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Dividend Vision

Security Comparison

FZROX vs VTI: Same Market, Different Wrapper

A head-to-head of Fidelity ZERO Total Market Index Fund and Vanguard's total-market ETF covering trading, cost, and account fit.

Updated September 30, 2026

How these figures are calculated: methodology.

Best for

  • FZROXInvestors 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. 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.

FZROX has outpaced VTI over the trailing twelve months, posting a 15.80% total return against 15.72%. The lead holds up over 5 years too: FZROX has compounded at 12.56% a year, against 12.31% 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.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualizedSince Aug 2018Volatility Sharpe Sortino Max drawdown
FZROX12.32%15.80%22.54%12.56%14.12%15.5%1.071.55-19.4%
VTI12.23%15.72%22.42%12.31%13.95%15.4%1.031.50-19.3%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 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 Aug 2018” measures every fund from August 3, 2018 — 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.
MetricFZROXVTI
Full nameFidelity ZERO Total Market Index FundVanguard Morningstar Total Stock Market ETF
IssuerFidelity InvestmentsVanguard
Last Close$26.63 as of September 30, 2026$374.24 as of September 30, 2026
Distribution rate0.90%1.02%
Trailing 12-month yield0.91%1.05%
Distribution Safety Score™ 79100
Safety-Adjusted Yield 0.71%1.02%
Expense ratio0.00%0.03%
AUM$41.0B$700B
Distribution frequencyAnnualQuarterly
Underlying index—Morningstar US Total Market Index
Objective—Seeks to track the Morningstar US Total Market Index.
Asset classEquityEquity
Inception date08/02/201805/24/2001
Beta1.031.0379
Last dividend$0.242$0.9555 payable today
Ex-dividend date12/12/202509/28/2026

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

FZROX vs VTI: zero-fee fund or total-market ETF?

Same US total market. FZROX is a Fidelity mutual fund. VTI is a Vanguard ETF. Wrapper and account fit are the decision.

FZROXVTI
VehicleIndex mutual fundETF
TradingEnd-of-day net asset valueIntraday at a market price
Expense ratio0.00%0.03%
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Income calculator

See how much monthly income a hypothetical investment would generate in each security at current yields.

Vanguard
ETFs116
Total AUM$4677B

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

FZROX (Fidelity ZERO Total Market 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 1.02% vs 0.90% for FZROX. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

VTI is the larger fund by assets ($700B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, FZROX would generate roughly $90.00 cash per distribution, while VTI would produce $25.50 cash per distribution, at current distribution rates.

FZROX yield0.90%
VTI yield1.02%
Cash diff on $10K$64.50

Cost & efficiency

VTI charges a 0.03% expense ratio — roughly $30 over 10 years on $10,000 (simplified, not compounded). FZROX has not published an expense ratio, so a direct cost comparison isn't possible.

VTI ER0.03%

Strategy & risk

VTI tracks Morningstar US Total Market Index. FZROX 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 FZROX and 1.0379 for VTI — effectively similar market sensitivity.

FZROX beta1.03
VTI beta1.0379

Fund details

FZROX is managed by Fidelity Investments (launched 08/02/2018) with $41.0B in assets. VTI is managed by Vanguard (launched 05/24/2001) with $700B in assets.

FZROX AUM$41.0B
VTI AUM$700B
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Frequently asked questions

What is the difference between FZROX and VTI?

Same US total-market idea, different wrapper. FZROX (Fidelity ZERO Total Market Index Fund) is a Fidelity zero-expense index mutual fund that transacts at end-of-day net asset value. VTI (Vanguard Morningstar Total Stock Market ETF) is an ETF that trades all day. Cost is 0.00% versus 0.03%; distributions are 0.90% and 1.02% as of September 2026. FZROX is a mutual fund, not an exchange-traded fund.

What is the current distribution rate for FZROX and VTI?

FZROX currently distributes 0.90% and VTI 1.02%, 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 FZROX 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 FZROX 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 FZROX 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 — VTI scores 100, FZROX scores 79, so VTI'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, FZROX or VTI?

VTI charges a 0.03% expense ratio. FZROX has not published an expense ratio, so a direct fee comparison isn't possible.

How much income does $10,000 in FZROX vs VTI generate?

At current rates, $10,000 in FZROX would generate roughly $90.00 cash per distribution ($90.00 annually). The same in VTI would produce about $25.50 cash per distribution ($102.00 annually).

Which has performed better historically, FZROX or VTI?

FZROX has outpaced VTI over the trailing twelve months, posting a 15.80% total return against 15.72%. The lead holds up over 5 years too: FZROX has compounded at 12.56% a year, against 12.31% for VTI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

FZROX vs VTI — at a glance

Generated September 26, 2026.

Both aim to capture the full US stock market across all capitalizations, but they serve different investor types and come with distinct tax and operational trade-offs.

How they differ

The headline difference is cost: FZROX carries 0.00%, making it cheaper to own on a dollar basis, while VTI charges 0.03%—a meaningful gap when measured in basis points, though both are among the cheapest index funds available. Beyond fees, they differ in structure and asset base. Both track near-identical beta (FZROX at 1.03, VTI at 1.0379), confirming they're capturing the same market move.

Who each is best for

FZROX: Fits investors prioritizing the absolute lowest cost to entry and willing to accept mutual-fund structure and annual distributions in exchange for zero expense ratios. Works well for those making periodic contributions to a core portfolio and indifferent to intraday trading. The larger asset base appeals to those concerned with fund stability and operational depth.

Key risks to know

  • Index methodology drift: VTI tracks the Morningstar US Total Market Index while FZROX tracks a broader Fidelity methodology; holdings and sector weightings may diverge subtly, causing performance to track differently during market rotations despite similar stated scope.
  • Tracking error from fee divergence: Despite minimal fees, the 0.00% advantage compounds over decades; a 0.00% fund will outpace a 0.03% fund by about 0.03% annually, all else equal, widening the performance gap over long holding periods. If you value ETF tradability, quarterly income, or a larger asset base for operational peace of mind, VTI's 0.03% cost is modest insurance for those conveniences. Both capture the same broad US market exposure; the choice hinges on structure preference and how you intend to use the fund, not on fundamental market risk. 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.

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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These comparisons follow the Dividend Vision methodology.