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Security Comparison

FXAIX vs VTI: Mutual Fund Convenience or ETF Flexibility?

A head-to-head comparison of Fidelity's S&P 500 index fund and Vanguard's Total Stock Market ETF covering index breadth, cost, trading, and account fit.

Data updated September 18, 2026

Best for

  • FXAIXInvestors who want broad equity exposure.
  • VTIInvestors who want the broadest one-fund diversification at rock-bottom cost.

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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 VTI over the trailing twelve months, posting a 17.26% total return against 16.81%. The lead holds up over 10 years too: FXAIX has compounded at 15.52% a year, against 14.88% for VTI. 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%
VTI12.30%16.81%20.88%11.94%14.88%13.45%15.4%0.941.37-19.3%

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.
MetricFXAIXVTI
Full nameFidelity 500 Index FundVanguard Morningstar Total Stock Market ETF
IssuerFidelity InvestmentsVanguard
Last Close$266.43 as of September 18, 2026$375.43 as of September 18, 2026
Distribution rate1.03%1.11%
Distribution Safety Score™ 100100
Safety-Adjusted Yield 1.03%1.11%
Expense ratio0.015%0.03%
AUM$859B$682B
Distribution frequencyQuarterlyQuarterly
Underlying index—Morningstar US Total Market Index
Objective—Seeks to track the Morningstar US Total Market Index.
Asset classEquityEquity
Inception date02/17/198805/24/2001
Beta1.01.0379
Last dividend$0.695$1.0437
Ex-dividend date07/10/202606/26/2026

Bottom lineChoose FXAIX if you want broad equity exposure. Choose VTI if you want the broadest one-fund diversification at rock-bottom cost.

FXAIX vs VTI: S&P 500 mutual fund or total-market ETF?

These are not the same index in different wrappers. FXAIX is the S&P 500 as a Fidelity mutual fund. VTI is the whole US market as an ETF. Breadth and trading mechanics are the decision, not the small yield gap.

FXAIXVTI
IndexMorningstar US Total Market Index
CoverageUS large caps in the S&P 500Total US market, including mid and small caps
WrapperMutual fund, end-of-day NAVETF, trades during market hours
Expense ratio0.015%0.03%
Distribution rate1.03%1.11%
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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 VTI.

See all Vanguard ETFs

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Quick verdict

FXAIX (Fidelity 500 Index Fund) is a mutual fund, while VTI (Vanguard Morningstar Total Stock Market ETF) is an ETF — their trading structures differ.

VTI offers the higher yield at 1.11% 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%.

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 $8.58/month, while VTI would produce $9.25/month, at current distribution rates. Both pay quarterly distributions.

FXAIX yield1.03%
VTI yield1.11%
Monthly diff on $10K$0.67

Cost & efficiency

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

FXAIX ER0.015%
VTI ER0.03%

Strategy & risk

VTI tracks Morningstar US Total 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 1.0379 for VTI — effectively similar market sensitivity.

FXAIX beta1.0
VTI beta1.0379

Fund details

FXAIX is managed by Fidelity Investments (launched 02/17/1988) with $859B in assets. VTI is managed by Vanguard (launched 05/24/2001) with $682B in assets.

FXAIX AUM$859B
VTI AUM$682B
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Frequently asked questions

What is the difference between FXAIX and VTI?

FXAIX is Fidelity's S&P 500 index mutual fund; VTI is Vanguard's total US stock market ETF. The indexes differ: FXAIX tracks , while VTI tracks Morningstar US Total Market Index and adds mid- and small-cap names. The wrapper differs too — end-of-day mutual-fund NAV versus an intraday ETF. Cost is 0.015% versus 0.03%; distributions are 1.03% and 1.11% as of September 2026. Yield is not the decision. Breadth, trading mechanics, and which account already holds one of them are.

What is the current distribution rate for FXAIX and VTI?

FXAIX currently distributes 1.03% and VTI 1.11%, 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 VTI better for dividend income?

It depends on your goals. VTI 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 VTI?

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 VTI 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, VTI 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 VTI?

FXAIX has an expense ratio of 0.015% while VTI 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 VTI generate?

At current rates, $10,000 in FXAIX would generate roughly $8.58 per month ($103.00 annually). The same in VTI would produce about $9.25 per month ($111.00 annually).

Which has performed better historically, FXAIX or VTI?

FXAIX has outpaced VTI over the trailing twelve months, posting a 17.26% total return against 16.81%. The lead holds up over 10 years too: FXAIX has compounded at 15.52% a year, against 14.88% for VTI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

FXAIX vs VTI — at a glance

Generated September 19, 2026.

The key distinction: FXAIX holds only large-cap stocks (the 500 largest companies), whereas VTI includes large-cap, mid-cap, and small-cap exposure. For most investors, this difference in breadth—and the resulting yield and expense ratio divergence—matters more than the mutual-fund-versus-ETF structure.

How they differ

FXAIX's 0.015% expense ratio undercuts VTI's 0.03% by a meaningful margin. The larger gap appears in asset class: FXAIX mirrors the S&P 500's large-cap-only universe, while VTI's total-market approach adds mid and small-cap holdings, which historically have provided slightly higher dividend yields. That shows up in their distribution rates—VTI's 1.11% versus FXAIX's 1.03%—though the difference is modest. Both carry a beta near 1.0, confirming they move in line with their respective market segments.

Who each is best for

FXAIX: Fits investors who want the absolute lowest cost way to own large-cap US equities and are comfortable with a mutual-fund structure; the fee advantage is material over a long holding period.

Key risks to know

  • Concentration in large-cap: FXAIX's S&P 500 mandate excludes mid and small-cap stocks, leaving an investor dependent on the health and valuations of the largest 500 companies; this foregoes diversification into smaller firms that may outperform during periods when mega-cap valuations compress.
  • Sector clustering: Both funds hold the same largest companies, so their sector exposures (particularly Technology and Healthcare concentration) largely overlap; if these sectors underperform, both will suffer in tandem.
  • Interest-rate sensitivity: As equities broadly, both funds' valuations can decline sharply if bond yields rise or economic growth stalls; their beta values near 1.0 mean they track broad market drawdowns dollar-for-dollar.

Bottom line

If you prioritize the lowest possible cost and are willing to accept large-cap-only exposure, FXAIX's 0.015% expense ratio is hard to beat. If you want true total-market diversification in a single holding, VTI's broader index justifies its slightly higher 0.03% fee. Neither fund creates yield from derivatives or leverage, so the 1.11% dividend is driven by underlying holdings. Past performance doesn't predict future results.

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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