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22 important things you should know about SPAXX mutual fund

Updated: September 18, 2020
50
Bull Case
  • High net assets
  • 15-year return above the benchmark
  • No sales load or distribution fees
Bear Case
  • 3-year return below the benchmark
  • 5-year return below the benchmark
  • 10-year return below the benchmark

Before we start: if you’re looking for SPAXX “stock” price, you can quickly find it out by visiting Finny and typing "SPAXX quote". If you’re looking for a quick scoop on SPAXX "stock" (price chart, key stats, buy or sell analysis and holdings), go to Finny and look for "SPAXX". You’ll get all this info in one place.

Are you looking to buy or sell SPAXX? Or perhaps you’re looking for SPAXX fact sheet, and learn about its alternatives? If so, you came to the right place.

In this SPAXX mutual fund review, we’ll address key questions our readers have been asking us about this fund, above and beyond what you can find in its prospectus, and on Morningstar or Yahoo Finance.

Here is what you’ll be able to find in this review:

  • Fact Sheet: SPAXX performance, returns, expense ratio, holdings and dividend yield;
  • Analysis: SPAXX buy or sell; the pros and cons of investing in SPAXX mutual fund;
  • Alternatives: other ETFs and mutual funds you should consider as alternatives to SPAXX.

And here is the list of questions we’ll answer:

  1. Describe Fidelity Hereford Street Trust: Fidelity Government Money Market Fund (SPAXX).
  2. What are SPAXX holdings?
  3. What is SPAXX performance? What are SPAXX historical returns?
  4. How many up and down years did SPAXX have historically?
  5. What is SPAXX dividend yield?
  6. What is SPAXX minimum initial investment amount?
  7. What is SPAXX expense ratio?
  8. Does SPAXX have any sales loads or 12b-1 distribution expenses?
  9. What is SPAXX tax efficiency (tax-cost ratio)?
  10. What is SPAXX beta? How would you assess SPAXX risk?
  11. What is SPAXX Sharpe ratio?
  12. What is SPAXX Finny Score? SPAXX buy or sell?
  13. What are the pros of investing in SPAXX? What are SPAXX buy reasons?
  14. What are the cons of investing in SPAXX? What are SPAXX sell reasons?
  15. Compare and contrast: SPAXX vs FZFXX.
  16. Compare and contrast: SPAXX vs FDRXX.
  17. Compare and contrast: SPAXX vs SPRXX.
  18. Compare and contrast: SPAXX vs VMFXX.
  19. Compare and contrast: SPAXX vs FZDXX.
  20. Compare and contrast: SPAXX vs FMOXX.
  21. Compare and contrast: SPAXX vs FNSXX.

So let’s start. Scroll down to the question that interests you the most.

Fact Sheet

1. Describe Fidelity Hereford Street Trust: Fidelity Government Money Market Fund (SPAXX).

The Fund seeks as high a level of current income as is consistent with preservation of capital and liquidity. Invests in US government securities and repurchase agreements for same and enters into reverse repurchase agreements. Invests in compliance with industry-standard agreements for money market funds.

2. What are SPAXX top holdings?

SPAXX has 0 stock holdings and 6 bond holdings.

The top 10 holdings represent 66.84% of total assets. Here are the top holdings:

Name Symbol % Assets
Federal Home Loan Bank 5/1/19 To N/A 42.49%
U.S. Treasury Bills 5/16/19 To N/A 6.52%
In A Joint Trading Account At: 2.77% Dated 4/30/19 Due (Collateralized By U N/A 5.87%
Barclays Bank Plc At: 2.75% Dated 4/30/19 Due 5/1/19 (Collateralized By U.S N/A 2.87%
Fixed Income Clearing Corp. - Bnym At 2.75% Dated 4/30/19 Due 5/1/19 (Colla N/A 2.57%
Nomura Securities International, Inc. At 2.49% Dated 4/29/19 Due 5/6/19 (Co N/A 1.89%
Commerz Markets Llc At: 2.77% Dated 4/30/19 Due 5/1/19 (Collateralized By U N/A 1.47%
Mizuho Securities U.S.A., Inc. At 2.74% Dated 4/30/19 Due 5/1/19 (Collatera N/A 1.18%
U.S. Treasury Notes 5/15/19 To N/A 0.99%
Fannie Mae 7/30/19 To N/A 0.99%

3. What is SPAXX performance? What are SPAXX historical returns?

SPAXX has generated the following returns:

  • 1-year return is 0.73%;
  • 3-year return is 1.27%;
  • 5-year return is 0.82%;
  • 10-year return is 0.42%;
  • 15-year return is 1.16%.

4. How many up and down years did SPAXX have historically?

In the last 10 years, SPAXX had 10 up years and 0 down years. See Performances

5. What is SPAXX dividend yield?

SPAXX yield is 1.83%.

6. What is SPAXX minimum initial investment amount?

SPAXX minimum initial investment amount is N/A.

