Dividend comparison

SGOV vs SPAXX: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for iShares 0-3 Month Treasury Bond ETF and Fidelity Government Money Market Fund, side by side. Updated October 21, 2026.

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SGOV vs SPAXX: key differences

The short answer, from the latest data on this page.

Risk. Their worst declines over the last 5 years were similar: -0.6% for SGOV and 0.0% for SPAXX from peak to trough.

Side-by-side snapshot

Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.

Metric	SGOV iShares 0-3 Month Treasury Bond ETF	SPAXX Fidelity Government Money Market Fund
Dividend yield (TTM)	3.64%	—
Dividend / share (TTM)	$3.67	—
Payout frequency	Monthly	—
Last dividend	$0.3005 on Oct 6, 2026	—
Ex-dividend date	Oct 1, 2026	—
Dividend growth (CAGR)	238.5% over 4 yrs	—
Price	$100.61	$1.00
Beta	0.00	0.00
Max drawdown (5Y)	-0.6%	0.0%
Market cap	$96.06B	—
Exchange	NYSE	NASDAQ
Expense ratio	0.09%	—
Assets under management	$116.27B	—
Number of holdings	24	—

Income on a $10,000 investment

Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

SGOV

$30.36/mo

$364 /yr at 3.64% yield

SPAXX

—/mo

Yield data unavailable

Dividend history

Total dividends paid per share in each calendar year.

Year	SGOV	SPAXX
2025	$4.1157	—
2024	$5.1151	—
2023	$4.8826	—
2022	$1.4546	—
2021	$0.0313	—

Strategy: Cash equivalent

Funds holding short-dated US government paper, where the objective is that the principal is there when you need it. Yield follows short-term interest rates with a short lag rather than being locked in, so income falls when the central bank cuts and rises when it hikes. Because the underlying holdings are nearly identical across providers, the expense ratio comes almost directly out of what you receive.

There is no growth here by design, and purchasing power erodes whenever the after-tax yield sits below inflation.

What SGOV vs SPAXX actually do

SGOV

An iShares fund holding US Treasury bills maturing within three months, used as a parking place for cash.

It tracks an ICE index of 0 to 3 month Treasury securities, so the entire portfolio rolls over every quarter and its yield tracks short-term rates with a short lag rather than being locked in. Interest accrues into the share price through the month and is paid out monthly, which is why the price ratchets up and then drops back by the distribution amount instead of trending. Because the holdings are direct Treasury obligations, the income is generally exempt from state and local tax.

Suits an emergency fund, a savings goal with a near-term date, or the cash sleeve of a portfolio waiting to be deployed. It is not an investment in any growth sense, and it will lose purchasing power to inflation whenever short rates sit below it.

Capital preservation

Performance

Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Jun 22, 2026 would now be worth $10,001 in SGOV and $10,000 in SPAXX.

Period	SGOV	SPAXX
1 month	0.02%	0.00%
3 months	0.03%	0.00%
Year to date	0.23%	—
1 year	0.69%	—
3 years	10.76%	—
5 years	17.07%	—

SGOV
SPAXX

Both series indexed to 100 on 2026-06-22 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation

Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.

SGOV
SPAXX

Quick verdict

Compare the metrics above, then add both tickers to a Dividend Wealth portfolio to see combined income forecasts and diversification impact.

Still deciding? Compare them in your portfolio

Forecast dividend income, track payouts, and see how SGOV vs SPAXX fits with the rest of your holdings. Free to start — no credit card required for the trial.

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Frequently asked questions

Is SGOV or SPAXX better for dividend income?

Compare yield, payout sustainability, and how each fund or stock fits your income goals. Use Dividend Wealth to model both holdings inside a real portfolio forecast.

What is the difference between SGOV and SPAXX?

iShares 0-3 Month Treasury Bond ETF (SGOV) is an ETF listed on NYSE. Fidelity Government Money Market Fund (SPAXX) is an ETF listed on NASDAQ. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.

Which is riskier, SGOV or SPAXX?

Measured by the worst peak-to-trough decline over the last five years, SGOV has been riskier: SGOV fell as much as 0.6% and SPAXX as much as 0.0%. Their betas are 0.00 and 0.00.

Can I hold both SGOV and SPAXX?

Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.

Where can I compare SGOV vs SPAXX with my full portfolio?

Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SGOV and SPAXX fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.