A head-to-head comparison of iShares 0-3 Month Treasury Bond ETF and Fidelity Government Money Market Fund 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. Invests at least 99.5% of total assets in cash, U.S. Government securities, and/or repurchase agreements that are collateralized fully by cash or U.S. Government securities. Commonly used as the default cash sweep in Fidelity brokerage accounts.
Asset class
Fixed Income
Fixed Income
Inception date
05/26/2020
02/05/1990
Beta
-0.0029
—
Last dividend
$0.2960
$0.0027
Ex-dividend date
07/01/2026
06/30/2026
Bottom lineSGOV and SPAXX are nearly interchangeable — both offer very similar treasury bills 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.
Most used
Income calculator
See how much monthly income a hypothetical investment would generate in each security at current yields.
Want to go deeper?
Add these securities to a sample portfolio and forecast your dividend income over 5+ years — no signup required.
Projections assume the current yield and share price remain constant. Actual results will vary.
Quick verdict
SGOV (iShares 0-3 Month Treasury Bond ETF) is an ETF, while SPAXX (Fidelity Government Money Market Fund) is a money market fund — they take fundamentally different approaches.
SGOV offers the higher yield at 3.53% vs 3.24% for SPAXX. 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, SGOV would generate roughly $29.42/month, while SPAXX would produce $27.00/month, at current distribution rates. Both pay monthly distributions.
SGOV yield3.53%
SPAXX yield3.24%
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). SPAXX has not published an expense ratio, so a direct cost comparison isn't possible.
SGOV ER0.07%
Strategy & risk
SGOV tracks ICE 0-3 Month US Treasury Securities Index with a treasury bond approach, while SPAXX is a money market fund.
SGOV beta-0.0029
SPAXX beta—
Fund details
SGOV is managed by iShares (launched 05/26/2020) with $95.2B in assets. SPAXX is managed by Fidelity Investments (launched 02/05/1990) with $1.00M in assets.
Do us a favor — if you found this comparison useful, please share it with a friend researching dividend investments.
Frequently asked questions
Is SGOV or SPAXX 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 SGOV and SPAXX?
SGOV (iShares 0-3 Month Treasury Bond ETF) tracks ICE 0-3 Month US Treasury Securities Index with a treasury bond approach, while SPAXX (Fidelity Government Money Market Fund) is a money market fund. They are issued by iShares and Fidelity Investments respectively.
Can I hold both SGOV and SPAXX?
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, SGOV or SPAXX?
SGOV charges a 0.07% expense ratio. SPAXX has not published an expense ratio, so a direct fee comparison isn't possible.
How much income does $10,000 in SGOV vs SPAXX generate?
At current rates, $10,000 in SGOV would generate roughly $29.42 per month ($353.00 annually). The same in SPAXX would produce about $27.00 per month ($324.00 annually).
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
Still deciding? Compare them against your own portfolio
See how each security fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.
