SPAXX vs. STRC

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Government Money Market Fund (SPAXX) and MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock (STRC).

SPAXX is managed by Fidelity. It was launched on Feb 5, 1990.

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.

SPAXX vs. STRC - Yearly Performance Comparison

	2026 (YTD)	2025
SPAXX Fidelity Government Money Market Fund	0.53%	1.93%
STRC MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock	4.12%	9.19%

Returns By Period

In the year-to-date period, SPAXX achieves a 0.53% return, which is significantly lower than STRC's 4.12% return.

SPAXX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.53%
• 6M: 1.46%
• 1Y: 3.49%
• 3Y*: 2.14%
• 5Y*: —
• 10Y*: —

STRC

• 1D: -0.02%
• 1M: 0.97%
• YTD: 4.12%
• 6M: 7.82%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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	3.48	—	—
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	3.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.01	1.58	+0.43

Correlation

The correlation between SPAXX and STRC is -0.01. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SPAXX vs. STRC - Dividend Comparison

SPAXX's dividend yield for the trailing twelve months is around 3.42%, less than STRC's 7.07% yield.

	TTM	2025	2024	2023
SPAXX Fidelity Government Money Market Fund	3.42%	3.88%	1.53%	0.41%
STRC MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock	7.07%	4.31%	0.00%	0.00%

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%	—	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	0.00%	-0.59%	+0.59%
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	0.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.71%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.08%	13.42%	-12.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.67%	13.42%	-12.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.67%	13.42%	-12.75%