SGOV vs SPAXX
iShares 0-3 Month Treasury Bond ETF vs Fidelity Government Money Market Fund
Quick Verdict
SGOV has a lower expense ratio. SPAXX offers more diversification with 700 holdings.
Side-by-Side Comparison
| Metric | SGOV | SPAXX | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.42% | |
| AUM | $102.7B | $423.8B | |
| Dividend Yield | 3.79% | 3.18% | |
| Holdings | 23 | 700 | |
| YTD Return | +2.31% | +0.00% | |
| 1Y Return | +3.85% | - | |
| 3Y Return (annualized) | +4.62% | - | |
| 5Y Return (annualized) | +3.71% | - | |
| Volatility (annualized) | 0.7% | - | |
| Max Drawdown | -0.3% | 0.0% | |
| Fund Family | iShares by BlackRock (US) | Fidelity Investments (US) | |
| Category | Fixed Income | Money Market | |
| Inception | May 26, 2020 | Feb 5, 1990 |
SGOV vs SPAXX Performance
iShares 0-3 Month Treasury Bond ETF (SGOV) is a ETF from iShares by BlackRock (US) and Fidelity Government Money Market Fund (SPAXX) is a mutual fund from Fidelity Investments (US). Year to date, SGOV is up 2.31% versus a gain of 0.00% for SPAXX.
Risk: Volatility and Drawdowns
The deepest peak-to-trough decline in our data was -0.3% for SGOV and 0.0% for SPAXX. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
Fees and Cost Over Time
SGOV charges 0.09% per year while SPAXX charges 0.42%. On a $10,000 position that is $9 vs $42 annually, a gap of $33 per year that compounds over a long holding period. On income, SGOV currently yields 3.79% against 3.18% for SPAXX.
Holdings Overlap
SGOV and SPAXX share 1 holdings out of 41 unique holdings combined, representing a 0.5% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in SGOV | Weight in SPAXX | Difference |
|---|---|---|---|
| B 0 08/06/26 | 4.61% | 0.50% | 4.11% |
Frequently Asked Questions
Which is cheaper, SGOV or SPAXX?
SGOV has an expense ratio of 0.09% while SPAXX charges 0.42%. SGOV is the cheaper option. On a $10,000 investment, that is $33 per year of difference.
What is the holdings overlap between SGOV and SPAXX?
SGOV and SPAXX share 1 common holdings with a 0.5% weight overlap. Combined, they hold 41 unique securities.
Which pays a higher dividend, SGOV or SPAXX?
SGOV yields 3.79% while SPAXX yields 3.18%, so SGOV currently pays the higher dividend yield.
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