SPAXX vs. MFIOX

Last updated Jun 4, 2026

SPAXX (Fidelity Government Money Market Fund) and MFIOX (MFS Income Fund) are both mutual funds - SPAXX is a Money Market fund actively managed by Fidelity, while MFIOX is a Intermediate Core-Plus Bond fund managed by MFS. Over the past 5 years, SPAXX returned 1.45%/yr vs 0.75%/yr for MFIOX. At a 0.17 correlation, their price movements are largely independent. SPAXX charges 0.42%/yr vs 0.73%/yr for MFIOX.

Performance

SPAXX vs. MFIOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Government Money Market Fund (SPAXX) and MFS Income Fund (MFIOX). 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 higher than MFIOX's 0.63% return.

SPAXX

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

MFIOX

• 1D: 0.00%
• 1M: 0.58%
• YTD: 0.63%
• 6M: 0.68%
• 1Y: 5.85%
• 3Y*: 5.05%
• 5Y*: 0.75%
• 10Y*: 2.75%

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

SPAXX vs. MFIOX - 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%
MFIOX MFS Income Fund	0.63%	7.37%	2.66%	7.46%	-14.14%	1.46%

Correlation

The correlation between SPAXX and MFIOX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since May 26, 2021	0.17

The correlation between SPAXX and MFIOX shifts across timeframes, from 0.17 (5 years) to 0.32 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPAXX vs. MFIOX — Risk / Return Rank

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

MFIOX

MFIOX Risk / Return Rank: 31
MFIOX Sharpe Ratio Rank: 31
MFIOX Sortino Ratio Rank: 33
MFIOX Omega Ratio Rank: 33
MFIOX Calmar Ratio Rank: 31
MFIOX Martin Ratio Rank: 28

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. MFIOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Government Money Market Fund (SPAXX) and MFS Income Fund (MFIOX). 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	MFIOX	Difference
Sharpe ratio: Return per unit of total volatility	3.65	1.59	+2.05
Sortino ratio: Return per unit of downside risk	—	2.39	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	2.09	—
Martin ratio: Return relative to average drawdown	—	6.63	—
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. MFIOX - Sharpe Ratio Comparison

The current SPAXX Sharpe Ratio is 3.65, which is higher than the MFIOX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of SPAXX and MFIOX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPAXX	MFIOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.65	1.59	+2.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.13	0.14	+2.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.13	1.36	+0.77

Drawdowns

SPAXX vs. MFIOX - Drawdown Comparison

The maximum SPAXX drawdown since its inception was 0.00%, smaller than the maximum MFIOX drawdown of -19.07%. Use the drawdown chart below to compare losses from any high point for SPAXX and MFIOX.

Drawdown Indicators

	SPAXX	MFIOX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-19.07%	+19.07%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	-2.81%	+2.81%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	-5.88%	+5.88%
Max Drawdown (5Y) Largest decline over 5 years	0.00%	-19.07%	+19.07%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.07%	—
Current Drawdown Current decline from peak	0.00%	-0.97%	+0.97%
Average Drawdown Average peak-to-trough decline	0.00%	-2.18%	+2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.88%	-0.88%

Volatility

SPAXX vs. MFIOX - Volatility Comparison

The current volatility for Fidelity Government Money Market Fund (SPAXX) is 0.28%, while MFS Income Fund (MFIOX) has a volatility of 1.29%. This indicates that SPAXX experiences smaller price fluctuations and is considered to be less risky than MFIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPAXX	MFIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	1.29%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	0.72%	2.59%	-1.87%
Volatility (1Y) Calculated over the trailing 1-year period	1.03%	3.69%	-2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.69%	5.51%	-4.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.69%	4.87%	-4.18%

SPAXX vs. MFIOX - Expense Ratio Comparison

SPAXX has a 0.42% expense ratio, which is lower than MFIOX's 0.73% expense ratio.

Dividends

SPAXX vs. MFIOX - Dividend Comparison

SPAXX's dividend yield for the trailing twelve months is around 3.59%, less than MFIOX's 4.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MFIOX MFS Income Fund	4.70%	4.70%	5.04%	4.72%	2.24%	3.29%	2.80%	3.04%	3.07%	3.26%	3.61%	4.35%
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 MFIOX in my portfolio?

SPAXX and MFIOX have a correlation of 0.32, 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 MFIOX?

MFIOX has higher volatility (1.29%) compared to SPAXX (0.28%). In terms of maximum drawdown, SPAXX dropped 0.00% vs MFIOX's -19.07%.

Which has better risk-adjusted returns?

SPAXX currently has the higher Sharpe Ratio (3.65 vs 1.59), 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.