7. What is SPAXX expense ratio?

SPAXX expense ratio is 0.42%. The expense ratio of a fund is the total percentage of fund assets used for administrative, management, and all other expenses. See Expenses

8. Does SPAXX have any sales loads or 12b-1 distribution expenses?

SPAXX 12b-1 distribution fee is 0. SPAXX front-end sales load is 0. SPAXX back-end sales load is 0.

9. What is SPAXX tax efficiency (tax-cost ratio)?

  • 1-year ax cost ratio is 0.37%;
  • 3-year ax cost ratio is 0.52%.

See Taxes

10. What is SPAXX beta? How would you assess SPAXX risk?

See Risks

11. What is SPAXX Sharpe ratio?

  • 3-year Sharpe ratio is -6.33;
  • 5-year Sharpe ratio is -6.67;
  • 10-year Sharpe ratio is -3.47;
  • 15-year Sharpe ratio is -0.89.

See Risks

Analysis

12. What is Finny Score? buy or sell?

Finny Score is 50. Our quantitative analysis shows 3 reasons to buy and 3 reasons to sell it, resulting in the Finny Score of 50.

13. What are the pros of investing in SPAXX? What are SPAXX buy reasons?

The following are SPAXX strengths from our perspective:

  • <strong>SPAXX net assets</strong> are $132.88 billion. This fund is a popular choice with retail and institutional investors.
  • <strong>SPAXX 15-year return</strong> is 1.16%, which is in line with the 15-year return of the benchmark index (USTREAS Treasury Bill Auction Average 3 Month), 1.26%.
  • Good news: this fund does not have 12b1, front-end or back-end sales fees.

14. What are the cons of investing in SPAXX? What are SPAXX negatives?

The following are SPAXX weaknesses from our perspective:

  • <strong>SPAXX 3-year return</strong> is 1.27%, which is lower than the 3-year return of the benchmark index (USTREAS Treasury Bill Auction Average 3 Month), 1.64%.
  • <strong>SPAXX 5-year return</strong> is 0.82%, which is lower than the 5-year return of the benchmark index (USTREAS Treasury Bill Auction Average 3 Month), 1.17%.
  • <strong>SPAXX 10-year return</strong> is 0.42%, which is lower than the 10-year return of the benchmark index (USTREAS Treasury Bill Auction Average 3 Month), 0.61%.

Alternatives

15. Compare and contrast: SPAXX vs FZFXX.

Both SPAXX and FZFXX are mutual funds. SPAXX and FZFXX have the same 5-year return (0.82%). SPAXX and FZFXX have the same expense ratio (0.42%). Below is the comparison between SPAXX and FZFXX.

SPAXX FZFXX
Segment
Net Assets $132.88B $16.22B
Expense Ratio 0.42% 0.42%
Management Style N/A N/A
Underlying Index N/A N/A
YTD Return 0.26% 0.25%
1-Year Return 0.73% 0.72%
3-Year Return 1.27% 1.27%
5-Year Return 0.82% 0.82%
10-Year Return 0.42% 0.41%
Dividend Yield 1.83% 1.83%

FZFXX profile: The Fund seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity. The Fund normally invests at least 80% of its assets in U.S. Treasury securities and repurchase agreements for those securities.

For further information, check out SPAXX vs FZFXX comparison details.

16. Compare and contrast: SPAXX vs FDRXX.

Both SPAXX and FDRXX are mutual funds. SPAXX has a lower 5-year return than FDRXX (0.82% vs 0.87%). SPAXX has a higher expense ratio than FDRXX (0.42% vs 0.38%). Below is the comparison between SPAXX and FDRXX.

SPAXX FDRXX
Segment
Net Assets $132.88B $161.01B
Expense Ratio 0.42% 0.38%
Management Style N/A N/A
Underlying Index N/A N/A
YTD Return 0.26% 0.27%
1-Year Return 0.73% 0.76%
3-Year Return 1.27% 1.31%
5-Year Return 0.82% 0.87%
10-Year Return 0.42% 0.44%
Dividend Yield 1.83% 1.88%

FDRXX profile: The Fund seeks high level of current income as is consistent with preservation of capital and liquidity.

For further information, check out SPAXX vs FDRXX comparison details.

17. Compare and contrast: SPAXX vs SPRXX.

Both SPAXX and SPRXX are mutual funds. SPAXX has a lower 5-year return than SPRXX (0.82% vs 1.07%). SPAXX and SPRXX have the same expense ratio (0.42%). Below is the comparison between SPAXX and SPRXX.

