Updated October 4, 2026. The SPAXX 7-day yield was 3.49% as of October 2, 2026, according to Fidelity’s fund page. That is the number most people are looking for. The more useful question is whether SPAXX is the best place for the cash you have right now. This page puts the current yields side by side so you can decide.
Yields change daily. The figures below are dated, and the sources are listed at the bottom so you can check today’s number.
SPAXX yield at a glance
| Item | Figure | As of |
|---|---|---|
| SPAXX 7-day yield | 3.49% | Oct 2, 2026 |
| Expense ratio (gross) | 0.42% | Fidelity fund page |
| Minimum to invest | $0 | Fidelity fund page |
| 1-year return | 3.44% | Sept 30, 2026 |
| 3-year average annual return | 4.22% | Sept 30, 2026 |
| 5-year average annual return | 3.48% | Sept 30, 2026 |
SPAXX is the Fidelity Government Money Market Fund. It invests in cash, U.S. government securities and repurchase agreements backed by them, and aims to hold a $1.00 share price. It is not FDIC insured. If you are not sure why it is in your account, see what SPAXX is and why it shows up under your account.
What the 7-day yield means
The 7-day yield annualizes the income the fund earned over the last seven days, after fees. It is a snapshot, not a promise. When interest rates move, a money market fund’s yield follows within weeks. It is not the same as the 1-year return above, which is what the fund actually paid over the past year.
SPAXX vs FDRXX
Both are Fidelity government money market funds that hold a $1.00 share price. FDRXX is Fidelity Government Cash Reserves.
| SPAXX | FDRXX | |
|---|---|---|
| 7-day yield (Oct 2, 2026) | 3.49% | 3.56% |
| Expense ratio (gross) | 0.42% | 0.37% |
| Minimum | $0 | $0 |
On $10,000, the 0.07-point difference is about $7 a year. Which one your account holds depends on how the account was opened, and Fidelity lets you choose your core position in account settings. On a small balance, the choice does not matter much. On a six-figure balance it is worth a few minutes.
SPAXX vs SGOV
SGOV is the iShares 0-3 Month Treasury Bond ETF. It holds Treasury bills and other Treasury securities with maturities of three months or less.
| SPAXX | SGOV | |
|---|---|---|
| Type | Money market fund | ETF |
| Yield | 3.49% (7-day) | 3.70% (30-day SEC) |
| Expense ratio | 0.42% | 0.09% |
| Share price | Aims for $1.00 | Floats (about $100) |
| Income paid | Interest accrues daily | Distributed monthly |
Yields on the two are measured differently, so the gap is only a rough guide. The bigger practical differences are these:
- Price can move. SPAXX aims to hold $1.00. SGOV’s price floats, though its duration is only about 0.11 years, so moves are small.
- How you buy it. SGOV trades like a stock, so you place an order during market hours and settlement timing differs from a money market fund. If you are new to settlement rules, read what cash available to trade means.
- Taxes. Most of SGOV’s income comes from Treasury securities (see the next section).
SPAXX vs Treasury bills
You can buy Treasury bills directly at Fidelity and hold them to maturity. The Treasury’s daily par yield curve for October 2, 2026 showed:
| Maturity | Yield |
|---|---|
| 1-month | 4.04% |
| 3-month | 4.19% |
| 6-month | 4.27% |
| 1-year | 4.46% |
These are Treasury par yields, quoted before any fund fees, so they are not directly comparable to a fund’s after-fee 7-day yield. The pattern is still clear: on that date, bills across maturities paid more than SPAXX’s 3.49%.
On $10,000 for a year, that is roughly $349 at SPAXX’s current yield versus $419 at the 3-month par yield. Both are simple annual figures, not a forecast.
The trade-offs:
- Locking in. A 6-month bill pays the yield you bought at, even if rates fall. If rates rise, you are stuck until maturity.
- Liquidity. Bills can be sold before maturity, but the price may be slightly different from what you paid. A money market fund is simpler for cash you might need tomorrow.
- Mechanics. Our guide to buying Treasury bills at Fidelity walks through the order screen.
How the interest is taxed
- SPAXX interest is taxable federally as ordinary income.
- Treasury interest is exempt from state and local income tax. That applies to T-bills you hold directly. For a money market fund, only the share of income that comes from direct Treasury holdings may qualify, and Fidelity publishes that percentage each year. Check it if you live in a state with a high income tax.
- Inside an IRA none of this matters, since the account is tax-deferred.
Where to park cash, by time horizon
- Money you may need within weeks (emergency fund): a money market fund such as SPAXX or FDRXX keeps things simple. The yield is the price of that convenience.
- Money you will not need for 3 to 12 months: Treasury bills or a short Treasury ETF such as SGOV are worth comparing, since they have paid more recently.
- Cash waiting to be invested: keep it in your core position. Moving it takes time you may not want to spend if you plan to buy within days.
- Certificates of deposit: Fidelity also offers brokered CDs. FDIC coverage applies up to $250,000 per depositor, per bank, and rates are quoted at purchase. Compare the CD rate with the Treasury yield for the same term before buying.
Cash held at a brokerage is not covered by FDIC insurance in the same way as a bank account. If you are curious how that works, our post on depositing physical cash at Fidelity covers the practical limits.
FAQ
What is the SPAXX yield today?
3.49% (7-day) as of October 2, 2026. Check Fidelity’s fund page for the current figure.
Is the SPAXX yield guaranteed?
No. It changes as interest rates change. The fund aims to keep a $1.00 share price but is not FDIC insured and could lose value.
Is FDRXX better than SPAXX?
FDRXX had a higher yield (3.56%) and a lower expense ratio (0.37%) on October 2, 2026. The gap is small.
Is SGOV better than SPAXX?
SGOV had a higher 30-day SEC yield (3.70%) and a much lower expense ratio, but it is an ETF whose price floats. Whether it is “better” depends on how you buy and use the money.
Why do Treasury bills pay more than SPAXX?
Treasury par yields are quoted before fees, while a fund’s yield is after its expenses and reflects the mix and timing of what it holds. The gap can change.
Can I have more than one Fidelity account?
Yes, and each can hold a different core position. See how to open multiple Fidelity accounts.
This article is general information, not personalized financial advice. Yields and rates change; confirm current figures before making a decision.
Sources: Fidelity fund pages for SPAXX and FDRXX (as of Oct 2, 2026); iShares SGOV fund page (as of Oct 2, 2026); U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates (Oct 2, 2026).