SPAXX vs. STRC

Last updated Jun 4, 2026

SPAXX (Fidelity Government Money Market Fund) is Money Market fund actively managed by Fidelity, while STRC (MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock) is a stock. At a 0.05 correlation, their price movements are largely independent.

Performance

SPAXX vs. STRC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Government Money Market Fund (SPAXX) and MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPAXX achieves a 1.37% return, which is significantly higher than STRC's 0.47% return.

SPAXX

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

STRC

• 1D: -2.13%
• 1M: -4.39%
• YTD: 0.47%
• 6M: 2.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPAXX vs. STRC - Yearly Performance Comparison

	2026 (YTD)	2025
SPAXX Fidelity Government Money Market Fund	1.37%	1.93%
STRC MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock	0.47%	9.19%

Correlation

The correlation between SPAXX and STRC is 0.05, 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 (All Time) Calculated using the full available price history since Jul 31, 2025	0.05

Return for Risk

SPAXX vs. STRC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Government Money Market Fund (SPAXX) and MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). 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	STRC	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	STRC	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	2.13	0.94	+1.19

Drawdowns

SPAXX vs. STRC - Drawdown Comparison

The maximum SPAXX drawdown since its inception was 0.00%, smaller than the maximum STRC drawdown of -6.39%. Use the drawdown chart below to compare losses from any high point for SPAXX and STRC.

Drawdown Indicators

	SPAXX	STRC	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-6.39%	+6.39%
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%	-4.85%	+4.85%
Average Drawdown Average peak-to-trough decline	0.00%	-0.53%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	—	—

Volatility

Volatility by Period

	SPAXX	STRC	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%	12.44%	-11.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.69%	12.44%	-11.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.69%	12.44%	-11.75%

Dividends

SPAXX vs. STRC - Dividend Comparison

SPAXX's dividend yield for the trailing twelve months is around 3.59%, less than STRC's 9.50% yield.

Position	TTM	2025	2024	2023
SPAXX Fidelity Government Money Market Fund	3.59%	3.88%	1.53%	0.41%
STRC MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock	9.50%	4.31%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPAXX and STRC in my portfolio?

SPAXX and STRC have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.