SPAXX vs SPY
Fidelity Government Money Market Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPAXX offers more diversification with 700 holdings.
Side-by-Side Comparison
| Metric | SPAXX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.42% | 0.09% | |
| AUM | $423.8B | $821.1B | |
| Dividend Yield | 3.18% | 1.01% | |
| Holdings | 700 | 505 | |
| YTD Return | +0.00% | +12.68% | |
| 1Y Return | - | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | - | 15.3% | |
| Max Drawdown | 0.0% | -56.5% | |
| Fund Family | Fidelity Investments (US) | State Street Investment Management | |
| Category | Money Market | Equity | |
| Inception | Feb 5, 1990 | Jan 22, 1993 |
SPAXX vs SPY Performance
Fidelity Government Money Market Fund (SPAXX) is a mutual fund from Fidelity Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Year to date, SPAXX is up 0.00% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
The deepest peak-to-trough decline in our data was 0.0% for SPAXX and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
Fees and Cost Over Time
SPAXX charges 0.42% per year while SPY charges 0.09%. On a $10,000 position that is $42 vs $9 annually, a gap of $33 per year that compounds over a long holding period. On income, SPAXX currently yields 3.18% against 1.01% for SPY.
Holdings Overlap
SPAXX and SPY share 0 holdings out of 544 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPAXX or SPY?
SPAXX has an expense ratio of 0.42% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $33 per year of difference.
What is the holdings overlap between SPAXX and SPY?
SPAXX and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 544 unique securities.
Which pays a higher dividend, SPAXX or SPY?
SPAXX yields 3.18% while SPY yields 1.01%, so SPAXX currently pays the higher dividend yield.
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