SPAXX vs. FZFXX: Cash Management Made Easy (2023)

Deciding between SPAXX and FZFXX on Fidelity might seem daunting, but it really doesn’t have to be.

These two are the go-to choices for managing cash in your Fidelity account, and if you’re just starting out, here’s a simple tip: pick one and roll with it.

However, if you’re curious about the nitty-gritty, I’ve got you covered.

SPAXX: Fidelity Government Money Market Fund

What It Does

  • SPAXX invests in short-term U.S. government stuff like securities, certificates of deposit, and commercial paper.


FZFXX: Fidelity Treasury Money Market Fund

What It’s About

  • FZFXX specializes in U.S. Treasury securities. Just like SPAXX, it’s all about the short-term game – think treasury bills, notes, and repurchase agreements.


  • The expense ratio is at 0.42%.
  • 80% of the fund’s assets in municipal securities.

SPAXX vs FZFXX: The Crucial Differences


  • Same. No difference.

Tax Advantage

  • Interest earned from FZFXX is exempt from federal income tax.

In Summary

SPAXX and FZFXX are the same type of fund. They’re not here to make you rich. They’re more like a vault for your uninvested cash.

Just don’t overthink and pick one.

Diego, a seasoned financial analyst in New York, brings a decade of expertise to guiding financial decisions. As a blogger for, he simplifies finance, offering insights on Fidelity Investments. Beyond numbers, he explores NYC's culture and enjoys capturing moments through his photography.

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