A head-to-head comparison of Fidelity Treasury Only Money Market Fund and iShares 0-3 Month Treasury Bond ETF covering yield, cost, risk, and income potential.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.
See our curated list of related YouTube videos on SGOV.
Seeks as high a level of current income as is consistent with preservation of capital and liquidity. Normally invests at least 99.5% of total assets in cash and U.S. Treasury securities; the Treasury-only mandate (no agency debt or repurchase agreements) maximizes the share of income eligible for state-income-tax exemption.
Treasury Bond
Asset class
Fixed Income
Fixed Income
Inception date
—
05/26/2020
Beta
—
-0.0029
Last dividend
$0.0027
$0.2960
Ex-dividend date
06/30/2026
07/01/2026
Bottom lineFDLXX and SGOV are nearly interchangeable — both offer very similar treasury money market exposure with very similar cost and risk. Expense-ratio data isn't available for a clean cost comparison, so weigh yield, strategy, and track record instead.
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Projections assume the current yield and share price remain constant. Actual results will vary.
Quick verdict
FDLXX (Fidelity Treasury Only Money Market Fund) is a money market fund, while SGOV (iShares 0-3 Month Treasury Bond ETF) is an ETF — they take fundamentally different approaches.
SGOV offers the higher yield at 3.53% vs 3.24% for FDLXX. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
SGOV is the larger fund by assets ($95.2B), which generally means tighter spreads and better liquidity.
Deep dive
Yield & income
On a $10,000 investment, FDLXX would generate roughly $27.00/month, while SGOV would produce $29.42/month, at current distribution rates. Both pay monthly distributions.
FDLXX yield3.24%
SGOV yield3.53%
Monthly diff on $10K$2.42
Cost & efficiency
SGOV charges a 0.07% expense ratio — roughly $70 over 10 years on $10,000 (simplified, not compounded). FDLXX has not published an expense ratio, so a direct cost comparison isn't possible.
SGOV ER0.07%
Strategy & risk
FDLXX is a money market fund, while SGOV tracks ICE 0-3 Month US Treasury Securities Index with a treasury bond approach.
FDLXX beta—
SGOV beta-0.0029
Fund details
FDLXX is managed by Fidelity Investments with $1.00M in assets. SGOV is managed by iShares (launched 05/26/2020) with $95.2B in assets.
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Frequently asked questions
Is FDLXX or SGOV better for dividend income?
It depends on your goals. SGOV currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between FDLXX and SGOV?
FDLXX (Fidelity Treasury Only Money Market Fund) is a money market fund, while SGOV (iShares 0-3 Month Treasury Bond ETF) tracks ICE 0-3 Month US Treasury Securities Index with a treasury bond approach. They are issued by Fidelity Investments and iShares respectively.
Can I hold both FDLXX and SGOV?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Which has lower fees, FDLXX or SGOV?
SGOV charges a 0.07% expense ratio. FDLXX has not published an expense ratio, so a direct fee comparison isn't possible.
How much income does $10,000 in FDLXX vs SGOV generate?
At current rates, $10,000 in FDLXX would generate roughly $27.00 per month ($324.00 annually). The same in SGOV would produce about $29.42 per month ($353.00 annually).
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