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USRT vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USRT vs. SPAXX

Last updated Jun 13, 2026

USRT (iShares Core U.S. REIT ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - USRT is a REIT fund tracking the FTSE NAREIT Equity REITs Index, while SPAXX is a Money Market fund actively managed by Fidelity. USRT is passively managed, while SPAXX is actively managed. Over the past 5 years, USRT returned 5.06%/yr vs 1.45%/yr for SPAXX. At a 0.05 correlation, their price movements are largely independent. USRT charges 0.08%/yr vs 0.42%/yr for SPAXX.

Performance

USRT vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core U.S. REIT ETF (USRT) and Fidelity Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, USRT achieves a 17.79% return, which is significantly higher than SPAXX's 1.37% return.

USRT

1D
0.94%
1M
3.13%
YTD
17.79%
6M
17.95%
1Y
19.33%
3Y*
12.69%
5Y*
5.06%
10Y*
6.67%

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)

USRT vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
USRT
iShares Core U.S. REIT ETF		17.79%2.44%8.58%13.64%-24.43%21.40%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between USRT and SPAXX 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 (1Y)
Calculated over the trailing 1-year period

0.05

Correlation (3Y)
Calculated over the trailing 3-year period

0.06

Correlation (5Y)
Calculated over the trailing 5-year period

0.05

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.05

Compare stocks, funds, or ETFs

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iShares Core U.S. REIT ETF

Fidelity Government Money Market Fund

Often compared with USRT:
USRT vs. VNQUSRT vs. XLREUSRT vs. REETUSRT vs. ICFUSRT vs. BBREUSRT vs. SCHDUSRT vs. VOO
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

USRT vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USRT
USRT Risk / Return Rank: 4848
Overall Rank
USRT Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
USRT Sortino Ratio Rank: 4444
Sortino Ratio Rank
USRT Omega Ratio Rank: 4444
Omega Ratio Rank
USRT Calmar Ratio Rank: 5555
Calmar Ratio Rank
USRT Martin Ratio Rank: 5252
Martin Ratio Rank
SPAXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USRT vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core U.S. REIT ETF (USRT) 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.

USRTSPAXXDifference
Sharpe ratioReturn per unit of total volatility
1.43
3.65

-2.22

Sortino ratioReturn per unit of downside risk
2.00

—

—

Omega ratioGain probability vs. loss probability

1.25

—

—

Calmar ratioReturn relative to maximum drawdown

2.42

—

—

Martin ratioReturn relative to average drawdown

7.79

—

—

USRT vs. SPAXX - Sharpe Ratio Comparison

The current USRT Sharpe Ratio is 1.43, which is lower than the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of USRT and SPAXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

USRT vs. SPAXX - Drawdown Comparison

The maximum USRT drawdown since its inception was -69.92%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for USRT and SPAXX.

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Drawdown Indicators

USRTSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-69.92%

0.00%

-69.92%

Max Drawdown (1Y)

Largest decline over 1 year

-8.04%

0.00%

-8.04%

Max Drawdown (3Y)

Largest decline over 3 years

-18.70%

0.00%

-18.70%

Max Drawdown (5Y)

Largest decline over 5 years

-31.03%

0.00%

-31.03%

Max Drawdown (10Y)

Largest decline over 10 years

-44.38%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-12.96%

0.00%

-12.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.49%

0.00%

+2.49%

Volatility

USRT vs. SPAXX - Volatility Comparison

iShares Core U.S. REIT ETF (USRT) has a higher volatility of 4.71% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that USRT's price experiences larger fluctuations and is considered to be riskier than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USRTSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.71%

0.28%

+4.43%

Volatility (6M)

Calculated over the trailing 6-month period

9.64%

0.66%

+8.98%

Volatility (1Y)

Calculated over the trailing 1-year period

13.57%

1.03%

+12.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.92%

0.69%

+18.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.30%

0.69%

+20.61%

USRT vs. SPAXX - Expense Ratio Comparison

USRT has a 0.08% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

USRT vs. SPAXX - Dividend Comparison

USRT's dividend yield for the trailing twelve months is around 2.56%, less than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
SPAXX
Fidelity Government Money Market Fund		3.59%3.88%1.53%0.41%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
USRT
iShares Core U.S. REIT ETF		2.56%3.07%2.85%3.18%3.46%2.27%3.12%3.34%5.66%3.44%3.98%3.59%

Frequently Asked Questions

USRT and SPAXX 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.

USRT has higher volatility (4.71%) compared to SPAXX (0.28%). In terms of maximum drawdown, USRT dropped -69.92% vs SPAXX's 0.00%.

SPAXX currently has the higher Sharpe Ratio (3.65 vs 1.43), 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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