SGOV
Generally safe
High confidence
Security Comparison
SGOV vs SPAXX: Yield, Safety, Taxes, and Cash Parking Compared
A head-to-head comparison of the iShares 0-3 Month Treasury Bond ETF and Fidelity's Government Money Market Fund covering yield, state-tax treatment, access, and when each makes sense for cash.
Updated November 13, 2026
How these figures are calculated: methodology.
Best for
- SGOVInvestors who want T-bill income in an ETF you can trade at any broker, with generally state-tax-exempt Treasury interest.
- SPAXXInvestors who want a government money fund seeking a stable one-dollar NAV, without a principal guarantee.
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.
SPAXX
Not rated
No published distribution safety rating is available.
Score snapshot as of .
Side-by-side snapshot
| Metric |  SGOV |  SPAXX |
|---|---|---|
| Full name | iShares 0-3 Month Treasury Bond ETF | Fidelity Government Money Market Fund |
| Issuer | iShares | Fidelity Investments |
| Last Close | $100.56 as of November 13, 2026 | $1.00 as of November 13, 2026 |
| Distribution rate | 3.92% | 3.59% |
| Trailing 12-month yield | 3.63% | 3.36% |
| Distribution Safety Score™ | 79 | — |
| Safety-Adjusted Yield | 3.10% | — |
| Expense ratio | 0.09% | 0.4173% |
| AUM | $117B | — |
| Distribution frequency | Monthly | Monthly |
| Underlying index | ICE 0-3 Month US Treasury Securities Index (USD) | — |
| Objective | 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. | 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 | 0.0061 |
| Last dividend | $0.32858 | $0.00299 |
| Ex-dividend date | 11/02/2026 | 10/30/2026 |
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.
SGOV has outpaced SPAXX over the shared window since Sep 2025, posting a 3.82% total return against 3.41%. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 2.8% for SPAXX. Figures are total returns: price change plus every distribution reinvested.
| Symbol | Since Sep 2025 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|
| SGOV | 3.82% | 0.2% | -2.77 | -3.75 | -0.0% |
| SPAXX | 3.41% | 2.8% | 0.85 | 9.12 | 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 Sep 2025” measures every fund from September 2, 2025 — 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 shared window since Sep 2025. 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 shared window since Sep 2025) — 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 SGOV if you want T-bill income in an ETF you can trade at any broker, with generally state-tax-exempt Treasury interest. Choose SPAXX if you want a government money fund seeking a stable one-dollar NAV, without a principal guarantee.
Cash parking: ETF flexibility vs money-market convenience
Both vehicles hold high-quality short-term government obligations, but the wrapper changes how cash moves. SGOV trades like an ETF; SPAXX operates like a money market cash position. Taxes, settlement, and access can matter more than a small yield gap. SPAXX seeks a $1 NAV but does not guarantee it. Both funds can lose value; neither is an FDIC-insured bank deposit.
| SGOV | SPAXX | |
|---|---|---|
| Vehicle | Exchange-traded Treasury-bill fund | Government money market mutual fund |
| Trading | Intraday at a market price | Transactions at end-of-day net asset value |
| Distribution rate | 3.92% | 3.59% |
| Expense ratio | 0.09% | 0.4173% |
| Tax detail to check | Share of income from US Treasury obligations | Fund-reported share of income eligible for state-tax treatment |
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
SGOV (iShares 0-3 Month Treasury Bond ETF) is an ETF, while SPAXX (Fidelity Government Money Market Fund) is a money market fund — their trading structures differ.
SGOV offers the higher yield at 3.92% vs 3.59% for SPAXX. 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%.
Top-holdings overlap
Positions that appear in every fund's top 10. Issuers disclose only the largest weights, so this captures the overlap of the concentrated end of each book — not the full portfolios.
— shared positions
SGOV 0.0% of its top-10 weight
SPAXX top-10 holdings unavailable
Top-10 holdings unavailable for SPAXX — cannot compute overlap.
Deep dive
Yield & income
On a $10,000 investment at current distribution rates, SGOV would pay about $392.00 a year (about $32.67 per monthly distribution), while SPAXX would pay about $359.00 a year (about $29.92 per monthly distribution). Both pay monthly distributions.
SGOV yield3.92%
SPAXX yield3.59%
Annual cash diff on $10K$33.00
Cost & efficiency
Over 10 years on $10,000, SGOV would cost approximately $90 in fees vs $417 for SPAXX (simplified, not compounded). The $327.30 difference may be offset by yield or performance.
SGOV ER0.09%
SPAXX ER0.4173%
Strategy & risk
SGOV tracks ICE 0-3 Month US Treasury Securities Index (USD) with a bonds approach, while SPAXX is a money market fund built around government money market exposure.
SGOV beta-0.0029
SPAXX beta0.0061
Fund details
SGOV is managed by iShares (launched 05/26/2020) with $117B in assets. SPAXX is managed by Fidelity Investments (launched 02/05/1990).
SGOV AUM$117B
Frequently asked questions
What is the practical difference between SGOV and SPAXX for idle cash?
SGOV is an exchange-traded fund of very short Treasury bills, so it trades during market hours and its price can move slightly. SPAXX is a government money market fund designed to transact at a stable one-dollar net asset value and can serve as a brokerage cash position. SGOV distributes 3.92% and SPAXX 3.59% as of November 2026. Also compare settlement, broker availability, state-tax treatment of each fund's actual income, and any trading spread. SPAXX seeks a $1 NAV but does not guarantee it: you can lose money. Neither fund is an FDIC-insured bank deposit.
What is the current distribution rate for SGOV and SPAXX?
SGOV currently distributes 3.92% and SPAXX 3.59%, 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 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 (USD) with a bonds approach, while SPAXX (Fidelity Government Money Market Fund) is a money market fund built around government money market exposure. 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 has an expense ratio of 0.09% while SPAXX charges 0.4173%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in SGOV vs SPAXX generate?
At current distribution rates, $10,000 in SGOV would pay about $392.00 a year (about $32.67 per monthly distribution). $10,000 in SPAXX would pay about $359.00 a year (about $29.92 per monthly distribution).
Which has performed better historically, SGOV or SPAXX?
SGOV has outpaced SPAXX over the shared window since Sep 2025, posting a 3.82% total return against 3.41%. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 2.8% for SPAXX. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
More comparisons to explore
Add a third option
SGOV holds short Treasury bills, SPAXX is Fidelity's government money market fund, USFR floating-rate notes. Compare yield measures, access and settlement.
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Dividend dates and history
Learn the method
The metrics behind this comparison, explained in the Academy.
These comparisons follow the Dividend Vision methodology.