FDLXX
Not rated
No published distribution safety rating is available.
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.
Updated November 13, 2026
How these figures are calculated: methodology.
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.
Price and total return
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Distribution Safety Score™
An estimate of distribution reliability, not price or principal safety, a probability, or a guarantee. Score methodology.
SGOV
Generally safe
High confidence
Score snapshot as of .
Side-by-side snapshot
| Metric |  FDLXX |  SGOV |
|---|---|---|
| Full name | Fidelity Treasury Only Money Market Fund | iShares 0-3 Month Treasury Bond ETF |
| Issuer | Fidelity Investments | iShares |
| Last Close | $1.00 as of November 13, 2026 | $100.56 as of November 13, 2026 |
| Distribution rate | 3.64% | 3.92% |
| Trailing 12-month yield | 3.37% | 3.63% |
| Distribution Safety Score™ | — | 79 |
| Safety-Adjusted Yield | — | 3.10% |
| Expense ratio | 0.4173% | 0.09% |
| AUM | — | $117B |
| Distribution frequency | Monthly | Monthly |
| Underlying index | — | ICE 0-3 Month US Treasury Securities Index (USD) |
| Objective | 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. | 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 class | Fixed Income | Fixed Income |
| Inception date | — | 05/26/2020 |
| Beta | 0.0065 | -0.0029 |
| Last dividend | $0.00303 | $0.32858 |
| Ex-dividend date | 10/31/2026 | 11/02/2026 |
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
FDLXX has lagged SGOV over the trailing twelve months, posting a 3.11% total return against 3.76%. The lead holds up over 5 years too: SGOV has compounded at 3.88% a year, against 3.44% 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.
| Symbol | YTD cumulative | 1Y cumulative | 3Y annualized | 5Y annualized | Since May 2020 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|---|
| FDLXX | 2.51% | 3.11% | 4.07% | 3.44% | 2.66% | 1.2% | -0.20 | -0.88 | 0.0% |
| SGOV | 3.22% | 3.76% | 4.50% | 3.88% | 3.00% | 0.2% | 0.83 | 1.43 | -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 November 13, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “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.
Short T-bill ETFs, from our catalog
SGOV tracks ICE 0-3 Month US Treasury Securities Index and pays monthly at a forward distribution rate of 3.92% with an expense ratio of 0.09%.
BIL, another short Treasury ETF in this catalog, tracks Bloomberg 1-3 Month U.S. Treasury Bill Index at a forward distribution rate of 4.04% (Monthly) with an expense ratio of 0.1352%.
These are interest-like cash rates, not equity dividends. A covered-call or dividend ETF can pay more, and it can also lose principal.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
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.
| FDLXX | SGOV | |
|---|---|---|
| Vehicle | Fidelity Treasury money market fund | Exchange-traded 0-3 month T-bill fund |
| Trading | Transactions at end-of-day net asset value | Intraday at a market price |
| Expense ratio | 0.4173% | 0.09% |
| Distribution rate | 3.64% | 3.92% |
| Access | Fidelity accounts | Any brokerage that lists the ETF |
Income calculator
See how much monthly income a hypothetical investment would generate in each security at current yields.
ETFs468
Total AUM$4.65T
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
iShares, operated by BlackRock, is one of the largest and most established ETF providers globally, known for offering broad, liquid index-tracking funds across nearly all asset classes and investment styles. The lineup encompasses a comprehensive range of strategies including core equity and bond exposure, dividend and income-focused funds, covered call strategies, ESG and thematic investments, factor-based approaches, alternatives, commodities, and municipal bonds, serving both individual and institutional investors. With numerous popular ticker symbols and extensive diversification across geographies, sectors, and investment objectives, iShares provides one of the market's widest selections of ETFs for building diversified portfolios.
See our curated list of related YouTube videos on SGOV.
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 3.92% vs 3.64% 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 0.4173%.
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 0.4173% for FDLXX.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
Top-holdings overlap
Overlap unavailable. Some disclosed holdings for FDLXX lack security identifiers. Reliable holdings are needed before calculating overlap.
