Dividend comparison

SPAXX vs VMFXX: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Fidelity Government Money Market Fund and Vanguard Federal Money Market Fund, 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
VMFXX
Vanguard Federal Money Market Fund
Dividend yield (TTM)—3.68%
Dividend / share (TTM)—$0.04
Payout frequency—Monthly
Last dividend—$0.0030 on Oct 1, 2026
Ex-dividend date—Sep 30, 2026
Dividend growth (CAGR)—345.2% over 4 yrs
Price$1.00$1.00
Beta0.000.00
Max drawdown (5Y)0.0%0.0%
ExchangeNASDAQNASDAQ
Number of holdings—21
Top 10 concentration—6.2%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

SPAXX

—/mo

Yield data unavailable

VMFXX

$30.63/mo

$368 /yr at 3.68% yield

Dividend history
Total dividends paid per share in each calendar year.
YearSPAXXVMFXX
2025—$0.0420
2024—$0.0518
2023—$0.0486
2022—$0.0120
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 VMFXX.
PeriodSPAXXVMFXX
1 month0.00%0.00%
3 months0.00%0.00%
Year to date——
1 year——
3 years——
5 years——
  • SPAXX
  • VMFXX
951001052026100100

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

Top 10 holdings
Largest positions by portfolio weight.

VMFXX21 holdings total

NameWeight
CITI.TOCitigroup Global Markets. 10/01/20261.83%
BNP.SWBNP Paribas SA 07/29/20261.22%
DBDeutsche Bank Securities. 10/01/20260.65%
BBVABanco Bilbao Vizcaya Argentaria SA. 08/03/20260.53%
BNPQYBNP Paribas SA 10/19/20260.43%
SAN.WABanco Santander SA. 10/01/20260.39%
2888.HKStandard Chartered Bank 10/01/20260.35%
KN.PANatixis SA (Paris Branch). 10/01/20260.32%
CM.TOCanadian Imperial Bank of Commerce. 10/21/20260.24%
GSBDGoldman Sachs & Co. 10/01/20260.23%

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