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Dividend Vision

Security Comparison

FSKAX vs VOO: Whole US Market, or the S&P 500?

A head-to-head of Fidelity Total Market Index and Vanguard S&P 500 covering what each owns, the mutual-fund versus ETF wrapper, and cost.

Data updated September 18, 2026

Best for

  • FSKAXInvestors who want broad equity exposure.
  • VOOInvestors who want simple, diversified core exposure in one low-cost fund.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.

FSKAX has lagged VOO over the trailing twelve months, posting a 16.85% total return against 17.16%. The lead holds up over 10 years too: VOO has compounded at 15.46% a year, against 14.88% for FSKAX. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1Y3Y5Y10YSince Sep 2011Volatility Sharpe Sortino Max drawdown
FSKAX12.39%16.85%20.96%11.99%14.88%14.79%15.5%0.981.42-19.4%
VOO12.37%17.16%21.27%13.09%15.46%15.25%14.9%1.001.44-18.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Sep 2011” measures every fund from September 14, 2011 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricFSKAXVOO
Full nameFidelity Total Market Index FundVanguard S&P 500 ETF
IssuerFidelity InvestmentsVanguard
Last Close$210.50 as of September 18, 2026$701.78 as of September 18, 2026
Distribution rate0.92%1.12%
Distribution Safety Score™ 35100
Safety-Adjusted Yield 0.32%1.12%
Expense ratio0.015%0.03%
AUM$142B$1076B
Distribution frequencySemi-AnnualQuarterly
Underlying index—S&P 500 Index
Objective—Track the performance of the S&P 500 Index, representing 500 of the largest U.S. companies.
Asset classEquityEquity
Inception date11/05/199709/07/2010
Beta1.031.0
Last dividend$0.164$1.9622
Ex-dividend date04/10/202606/26/2026

Bottom lineChoose FSKAX if you want broad equity exposure. Choose VOO if you want simple, diversified core exposure in one low-cost fund.

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Vanguard
ETFs116
Total AUM$4697B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Vanguard is one of the largest and most established ETF issuers, known for low-cost, broadly diversified fund offerings built on passive indexing principles. Their lineup spans multiple asset classes and strategies, including core equity and bond index funds, dividend-focused portfolios, ESG-screened options, factor-based strategies, sector exposure, target-date retirement funds, and international investments across developed and emerging markets. The platform is characterized by its emphasis on accessibility and cost efficiency across a comprehensive range of fund families, serving both individual investors seeking broad market exposure and those pursuing specific income, sustainability, or thematic objectives.

See our curated list of related YouTube videos on VOO.

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Quick verdict

FSKAX (Fidelity Total Market Index Fund) is a mutual fund, while VOO (Vanguard S&P 500 ETF) is an ETF — their trading structures differ.

VOO offers the higher yield at 1.12% vs 0.92% for FSKAX. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

FSKAX is cheaper with an expense ratio of 0.015% compared to 0.03%.

VOO is the larger fund by assets ($1076B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, FSKAX would generate roughly $7.67/month, while VOO would produce $9.33/month, at current distribution rates.

FSKAX yield0.92%
VOO yield1.12%
Monthly diff on $10K$1.67

Cost & efficiency

Over 10 years on $10,000, FSKAX would cost approximately $15 in fees vs $30 for VOO (simplified, not compounded). The $15.00 difference may be offset by yield or performance.

FSKAX ER0.015%
VOO ER0.03%

Strategy & risk

VOO tracks S&P 500 Index with a large cap approach. FSKAX is a mutual fund whose tracked index or strategy detail is not recorded in our data, so this comparison rests on the measured figures — yield, fees, size, and performance — rather than strategy labels. Beta is 1.03 for FSKAX and 1.0 for VOO — effectively similar market sensitivity.

FSKAX beta1.03
VOO beta1.0

Fund details

FSKAX is managed by Fidelity Investments (launched 11/05/1997) with $142B in assets. VOO is managed by Vanguard (launched 09/07/2010) with $1076B in assets.

