SGOV vs SPAXX
iShares 0-3 Month Treasury Bond ETF vs Fidelity Government Money Market Fund
Which is better, SGOV or SPAXX?
SGOV costs less.
SGOV has a lower expense ratio.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SGOV | SPAXX |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.42% |
| AUM | $106.0B | $423.8B |
| Dividend Yield | 3.79% | 3.15% |
| Holdings | 24 | 700 |
| Fund Family | iShares by BlackRock (US) | Fidelity Investments (US) |
| Category | Fixed Income | Money Market |
| Style | Short Term Government Bond | - |
| Inception | May 26, 2020 | Feb 5, 1990 |
Not shown on this pair: YTD Price Return, 1Y Price Return, 3Y Price Return (annualized), 5Y Price Return (annualized), Volatility (annualized), Max Drawdown, $10,000 over the window, Top 10 Weight.
The two price series end 1627 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. SGOV has data through Sep 11, 2026 and SPAXX through Mar 29, 2022.
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 3.15% for SPAXX.
Structure and taxes
SPAXX is a mutual fund and SGOV is an ETF. A mutual fund prices once a day at net asset value and may carry a purchase minimum. An ETF trades through the day at whatever the market pays for it.
In a taxable account the difference that usually matters is distributions. An ETF can meet redemptions in kind, so it rarely has to sell holdings and rarely passes a capital gain to the people who held it; a mutual fund that sells holdings to meet redemptions can distribute a realised gain at year end to everyone still in the fund, whether or not they sold anything themselves. In a tax-deferred account that difference largely disappears. Both are descriptions of how the two wrappers work, not a recommendation.
Tax-loss harvesting works on either wrapper.
Holdings Overlap
We hold position weights for 2 holdings in SGOV and 34 in SPAXX, totalling 5.1% and 6.1% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 1 positions appear in both.
1 positions in common, counted across the 2 positions we hold weights for in SGOV and 34 in SPAXX, against full books of 24 and 700.
Top Shared Holdings
| Stock | Weight in SGOV | Weight in SPAXX | Difference |
|---|---|---|---|
| B 0 08/06/26United States Treasury 0.00 08/06/2026 | 4.53% | 0.49% | 4.04% |
You are not choosing between two funds in isolation.
Whichever of SGOV and SPAXX you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $33 a year on a $10,000 investment.
Which pays a higher dividend, SGOV or SPAXX?
SGOV yields 3.79% while SPAXX yields 3.15%, so SGOV currently pays the higher dividend yield.
Is it better to hold SPAXX or SGOV in a taxable account?
SGOV is an ETF and SPAXX is a mutual fund. An ETF can meet redemptions in kind, so it rarely distributes a capital gain to the people holding it. A mutual fund that sells holdings to meet redemptions can pass a realised gain to every holder at year end. In a tax-deferred account that difference largely disappears. This is information, not a recommendation.
Is SPAXX better than SGOV?
SGOV has a lower expense ratio. Which one suits a particular account depends on what it is for. This is information, not a recommendation.