FDRXX yield: 3.63% as filed, and what it keeps after tax

What the filings say about FDRXX

Fidelity Government Cash Reserves runs a portfolio close to SPAXX: 40% Treasury bills and notes, 27% Federal Home Loan Bank and Farm Credit debt, and repo for the rest, in the filing for October 31, 2026. What separates them is cost. The gross 7-day yield of FDRXX was 3.97% and the net 3.63%, an expense drag near 0.34%, against 0.42% for SPAXX. On $100,000 that difference is worth roughly $80 a year before tax. For state tax the picture is less comfortable than the name suggests. At the June quarter end the fund held 58.1% in obligations that count for the California, Connecticut and New York test, and 64.2% in September: above 50%, but close enough that a reader in those states should check the year-end letter before claiming the exemption.

FDRXX 7-day yield as filed, June 1, 2026 to October 29, 2026

A fund reports these yields once a month, within five business days of month end. Between two reports the figure here ages: by the time the October 2026 report is replaced, it is up to five weeks old. The fund’s own site shows today’s figure.

What FDRXX held on October 31, 2026

Share of the portfolio in U.S. government debt whose interest states cannot tax: 67.2%. This is the figure the calculator above uses as the state-tax-free part of the dividend. It is an estimate from the holdings on one day; the fund’s year-end tax statement gives the share of the year’s dividends, which is the figure for a tax return.

FDRXX and the 50% quarter-end test

In California, Connecticut and New York, the part of a dividend earned on U.S. government debt is state-tax-free only if the fund kept at least half its money in that debt at every quarter end. These quarter-end figures only decide pass or fail; the 67% above is the part the calculator treats as tax-free. FDRXX held at least half its assets in U.S. government debt at every quarter end in the data, so it passes. The law looks at the close of each quarter of the fund’s own tax year, which is not always the calendar quarter; calendar quarter-end reports are a close proxy, and the fund’s year-end letter says whether it qualified. How the rule works.

FDRXX at a glance

Where FDRXX ranks after tax

Among the 283 share classes in the data, for a single filer with $120,000 of taxable income and $50,000 in the fund:

The rank compares FDRXX with every other fund for a resident of that state. In a state with no income tax, such as Texas, funds whose dividends are taxed by states catch up, so the rank can be lower even though you keep more. In California, the fund ranked first kept $192 a year more than FDRXX on $50,000.

A rank of past yields, not a recommendation, and this site does not say which fund to hold. Moving cash to another fund can involve a minimum or a fee set by your brokerage. Rank every fund for your situation.

What to watch in FDRXX

Its weighted average life was 108 days and its weighted average maturity 34 days; the yield went from 3.35% on June 1, 2026 to 3.63% on October 29, 2026 over the months on file.