BETH vs. SPAXX
BETH (ProShares Bitcoin & Ether Market Cap Weight ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - BETH is a Cryptocurrency fund actively managed by ProShares, while SPAXX is a Money Market fund actively managed by Fidelity. Both are actively managed. Over the past year, BETH returned -46.26% vs 3.25% for SPAXX. Their -0.05 correlation means they have often moved in opposite directions in the past. BETH charges 0.95%/yr vs 0.42%/yr for SPAXX.
Performance
BETH vs. SPAXX - Performance Comparison
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Returns By Period
In the year-to-date period, BETH achieves a -30.33% return, which is significantly lower than SPAXX's 1.64% return.
BETH
- 1D
- 1.32%
- 1M
- 4.26%
- 6M
- -19.99%
- YTD
- -30.33%
- 1Y
- -46.26%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 17.89%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.41K | $34.66K | $70.89K | |
| $0.00 | $0.00 | $0.00 |
BETH vs. SPAXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BETH ProShares Bitcoin & Ether Market Cap Weight ETF | -30.33% | -11.20% | 85.03% | 39.34% |
SPAXX Fidelity Government Money Market Fund | 1.64% | 3.96% | 1.54% | 0.00% |
Correlation
The correlation between BETH and SPAXX is -0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023 | -0.05 |
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Return for Risk
BETH vs. SPAXX — Risk / Return Rank
BETH
SPAXX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BETH vs. SPAXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) 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.
| BETH | SPAXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.46 | ||
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.84 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | — | — |
| Martin ratioReturn relative to average drawdown | -1.23 | — | — |
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Drawdowns
BETH vs. SPAXX - Drawdown Comparison
The maximum BETH drawdown since its inception was -57.12%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for BETH and SPAXX.
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Drawdown Indicators
| BETH | SPAXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.12% | 0.00% | -57.12% |
Max Drawdown (1Y)Largest decline over 1 year | -57.12% | 0.00% | -57.12% |
Max Drawdown (3Y)Largest decline over 3 years | — | 0.00% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | 0.00% | — |
Current DrawdownCurrent decline from peak | -52.92% | 0.00% | -52.92% |
Average DrawdownAverage peak-to-trough decline | -19.69% | 0.00% | -19.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.53% | 0.00% | +37.53% |
Volatility
BETH vs. SPAXX - Volatility Comparison
ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) has a higher volatility of 9.28% compared to Fidelity Government Money Market Fund (SPAXX) at 0.00%. This indicates that BETH'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
| BETH | SPAXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.28% | 0.00% | +9.28% |
Volatility (6M)Calculated over the trailing 6-month period | 35.74% | 0.65% | +35.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.66% | 1.02% | +46.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.60% | 0.70% | +49.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.60% | 0.69% | +49.91% |
BETH vs. SPAXX - Expense Ratio Comparison
BETH has a 0.95% expense ratio, which is higher than SPAXX's 0.42% expense ratio.
Dividends
BETH vs. SPAXX - Dividend Comparison
BETH's dividend yield for the trailing twelve months is around 41.57%, more than SPAXX's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BETH ProShares Bitcoin & Ether Market Cap Weight ETF | 41.57% | 57.68% | 19.71% | 0.36% |
SPAXX Fidelity Government Money Market Fund | 3.20% | 3.88% | 1.53% | 0.41% |
Frequently Asked Questions
BETH 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.
BETH has higher volatility (9.28%) compared to SPAXX (0.00%). In terms of maximum drawdown, BETH dropped -57.12% vs SPAXX's 0.00%.
SPAXX currently has the higher Sharpe Ratio (3.48 vs -0.98), 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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