Deep dive
Yield & income
On a $10,000 investment at current distribution rates, FDLXX would pay about $364.00 a year (about $30.33 per monthly distribution), while SGOV would pay about $392.00 a year (about $32.67 per monthly distribution). Both pay monthly distributions.
FDLXX yield3.64%
SGOV yield3.92%
Annual cash diff on $10K$28.00
Cost & efficiency
Over 10 years on $10,000, FDLXX would cost approximately $417 in fees vs $90 for SGOV (simplified, not compounded). The $327.30 difference may be offset by yield or performance.
FDLXX ER0.4173%
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 (USD) with a bonds approach.
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 $117B in assets.
SGOV AUM$117B
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 3.64% and SGOV 3.92% as of November 2026, at 0.4173% 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 3.64% and SGOV 3.92%, based on fund data updated November 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 0.4173% 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 distribution rates, $10,000 in FDLXX would pay about $364.00 a year (about $30.33 per monthly distribution). $10,000 in SGOV would pay about $392.00 a year (about $32.67 per monthly distribution).
Which has performed better historically, FDLXX or SGOV?
FDLXX has lagged SGOV over the trailing twelve months, posting a 3.11% total return against 3.76%. The lead holds up over 5 years too: SGOV has compounded at 3.88% a year, against 3.44% 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
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Dividend dates and history
FDLXX vs SGOV — at a glance
Generated November 7, 2026.
Overview
FDLXX and SGOV both offer exposure to ultra-short-duration U.S. Treasury securities and carry minimal duration risk. Both appeal to investors seeking near-cash safety with yields above typical savings accounts, but they differ in fee structure, tax treatment potential, and how you trade them.
How they differ
FDLXX charges a 0.4173% expense ratio versus 0.09% for SGOV—a gap of 33 basis points that favors SGOV meaningfully over time. However, FDLXX's strict 99.5% Treasury mandate qualifies the full income stream for state income tax exemption, a potential advantage on an after-tax basis depending on your state. Both distributions arrive monthly. FDLXX maintains a stable $1.00 NAV; SGOV's price moves with its underlying index, meaning you'll see daily mark-to-market fluctuation—minimal at 0–3 month duration, but real.
Who each is best for
- FDLXX: Fits investors who prioritize state income tax efficiency on Treasury interest and prefer the psychological anchor of a fixed $1.00 share price, even if they accept a higher fee and modestly lower gross yield.
- SGOV: Fits investors who value the lowest possible expense ratio, want exchange trading with intraday pricing, and don't need state tax optimization because they live in a no-tax state or hold the security in a tax-deferred account.
Key risks to know
- Duration and rate risk: Both funds hold Treasury securities with very short maturities, but rising short-term rates will still cause SGOV's net asset value to drift downward (though only slightly) as existing holdings mature and reinvest at lower yields if rates fall, or get marked down if held through a rate cycle. FDLXX's stable NAV masks this opportunity cost.
- Reinvestment risk: Money market and ultra-short Treasury yields are highly sensitive to Federal Reserve policy and overnight funding rates. A material decline in Fed rates will compress the distribution rates on both funds, potentially narrowing their appeal versus money market savings accounts.
- State tax treatment uncertainty: FDLXX's full Treasury-only income stream is ordinarily exempt from state income tax, but changes to state law or IRS interpretation could narrow this advantage. SGOV's income receives ordinary Treasury-obligation tax treatment unless held in a state-qualified trust.
- Minimal credit risk, but opportunity-cost risk: Both funds hold only U.S. Treasury obligations and carry zero default risk. The real risk is opportunity cost: locking capital into 0–3 month Treasuries sacrifices the higher yields available from slightly longer-duration Treasury bonds or money market alternatives if rates rise or if you have a multi-month time horizon.
Bottom line
If you prioritize the lowest fees and exchange trading flexibility, SGOV's 0.09% ratio and $117B scale are hard to beat. If state income tax exemption is material to your after-tax yield and you prefer the behavioral clarity of a fixed $1.00 price point, FDLXX's Treasury-only structure may justify its 0.4173% fee despite the lower gross yield. Past performance does not predict future results; both funds' distributions depend on the future path of short-term interest rates and Fed policy.
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.
These comparisons follow the Dividend Vision methodology.