SPAXX vs. CCRV

Last updated Jun 9, 2026

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

Performance

SPAXX vs. CCRV - Performance Comparison

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

Returns By Period

SPAXX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.37%
• 6M: 1.67%
• 1Y: 3.66%
• 3Y*: 2.42%
• 5Y*: 1.45%
• 10Y*: —

CCRV

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPAXX vs. CCRV - Yearly Performance Comparison

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

Correlation

The correlation between SPAXX and CCRV 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

SPAXX vs. CCRV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Government Money Market Fund (SPAXX) and iShares Commodity Curve Carry Strategy ETF (CCRV). 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.

	SPAXX	CCRV	Difference
Sharpe ratio: Return per unit of total volatility	3.65	—	—
Sortino ratio: Return per unit of downside risk	—	—	—
Omega ratio: Gain probability vs. loss probability	—	—	—
Calmar ratio: Return relative to maximum drawdown	—	—	—
Martin ratio: Return relative to average drawdown	—	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPAXX	CCRV	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

	SPAXX	CCRV	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

	SPAXX	CCRV	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%	—	—

SPAXX vs. CCRV - Expense Ratio Comparison

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

Dividends

SPAXX vs. CCRV - Dividend Comparison

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

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 SPAXX and CCRV in my portfolio?

SPAXX and CCRV 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.