CIFR vs. SPAXX
CIFR (Cipher Mining Inc.) is a stock, while SPAXX (Fidelity Government Money Market Fund) is Money Market fund actively managed by Fidelity. Over the past 3 years, CIFR returned 119.40%/yr vs 2.42%/yr for SPAXX. At a 0.01 correlation, their price movements are largely independent.
Performance
CIFR vs. SPAXX - Performance Comparison
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Returns By Period
In the year-to-date period, CIFR achieves a 64.57% return, which is significantly higher than SPAXX's 1.37% return.
CIFR
- 1D
- 8.20%
- 1M
- 18.20%
- YTD
- 64.57%
- 6M
- 24.69%
- 1Y
- 522.82%
- 3Y*
- 119.40%
- 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*
- —
CIFR vs. SPAXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CIFR Cipher Mining Inc. | 64.57% | 218.10% | 12.35% | 637.50% | -87.90% | -54.65% |
SPAXX Fidelity Government Money Market Fund | 1.37% | 3.96% | 1.54% | 0.41% | 0.00% | 0.00% |
Correlation
The correlation between CIFR 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 (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2021 | 0.01 |
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Return for Risk
CIFR vs. SPAXX — Risk / Return Rank
CIFR
SPAXX
CIFR vs. SPAXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cipher Mining Inc. (CIFR) 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.
| CIFR | SPAXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.22 | ||
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.45 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 10.27 | — | — |
| Martin ratioReturn relative to average drawdown | 20.60 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CIFR | SPAXX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.86 | 3.65 | +1.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 2.13 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 2.12 | -1.96 |
Drawdowns
CIFR vs. SPAXX - Drawdown Comparison
The maximum CIFR drawdown since its inception was -97.16%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for CIFR and SPAXX.
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Drawdown Indicators
| CIFR | SPAXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.16% | 0.00% | -97.16% |
Max Drawdown (1Y)Largest decline over 1 year | -51.38% | 0.00% | -51.38% |
Max Drawdown (3Y)Largest decline over 3 years | -71.74% | 0.00% | -71.74% |
Max Drawdown (5Y)Largest decline over 5 years | — | 0.00% | — |
Current DrawdownCurrent decline from peak | -7.61% | 0.00% | -7.61% |
Average DrawdownAverage peak-to-trough decline | -66.47% | 0.00% | -66.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.55% | 0.00% | +25.55% |
Volatility
CIFR vs. SPAXX - Volatility Comparison
Cipher Mining Inc. (CIFR) has a higher volatility of 27.70% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that CIFR'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
| CIFR | SPAXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.70% | 0.28% | +27.42% |
Volatility (6M)Calculated over the trailing 6-month period | 70.95% | 0.72% | +70.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 108.62% | 1.03% | +107.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 122.03% | 0.69% | +121.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 122.03% | 0.69% | +121.34% |
Dividends
CIFR vs. SPAXX - Dividend Comparison
CIFR 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 |
|---|---|---|---|---|
CIFR Cipher Mining Inc. | 0.00% | 0.00% | 0.00% | 0.00% |
SPAXX Fidelity Government Money Market Fund | 3.59% | 3.88% | 1.53% | 0.41% |
Frequently Asked Questions
CIFR 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.
CIFR has higher volatility (27.70%) compared to SPAXX (0.28%). In terms of maximum drawdown, CIFR dropped -97.16% vs SPAXX's 0.00%.
CIFR currently has the higher Sharpe Ratio (4.86 vs 3.65), 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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