FZFXX vs SPAXX
Fidelity Treasury Money Market Fund vs Fidelity Government Money Market Fund
Which is better, FZFXX or SPAXX?
FZFXX and SPAXX are close on what we can measure.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FZFXX | SPAXX |
|---|---|---|
| Expense Ratio | 0.42%Tie | 0.42%Tie |
| AUM | $42.5B | $429.4B |
| Dividend Yield | 3.39% | 3.39% |
| Holdings | 166 | 587 |
| Fund Family | Fidelity Investments (US) | Fidelity Investments (US) |
| Category | Money Market | Money Market |
| Inception | Apr 6, 2015 | Feb 5, 1990 |
FZFXX and SPAXX hold their share price at $1.00 and pay everything out, so a YTD Return, a 1Y, 3Y or 5Y Return, a Volatility and a Max Drawdown measured on that price would every one of them be zero, and none of them would mean anything. Those rows are left out. What separates two funds like these is the Dividend Yield and the Expense Ratio, both above.
Fees and Cost Over Time
FZFXX charges 0.42% per year while SPAXX charges 0.42%. On a $10,000 position that is $42 vs $42 annually. On income, FZFXX currently yields 3.39% against 3.39% for SPAXX.
Holdings Overlap
We hold position weights for 34 holdings in FZFXX and 31 in SPAXX, totalling 14.5% and 4.9% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 30 positions appear in both.
30 positions in common, counted across the 34 positions we hold weights for in FZFXX and 31 in SPAXX, against full books of 166 and 587.
Top Shared Holdings
| Stock | Weight in FZFXX | Weight in SPAXX | Difference |
|---|---|---|---|
| T 4.125 02/28/27Us Treasury N/B 02/27 4.125 02/28/2027 | 0.66% | 0.67% | 0.01% |
| T 1.875 02/28/27Us Treasury N/B 02/27 1.875 | 0.53% | 0.53% | 0.00% |
| T 4.125 01/31/27Treasury Note (Otr) 4.13% Jan 31, 2027 | 0.61% | 0.33% | 0.28% |
| T 2.5 03/31/27United States Treasury Note/Bond 2.5 03/31/2027 | 0.44% | 0.44% | 0.00% |
| T 4.125 10/31/26United States Treasury Note/Bond - When Issued 4% 31Oct2026 | 0.75% | 0.12% | 0.63% |
| T 3.875 03/31/27United States Treasury Note/Bond 3.875% 03/31/2027 | 0.40% | 0.40% | 0.00% |
| T 3.375 09/15/27United States Treasury Note/Bond 3.375% 09/15/2027 | 0.17% | 0.43% | 0.26% |
| T 4.625 06/15/27U.S. Treasury Note, 4.625%, Due 06/15/2027 | 0.31% | 0.28% | 0.03% |
| T 4.25 12/31/26Treasury Note (Otr) 4.25% Dec 31, 2026 | 0.26% | 0.26% | 0.00% |
| T 3.75 06/30/27Treasury Note (Otr) 3.75% Jun 30, 2027 | 0.24% | 0.24% | 0.00% |
You are not choosing between two funds in isolation.
Whichever of FZFXX and SPAXX you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FZFXX or SPAXX?
FZFXX has an expense ratio of 0.42% while SPAXX charges 0.42%. At the precision these are quoted to, they cost the same.
Which pays a higher dividend, FZFXX or SPAXX?
FZFXX yields 3.39% while SPAXX yields 3.39%, so FZFXX currently pays the higher dividend yield.
Is SPAXX better than FZFXX?
FZFXX and SPAXX are close on every measure we can compare. Which one suits a particular account depends on what it is for. This is information, not a recommendation.