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VIGAX vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIGAX vs. SPAXX

Last updated Jun 13, 2026

VIGAX (Vanguard Growth Index Fund Admiral Shares) and SPAXX (Fidelity Government Money Market Fund) are both mutual funds - VIGAX is a Large Cap Growth Equities fund tracking the CRSP US Large Cap Growth Index, while SPAXX is a Money Market fund actively managed by Fidelity. VIGAX is passively managed, while SPAXX is actively managed. Over the past 5 years, VIGAX returned 13.73%/yr vs 1.45%/yr for SPAXX. At a 0.01 correlation, their price movements are largely independent. VIGAX charges 0.05%/yr vs 0.42%/yr for SPAXX.

Performance

VIGAX vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Growth Index Fund Admiral Shares (VIGAX) and Fidelity Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VIGAX achieves a 4.85% return, which is significantly higher than SPAXX's 1.37% return.

VIGAX

1D
1.82%
1M
-2.66%
YTD
4.85%
6M
5.52%
1Y
21.03%
3Y*
23.61%
5Y*
13.73%
10Y*
17.87%

SPAXX

1D
0.00%
1M
0.28%
YTD
1.37%
6M
1.67%
1Y
3.66%
3Y*
2.42%
5Y*
1.45%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

VIGAX vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
VIGAX
Vanguard Growth Index Fund Admiral Shares		4.85%19.43%32.67%46.76%-33.14%19.53%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between VIGAX and SPAXX is 0.00, 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

0.00

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

0.00

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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Vanguard Growth Index Fund Admiral Shares

Fidelity Government Money Market Fund

Often compared with VIGAX:
VIGAX vs. VUGVIGAX vs. INDEXVIGAX vs. VVIAXVIGAX vs. VWUAXVIGAX vs. SCHGVIGAX vs. FLCNXVIGAX vs. FSELX
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

VIGAX vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VIGAX
VIGAX Risk / Return Rank: 2727
Overall Rank
VIGAX Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
VIGAX Sortino Ratio Rank: 2929
Sortino Ratio Rank
VIGAX Omega Ratio Rank: 3131
Omega Ratio Rank
VIGAX Calmar Ratio Rank: 2121
Calmar Ratio Rank
VIGAX Martin Ratio Rank: 2222
Martin Ratio Rank
SPAXX

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

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.

VIGAX vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Growth Index Fund Admiral Shares (VIGAX) 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.

VIGAXSPAXXDifference
Sharpe ratioReturn per unit of total volatility
1.29
3.65

-2.36

Sortino ratioReturn per unit of downside risk
1.78

—

—

Omega ratioGain probability vs. loss probability

1.23

—

—

Calmar ratioReturn relative to maximum drawdown

1.29

—

—

Martin ratioReturn relative to average drawdown

4.48

—

—

VIGAX vs. SPAXX - Sharpe Ratio Comparison

The current VIGAX Sharpe Ratio is 1.29, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of VIGAX 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.

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Drawdowns

VIGAX vs. SPAXX - Drawdown Comparison

The maximum VIGAX drawdown since its inception was -50.66%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VIGAX and SPAXX.

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Drawdown Indicators

VIGAXSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-50.66%

0.00%

-50.66%

Max Drawdown (1Y)

Largest decline over 1 year

-16.51%

0.00%

-16.51%

Max Drawdown (3Y)

Largest decline over 3 years

-23.04%

0.00%

-23.04%

Max Drawdown (5Y)

Largest decline over 5 years

-35.63%

0.00%

-35.63%

Max Drawdown (10Y)

Largest decline over 10 years

-35.63%

—

—

Current Drawdown

Current decline from peak

-5.66%

0.00%

-5.66%

Average Drawdown

Average peak-to-trough decline

-11.95%

0.00%

-11.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.75%

0.00%

+4.75%

Volatility

VIGAX vs. SPAXX - Volatility Comparison

Vanguard Growth Index Fund Admiral Shares (VIGAX) has a higher volatility of 5.91% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that VIGAX's price experiences larger fluctuations and is considered to be riskier than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VIGAXSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.91%

0.28%

+5.63%

Volatility (6M)

Calculated over the trailing 6-month period

13.06%

0.66%

+12.40%

Volatility (1Y)

Calculated over the trailing 1-year period

16.55%

1.03%

+15.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.44%

0.69%

+21.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.63%

0.69%

+20.94%

VIGAX vs. SPAXX - Expense Ratio Comparison

VIGAX has a 0.05% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

VIGAX vs. SPAXX - Dividend Comparison

VIGAX's dividend yield for the trailing twelve months is around 0.38%, less than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VIGAX
Vanguard Growth Index Fund Admiral Shares		0.38%0.40%0.46%0.57%0.69%0.47%0.66%0.94%1.31%1.14%1.39%1.31%

Frequently Asked Questions

VIGAX and SPAXX have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VIGAX has higher volatility (5.91%) compared to SPAXX (0.28%). In terms of maximum drawdown, VIGAX dropped -50.66% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 1.29), 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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