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Security Comparison

SCHG vs FXAIX: Large-Cap Growth ETF, or S&P 500 Fund?

A head-to-head of Schwab U.S. Large-Cap Growth and Fidelity 500 Index covering universe and wrapper, not a one-date yield gap.

Updated September 30, 2026

How these figures are calculated: methodology.

Best for

  • FXAIXInvestors who want higher current income (1.03% vs 0.41% for SCHG).
  • SCHGInvestors who want a growth tilt and can accept bigger swings for higher upside.

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. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

FXAIX has outpaced SCHG over the trailing twelve months, posting a 16.21% total return against 13.54%. The picture flips over 10 years, though — SCHG has compounded at 18.77% a year, ahead of FXAIX at 15.44%. FXAIX has been the steadier holding, though — annualized volatility of 15.0% against 19.4% for SCHG. 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.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualized10Y annualizedSince May 2011Volatility Sharpe Sortino Max drawdown
FXAIX12.49%16.21%23.03%13.57%15.44%13.97%15.0%1.091.58-18.5%
SCHG10.92%13.54%25.72%14.59%18.77%16.17%19.4%0.951.37-23.4%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since May 2011” measures every fund from May 10, 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.
MetricFXAIXSCHG
Full nameFidelity 500 Index FundSchwab U.S. Large-Cap Growth ETF
IssuerFidelity InvestmentsSchwab
Last Close$266.53 as of September 30, 2026$35.93 as of September 30, 2026
Distribution rate1.03%0.41%
Trailing 12-month yield1.04%0.39%
Distribution Safety Score™ 100100
Safety-Adjusted Yield 1.03%0.41%
Expense ratio0.015%0.04%
AUM$859B$64.3B
Distribution frequencyQuarterlyQuarterly
Underlying index—Dow Jones U.S. Large-Cap Growth Total Stock Market Index
Objective—Seeks to track the Dow Jones U.S. Large-Cap Growth Total Stock Market Index, holding the components ranked 1-750 by full market capitalization that are classified as growth.
Asset classEquityEquity
Inception date02/17/198812/11/2009
Beta1.01.22
Last dividend$0.695$0.037
Ex-dividend date07/10/202609/23/2026

Bottom lineChoose FXAIX if you want higher current income (1.03% vs 0.41% for SCHG). Choose SCHG if you want a growth tilt and can accept bigger swings for higher upside.

S&P 500 mutual fund versus large-cap growth ETF

FXAIX tracks the S&P 500 as a mutual fund. SCHG is a large-cap growth ETF. Universe and wrapper both differ.

FXAIXSCHG
UniverseS&P 500 (mutual fund)US large-cap growth (ETF)
Expense ratio0.015%0.04%
Distribution rate1.03%0.41%
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Schwab
ETFs33
Total AUM$612B

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

Schwab is a major provider of low-cost, broad-based ETFs known for making investing accessible to individual investors through its discount brokerage platform. The issuer's fund lineup spans multiple categories including core index funds, dividend and income-focused strategies, factor-based approaches, international exposure, fixed income, and digital assets, with popular core holdings like SCHB (U.S. broad market) and SCHD (dividend appreciation) alongside more specialized thematic offerings. Schwab's ETF suite is characterized by its breadth across asset classes and investment styles, competitive expense ratios, and integration with its retail brokerage ecosystem.

See our curated list of related YouTube videos on SCHG.

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Quick verdict

FXAIX (Fidelity 500 Index Fund) is a mutual fund, while SCHG (Schwab U.S. Large-Cap Growth ETF) is an ETF — their trading structures differ.

FXAIX offers the higher yield at 1.03% vs 0.41% for SCHG. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

FXAIX is cheaper with an expense ratio of 0.015% compared to 0.04%.

FXAIX is the larger fund by assets ($859B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, FXAIX would generate roughly $25.75 cash per distribution, while SCHG would produce $10.25 cash per distribution, at current distribution rates. Both pay quarterly distributions.

FXAIX yield1.03%
SCHG yield0.41%
Cash diff on $10K$15.50

Cost & efficiency

Over 10 years on $10,000, FXAIX would cost approximately $15 in fees vs $40 for SCHG (simplified, not compounded). The $25.00 difference may be offset by yield or performance.

FXAIX ER0.015%
SCHG ER0.04%

Strategy & risk

SCHG tracks Dow Jones U.S. Large-Cap Growth Total Stock Market Index. FXAIX 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 1.0 for FXAIX and 1.22 for SCHG, making FXAIX the less volatile of the two by this measure.

FXAIX beta1.0
SCHG beta1.22

Fund details

FXAIX is managed by Fidelity Investments (launched 02/17/1988) with $859B in assets. SCHG is managed by Schwab (launched 12/11/2009) with $64.3B in assets.

