SPAXX vs VMFXX
Fidelity Government Money Market Fund vs Vanguard Federal Money Market Fund Investor Class
Quick Verdict
VMFXX has a lower expense ratio. SPAXX offers more diversification with 700 holdings.
Side-by-Side Comparison
| Metric | SPAXX | VMFXX | Winner |
|---|---|---|---|
| Expense Ratio | 0.42% | 0.11% | |
| AUM | $423.8B | $374.1B | |
| Dividend Yield | 3.18% | 3.46% | |
| Holdings | 700 | 320 | |
| YTD Return | +0.00% | +0.00% | |
| 1Y Return | - | - | |
| 3Y Return (annualized) | - | - | |
| 5Y Return (annualized) | - | - | |
| Volatility (annualized) | - | - | |
| Max Drawdown | 0.0% | 0.0% | |
| Fund Family | Fidelity Investments (US) | Vanguard (US) | |
| Category | Money Market | Money Market | |
| Inception | Feb 5, 1990 | Jul 13, 1981 |
SPAXX vs VMFXX Performance
Fidelity Government Money Market Fund (SPAXX) is a mutual fund from Fidelity Investments (US) and Vanguard Federal Money Market Fund Investor Class (VMFXX) is a mutual fund from Vanguard (US). Year to date, SPAXX is up 0.00% versus a gain of 0.00% for VMFXX.
Risk: Volatility and Drawdowns
The deepest peak-to-trough decline in our data was 0.0% for SPAXX and 0.0% for VMFXX. 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 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 3.18% against 3.46% for VMFXX.
Holdings Overlap
SPAXX and VMFXX share 7 holdings out of 43 unique holdings combined, representing a 1.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in SPAXX | Weight in VMFXX | Difference |
|---|---|---|---|
| B 0 07/09/26 | 1.37% | 1.01% | 0.36% |
| TII 0.125 07/15/26 | 0.41% | 1.41% | 1.00% |
| T 4.375 07/31/26 | 0.38% | 0.10% | 0.28% |
| T 4.625 06/15/27 | Pro | Pro | Pro |
| T 1.5 08/15/26 | Pro | Pro | Pro |
| T 0.75 08/31/26 | Pro | Pro | Pro |
| T 1.875 07/31/26 | Pro | Pro | Pro |
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. On a $10,000 investment, that is $31 per year of difference.
What is the holdings overlap between SPAXX and VMFXX?
SPAXX and VMFXX share 7 common holdings with a 1.8% weight overlap. Combined, they hold 43 unique securities.
Which pays a higher dividend, SPAXX or VMFXX?
SPAXX yields 3.18% while VMFXX yields 3.46%, so VMFXX currently pays the higher dividend yield.
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