SPAXX vs VMFXX
Fidelity Government Money Market Fund vs Vanguard Federal Money Market Fund Investor Class
Which is better, SPAXX or VMFXX?
VMFXX costs less.
VMFXX 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 | SPAXX | VMFXX |
|---|---|---|
| Expense Ratio | 0.42% | 0.11%Best |
| AUM | $432.4B | $377.8B |
| Dividend Yield | 3.07% | 3.33% |
| Holdings | 575 | 354 |
| Fund Family | Fidelity Investments (US) | Vanguard (US) |
| Category | Money Market | Money Market |
| Inception | Feb 5, 1990 | Jul 13, 1981 |
SPAXX and VMFXX hold their share price at $1.00 and pay everything out, so a YTD Return, a 1Y, 3Y or 5Y Return, a Volatility and a Max Drawdown measured on that price would every one of them be zero, and none of them would mean anything. Those rows are left out. What separates two funds like these is the Dividend Yield and the Expense Ratio, both above.
Fees and Cost Over Time
SPAXX charges 0.42% per year while VMFXX charges 0.11%. On a $10,000 position that is $42 vs $11 annually, a gap of $31 per year that compounds over a long holding period. On income, SPAXX currently yields 3.07% against 3.33% for VMFXX.
Holdings Overlap
We hold position weights for 31 holdings in SPAXX and 4 in VMFXX, totalling 7.6% and 2.1% 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, 2 positions appear in both.
2 positions in common, counted across the 31 positions we hold weights for in SPAXX and 4 in VMFXX, against full books of 575 and 354.
Top Shared Holdings
| Stock | Weight in SPAXX | Weight in VMFXX | Difference |
|---|---|---|---|
| TII 0.125 10/15/26United States Of America Notes Fixed 0.125% 0.12% 10/15/2026 | 0.53% | 0.89% | 0.36% |
| T 4.625 06/15/27U.S. Treasury Note, 4.625%, Due 06/15/2027 | 0.42% | 0.08% | 0.34% |
You are not choosing between two funds in isolation.
Whichever of SPAXX and VMFXX 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, SPAXX or VMFXX?
SPAXX has an expense ratio of 0.42% while VMFXX charges 0.11%. VMFXX is the cheaper option, by $31 a year on a $10,000 investment.
Which pays a higher dividend, SPAXX or VMFXX?
SPAXX yields 3.07% while VMFXX yields 3.33%, so VMFXX currently pays the higher dividend yield.
Is VMFXX better than SPAXX?
VMFXX has a lower expense ratio. Which one suits a particular account depends on what it is for. This is information, not a recommendation.