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Security Comparison

FDLXX vs SGOV: Same Treasury Exposure, Different Wrapper

A head-to-head comparison of Fidelity's Treasury-only money market fund and the iShares 0-3 Month Treasury Bond ETF covering yield, cost, availability, and how each handles cash.

Data updated September 18, 2026

Best for

  • FDLXXInvestors who want cash at a one-dollar NAV that can sit as a brokerage sweep.
  • SGOVInvestors who want T-bill income in an ETF you can trade at any broker, with generally state-tax-exempt Treasury interest.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.

FDLXX has lagged SGOV over the trailing twelve months, posting a 3.48% total return against 3.79%. The lead holds up over 5 years too: SGOV has compounded at 3.76% a year, against 3.39% for FDLXX. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 1.2% for FDLXX. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1Y3Y5YSince May 2020Volatility Sharpe Sortino Max drawdown
FDLXX2.22%3.48%4.25%3.39%2.68%1.2%-0.26-1.130.0%
SGOV2.58%3.79%4.57%3.76%2.98%0.2%-0.06-0.09-0.0%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since May 2020” measures every fund from May 28, 2020 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricFDLXXSGOV
Full nameFidelity Treasury Only Money Market FundiShares 0-3 Month Treasury Bond ETF
IssuerFidelity InvestmentsiShares
Last Close$1.00 as of September 18, 2026$100.59 as of September 18, 2026
Distribution rate3.44%3.66%
Distribution Safety Score™ —79
Safety-Adjusted Yield —2.89%
Expense ratio0.42%0.09%
AUM—$110B
Distribution frequencyMonthlyMonthly
Underlying index—ICE 0-3 Month US Treasury Securities Index
ObjectiveSeeks 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.Seeks to track an index of U.S. Treasury obligations maturing in three months or less, investing at least 90% of assets in U.S. Treasury securities.
Asset classFixed IncomeFixed Income
Inception date—05/26/2020
Beta0.0065-0.0029
Last dividend$0.0029$0.307
Ex-dividend date08/31/202609/01/2026

Bottom lineChoose FDLXX if you want cash at a one-dollar NAV that can sit as a brokerage sweep. Choose SGOV if you want T-bill income in an ETF you can trade at any broker, with generally state-tax-exempt Treasury interest.

FDLXX vs SGOV: money-market convenience or ETF access?

Both hold Treasuries. FDLXX is a Fidelity money market that transacts at one dollar. SGOV is a T-bill ETF you can trade anywhere. Wrapper and access matter more than a small yield gap.

FDLXXSGOV
VehicleFidelity Treasury money market fundExchange-traded 0-3 month T-bill fund
TradingTransactions at end-of-day net asset valueIntraday at a market price
Expense ratio0.42%0.09%
Distribution yield3.44%3.66%
AccessFidelity accountsAny brokerage that lists the ETF
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Income calculator

See how much monthly income a hypothetical investment would generate in each security at current yields.

iShares
ETFs466
Total AUM$4551B

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.

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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 — their trading structures differ.

SGOV offers the higher yield at 3.66% vs 3.44% for FDLXX. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SGOV is cheaper with an expense ratio of 0.09% compared to 0.42%.

Who should choose each?

Choose FDLXX

Fidelity Treasury Only Money Market Fund

  • Want money-market cash — a stable NAV and, at some brokers, an automatic sweep.
  • Want fixed-income ballast that cushions equity drawdowns.

Choose SGOV

iShares 0-3 Month Treasury Bond ETF

  • Want a T-bill ETF you can trade anywhere, with Treasury interest that is generally exempt from state income tax.
  • Want fixed-income ballast that cushions equity drawdowns.
  • Want to keep costs low — a 0.09% expense ratio vs 0.42% for FDLXX.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, FDLXX would generate roughly $28.67/month, while SGOV would produce $30.50/month, at current distribution rates. Both pay monthly distributions.

FDLXX yield3.44%
SGOV yield3.66%
Monthly diff on $10K$1.83

Cost & efficiency

Over 10 years on $10,000, FDLXX would cost approximately $420 in fees vs $90 for SGOV (simplified, not compounded). The $330.00 difference may be offset by yield or performance.

