USD=X vs. SPAXX

Last updated Jun 12, 2026

USD=X (USD Cash) is a currency, while SPAXX (Fidelity Government Money Market Fund) is Money Market fund actively managed by Fidelity. Over the past 5 years, USD=X returned 0.00%/yr vs 1.45%/yr for SPAXX.

Performance

USD=X vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USD Cash (USD=X) and Fidelity Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

USD=X

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 0.00%
• 3Y*: 0.00%
• 5Y*: 0.00%
• 10Y*: 0.00%

SPAXX

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

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

USD=X vs. SPAXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
USD=X USD Cash	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPAXX Fidelity Government Money Market Fund	1.37%	3.96%	1.54%	0.41%	0.00%	0.00%

Return for Risk

USD=X vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USD Cash (USD=X) and Fidelity Government Money Market Fund (SPAXX). 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.

	USD=X	SPAXX	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	—	—	—

Drawdowns

USD=X vs. SPAXX - Drawdown Comparison

The maximum USD=X drawdown since its inception was 0.00%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for USD=X and SPAXX.

Drawdown Indicators

	USD=X	SPAXX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	0.00%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	0.00%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	0.00%	0.00%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	0.00%	0.00%	0.00%
Max Drawdown (10Y) Largest decline over 10 years	0.00%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

USD=X vs. SPAXX - Volatility Comparison

The current volatility for USD Cash (USD=X) is 0.00%, while Fidelity Government Money Market Fund (SPAXX) has a volatility of 0.28%. This indicates that USD=X experiences smaller price fluctuations and is considered to be less risky than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USD=X	SPAXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.28%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	0.00%	0.66%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	1.03%	-1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	0.69%	-0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	0.69%	-0.69%

Frequently Asked Questions

Which is riskier, USD=X or SPAXX?

SPAXX has higher volatility (0.28%) compared to USD=X (0.00%). In terms of maximum drawdown, USD=X dropped 0.00% vs SPAXX's 0.00%.