CCRV vs. SPAXX

Last updated Jun 9, 2026

CCRV (iShares Commodity Curve Carry Strategy ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - CCRV is a Commodities fund tracking the CCRV-US - ICE BofA Commodity Enhanced Carry Index, while SPAXX is a Money Market fund actively managed by Fidelity. CCRV is passively managed, while SPAXX is actively managed. At a correlation of -0.05, they often move in opposite directions. CCRV charges 0.40%/yr vs 0.42%/yr for SPAXX.

Performance

CCRV vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Commodity Curve Carry Strategy ETF (CCRV) and Fidelity Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CCRV

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 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*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CCRV vs. SPAXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CCRV iShares Commodity Curve Carry Strategy ETF	0.00%	-0.05%	5.74%	5.47%	19.91%	15.80%
SPAXX Fidelity Government Money Market Fund	1.37%	3.96%	1.54%	0.41%	0.00%	0.00%

Correlation

The correlation between CCRV 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	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.05
Correlation (All Time) Calculated using the full available price history since May 26, 2021	-0.05

Return for Risk

CCRV vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Commodity Curve Carry Strategy ETF (CCRV) 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.

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

Sharpe Ratios by Period

	CCRV	SPAXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.65	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	2.12	—

Drawdowns

Drawdown Indicators

	CCRV	SPAXX	Difference
Max Drawdown Largest peak-to-trough decline	—	0.00%	—
Max Drawdown (1Y) Largest decline over 1 year	—	0.00%	—
Max Drawdown (3Y) Largest decline over 3 years	—	0.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	0.00%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	0.00%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	CCRV	SPAXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.28%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.72%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	1.03%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	0.69%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	0.69%	—

CCRV vs. SPAXX - Expense Ratio Comparison

CCRV has a 0.40% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

CCRV vs. SPAXX - Dividend Comparison

CCRV has not paid dividends to shareholders, while SPAXX's dividend yield for the trailing twelve months is around 3.59%.

Position	TTM	2025	2024	2023	2022	2021
CCRV iShares Commodity Curve Carry Strategy ETF	0.00%	0.00%	4.43%	7.26%	33.27%	26.22%
SPAXX Fidelity Government Money Market Fund	3.59%	3.88%	1.53%	0.41%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CCRV and SPAXX in my portfolio?

CCRV 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.