Dividend comparison

SPAXX vs FDRXX: Which Is Better for Income?

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

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Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricSPAXX
Fidelity Government Money Market Fund
FDRXX
Fidelity Cash Reserves
Price$1.00$1.00
Beta0.000.00
Max drawdown (5Y)0.0%0.0%
ExchangeNASDAQNASDAQ
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

SPAXX

—/mo

Yield data unavailable

FDRXX

—/mo

Yield data unavailable

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 FDRXX.
PeriodSPAXXFDRXX
1 month0.00%0.00%
3 months0.00%0.00%
Year to date——
1 year——
3 years——
5 years——
  • SPAXX
  • FDRXX
951001052026100100

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.

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Frequently asked questions

Is SPAXX or FDRXX 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 FDRXX?
Fidelity Government Money Market Fund (SPAXX) is an ETF listed on NASDAQ. Fidelity Cash Reserves (FDRXX) 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 FDRXX?
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 FDRXX with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPAXX and FDRXX 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.