SPAXX vs. IBIT
SPAXX (Fidelity Government Money Market Fund) and IBIT (iShares Bitcoin Trust ETF) are both funds - SPAXX is a Money Market fund actively managed by Fidelity, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. SPAXX is actively managed, while IBIT is passively managed. Over the past year, SPAXX returned 3.66% vs -40.63% for IBIT. At a correlation of -0.04, they often move in opposite directions. SPAXX charges 0.42%/yr vs 0.25%/yr for IBIT.
Performance
SPAXX vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, SPAXX achieves a 1.37% return, which is significantly higher than IBIT's -27.41% return.
SPAXX
- 1D
- 0.00%
- 1M
- 0.28%
- YTD
- 1.37%
- 6M
- 1.67%
- 1Y
- 3.66%
- 3Y*
- 2.42%
- 5Y*
- 1.45%
- 10Y*
- —
IBIT
- 1D
- -0.03%
- 1M
- -20.12%
- YTD
- -27.41%
- 6M
- -29.61%
- 1Y
- -40.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPAXX vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPAXX Fidelity Government Money Market Fund | 1.37% | 3.96% | 1.54% |
IBIT iShares Bitcoin Trust ETF | -27.41% | -6.41% | 89.87% |
Correlation
The correlation between SPAXX and IBIT is 0.04, 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 | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | -0.04 |
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Return for Risk
SPAXX vs. IBIT — Risk / Return Rank
SPAXX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
IBIT
SPAXX vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Government Money Market Fund (SPAXX) and iShares Bitcoin Trust ETF (IBIT). 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.
| SPAXX | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.57 | ||
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.85 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.78 | — |
| Martin ratioReturn relative to average drawdown | — | -1.37 | — |
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Drawdowns
SPAXX vs. IBIT - Drawdown Comparison
The maximum SPAXX drawdown since its inception was 0.00%, smaller than the maximum IBIT drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for SPAXX and IBIT.
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Drawdown Indicators
| SPAXX | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | 0.00% | -52.11% | +52.11% |
Max Drawdown (1Y)Largest decline over 1 year | 0.00% | -52.11% | +52.11% |
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 | 0.00% | -49.45% | +49.45% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -16.53% | +16.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 29.64% | -29.64% |
Volatility
SPAXX vs. IBIT - Volatility Comparison
The current volatility for Fidelity Government Money Market Fund (SPAXX) is 0.28%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 12.07%. This indicates that SPAXX experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPAXX | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.28% | 12.07% | -11.79% |
Volatility (6M)Calculated over the trailing 6-month period | 0.66% | 34.45% | -33.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.03% | 44.10% | -43.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.69% | 50.26% | -49.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.69% | 50.26% | -49.57% |
SPAXX vs. IBIT - Expense Ratio Comparison
SPAXX has a 0.42% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
SPAXX vs. IBIT - Dividend Comparison
SPAXX's dividend yield for the trailing twelve months is around 3.59%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 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
SPAXX and IBIT have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (12.07%) compared to SPAXX (0.28%). In terms of maximum drawdown, SPAXX dropped 0.00% vs IBIT's -52.11%.
SPAXX currently has the higher Sharpe Ratio (3.65 vs -0.92), 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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