VTG vs. SPAXX

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard Total Treasury ETF (VTG) and Fidelity Government Money Market Fund (SPAXX).

VTG is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. Treasury Total Return Unhedged USD Index. It was launched on Jul 7, 2025. SPAXX is managed by Fidelity. It was launched on Feb 5, 1990.

Performance

VTG vs. SPAXX - Performance Comparison

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

VTG vs. SPAXX - Yearly Performance Comparison

	2026 (YTD)	2025
VTG Vanguard Total Treasury ETF	-0.02%	2.88%
SPAXX Fidelity Government Money Market Fund	0.53%	1.93%

Returns By Period

In the year-to-date period, VTG achieves a -0.02% return, which is significantly lower than SPAXX's 0.53% return.

VTG

• 1D: -0.09%
• 1M: -1.32%
• YTD: -0.02%
• 6M: 0.57%
• 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)

VTG vs. SPAXX - Expense Ratio Comparison

VTG

Vanguard Total Treasury ETF

Return for Risk

VTG vs. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Treasury ETF (VTG) 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

	VTG	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	1.11	2.01	-0.90

Correlation

The correlation between VTG and SPAXX is -0.05. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

VTG vs. SPAXX - Dividend Comparison

VTG's dividend yield for the trailing twelve months is around 2.61%, less than SPAXX's 3.42% yield.

	TTM	2025	2024	2023
VTG Vanguard Total Treasury ETF	2.61%	1.65%	0.00%	0.00%
SPAXX Fidelity Government Money Market Fund	3.42%	3.88%	1.53%	0.41%

Drawdowns

VTG vs. SPAXX - Drawdown Comparison

The maximum VTG drawdown since its inception was -2.35%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VTG and SPAXX.

Drawdown Indicators

	VTG	SPAXX	Difference
Max Drawdown Largest peak-to-trough decline	-2.35%	0.00%	-2.35%
Max Drawdown (1Y) Largest decline over 1 year	—	0.00%	—
Current Drawdown Current decline from peak	-1.81%	0.00%	-1.81%
Average Drawdown Average peak-to-trough decline	-0.49%	0.00%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	VTG	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	3.57%	1.08%	+2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.57%	0.67%	+2.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.57%	0.67%	+2.90%