Index Fund Comparison
Compare S&P 500, total market, and international index funds across Fidelity, Vanguard, Schwab, and iShares
Key Numbers
FZROX/FNILX
0.00% ER
VOO/VTI
0.03% ER
FXAIX
0.015% ER
Performance
Nearly Identical
Index funds offer low-cost, diversified exposure to the stock market. At today’s expense ratios (0.00%–0.04%), the performance difference between major providers is negligible — pick the fund that’s most convenient at your brokerage.
Core Funds at a Glance
| Category | Fidelity | Vanguard | Schwab | iShares |
|---|---|---|---|---|
| S&P 500 | FXAIX 0.015% | VOO / VFIAX 0.03% / 0.04% | SWPPX 0.02% | IVV 0.03% |
| Total US Market | FSKAX 0.015% | VTI / VTSAX 0.03% / 0.04% | SWTSX 0.03% | ITOT 0.03% |
| International | FTIHX 0.06% | VXUS / VTIAX 0.08% / 0.12% | SWISX* 0.06% | IXUS 0.07% |
| Total Bond | FXNAX 0.025% | BND / VBTLX 0.03% / 0.05% | SWAGX 0.04% | AGG 0.03% |
Expense ratios as of early 2026. ETFs shown first (e.g., VOO), mutual funds second (e.g., VFIAX). *SWISX covers developed markets only (MSCI EAFE); it excludes emerging markets.
Fidelity ZERO funds (FZROX, FNILX, FZILX, FZIPX) carry a 0.00% expense ratio but track proprietary Fidelity indexes rather than the S&P 500 or CRSP. Performance is nearly identical to their standard counterparts. Available only at Fidelity.
S&P 500 Index Funds
S&P 500 funds track the 500 largest US companies, representing about 80% of total US market capitalization. These are the most widely held index funds.
| Fund | Provider | Type | Expense Ratio | Minimum | AUM |
|---|---|---|---|---|---|
| FNILX | Fidelity | Mutual Fund | 0.00% | $0 | $8B+ |
| FXAIX | Fidelity | Mutual Fund | 0.015% | $0 | $700B+ |
| SWPPX | Schwab | Mutual Fund | 0.02% | $0 | $90B+ |
| VOO | Vanguard | ETF | 0.03% | 1 share (~$550) | $1.5T+ |
| IVV | iShares | ETF | 0.03% | 1 share (~$600) | $550B+ |
| VFIAX | Vanguard | Mutual Fund | 0.04% | $3,000 | $450B+ |
| SPY | SPDR | ETF | 0.09% | 1 share (~$600) | $600B+ |
AUM = Assets Under Management. FNILX tracks a proprietary Fidelity index (not S&P 500 directly). SPY is popular for active trading but costs 3–6× more than alternatives.
10-Year Annualized Performance
| Fund | 10-Year | 5-Year | 1-Year |
|---|---|---|---|
| FXAIX | ~15.5% | ~15.7% | ~15.8% |
| VOO | ~15.6% | ~15.7% | ~15.7% |
| S&P 500 Index | ~16.0% | ~15.8% | ~16.0% |
Returns as of late 2025. Slight differences reflect expense ratios and minor tracking variation.
Total US Market Funds
Total market funds hold the entire US stock market — roughly 3,500–4,000 stocks including small- and mid-cap companies the S&P 500 misses. Many investors prefer total market funds for broader diversification.
| Fund | Index Tracked | Holdings | Expense Ratio | Minimum |
|---|---|---|---|---|
| FZROX | Fidelity US Total Market | ~2,800 | 0.00% | $0 |
| FSKAX | Dow Jones US Total Market | ~3,800 | 0.015% | $0 |
| VTI | CRSP US Total Market | ~3,600 | 0.03% | 1 share (~$290) |
| SWTSX | Dow Jones US Total Market | ~3,400 | 0.03% | $0 |
| ITOT | S&P Total Market | ~3,400 | 0.03% | 1 share (~$130) |
| VTSAX | CRSP US Total Market | ~3,600 | 0.04% | $3,000 |
S&P 500 vs. Total Market
S&P 500 Funds
Cover ~80% of US market cap. More widely available in 401(k) plans, lower index turnover, and slightly less small-cap exposure. Historical performance nearly identical to total market.