FXAIX AUM$859B
SCHG AUM$64.3B
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Frequently asked questions

What is the difference between FXAIX and SCHG?

FXAIX (Fidelity 500 Index Fund) is Fidelity's S&P 500 index mutual fund. SCHG (Schwab U.S. Large-Cap Growth ETF) is a large-cap growth ETF. Universe and wrapper both differ. Cost is 0.015% versus 0.04%; size is $859B versus $64.3B. Distributions are 1.03% and 0.41% as of September 2026.

What is the current distribution rate for FXAIX and SCHG?

FXAIX currently distributes 1.03% and SCHG 0.41%, 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 FXAIX or SCHG better for dividend income?

It depends on your goals. FXAIX 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 FXAIX and SCHG?

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 FXAIX or SCHG safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: FXAIX scores 100, SCHG scores 100. Neither has a clear safety edge on that measure. FXAIX has also shown lower price volatility (beta 1.00 vs 1.22 for SCHG). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, FXAIX or SCHG?

FXAIX has an expense ratio of 0.015% while SCHG charges 0.04%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in FXAIX vs SCHG generate?

At current rates, $10,000 in FXAIX would generate roughly $25.75 cash per distribution ($103.00 annually). The same in SCHG would produce about $10.25 cash per distribution ($41.00 annually).

Which has performed better historically, FXAIX or SCHG?

FXAIX has outpaced SCHG over the trailing twelve months, posting a 16.21% total return against 13.54%. The picture flips over 10 years, though — SCHG has compounded at 18.77% a year, ahead of FXAIX at 15.44%. FXAIX has been the steadier holding, though — annualized volatility of 15.0% against 19.4% for SCHG. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

FXAIX vs SCHG — at a glance

Generated September 26, 2026.

Overview

FXAIX is a broad-based mutual fund tracking the S&P 500, holding roughly 500 large-cap stocks weighted by market capitalization. SCHG is an ETF focused on large-cap growth stocks, tracking the Dow Jones U.S. Large-Cap Growth Index and holding companies ranked in the top 750 by market cap that exhibit growth characteristics. The key distinction: FXAIX captures the entire large-cap market (value and growth alike), while SCHG tilts exclusively toward growth, concentrating its holdings in companies with higher expected earnings momentum.

How they differ

FXAIX and SCHG pursue fundamentally different exposures. FXAIX delivers full S&P 500 exposure — blending value, core, and growth stocks with a 1.0 beta. SCHG isolates growth, resulting in a 1.22 beta, meaning it amplifies market moves in both directions. That higher beta reflects concentration in faster-growing (and typically more volatile) companies.

The yield gap reflects that tilt. FXAIX yields 1.03%, closer to the broad market's dividend output; SCHG yields only 0.41%, typical of growth stocks that prioritize capital appreciation over cash payouts.

Who each is best for

FXAIX: Investors seeking straightforward, diversified large-cap exposure across the full market spectrum — value, core, and growth combined — and comfortable with the market's natural composition weights. Fits buy-and-hold allocators prioritizing simplicity and lowest cost.

SCHG: Investors who believe growth stocks will outperform the broader market and are willing to accept higher volatility to chase that potential. Works for growth-tilted portfolios where concentration in forward-looking companies aligns with the investor's conviction and time horizon.

Key risks to know

  • Concentration in growth characteristics. SCHG's focus on growth-ranked stocks means it'll underperform significantly if market leadership rotates toward value or dividend-payers. FXAIX owns the full range, capturing upside across style rotations.
  • Higher volatility and drawdown risk. SCHG's 1.22 beta means it amplifies downturns; in a 20% market decline, SCHG could fall 24%+ while FXAIX tracks closer to the market. Investors with short time horizons or low risk tolerance face sharper losses.
  • Sector and earnings-momentum risk. Growth funds tend to concentrate in technology and similar high-multiple sectors. If growth stocks compress on rising rates or profit disappointments, SCHG has less insulation than a blended index.
  • Expense ratio drag over time. Although 0.04% seems modest, the 25 basis-point gap versus FXAIX's 0.015% compounds over decades, gradually eroding returns if both track their benchmarks faithfully.

Bottom line

FXAIX offers full market diversification and the lowest cost; SCHG concentrates on growth for higher expected (but less certain) returns and larger swings. If you want market-weight exposure and minimal fees, FXAIX's simplicity and size are hard to beat. If you're constructing a growth-focused allocation and accept higher volatility as the tradeoff, SCHG delivers that tilt efficiently. Past performance does not guarantee future results.

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

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Dividend growth vs. high yield Yield on cost, explained How expense ratios eat returns

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These comparisons follow the Dividend Vision methodology.