FDRXX Money Market — Fidelity Government Cash Reserves

Fidelity Government Cash Reserves (FDRXX)

FDRXX is a Money Market. its distribution rate is 3.46%, its trailing-12-month yield is 3.16%, its expense ratio is 0.37%. Total return is 20.2% over the past 33.4 years, 3028.3 points behind SPY at 3048.5%.

At the current 3.46% distribution rate, a $10,000 investment would generate approximately $346 per year, or $28.83 per month.

Fidelity Government Cash Reserves is a money market fund that seeks high current income while preserving capital and liquidity by investing at least 99.5% of assets in cash, U.S. Government securities, and repurchase agreements fully collateralized by U.S. Government securities or cash. The fund distributes monthly and carries a current distribution rate in the low-to-mid single digits. It typically appeals to conservative investors prioritizing capital preservation and liquidity, and commonly serves as a sweep option in Fidelity retirement and brokerage accounts.

FDRXX performance versus SPY

Price and return data through 2026-09-30.

Total return is 20.2% over the past 33.4 years, 3028.3 points behind SPY at 3048.5%. Over the past year its total return — price change plus distributions reinvested — is 3.2%.

FDRXX key facts

Issuer

Fidelity Investments

Asset type

Money Market

Asset class

Fixed Income

Inception date

05/01/1979

Expense ratio

0.37%

Distribution rate

3.46%

Distribution frequency

Monthly

Trailing yield

3.16%

Last close

$1.00 (as of 2026-09-30)

Average volume

0.0

Last dividend

$0.00288

Last ex-dividend date

08/31/2026

Last payment date

09/01/2026

Beta

0.0069

How Dividend Vision calculates yield and returns

Distribution rate (3.46%) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (3.16%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Fidelity Investments or company page; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

FDRXX risks and drawbacks

FDRXX's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Total return has trailed SPY over the available window.

Who may consider FDRXX — and who may not

FDRXX may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Compare FDRXX

FDRXX vs similar funds:

• FDRXX vs SGOV

Frequently asked questions

More securities from Fidelity Investments.