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20 important things you should know about SPAXX mutual fund

Updated: July 12, 2021
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 FZDXX.
  17. Compare and contrast: SPAXX vs FMOXX.
  18. Compare and contrast: SPAXX vs FNSXX.
  19. Compare and contrast: SPAXX vs FTEXX.

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 154 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:

  • 3-year return is 0.99%;
  • 5-year return is 0.82%;
  • 10-year return is 0.42%;
  • 15-year return is 0.94%.

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.

SPAXX up and down years

5. What is SPAXX dividend yield?

SPAXX yield is 0.01%.

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.

SPAXX 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%;
  • 3-year ax cost ratio is 0.4%.
SPAXX tax costs

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

SPAXX Beta

11. What is SPAXX Sharpe ratio?

SPAXX Sharpe ratio

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:

  • SPAXX net assets are $201.17 billion. This fund is a popular choice with retail and institutional investors.
  • SPAXX 15-year return is 0.94%, which is in line with the 15-year return of the benchmark index (USTREAS Treasury Bill Auction Average 3 Month), 1.02%.
  • 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:

  • SPAXX 3-year return is 0.99%, which is lower than the 3-year return of the benchmark index (USTREAS Treasury Bill Auction Average 3 Month), 1.23%.
  • SPAXX 5-year return is 0.82%, which is lower than the 5-year return of the benchmark index (USTREAS Treasury Bill Auction Average 3 Month), 1.15%.
  • SPAXX 10-year return 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 has a higher expense ratio than FZFXX (0.42% vs 0.29%). Below is the comparison between SPAXX and FZFXX.

SPAXX FZFXX
Segment
Net Assets $201.17B $28.10B
Expense Ratio 0.42% 0.29%
Management Style N/A N/A
Underlying Index N/A N/A
YTD Return 0.01% 0.01%
1-Year Return N/A N/A
3-Year Return 0.99% 0.99%
5-Year Return 0.82% 0.82%
10-Year Return 0.42% 0.41%
Dividend Yield 0.01% 0.01%

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 FZDXX.

Both SPAXX and FZDXX are mutual funds. SPAXX has a lower 5-year return than FZDXX (0.82% vs 1.14%). 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 $201.17B $33.23B
Expense Ratio 0.42% 0.3%
Management Style N/A N/A
Underlying Index N/A N/A
YTD Return 0.01% 0.01%
1-Year Return N/A N/A
3-Year Return 0.99% 1.2%
5-Year Return 0.82% 1.14%
10-Year Return 0.42% 0.6%
Dividend Yield 0.01% 0.01%

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.

17. 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 higher expense ratio than FMOXX (0.42% vs 0.39%). Below is the comparison between SPAXX and FMOXX.

SPAXX FMOXX
Segment
Net Assets $201.17B $1.35B
Expense Ratio 0.42% 0.39%
Management Style N/A N/A
Underlying Index N/A N/A
YTD Return 0.01% 0.01%
1-Year Return N/A N/A
3-Year Return 0.99% 0.69%
5-Year Return 0.82% 0.63%
10-Year Return 0.42% 0.32%
Dividend Yield 0.01% 0.01%

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

18. 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 1.28%). 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 $201.17B $26.34B
Expense Ratio 0.42% 0.14%
Management Style N/A N/A
Underlying Index N/A N/A
YTD Return 0.01% 0.02%
1-Year Return N/A 0.01%
3-Year Return 0.99% 1.33%
5-Year Return 0.82% 1.28%
10-Year Return 0.42% 0.73%
Dividend Yield 0.01% 0.07%

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.

19. Compare and contrast: SPAXX vs FTEXX.

Both SPAXX and FTEXX are mutual funds. SPAXX has a higher 5-year return than FTEXX (0.82% vs 0.68%). SPAXX has a higher expense ratio than FTEXX (0.42% vs 0.41%). Below is the comparison between SPAXX and FTEXX.

SPAXX FTEXX
Segment
Net Assets $201.17B $4.75B
Expense Ratio 0.42% 0.41%
Management Style N/A N/A
Underlying Index N/A N/A
YTD Return 0.01% 0.01%
1-Year Return N/A N/A
3-Year Return 0.99% 0.74%
5-Year Return 0.82% 0.68%
10-Year Return 0.42% 0.35%
Dividend Yield 0.01% 0.01%

FTEXX profile: The Fund seeks as high a level of interest income exempt from federal income tax as is consistent with liquidity and stability of principal by investing at least 80% of its assets in municipal money market securities.

For further information, check out SPAXX vs FTEXX 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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