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SPAXX vs. WQDV.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPAXX vs. WQDV.L

Last updated Jun 21, 2026

SPAXX (Fidelity Government Money Market Fund) and WQDV.L (iShares MSCI World Quality Dividend ESG UCITS ETF USD (Dist)) are both funds - SPAXX is a Money Market fund actively managed by Fidelity, while WQDV.L is a Global Equities fund tracking the MSCI World High Dividend Yield ESG Reduced Carbon Target Select Index. SPAXX is actively managed, while WQDV.L is passively managed. Over the past 5 years, SPAXX returned 1.45%/yr vs 12.29%/yr for WQDV.L. At a correlation of -0.03, they often move in opposite directions. SPAXX charges 0.42%/yr vs 0.38%/yr for WQDV.L.

Performance

SPAXX vs. WQDV.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Government Money Market Fund (SPAXX) and iShares MSCI World Quality Dividend ESG UCITS ETF USD (Dist) (WQDV.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPAXX achieves a 1.37% return, which is significantly lower than WQDV.L's 13.76% return.

SPAXX

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

WQDV.L

1D
0.00%
1M
1.40%
YTD
13.76%
6M
14.45%
1Y
31.16%
3Y*
18.65%
5Y*
12.29%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPAXX vs. WQDV.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%
WQDV.L
iShares MSCI World Quality Dividend ESG UCITS ETF USD (Dist)		13.76%24.16%9.75%17.23%-6.95%2.69%

Correlation

The correlation between SPAXX and WQDV.L is -0.06, 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

-0.06

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

-0.05

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

-0.03

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

-0.03

Compare stocks, funds, or ETFs

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Fidelity Government Money Market Fund

iShares MSCI World Quality Dividend ESG UCITS ETF USD (Dist)

Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO
Often compared with WQDV.L:
WQDV.L vs. VHYD.LWQDV.L vs. IQQ0.DEWQDV.L vs. SCHDWQDV.L vs. HDVWQDV.L vs. IMID.LWQDV.L vs. QDVX.DEWQDV.L vs. VIG

Return for Risk

SPAXX vs. WQDV.L — 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.

WQDV.L
WQDV.L Risk / Return Rank: 8484
Overall Rank
WQDV.L Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
WQDV.L Sortino Ratio Rank: 8989
Sortino Ratio Rank
WQDV.L Omega Ratio Rank: 8383
Omega Ratio Rank
WQDV.L Calmar Ratio Rank: 8181
Calmar Ratio Rank
WQDV.L Martin Ratio Rank: 8080
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. WQDV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Government Money Market Fund (SPAXX) and iShares MSCI World Quality Dividend ESG UCITS ETF USD (Dist) (WQDV.L). 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.

SPAXXWQDV.LDifference
Sharpe ratioReturn per unit of total volatility
3.65
2.63

+1.02

Sortino ratioReturn per unit of downside risk

—

3.90

—

Omega ratioGain probability vs. loss probability

—

1.47

—

Calmar ratioReturn relative to maximum drawdown

—

4.05

—

Martin ratioReturn relative to average drawdown

—

14.99

—

SPAXX vs. WQDV.L - Sharpe Ratio Comparison

The current SPAXX Sharpe Ratio is 3.65, which is higher than the WQDV.L Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of SPAXX and WQDV.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPAXX vs. WQDV.L - Drawdown Comparison

The maximum SPAXX drawdown since its inception was 0.00%, smaller than the maximum WQDV.L drawdown of -33.16%. Use the drawdown chart below to compare losses from any high point for SPAXX and WQDV.L.

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Drawdown Indicators

SPAXXWQDV.LDifference

Max Drawdown

Largest peak-to-trough decline

0.00%

-33.16%

+33.16%

Max Drawdown (1Y)

Largest decline over 1 year

0.00%

-7.79%

+7.79%

Max Drawdown (3Y)

Largest decline over 3 years

0.00%

-14.03%

+14.03%

Max Drawdown (5Y)

Largest decline over 5 years

0.00%

-21.24%

+21.24%

Current Drawdown

Current decline from peak

0.00%

-1.05%

+1.05%

Average Drawdown

Average peak-to-trough decline

0.00%

-4.27%

+4.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.00%

2.11%

-2.11%

Volatility

SPAXX vs. WQDV.L - Volatility Comparison

The current volatility for Fidelity Government Money Market Fund (SPAXX) is 0.28%, while iShares MSCI World Quality Dividend ESG UCITS ETF USD (Dist) (WQDV.L) has a volatility of 3.61%. This indicates that SPAXX experiences smaller price fluctuations and is considered to be less risky than WQDV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPAXXWQDV.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.28%

3.61%

-3.33%

Volatility (6M)

Calculated over the trailing 6-month period

0.66%

9.39%

-8.73%

Volatility (1Y)

Calculated over the trailing 1-year period

1.03%

12.08%

-11.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.69%

13.90%

-13.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.69%

14.66%

-13.97%

SPAXX vs. WQDV.L - Expense Ratio Comparison

SPAXX has a 0.42% expense ratio, which is higher than WQDV.L's 0.38% expense ratio.

Dividends

SPAXX vs. WQDV.L - Dividend Comparison

SPAXX's dividend yield for the trailing twelve months is around 3.59%, more than WQDV.L's 1.81% yield.

PositionTTM202520242023202220212020201920182017
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%
WQDV.L
iShares MSCI World Quality Dividend ESG UCITS ETF USD (Dist)		1.81%2.31%2.58%2.78%2.95%2.75%2.81%3.01%3.28%0.77%

Frequently Asked Questions

SPAXX and WQDV.L have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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