SWVXX vs. SPAXX

Last updated Aug 2, 2026

SWVXX (Schwab Prime Advantage Money Fund Investor Shares) and SPAXX (Fidelity Government Money Market Fund) are both Money Market funds. Both are actively managed. Over the past 5 years, SWVXX returned 3.06%/yr vs 1.50%/yr for SPAXX. Their 0.63 correlation means they have sometimes moved together and sometimes differently. SWVXX charges 0.34%/yr vs 0.42%/yr for SPAXX.

Performance

SWVXX vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Prime Advantage Money Fund Investor Shares (SWVXX) and Fidelity Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWVXX achieves a 1.74% return, which is significantly higher than SPAXX's 1.64% return.

SWVXX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.43%
• YTD: 1.74%
• 1Y: 3.44%
• 3Y*: 4.27%
• 5Y*: 3.06%
• 10Y*: —
• ALL TIME*: 2.95%

SPAXX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 1.35%
• YTD: 1.64%
• 1Y: 3.25%
• 3Y*: 2.52%
• 5Y*: 1.50%
• 10Y*: —
• ALL TIME*: 1.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPAXX Fidelity Government Money Market Fund	$0.00	$0.00	$0.00
SWVXX Schwab Prime Advantage Money Fund Investor Shares	$0.00	$0.00	$0.00

SWVXX vs. SPAXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SWVXX Schwab Prime Advantage Money Fund Investor Shares	1.74%	4.15%	5.16%	4.33%	0.00%	0.00%
SPAXX Fidelity Government Money Market Fund	1.64%	3.96%	1.54%	0.41%	0.00%	0.00%

Correlation

The correlation between SWVXX and SPAXX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (5Y) Shows whether the relationship held over a longer period.	0.63
Correlation (All Time) Calculated using the full available price history since May 25, 2021	0.63

Over the past year, SWVXX and SPAXX have become more correlated (1.00) than their long-term average of 0.63, meaning their price movements have been converging.

Return for Risk

SWVXX vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Prime Advantage Money Fund Investor Shares (SWVXX) and Fidelity Government Money Market Fund (SPAXX). 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.

	SWVXX	SPAXX	Difference
Sharpe ratio: Return per unit of total volatility	3.71	3.65	+0.06
Sortino ratio: Return per unit of downside risk	—	—	—
Omega ratio: Gain probability vs. loss probability	—	—	—
Calmar ratio: Return relative to maximum drawdown	—	—	—
Martin ratio: Return relative to average drawdown	—	—	—

SWVXX vs. SPAXX - Sharpe Ratio Comparison

The current SWVXX Sharpe Ratio is 3.71, which is comparable to the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of SWVXX and SPAXX, 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

SWVXX vs. SPAXX - Drawdown Comparison

The maximum SWVXX drawdown since its inception was 0.00%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for SWVXX and SPAXX.

Drawdown Indicators

	SWVXX	SPAXX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	0.00%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	0.00%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	0.00%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	0.00%	0.00%	0.00%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

SWVXX vs. SPAXX - Volatility Comparison

The current volatility for Schwab Prime Advantage Money Fund Investor Shares (SWVXX) is 0.00%, while Fidelity Government Money Market Fund (SPAXX) has a volatility of 0.00%. This indicates that SWVXX experiences smaller price fluctuations and is considered to be less risky than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWVXX	SPAXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.00%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.69%	0.65%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	1.09%	1.02%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.06%	0.70%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.04%	0.69%	+0.35%

SWVXX vs. SPAXX - Expense Ratio Comparison

SWVXX has a 0.34% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

SWVXX vs. SPAXX - Dividend Comparison

SWVXX's dividend yield for the trailing twelve months is around 3.38%, more than SPAXX's 3.20% yield.

Position	TTM	2025	2024	2023
SPAXX Fidelity Government Money Market Fund	3.20%	3.88%	1.53%	0.41%
SWVXX Schwab Prime Advantage Money Fund Investor Shares	3.38%	4.06%	5.02%	4.23%

Frequently Asked Questions

Can I hold both SWVXX and SPAXX in my portfolio?

With a correlation of 1.00, SWVXX and SPAXX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SWVXX or SPAXX?

SPAXX has higher volatility (0.00%) compared to SWVXX (0.00%). In terms of maximum drawdown, SWVXX dropped 0.00% vs SPAXX's 0.00%.

Which has better risk-adjusted returns?

SWVXX currently has the higher Sharpe Ratio (3.71 vs 3.65), 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.