probability	—	1.19	—
Calmar ratio: Return relative to maximum drawdown	—	2.26	—
Martin ratio: Return relative to average drawdown	—	4.51	—

SPAXX vs. KO - Sharpe Ratio Comparison

The current SPAXX Sharpe Ratio is 3.65, which is higher than the KO Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of SPAXX and KO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPAXX vs. KO - Drawdown Comparison

The maximum SPAXX drawdown since its inception was 0.00%, smaller than the maximum KO drawdown of -68.23%. Use the drawdown chart below to compare losses from any high point for SPAXX and KO.

Drawdown Indicators

	SPAXX	KO	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-68.23%	+68.23%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	-7.87%	+7.87%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	-16.26%	+16.26%
Max Drawdown (5Y) Largest decline over 5 years	0.00%	-17.27%	+17.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.99%	—
Current Drawdown Current decline from peak	0.00%	-1.16%	+1.16%
Average Drawdown Average peak-to-trough decline	0.00%	-16.09%	+16.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	3.98%	-3.98%

Volatility

SPAXX vs. KO - Volatility Comparison

The current volatility for Fidelity Government Money Market Fund (SPAXX) is 0.28%, while The Coca-Cola Company (KO) has a volatility of 6.70%. This indicates that SPAXX experiences smaller price fluctuations and is considered to be less risky than KO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPAXX	KO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	6.70%	-6.42%
Volatility (6M) Calculated over the trailing 6-month period	0.66%	12.87%	-12.21%
Volatility (1Y) Calculated over the trailing 1-year period	1.03%	16.73%	-15.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.69%	16.18%	-15.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.69%	18.24%	-17.55%

Dividends

SPAXX vs. KO - Dividend Comparison

SPAXX's dividend yield for the trailing twelve months is around 3.59%, more than KO's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KO The Coca-Cola Company	2.49%	2.92%	3.12%	3.12%	2.77%	2.84%	2.99%	2.89%	3.29%	3.23%	3.38%	3.07%
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

Can I hold both SPAXX and KO in my portfolio?

SPAXX and KO have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPAXX or KO?

KO has higher volatility (6.70%) compared to SPAXX (0.28%). In terms of maximum drawdown, SPAXX dropped 0.00% vs KO's -68.23%.

Which has better risk-adjusted returns?

SPAXX currently has the higher Sharpe Ratio (3.65 vs 1.06), 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.