SPAXX vs. ICSH
Compare and contrast key facts about Fidelity Government Money Market Fund (SPAXX) and iShares Ultra Short-Term Bond ETF (ICSH).
SPAXX is managed by Fidelity. It was launched on Feb 5, 1990. ICSH is an actively managed fund by iShares. It was launched on Dec 11, 2013.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: SPAXX or ICSH.
Key characteristics
| SPAXX | ICSH | |
|---|---|---|
| YTD Return | 0.86% | 4.85% |
| 1Y Return | 1.27% | 5.96% |
| 3Y Return (Ann) | 2.28% | 3.77% |
| 5Y Return (Ann) | 1.43% | 2.68% |
| 10Y Return (Ann) | 0.78% | 2.39% |
| Sharpe Ratio | 2.27 | 13.66 |
| Ulcer Index | 0.00% | 0.01% |
| Daily Std Dev | 0.79% | 0.44% |
| Max Drawdown | 0.00% | -3.94% |
| Current Drawdown | 0.00% | 0.00% |
Correlation
The correlation between SPAXX and ICSH is 0.03, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
SPAXX vs. ICSH - Performance Comparison
In the year-to-date period, SPAXX achieves a 0.86% return, which is significantly lower than ICSH's 4.85% return. Over the past 10 years, SPAXX has underperformed ICSH with an annualized return of 0.78%, while ICSH has yielded a comparatively higher 2.39% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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SPAXX vs. ICSH - Expense Ratio Comparison
Risk-Adjusted Performance
SPAXX vs. ICSH - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Government Money Market Fund (SPAXX) and iShares Ultra Short-Term Bond ETF (ICSH). 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.
Dividends
SPAXX vs. ICSH - Dividend Comparison
SPAXX's dividend yield for the trailing twelve months is around 4.93%, less than ICSH's 5.27% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
SPAXX Fidelity Government Money Market Fund | 4.93% | 4.68% | 1.30% | 0.01% | 0.26% | 0.98% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ICSH iShares Ultra Short-Term Bond ETF | 5.27% | 4.78% | 1.66% | 0.42% | 1.22% | 2.60% | 2.19% | 1.36% | 0.88% | 0.54% | 0.46% |
Drawdowns
SPAXX vs. ICSH - Drawdown Comparison
The maximum SPAXX drawdown since its inception was 0.00%, smaller than the maximum ICSH drawdown of -3.94%. Use the drawdown chart below to compare losses from any high point for SPAXX and ICSH. For additional features, visit the drawdowns tool.
Volatility
SPAXX vs. ICSH - Volatility Comparison
The current volatility for Fidelity Government Money Market Fund (SPAXX) is 0.00%, while iShares Ultra Short-Term Bond ETF (ICSH) has a volatility of 0.12%. This indicates that SPAXX experiences smaller price fluctuations and is considered to be less risky than ICSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.