BTCI vs. SPAXX
BTCI (NEOS Bitcoin High Income ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - BTCI is a Cryptocurrency fund actively managed by Neos, while SPAXX is a Money Market fund actively managed by Fidelity. Both are actively managed. Over the past year, BTCI returned -34.62% vs 3.66% for SPAXX. At a correlation of -0.02, they often move in opposite directions. BTCI charges 0.99%/yr vs 0.42%/yr for SPAXX.
Performance
BTCI vs. SPAXX - Performance Comparison
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Returns By Period
In the year-to-date period, BTCI achieves a -25.54% return, which is significantly lower than SPAXX's 1.37% return.
BTCI
- 1D
- -2.32%
- 1M
- -16.42%
- YTD
- -25.54%
- 6M
- -25.93%
- 1Y
- -34.62%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPAXX
- 1D
- 0.00%
- 1M
- 0.28%
- YTD
- 1.37%
- 6M
- 1.67%
- 1Y
- 3.66%
- 3Y*
- 2.42%
- 5Y*
- 1.45%
- 10Y*
- —
BTCI vs. SPAXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTCI NEOS Bitcoin High Income ETF | -25.54% | -1.09% | 26.12% |
SPAXX Fidelity Government Money Market Fund | 1.37% | 3.96% | 0.72% |
Correlation
The correlation between BTCI and SPAXX is 0.03, 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 | 0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2024 | -0.02 |
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Return for Risk
BTCI vs. SPAXX — Risk / Return Rank
BTCI
SPAXX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BTCI vs. SPAXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NEOS Bitcoin High Income ETF (BTCI) 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.
| BTCI | SPAXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.53 | ||
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.86 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | — | — |
| Martin ratioReturn relative to average drawdown | -1.31 | — | — |
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Drawdowns
BTCI vs. SPAXX - Drawdown Comparison
The maximum BTCI drawdown since its inception was -47.16%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for BTCI and SPAXX.
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Drawdown Indicators
| BTCI | SPAXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.16% | 0.00% | -47.16% |
Max Drawdown (1Y)Largest decline over 1 year | -47.16% | 0.00% | -47.16% |
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 | -44.94% | 0.00% | -44.94% |
Average DrawdownAverage peak-to-trough decline | -15.92% | 0.00% | -15.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.71% | 0.00% | +26.71% |
Volatility
BTCI vs. SPAXX - Volatility Comparison
NEOS Bitcoin High Income ETF (BTCI) has a higher volatility of 12.11% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that BTCI'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
| BTCI | SPAXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.11% | 0.28% | +11.83% |
Volatility (6M)Calculated over the trailing 6-month period | 31.18% | 0.66% | +30.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.53% | 1.03% | +38.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.31% | 0.69% | +39.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.31% | 0.69% | +39.62% |
BTCI vs. SPAXX - Expense Ratio Comparison
BTCI has a 0.99% expense ratio, which is higher than SPAXX's 0.42% expense ratio.
Dividends
BTCI vs. SPAXX - Dividend Comparison
BTCI's dividend yield for the trailing twelve months is around 48.02%, more than SPAXX's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BTCI NEOS Bitcoin High Income ETF | 48.02% | 36.46% | 6.76% | 0.00% |
SPAXX Fidelity Government Money Market Fund | 3.59% | 3.88% | 1.53% | 0.41% |
Frequently Asked Questions
BTCI and SPAXX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTCI has higher volatility (12.11%) compared to SPAXX (0.28%). In terms of maximum drawdown, BTCI dropped -47.16% vs SPAXX's 0.00%.
SPAXX currently has the higher Sharpe Ratio (3.65 vs -0.89), 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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