SGVT vs. SPAXX

Last updated Apr 2, 2026

Compare and contrast key facts about Schwab Government Money Market ETF (SGVT) and Fidelity Government Money Market Fund (SPAXX).

SGVT is an actively managed fund by Charles Schwab. It was launched on Jun 12, 2025. SPAXX is managed by Fidelity. It was launched on Feb 5, 1990.

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.

SGVT vs. SPAXX - Yearly Performance Comparison

	2026 (YTD)	2025
SGVT Schwab Government Money Market ETF	0.82%	2.22%
SPAXX Fidelity Government Money Market Fund	0.53%	2.26%

Returns By Period

In the year-to-date period, SGVT achieves a 0.82% return, which is significantly higher than SPAXX's 0.53% return.

SGVT

• 1D: 0.01%
• 1M: 0.26%
• YTD: 0.82%
• 6M: 1.77%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPAXX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.53%
• 6M: 1.46%
• 1Y: 3.49%
• 3Y*: 2.14%
• 5Y*: —
• 10Y*: —

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

SGVT vs. SPAXX - Expense Ratio Comparison

SGVT

Schwab Government Money Market ETF

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	—	3.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	18.81	2.01	+16.80

Correlation

The correlation between SGVT and SPAXX is 0.15, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SGVT vs. SPAXX - Dividend Comparison

SGVT's dividend yield for the trailing twelve months is around 2.55%, less than SPAXX's 3.42% yield.

	TTM	2025	2024	2023
SGVT Schwab Government Money Market ETF	2.55%	1.73%	0.00%	0.00%
SPAXX Fidelity Government Money Market Fund	3.42%	3.88%	1.53%	0.41%

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%	—
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	—	0.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.20%	1.08%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.20%	0.67%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.20%	0.67%	-0.47%