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VIOO vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIOO vs. SPAXX

Last updated Jun 18, 2026

VIOO (Vanguard S&P Small-Cap 600 ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - VIOO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while SPAXX is a Money Market fund actively managed by Fidelity. VIOO is passively managed, while SPAXX is actively managed. Over the past 5 years, VIOO returned 6.87%/yr vs 1.45%/yr for SPAXX. At a correlation of -0.01, they often move in opposite directions. VIOO charges 0.07%/yr vs 0.42%/yr for SPAXX.

Performance

VIOO vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 ETF (VIOO) 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, VIOO achieves a 17.50% return, which is significantly higher than SPAXX's 1.37% return.

VIOO

1D
-1.46%
1M
5.02%
YTD
17.50%
6M
15.98%
1Y
34.74%
3Y*
14.35%
5Y*
6.87%
10Y*
11.00%

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)

VIOO vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
VIOO
Vanguard S&P Small-Cap 600 ETF		17.50%6.04%8.48%16.16%-16.26%4.65%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between VIOO and SPAXX is -0.07, 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

-0.07

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

-0.02

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 S&P Small-Cap 600 ETF

Fidelity Government Money Market Fund

Often compared with VIOO:
VIOO vs. VBVIOO vs. IJRVIOO vs. VOVIOO vs. AVUVVIOO vs. VIOVVIOO vs. VTWOVIOO vs. VIOG
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

VIOO vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VIOO
VIOO Risk / Return Rank: 6969
Overall Rank
VIOO Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
VIOO Sortino Ratio Rank: 6767
Sortino Ratio Rank
VIOO Omega Ratio Rank: 5858
Omega Ratio Rank
VIOO Calmar Ratio Rank: 8181
Calmar Ratio Rank
VIOO Martin Ratio Rank: 7676
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.

VIOO vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 ETF (VIOO) 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.

VIOOSPAXXDifference
Sharpe ratioReturn per unit of total volatility
1.97
3.65

-1.67

Sortino ratioReturn per unit of downside risk
2.85

—

—

Omega ratioGain probability vs. loss probability

1.34

—

—

Calmar ratioReturn relative to maximum drawdown

3.98

—

—

Martin ratioReturn relative to average drawdown

13.44

—

—

VIOO vs. SPAXX - Sharpe Ratio Comparison

The current VIOO Sharpe Ratio is 1.97, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of VIOO 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

VIOO vs. SPAXX - Drawdown Comparison

The maximum VIOO drawdown since its inception was -44.15%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VIOO and SPAXX.

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Drawdown Indicators

VIOOSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-44.15%

0.00%

-44.15%

Max Drawdown (1Y)

Largest decline over 1 year

-8.77%

0.00%

-8.77%

Max Drawdown (3Y)

Largest decline over 3 years

-27.93%

0.00%

-27.93%

Max Drawdown (5Y)

Largest decline over 5 years

-27.93%

0.00%

-27.93%

Max Drawdown (10Y)

Largest decline over 10 years

-44.15%

—

—

Current Drawdown

Current decline from peak

-1.98%

0.00%

-1.98%

Average Drawdown

Average peak-to-trough decline

-7.32%

0.00%

-7.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.59%

0.00%

+2.59%

Volatility

VIOO vs. SPAXX - Volatility Comparison

Vanguard S&P Small-Cap 600 ETF (VIOO) has a higher volatility of 5.13% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that VIOO'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

VIOOSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.13%

0.28%

+4.85%

Volatility (6M)

Calculated over the trailing 6-month period

12.02%

0.66%

+11.36%

Volatility (1Y)

Calculated over the trailing 1-year period

17.73%

1.03%

+16.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.43%

0.69%

+20.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.01%

0.69%

+22.32%

VIOO vs. SPAXX - Expense Ratio Comparison

VIOO has a 0.07% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

VIOO vs. SPAXX - Dividend Comparison

VIOO's dividend yield for the trailing twelve months is around 1.16%, 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%
VIOO
Vanguard S&P Small-Cap 600 ETF		1.16%1.36%1.48%1.47%1.51%1.16%1.09%1.37%1.32%1.11%1.06%1.26%

Frequently Asked Questions

VIOO and SPAXX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VIOO has higher volatility (5.13%) compared to SPAXX (0.28%). In terms of maximum drawdown, VIOO dropped -44.15% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 1.97), 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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