FDLXX ER0.42%
SGOV ER0.09%

Strategy & risk

FDLXX is a money market fund built around treasury money market exposure, while SGOV tracks ICE 0-3 Month US Treasury Securities Index with a bonds approach. Beta is 0.0065 for FDLXX and -0.0029 for SGOV — effectively similar market sensitivity.

FDLXX beta0.0065
SGOV beta-0.0029

Fund details

FDLXX is managed by Fidelity Investments. SGOV is managed by iShares (launched 05/26/2020) with $110B in assets.

SGOV AUM$110B
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Frequently asked questions

What is the difference between FDLXX and SGOV?

Both hold US Treasuries, but the wrapper is the decision. FDLXX is a Fidelity Treasury-only money market fund that transacts at a stable one-dollar net asset value inside that broker. SGOV is an ETF of 0-3 month T-bills you can trade intraday at any broker. FDLXX distributes 3.44% and SGOV 3.66% as of September 2026, at 0.42% versus 0.09%. Also compare settlement, state-tax treatment of the actual income, and whether you need same-day cash or a ticker you can hold anywhere. Neither is an insured bank account.

What is the current distribution rate for FDLXX and SGOV?

FDLXX currently distributes 3.44% and SGOV 3.66%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

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.

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?

FDLXX has an expense ratio of 0.42% while SGOV charges 0.09%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in FDLXX vs SGOV generate?

At current rates, $10,000 in FDLXX would generate roughly $28.67 per month ($344.00 annually). The same in SGOV would produce about $30.50 per month ($366.00 annually).

Which has performed better historically, FDLXX or SGOV?

FDLXX has lagged SGOV over the trailing twelve months, posting a 3.48% total return against 3.79%. The lead holds up over 5 years too: SGOV has compounded at 3.76% a year, against 3.39% for FDLXX. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 1.2% for FDLXX. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

FDLXX vs SGOV — at a glance

Generated September 19, 2026.

Overview

FDLXX is a money market fund investing exclusively in U.S. Treasury securities, while SGOV is an exchange-traded fund tracking Treasury bills maturing in three months or less. Both are designed as ultra-short, liquid fixed-income holdings, but they differ in structure, cost, and how they manage their portfolios—FDLXX maintains a Treasury-only mandate to maximize state-tax-exempt income, while SGOV follows an index of the shortest-dated Treasury obligations. That cost gap—0.42% minus 0.09%—compounds over time.

Second, SGOV tracks an index of Treasury bills with defined maturities (up to 90 days), whereas FDLXX invests in Treasury securities more broadly and manages the portfolio actively. This means SGOV's holdings reset mechanistically as bills mature; FDLXX's manager can adjust the mix to optimize yield and liquidity.

Third, yield differs slightly: SGOV's 3.66% versus FDLXX's 3.44%. The spread reflects both the index methodology and the fund fee drag—the lower expense ratio on SGOV partly offsets a marginally higher gross yield.

Who each is best for

FDLXX: Fits investors who want maximum state income-tax efficiency on Treasury holdings and value active management and simplicity; the money market structure offers daily liquidity and a stable $1.00 NAV, making it natural for parked cash or sweep accounts.

SGOV: Designed for investors who prefer transparent, index-tracked exposure to the shortest-dated Treasury obligations and can accept a modestly higher fee in exchange for ETF trading flexibility and institutional-scale asset base; also suits those who want exposure to an explicit benchmark rather than active allocation.

Key risks to know

  • Interest-rate sensitivity: Both funds have near-zero duration and minimal price fluctuation, but if rates fall, new distributions will reset lower; if rates rise sharply, daily rates will climb, benefiting new money.
  • Yield compression at low rates: Both funds' appeal depends on maintaining a positive yield spread above inflation; in a prolonged low-rate environment, distributions could narrow toward zero, reducing the income benefit relative to cash alternatives.

Bottom line

If you want the simplest, lowest-cost way to hold Treasury bills via an index, SGOV's 0.09% expense ratio and transparent benchmark make the case. If you prioritize state-tax exemption and prefer a money market structure with a fixed NAV, FDLXX's Treasury-only focus and active management justify the higher fee. Both are appropriate as cash equivalents; the choice hinges on account structure, tax situation, and preference for index tracking versus active management. Past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

Bond fund basics How to read a fund's stats Why total return beats chasing yield T-bills vs. money market funds vs. CDs

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