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.

Data updated September 18, 2026

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 cash at a one-dollar NAV that can sit as a brokerage sweep.

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Visual comparison

Key metrics

Projected income on $10K

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.

SGOV has outpaced SPAXX over the year to date, posting a 2.58% total return against 1.39%. Measured from Sep 2025 — the start of shared available history — SGOV has compounded at 3.80% a year versus 3.34% for SPAXX. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 3.2% for SPAXX. 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.
Symbol	YTD	Since Sep 2025	Volatility	Sharpe	Sortino	Max drawdown
SGOV	2.58%	3.80%	0.2%	-4.36	-5.38	-0.0%
SPAXX	1.39%	3.34%	3.2%	0.99	11.40	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 September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	SGOV	SPAXX
Full name	iShares 0-3 Month Treasury Bond ETF	Fidelity Government Money Market Fund
Issuer	iShares	Fidelity Investments
Last Close	$100.59 as of September 18, 2026	$1.00 as of September 18, 2026
Distribution rate	3.66%	3.38%
Distribution Safety Score™	79	—
Safety-Adjusted Yield	2.89%	—
Expense ratio	0.09%	0.42%
AUM	$110B	—
Distribution frequency	Monthly	Monthly
Underlying index	ICE 0-3 Month US Treasury Securities Index	—
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	—
Last dividend	$0.307	$0.0028
Ex-dividend date	09/01/2026	08/31/2026

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 cash at a one-dollar NAV that can sit as a brokerage sweep.

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.

	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 yield	3.66%	3.38%
Expense ratio	0.09%	0.42%
Tax detail to check	Share of income from US Treasury obligations	Fund-reported share of income eligible for state-tax treatment

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iShares

ETFs466

Total AUM$4551B

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.

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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 3.66% vs 3.38% 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 0.42%.

Who should choose each?

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 0.42% for SPAXX.

Choose SPAXX

Fidelity Government 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.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

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Deep dive

Yield & income

On a $10,000 investment, SGOV would generate roughly $30.50/month, while SPAXX would produce $28.17/month, at current distribution rates. Both pay monthly distributions.

SGOV yield3.66%

SPAXX yield3.38%

Monthly diff on $10K$2.33

Cost & efficiency

Over 10 years on $10,000, SGOV would cost approximately $90 in fees vs $420 for SPAXX (simplified, not compounded). The $330.00 difference may be offset by yield or performance.

SGOV ER0.09%

SPAXX ER0.42%

Strategy & risk

SGOV tracks ICE 0-3 Month US Treasury Securities Index with a bonds approach, while SPAXX is a money market fund built around government money market exposure.

SGOV beta-0.0029

SPAXX beta—

Fund details

SGOV is managed by iShares (launched 05/26/2020) with $110B in assets. SPAXX is managed by Fidelity Investments (launched 02/05/1990).

SGOV AUM$110B

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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 3.66% and SPAXX 3.38% as of September 2026. Also compare settlement, broker availability, state-tax treatment of each fund's actual income, and any trading spread.

What is the current distribution rate for SGOV and SPAXX?

SGOV currently distributes 3.66% and SPAXX 3.38%, based on fund data updated September 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 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 0.42%. 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 rates, $10,000 in SGOV would generate roughly $30.50 per month ($366.00 annually). The same in SPAXX would produce about $28.17 per month ($338.00 annually).

Which has performed better historically, SGOV or SPAXX?

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SGOV vs SPAXX — at a glance

Generated September 19, 2026.

Overview

SGOV and SPAXX are both short-duration fixed-income vehicles focused on U.S. government securities, but they serve different roles in a portfolio. SGOV is an ETF that tracks Treasury bills maturing in three months or less, trading at market price like a stock. SPAXX is a money market mutual fund engineered to maintain a stable $1.00 net asset value, commonly used as a sweep vehicle in brokerage accounts. The core distinction: SGOV offers market-price exposure to ultra-short Treasuries with daily liquidity; SPAXX prioritizes capital stability and overnight accessibility.

How they differ

SGOV trades as an ETF with a floating net asset value—it can trade above or below $100 depending on interest-rate moves and supply/demand. SPAXX is designed to hold a constant $1.00 per share, absorbing small price swings into its internal accounting. SGOV's 0.09% expense ratio is substantially lower than SPAXX's 0.42%, a meaningful difference over time given their similar 3.66% and 3.38% yield profiles.

Who each is best for

SGOV: Investors seeking daily market-price exposure to ultra-short Treasury securities who are comfortable with small mark-to-market moves and want the lowest possible expense drag on short-term holdings.

SPAXX: Investors prioritizing immediate access to cash, stable pricing, and simple accounting—especially those already using Fidelity's platform who want a designated parking spot for uninvested balances or between transactions.

Key risks to know

ETF premium/discount risk (SGOV): As a market-traded ETF, SGOV can trade above or below its underlying Treasury holdings' value. In stressed markets or periods of reduced liquidity, this gap may widen, creating a timing risk for investors buying or selling.

Repo counterparty exposure (SPAXX): While repurchase agreements are collateralized, they introduce a layer of counterparty risk that pure Treasury holdings don't carry. In a severe credit event, repo valuation and settlement could face delays or complications.

Reinvestment-rate risk (both): With maturities clustered in the zero-to-three-month window, both funds must constantly reinvest maturing proceeds. If rates fall sharply, newly purchased securities will yield less, pressuring future distributions.

Bottom line

SGOV and SPAXX both offer government-backed short-term income, but they're optimized for different use cases. SGOV suits investors who want the lowest cost and don't mind daily price fluctuation; SPAXX serves those who value constant share price and overnight liquidity in a brokerage context. Neither replaces active Treasury management or tactical rate decisions—both are essentially passive money-market-alternative plays, so current distribution rates reflect prevailing T-bill yields rather than exceptional manager skill. Past performance doesn't predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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