SPAXX SPRXX
Segment
Net Assets $132.88B $5.91B
Expense Ratio 0.42% 0.42%
Management Style N/A N/A
Underlying Index N/A N/A
YTD Return 0.26% 0.36%
1-Year Return 0.73% 0.88%
3-Year Return 1.27% 1.48%
5-Year Return 0.82% 1.07%
10-Year Return 0.42% 0.54%
Dividend Yield 1.83% 1.99%

SPRXX profile: The Fund seeks a high level of current income, consistent with preservation of capital and liquidity, by investing in US dollar-denominated money market securities, repurchase agreements, and possibly reverse repurchase agreements. The Fund intends to invest at least 25% of its assets in the financial services sector.

For further information, check out SPAXX vs SPRXX comparison details.

18. Compare and contrast: SPAXX vs VMFXX.

Both SPAXX and VMFXX are mutual funds. SPAXX has a lower 5-year return than VMFXX (0.82% vs 1.1%). SPAXX has a higher expense ratio than VMFXX (0.42% vs 0.11%). Below is the comparison between SPAXX and VMFXX.

SPAXX VMFXX
Segment
Net Assets $132.88B $147.42B
Expense Ratio 0.42% 0.11%
Management Style N/A N/A
Underlying Index N/A N/A
YTD Return 0.26% 0.44%
1-Year Return 0.73% 1.03%
3-Year Return 1.27% 1.57%
5-Year Return 0.82% 1.1%
10-Year Return 0.42% 0.55%
Dividend Yield 1.83% 2.12%

VMFXX profile: The Fund seeks to provide current income consistent with the preservation of capital and liquidity. The Fund also seeks to maintain a stable net asset value of $1.00 per share. The Fund invests in short term, high quality money market securities issued by US government agencies.

For further information, check out SPAXX vs VMFXX comparison details.

19. Compare and contrast: SPAXX vs FZDXX.

Both SPAXX and FZDXX are mutual funds. SPAXX has a lower 5-year return than FZDXX (0.82% vs 1.19%). SPAXX has a higher expense ratio than FZDXX (0.42% vs 0.3%). Below is the comparison between SPAXX and FZDXX.

SPAXX FZDXX
Segment
Net Assets $132.88B $47.67B
Expense Ratio 0.42% 0.3%
Management Style N/A N/A
Underlying Index N/A N/A
YTD Return 0.26% 0.42%
1-Year Return 0.73% 0.98%
3-Year Return 1.27% 1.6%
5-Year Return 0.82% 1.19%
10-Year Return 0.42% 0.6%
Dividend Yield 1.83% 2.11%

FZDXX profile: The Fund seeks a high level of current income, consistent with preservation of capital and liquidity, by investing in US dollar-denominated money market securities, repurchase agreements, and possibly reverse repurchase agreements. The Fund intends to invest at least 25% of its assets in the financial services sector.

For further information, check out SPAXX vs FZDXX comparison details.

20. Compare and contrast: SPAXX vs FMOXX.

Both SPAXX and FMOXX are mutual funds. SPAXX has a higher 5-year return than FMOXX (0.82% vs 0.63%). SPAXX has a lower expense ratio than FMOXX (0.42% vs 0.45%). Below is the comparison between SPAXX and FMOXX.

SPAXX FMOXX
Segment
Net Assets $132.88B $1.78B
Expense Ratio 0.42% 0.45%
Management Style N/A N/A
Underlying Index N/A N/A
YTD Return 0.26% 0.35%
1-Year Return 0.73% 0.68%
3-Year Return 1.27% 0.91%
5-Year Return 0.82% 0.63%
10-Year Return 0.42% 0.32%
Dividend Yield 1.83% 1.1%

FMOXX profile: The Fund seeks to provide as high a level of current income, exempt from federal income taxes, as is consistent with liquidity and stability of principal. Invests at least 80% of its assets in municipal money market securities.

For further information, check out SPAXX vs FMOXX comparison details.

21. Compare and contrast: SPAXX vs FNSXX.

Both SPAXX and FNSXX are mutual funds. SPAXX has a lower 5-year return than FNSXX (0.82% vs 1.32%). SPAXX has a higher expense ratio than FNSXX (0.42% vs 0.14%). Below is the comparison between SPAXX and FNSXX.

SPAXX FNSXX
Segment
Net Assets $132.88B $44.67B
Expense Ratio 0.42% 0.14%
Management Style N/A N/A
Underlying Index N/A N/A
YTD Return 0.26% 0.54%
1-Year Return 0.73% 1.16%
3-Year Return 1.27% 1.77%
5-Year Return 0.82% 1.32%
10-Year Return 0.42% 0.74%
Dividend Yield 1.83% 2.27%

FNSXX profile: The Fund seeks a high level of current income consistent with the preservation of principal and liquidity within the limitations prescribed for the fund. The Fund invests in US dollar-denominated money market securities of domestic and foreign issuers rated in the highest category by nationally recognized rating services.

For further information, check out SPAXX vs FNSXX comparison details.

In the SPAXX review, we covered SPAXX key stats (return, performance, yield, expense ratio, and holdings), buy and sell analysis, and alternative investments. If this review was helpful to you, feel free to check out other mutual fund and ETF reviews.
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