FZFXX vs SGOV: Fidelity Treasury Fund or Treasury ETF?
FZFXX is Fidelity Treasury Money Market Fund, a mutual fund that can serve as the core position in a Fidelity brokerage account and seeks a stable $1 share price. SGOV is an ETF that holds Treasury bills maturing in three months or less and trades at a market price. FZFXX can hold Treasury repurchase agreements as well as Treasuries; SGOV holds the bills directly.
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. 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.
FZFXX has lagged SGOV over the trailing twelve months, posting a 2.57% total return against 3.72%. The lead holds up over 5 years too: SGOV has compounded at 3.81% a year, against 3.32% for FZFXX. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 1.2% for FZFXX. 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 October 12, 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 3.59% 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 3.45% (Monthly) with an expense ratio of 0.1353%.
These are interest-like cash rates, not equity dividends. A covered-call or dividend ETF can pay more, and it can also lose principal.
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. Treasury securities, and/or repurchase agreements for those securities. Treasury-only mandate produces minimal state-tax exposure for shareholders in states that exempt federal interest income.
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 FZFXX if you want uninvested Fidelity cash to earn a Treasury money-fund rate automatically. Choose SGOV if you want a Treasury position you can hold in any account and trade intraday. FZFXX can be the account's core position, so cash sitting in it earns the fund's yield and is available for purchases and withdrawals under Fidelity's cash rules without a trade. SGOV has to be bought, sits as a position with a market price, and a sale settles the next business day before the cash is fully usable. Compare FZFXX's 7-day yield with SGOV's 30-day SEC yield on one date; neither is a promised return, and the gap often reflects measurement timing rather than a lasting difference.
FZFXX vs SGOV: Fidelity Treasury Fund or Treasury ETF?
FZFXX is Fidelity Treasury Money Market Fund, a mutual fund that can serve as the core position in a Fidelity brokerage account and seeks a stable $1 share price. SGOV is an ETF that holds Treasury bills maturing in three months or less and trades at a market price. FZFXX can hold Treasury repurchase agreements as well as Treasuries; SGOV holds the bills directly.
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.
FZFXX is Fidelity Treasury Money Market Fund, a mutual fund that can serve as the core position in a Fidelity brokerage account and seeks a stable $1 share price. SGOV is an ETF that holds Treasury bills maturing in three months or less and trades at a market price. FZFXX can hold Treasury repurchase agreements as well as Treasuries; SGOV holds the bills directly.
FZFXX can be the account's core position, so cash sitting in it earns the fund's yield and is available for purchases and withdrawals under Fidelity's cash rules without a trade. SGOV has to be bought, sits as a position with a market price, and a sale settles the next business day before the cash is fully usable. Compare FZFXX's 7-day yield with SGOV's 30-day SEC yield on one date; neither is a promised return, and the gap often reflects measurement timing rather than a lasting difference.
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A core position is where a brokerage account parks uninvested cash. Dividends, deposits and sale proceeds land there, and purchases draw from it, so a Treasury money fund as core earns yield on cash you would otherwise leave idle. An ETF cannot be a core position: it is a holding you choose to buy and later sell, with the settlement that implies. That difference, not the yield gap, usually decides this pair.
Current metrics use the dated snapshot above. Distributions can vary and may include return of capital; a distribution rate is not an expected total return.
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Frequently asked questions
Should I keep cash in FZFXX or buy SGOV at Fidelity?
FZFXX can be the account's core position, so cash sitting in it earns the fund's yield and is available for purchases and withdrawals under Fidelity's cash rules without a trade. SGOV has to be bought, sits as a position with a market price, and a sale settles the next business day before the cash is fully usable. Compare FZFXX's 7-day yield with SGOV's 30-day SEC yield on one date; neither is a promised return, and the gap often reflects measurement timing rather than a lasting difference.
How should I compare risk and ownership costs?
Compare the current expense ratios on the issuer pages; FZFXX's is the larger of the two, and that difference is already inside each published yield. Add SGOV's bid-ask spread and any commission your account charges. This page's distribution rate annualizes a recent payout and is not the 7-day or 30-day SEC yield.
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