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VXUS vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VXUS vs. SPAXX

Last updated Jun 13, 2026

VXUS (Vanguard Total International Stock ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - VXUS is a Global Equities fund tracking the FTSE Global All Cap ex US Index, while SPAXX is a Money Market fund actively managed by Fidelity. VXUS is passively managed, while SPAXX is actively managed. Over the past 5 years, VXUS returned 8.32%/yr vs 1.45%/yr for SPAXX. At a correlation of -0.02, they often move in opposite directions. VXUS charges 0.05%/yr vs 0.42%/yr for SPAXX.

Performance

VXUS vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total International Stock ETF (VXUS) 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, VXUS achieves a 13.69% return, which is significantly higher than SPAXX's 1.37% return.

VXUS

1D
0.40%
1M
0.71%
YTD
13.69%
6M
15.52%
1Y
28.39%
3Y*
18.37%
5Y*
8.32%
10Y*
10.22%

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)

VXUS vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
VXUS
Vanguard Total International Stock ETF		13.69%32.35%5.08%15.86%-16.08%-0.59%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between VXUS and SPAXX is -0.02, 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

-0.02

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

-0.04

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

-0.02

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

-0.02

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Vanguard Total International Stock ETF

Fidelity Government Money Market Fund

Often compared with VXUS:
VXUS vs. VTIVXUS vs. VOOVXUS vs. VTVXUS vs. VEAVXUS vs. FZILXVXUS vs. VEUVXUS vs. SCHF
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

VXUS vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VXUS
VXUS Risk / Return Rank: 6161
Overall Rank
VXUS Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
VXUS Sortino Ratio Rank: 6060
Sortino Ratio Rank
VXUS Omega Ratio Rank: 6363
Omega Ratio Rank
VXUS Calmar Ratio Rank: 5858
Calmar Ratio Rank
VXUS Martin Ratio Rank: 6262
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.

VXUS vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Stock ETF (VXUS) 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.

VXUSSPAXXDifference
Sharpe ratioReturn per unit of total volatility
1.77
3.65

-1.88

Sortino ratioReturn per unit of downside risk
2.44

—

—

Omega ratioGain probability vs. loss probability

1.33

—

—

Calmar ratioReturn relative to maximum drawdown

2.53

—

—

Martin ratioReturn relative to average drawdown

9.72

—

—

VXUS vs. SPAXX - Sharpe Ratio Comparison

The current VXUS Sharpe Ratio is 1.77, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of VXUS 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

VXUS vs. SPAXX - Drawdown Comparison

The maximum VXUS drawdown since its inception was -35.97%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VXUS and SPAXX.

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Drawdown Indicators

VXUSSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-35.97%

0.00%

-35.97%

Max Drawdown (1Y)

Largest decline over 1 year

-11.27%

0.00%

-11.27%

Max Drawdown (3Y)

Largest decline over 3 years

-13.58%

0.00%

-13.58%

Max Drawdown (5Y)

Largest decline over 5 years

-29.44%

0.00%

-29.44%

Max Drawdown (10Y)

Largest decline over 10 years

-35.97%

—

—

Current Drawdown

Current decline from peak

-1.47%

0.00%

-1.47%

Average Drawdown

Average peak-to-trough decline

-8.21%

0.00%

-8.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.93%

0.00%

+2.93%

Volatility

VXUS vs. SPAXX - Volatility Comparison

Vanguard Total International Stock ETF (VXUS) has a higher volatility of 6.71% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that VXUS'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

VXUSSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.71%

0.28%

+6.43%

Volatility (6M)

Calculated over the trailing 6-month period

14.02%

0.66%

+13.36%

Volatility (1Y)

Calculated over the trailing 1-year period

16.09%

1.03%

+15.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.21%

0.69%

+15.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.20%

0.69%

+16.51%

VXUS vs. SPAXX - Expense Ratio Comparison

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

Dividends

VXUS vs. SPAXX - Dividend Comparison

VXUS's dividend yield for the trailing twelve months is around 2.67%, 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%
VXUS
Vanguard Total International Stock ETF		2.67%3.18%3.37%3.24%3.09%3.10%2.14%3.06%3.18%2.73%2.93%2.83%

Frequently Asked Questions

VXUS and SPAXX have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VXUS has higher volatility (6.71%) compared to SPAXX (0.28%). In terms of maximum drawdown, VXUS dropped -35.97% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 1.77), 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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