SGVT vs. SPAXX

Last updated Jun 4, 2026

SGVT (Schwab Government Money Market ETF) and SPAXX (Fidelity Government Money Market Fund) are both Money Market funds. Both are actively managed. At a 0.08 correlation, their price movements are largely independent. SGVT charges 0.28%/yr vs 0.42%/yr for SPAXX.

Performance

SGVT vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Government Money Market ETF (SGVT) and Fidelity Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SGVT having a 1.41% return and SPAXX slightly lower at 1.37%.

SGVT

• 1D: 0.01%
• 1M: 0.27%
• YTD: 1.41%
• 6M: 1.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPAXX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.37%
• 6M: 1.67%
• 1Y: 3.66%
• 3Y*: 2.42%
• 5Y*: 1.45%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SGVT vs. SPAXX - Yearly Performance Comparison

	2026 (YTD)	2025
SGVT Schwab Government Money Market ETF	1.41%	2.22%
SPAXX Fidelity Government Money Market Fund	1.37%	2.26%

Correlation

The correlation between SGVT and SPAXX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 13, 2025	0.08

Return for Risk

SGVT vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Government Money Market ETF (SGVT) and Fidelity Government Money Market Fund (SPAXX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SGVT	SPAXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.65	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	18.57	2.13	+16.44

Drawdowns

SGVT vs. SPAXX - Drawdown Comparison

The maximum SGVT drawdown since its inception was -0.03%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for SGVT and SPAXX.

Drawdown Indicators

	SGVT	SPAXX	Difference
Max Drawdown Largest peak-to-trough decline	-0.03%	0.00%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	—	0.00%	—
Max Drawdown (3Y) Largest decline over 3 years	—	0.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	0.00%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	SGVT	SPAXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.28%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.72%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	1.03%	-0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.20%	0.69%	-0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.20%	0.69%	-0.49%

SGVT vs. SPAXX - Expense Ratio Comparison

SGVT has a 0.28% expense ratio, which is lower than SPAXX's 0.42% expense ratio.

Dividends

SGVT vs. SPAXX - Dividend Comparison

SGVT's dividend yield for the trailing twelve months is around 3.12%, less than SPAXX's 3.59% yield.

Position	TTM	2025	2024	2023
SGVT Schwab Government Money Market ETF	3.12%	1.73%	0.00%	0.00%
SPAXX Fidelity Government Money Market Fund	3.59%	3.88%	1.53%	0.41%

Frequently Asked Questions

Can I hold both SGVT and SPAXX in my portfolio?

SGVT and SPAXX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.