Dividend comparison

SPAXX vs FDLXX: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Fidelity Government Money Market Fund and Fidelity Treasury Only Money Markey Fund, side by side. Updated October 21, 2026.

Start free Open interactive compareSee pricing

Side-by-side snapshot

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

Metric	SPAXX Fidelity Government Money Market Fund	FDLXX Fidelity Treasury Only Money Markey Fund
Dividend yield (TTM)	—	3.38%
Dividend / share (TTM)	—	$0.03
Payout frequency	—	Annual
Last dividend	—	$0.0028 on Oct 1, 2026
Ex-dividend date	—	Sep 30, 2026
Dividend growth (CAGR)	—	327.9% over 4 yrs
Price	$1.00	$1.00
Beta	0.00	0.00
Max drawdown (5Y)	0.0%	0.0%
Exchange	NASDAQ	NASDAQ

Income on a $10,000 investment

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

SPAXX

—/mo

Yield data unavailable

FDLXX

$28.16/mo

$338 /yr at 3.38% yield

Dividend history

Total dividends paid per share in each calendar year.

Year	SPAXX	FDLXX
2025	—	$0.0389
2024	—	$0.0486
2023	—	$0.0443
2022	—	$0.0095
2021	—	$0.0001

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.

Performance

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

Period	SPAXX	FDLXX
1 month	0.00%	0.00%
3 months	0.00%	0.00%
Year to date	—	—
1 year	—	—
3 years	—	—
5 years	—	—

SPAXX
FDLXX

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

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 SPAXX vs FDLXX fits with the rest of your holdings. Free to start — no credit card required for the trial.

Start free Interactive DRIP compare

Frequently asked questions

Is SPAXX or FDLXX 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 SPAXX and FDLXX?

Fidelity Government Money Market Fund (SPAXX) is an ETF listed on NASDAQ. Fidelity Treasury Only Money Markey Fund (FDLXX) 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.

Can I hold both SPAXX and FDLXX?

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 SPAXX vs FDLXX with my full portfolio?

Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPAXX and FDLXX 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.

Related comparisons

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.