FDRXX is a government money market mutual fund that seeks a stable $1 share price. Its eligible holdings include government securities and repurchase agreements. SGOV holds short Treasury securities and trades at market prices. Neither fund is FDIC insured, and FDRXX's stable price is an objective, not a guarantee.
Data updated September 4, 2026
Best for
FDRXXInvestors who want a government money fund and have checked your broker's access rules.
SGOVInvestors who want short Treasury ETF exposure and accept exchange trading and settlement.
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
FDRXX has outpaced SGOV over the trailing twelve months, posting a 3.55% total return against 3.52%. The picture flips over 5 years, though — SGOV has compounded at 3.67% a year, ahead of FDRXX at 3.47%. SGOV has been the steadier holding, though — annualized volatility of 0.3% against 1.2% for FDRXX. 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.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 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 youngest fund's first trading day — 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.
Seeks as high a level of current income as is consistent with preservation of capital and liquidity. Invests at least 99.5% of total assets in cash, U.S. Government securities, and/or repurchase agreements collateralized fully by U.S. Government securities or cash. A common sweep-fund option for Fidelity retirement and brokerage accounts.
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.
Bottom lineChoose FDRXX if you want a government money fund and have checked your broker's access rules. Choose SGOV if you want short Treasury ETF exposure and accept exchange trading and settlement. Check account-specific purchase minimums, sweep and automatic liquidation rules, and cash availability for FDRXX. SGOV requires ETF trading; dividend reinvestment availability depends on the broker.
Government money fund versus exchange-traded Treasuries
FDRXX is a government money market mutual fund that seeks a stable $1 share price. Its eligible holdings include government securities and repurchase agreements. SGOV holds short Treasury securities and trades at market prices. Neither fund is FDIC insured, and FDRXX's stable price is an objective, not a guarantee.
FDRXX
SGOV
Approach
Government money market mutual fund
0-3 month Treasury ETF
Risk review
Credit and liquidity risks; stable NAV is not assured
Market-price changes, spreads, and reinvestment risk
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.
FDRXX (Fidelity Government Cash Reserves) 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 3.67% vs 3.46% for FDRXX. 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 0.37%.
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On a $10,000 investment, FDRXX would generate roughly $28.83/month, while SGOV would produce $30.58/month, at current distribution rates. Both pay monthly distributions.
FDRXX yield3.46%
SGOV yield3.67%
Monthly diff on $10K$1.75
Cost & efficiency
Over 10 years on $10,000, FDRXX would cost approximately $370 in fees vs $90 for SGOV (simplified, not compounded). The $280.00 difference may be offset by yield or performance.
FDRXX ER0.37%
SGOV ER0.09%
Strategy & risk
FDRXX is a government money market mutual fund that seeks a stable $1 share price. Its eligible holdings include government securities and repurchase agreements. SGOV holds short Treasury securities and trades at market prices. Neither fund is FDIC insured, and FDRXX's stable price is an objective, not a guarantee. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
FDRXX beta0.0069
SGOV beta-0.0029
Fund details
FDRXX is managed by Fidelity Investments (launched 05/01/1979). SGOV is managed by iShares (launched 05/26/2020) with $107B in assets.
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Frequently asked questions
Can I compare FDRXX's 7-day yield directly with SGOV's payout rate?
These measure different things. A money fund's 7-day yield, an ETF's 30-day SEC yield, and a trailing distribution rate use different periods and methods. Check definitions and dates, and do not subtract fund expenses a second time from yields already reported net of expenses. Future payments can change.
How should I compare risk and ownership costs?
For FDRXX, check fund expenses, purchase eligibility, and broker cash-access rules. For SGOV, also check the market price against NAV, the bid-ask spread, and settlement timing. Neither fund is an insured bank deposit.
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