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Dividend Vision

Security Comparison

FXAIX vs VOO: Same Index, Different Wrapper

A head-to-head of Fidelity's 500 Index Fund and Vanguard's S&P 500 ETF covering trading, cost, and account fit — not two markets.

Data updated September 18, 2026

Best for

  • FXAIXInvestors 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.

FXAIX has outpaced VOO over the trailing twelve months, posting a 17.26% total return against 17.16%. The lead holds up over 10 years too: FXAIX has compounded at 15.52% a year, against 15.46% for VOO. 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 May 2011Volatility Sharpe Sortino Max drawdown
FXAIX12.45%17.26%21.45%13.19%15.52%14.00%15.0%1.001.44-18.5%
VOO12.37%17.16%21.27%13.09%15.46%13.95%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 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.
MetricFXAIXVOO
Full nameFidelity 500 Index FundVanguard S&P 500 ETF
IssuerFidelity InvestmentsVanguard
Last Close$266.43 as of September 18, 2026$701.78 as of September 18, 2026
Distribution rate1.03%1.12%
Distribution Safety Score™ 100100
Safety-Adjusted Yield 1.03%1.12%
Expense ratio0.015%0.03%
AUM$859B$1072B
Distribution frequencyQuarterlyQuarterly
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 date02/17/198809/07/2010
Beta1.01.0
Last dividend$0.695$1.9622
Ex-dividend date07/10/202606/26/2026

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

FXAIX vs VOO: S&P 500 fund or S&P 500 ETF?

Same index, different wrapper. FXAIX is a Fidelity mutual fund. VOO is a Vanguard ETF.

FXAIXVOO
VehicleIndex mutual fundETF
IndexS&P 500S&P 500 Index
TradingEnd-of-day net asset valueIntraday at a market price
Expense ratio0.015%0.03%
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Income calculator

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Vanguard
ETFs116
Total AUM$4663B

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

FXAIX (Fidelity 500 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 1.03% for FXAIX. 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 0.03%.

VOO is the larger fund by assets ($1072B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, FXAIX would generate roughly $8.58/month, while VOO would produce $9.33/month, at current distribution rates. Both pay quarterly distributions.

FXAIX yield1.03%
VOO yield1.12%
Monthly diff on $10K$0.75

Cost & efficiency

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

FXAIX ER0.015%
VOO ER0.03%

Strategy & risk

VOO tracks S&P 500 Index with a large cap approach. 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.

FXAIX beta1.0
VOO beta1.0

Fund details

FXAIX is managed by Fidelity Investments (launched 02/17/1988) with $859B in assets. VOO is managed by Vanguard (launched 09/07/2010) with $1072B in assets.

FXAIX AUM$859B
VOO AUM$1072B
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Frequently asked questions

What is the difference between FXAIX and VOO?

Same S&P 500, different wrapper. FXAIX (Fidelity 500 Index Fund) is a Fidelity index mutual fund that transacts at end-of-day net asset value. VOO (Vanguard S&P 500 ETF) is an ETF that trades all day. Cost is 0.015% versus 0.03%; distributions are 1.03% and 1.12% as of September 2026. FXAIX is a mutual fund, not an exchange-traded fund. Account fit and cost are the decision.

What is the current distribution rate for FXAIX and VOO?

FXAIX currently distributes 1.03% 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 FXAIX 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 FXAIX 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 FXAIX 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 — they are effectively tied: FXAIX scores 100, VOO scores 100. Neither has a clear safety edge on that measure. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, FXAIX or VOO?

FXAIX 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 FXAIX vs VOO generate?

At current rates, $10,000 in FXAIX would generate roughly $8.58 per month ($103.00 annually). The same in VOO would produce about $9.33 per month ($112.00 annually).

Which has performed better historically, FXAIX or VOO?

FXAIX has outpaced VOO over the trailing twelve months, posting a 17.26% total return against 17.16%. The lead holds up over 10 years too: FXAIX has compounded at 15.52% a year, against 15.46% for VOO. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

FXAIX vs VOO — at a glance

Generated September 19, 2026.

Overview

FXAIX and VOO both track the S&P 500 Index and hold the same 500 large-cap U.S. stocks in nearly identical weights. Both are passive index funds designed to mirror the performance of large-cap U.S. equities with minimal cost.

How they differ

The most significant distinction is expense ratio. FXAIX charges 0.015%, while VOO charges 0.03% — a 0.015% gap that compounds over decades. FXAIX carries a higher distribution rate at 1.03% versus VOO's 1.12%, though both pay dividends quarterly. FXAIX has been running since 02/17/1988, predating VOO by more than two decades. Both funds show a beta of 1.0, confirming they move in lockstep with the broader market.

Who each is best for

  • FXAIX: Fits investors who prefer mutual fund mechanics (no intraday trading, automatic reinvestment, round-lot minimums) and value a decades-long track record at the lowest cost available in the S&P 500 space.
  • VOO: Fits investors who want ETF flexibility (intraday tradability, fractional-share ease, tax-efficient in-kind redemptions) and are comfortable paying a marginally higher expense ratio for Vanguard's scale and operational simplicity.

Key risks to know

  • Tracking error from cash drag: Both funds hold small cash positions to manage flows and meet redemptions, which can create modest slippage versus the index in high-turnover or declining markets.
  • Concentration in the "Magnificent Seven": The S&P 500 has become increasingly concentrated in mega-cap technology and AI-related stocks. A sharp repricing in that segment will hit both funds equally hard, though the risk is identical between them.
  • Dividend withholding and currency risk: Neither fund owns foreign stocks, so they sidestep currency risk, but U.S. dividend stocks face withholding-tax variability based on shareholder domicile and account type — a structural feature of both funds, not a differentiator.
  • Interest-rate sensitivity through equity duration: Large-cap valuations, especially among mega-cap tech names, embed significant implicit interest-rate exposure. Rising rates can depress both funds' valuations independent of earnings.

Bottom line

If you prioritize rock-bottom expenses and a long track record, FXAIX's 0.015% and 38 years-year history stand out. Both are full-market S&P 500 proxies with identical underlying risk, so the choice hinges on operational preference rather than fundamental strategy. Past performance does not predict future results.

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

Learn the method

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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