FSKAX AUM$142B
VOO AUM$1076B
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Frequently asked questions

What is the difference between FSKAX and VOO?

FSKAX (Fidelity Total Market Index Fund) is Fidelity's US total market mutual fund. VOO (Vanguard S&P 500 ETF) tracks S&P 500 Index. Cost is 0.015% versus 0.03%; distributions are 0.92% and 1.12% as of September 2026. The wrapper (mutual fund vs ETF) and how much of the US market each holds are the live differences — not a tiny yield gap.

What is the current distribution rate for FSKAX and VOO?

FSKAX currently distributes 0.92% and VOO 1.12%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is FSKAX or VOO better for dividend income?

It depends on your goals. VOO currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both FSKAX and VOO?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is FSKAX or VOO safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — VOO scores 100, FSKAX scores 35, so VOO's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, FSKAX or VOO?

FSKAX has an expense ratio of 0.015% while VOO charges 0.03%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in FSKAX vs VOO generate?

At current rates, $10,000 in FSKAX would generate roughly $7.67 per month ($92.00 annually). The same in VOO would produce about $9.33 per month ($112.00 annually).

Which has performed better historically, FSKAX or VOO?

FSKAX has lagged VOO over the trailing twelve months, posting a 16.85% total return against 17.16%. The lead holds up over 10 years too: VOO has compounded at 15.46% a year, against 14.88% for FSKAX. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

FSKAX vs VOO — at a glance

Generated September 19, 2026.

Overview

FSKAX and VOO are both low-cost index funds tracking the broad U.S. equity market, but they differ in scope and structure. FSKAX is a mutual fund that holds the entire investable U.S. market—large, mid, and small cap stocks—while VOO is an ETF that tracks only the S&P 500's 500 largest companies. The choice between them hinges on whether you want total-market exposure or large-cap concentration.

How they differ

The fundamental difference is breadth: FSKAX includes roughly 3,500 U.S. stocks across all market capitalizations, whereas VOO's S&P 500 Index covers only the 500 largest. This makes FSKAX broader and VOO more concentrated on mega-cap performance.

VOO yields more, at 1.12% versus 0.92%, and distributes quarterly rather than semi-annually, offering more frequent income. VOO also costs slightly more to own: its 0.03% expense ratio is double FSKAX's 0.015%, though both are negligible in absolute terms. The size gap is dramatic—VOO's $1076B in assets dwarfs FSKAX's $142B—reflecting VOO's popularity as a low-cost core holding.

Who each is best for

FSKAX: Fits investors building a buy-and-hold portfolio who want maximum diversification across the entire U.S. market cap spectrum and prefer the simplicity of a mutual fund with semi-annual distributions.

VOO: Fits investors who are comfortable with large-cap tilt, value frequent distribution updates, and appreciate the trading flexibility and transparency of an ETF structure. Also suits portfolios where S&P 500 exposure is the intended core holding.

Key risks to know

  • Market-cap concentration in VOO. The S&P 500 is heavily weighted toward the largest companies; a downturn in mega-cap tech or financials will hit VOO harder than FSKAX's broader small- and mid-cap cushion. This is a structural feature, not a temporary condition.
  • Small- and mid-cap drag in FSKAX. While diversification reduces single-stock risk, smaller companies are more volatile and less liquid. Extended periods of large-cap outperformance (as occurred 2015–2020) will cause FSKAX to lag VOO, testing investor patience.
  • Mutual fund redemption timing in FSKAX. As a mutual fund, FSKAX settles trades at end-of-day NAV only. Large redemptions or market stress could theoretically delay liquidity, though Fidelity's size makes this remote. Neither fund has a performance advantage—the difference is exposure and mechanics, not skill. Past returns don't indicate which will outperform going forward.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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The metrics behind this comparison, explained in the Academy.

How to read a fund's stats How expense ratios eat returns Correlation between two funds

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