Total Market Funds
Cover ~100% of US market cap (~3,500–4,000 stocks). Include small- and mid-cap companies for broader diversification and slightly less mega-cap concentration.
Correlation: 0.99+. Over 10–20 years, performance differences between S&P 500 and total market funds are minimal. Pick whichever is available — consistency matters more than the specific fund.
International Funds
International stock funds provide exposure to companies outside the US. A common allocation guideline is 70–80% US / 20–30% international; global market weights are approximately 60% US / 40% ex-US.
| Fund | Coverage | Holdings | Expense Ratio | Minimum |
|---|---|---|---|---|
| FZILX | Total International (ex-US) | ~2,300 | 0.00% | $0 |
| FTIHX | Total International (ex-US) | ~5,000 | 0.06% | $0 |
| SWISX | Developed Only (MSCI EAFE) | ~1,500 | 0.06% | $0 |
| IXUS | Total International (ex-US) | ~4,400 | 0.07% | 1 share (~$70) |
| VXUS | Total International (ex-US) | ~8,500 | 0.08% | 1 share (~$65) |
| VTIAX | Total International (ex-US) | ~8,500 | 0.12% | $3,000 |
Developed vs. Emerging Markets
Developed Markets (~75–80%)
Japan, UK, France, Germany, Canada, Australia, Switzerland. More stable economies with better shareholder protections, but lower growth potential.
Emerging Markets (~20–25%)
China, India, Taiwan, Brazil, South Korea, Mexico. Higher growth potential with more volatility, political risk, and currency risk.
Schwab gap: SWISX covers developed markets only (MSCI EAFE) and excludes emerging markets. Schwab investors wanting total international exposure can pair SWISX with SCHE (Schwab Emerging Markets ETF, 0.11% ER).
Building a Portfolio
The classic “three-fund portfolio” uses a US stock fund, an international stock fund, and a bond fund. Adjust the bond allocation based on age and risk tolerance.
Three-Fund Portfolio by Brokerage
| Allocation | Fidelity | Vanguard | Schwab |
|---|---|---|---|
| US Stocks (60%) | FSKAX or FZROX | VTI or VTSAX | SWTSX |
| International (20%) | FTIHX or FZILX | VXUS or VTIAX | SWISX |
| Bonds (20%) | FXNAX | BND or VBTLX | SWAGX |
ETF vs. Mutual Fund
| Feature | ETF | Mutual Fund |
|---|---|---|
| Tax efficiency | Higher (in-kind redemptions avoid cap gains) | Lower (except Vanguard’s dual-class structure) |
| Trading | Intraday at market price | End-of-day at NAV |
| Fractional shares | Broker-dependent | Buy exact dollar amounts |
| Auto-investing | Limited | Easy automatic contributions |
| Expense ratios | Often 0.01% lower | Slightly higher |
| Best for | Taxable accounts | Retirement accounts (IRA, 401k) |
Vanguard’s unique structure: Vanguard mutual funds share a class structure with their ETFs, allowing even the mutual fund versions (VTSAX, VTIAX) to minimize capital gains distributions — a tax advantage other providers don’t offer.
Sources
- 1.Fidelity — Fund Fact Sheets (FXAIX, FSKAX, FTIHX, FZROX, FNILX)
- 2.Vanguard — ETF & Mutual Fund Product Pages (VOO, VTI, VXUS, BND)
- 3.Schwab Asset Management — Fund Pages (SWPPX, SWTSX, SWISX, SWAGX)
- 4.iShares by BlackRock — Core ETF Product Pages (IVV, ITOT, IXUS, AGG)
- 5.Bogleheads — Three-Fund Portfolio
- 6.Morningstar — Fund Fee Study & Fund Comparison Tools
This content is for educational and informational purposes only and does not constitute financial, tax, or legal advice. Consult a qualified professional for guidance tailored to your situation.