Wealthy PotFBGRX vs FXAIX: The Active Fund That Beat the S&P 500, at 48 Times the Fee
FBGRX is a stock picker's fund and FXAIX is the S&P 500, so this is an active-versus-index decision more than a fund comparison. Fidelity Blue Chip Growth, run by Sonu Kalra since 2009, charges 0.72% a year and concentrates on large growth companies. Fidelity 500 Index charges 0.015% and owns the whole S&P 500. FBGRX has earned its fee so far: 21.25% a year over the ten years to 30 September 2026, against 15.32% for FXAIX. It also fell 38.46% in 2022 when FXAIX fell 18.13%, paid capital gains in each of its last five fiscal years, and only 53.8% of its holdings overlap with FXAIX's.
Table of Contents
The Short Answer
- Fees: 0.72% vs 0.015%. $72 against $1.50 a year on $10,000. FBGRX's fee includes a performance adjustment of up to 0.20% either way, measured against the Russell 1000 Growth Index.
- Overlap: 53.8%. 81.4% of FBGRX's money was in S&P 500 stocks FXAIX held; 65.5% of FXAIX was in stocks FBGRX held. Our calculation from FBGRX's 31 July 2026 and FXAIX's 31 May 2026 N-PORT filings.
- Concentration: top ten 58.8% vs 40.6%. NVIDIA alone was 14.7% of FBGRX. Information technology was 54.6% of the fund.
- Returns to 30 September 2026: FBGRX ahead over 1, 3, 5 and 10 years (21.25% vs 15.32% a year over ten). It trailed FXAIX in 3 of the last 10 calendar years, including 2022.
- Turnover: 37% vs 3%. FBGRX paid capital gain distributions in each of its last five fiscal years, up to $16.03 a share in 2022. FXAIX paid none in its last five.
How Much of FBGRX Is the S&P 500
They share their biggest names at very different weights, and each owns hundreds of stocks the other does not.
| Portfolios in the latest N-PORT filings | FBGRX (31 Jul 2026) | FXAIX (31 May 2026) |
|---|---|---|
| Holdings in the filing | 308 | 501 |
| Held by both funds | 97 | 97 |
| Share of the fund in those shared holdings | 81.4% | 65.5% |
| Holdings the other fund did not own | 211 (18.7% of FBGRX) | 404 (35.4% of FXAIX) |
| Top-10 weight | 58.8% | 40.6% |
| Overlap, sum of the smaller weight in each shared stock | 53.8% | |
The bets FBGRX makes are easy to read. It held NVIDIA at 14.73% against 7.89% in FXAIX, Alphabet at 9.51% against 6.11%, Amazon at 5.81% against 4.07%. It skipped most of the S&P 500's value side: the largest FXAIX holdings it did not own included Berkshire Hathaway, Exxon Mobil, Walmart, Cisco, Chevron and Procter & Gamble. Its biggest positions outside the S&P 500 were Space Exploration Technologies, Taiwan Semiconductor and Marvell Technology.
FBGRX can also own companies that are not publicly traded: restricted securities, including private placements, were 2.5% of net assets at 31 July 2026, per the annual report.
FBGRX vs FXAIX Side by Side
| FBGRX | FXAIX | |
|---|---|---|
| Full name | Fidelity Blue Chip Growth Fund | Fidelity 500 Index Fund |
| Approach | Active: "fundamental analysis" to pick blue chip growth companies | Index: S&P 500 |
| Objective | "growth of capital over the long term" | Results that correspond to the total return of US common stocks, via the S&P 500 |
| Manager | Sonu Kalra, since 2009 | Index team; Geode Capital Management is sub-adviser |
| Benchmark used for fee | Russell 1000 Growth Index | None |
| Expense ratio | 0.72% | 0.015% |
| Cost on $10,000 over 10 years (prospectus example) | $894 | $19 |
| Portfolio turnover, latest fiscal year | 37% | 3% |
| Holdings (N-PORT) | 308 | 501 |
| Information technology | 54.6% (31 Jul 2026) | 32.5% (28 Feb 2026) |
| Financials | 2.4% | 12.5% |
| Fund size | $98.7 billion (all classes, 31 Jul 2026) | $749.4 billion (28 Feb 2026) |
| Minimum | None | None |
Returns: A Real Lead, With a Rough Ride
| Average annual return to 30 Sep 2026 | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| FBGRX | 23.29% | 31.93% | 15.37% | 21.25% |
| Russell 1000 Growth (FBGRX's benchmark) | 7.50 | 24.26 | 13.66 | 18.16 |
| FXAIX | 15.72% | 22.87% | 13.78% | 15.32% |
| S&P 500 | 15.74 | 22.89 | 13.79 | 15.33 |
| FBGRX minus FXAIX | +7.57 | +9.06 | +1.59 | +5.93 |
FBGRX beat the S&P 500 by a wide margin and also beat its own growth benchmark over every period shown, so the lead is not only "growth stocks did well". It came with much bigger swings.
| Calendar year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FBGRX | 1.07% | 33.44% | 62.23% | 22.71% | -38.46% | 55.60% | 39.70% | 19.91% |
| FXAIX | -4.40% | 31.47% | 18.40% | 28.69% | -18.13% | 26.29% | 25.00% | 17.86% |
Someone who bought FBGRX at the start of 2022 watched it lose more than a third of its value in a year, twice FXAIX's loss. Even after the 55.60% gain in 2023, that investor was still about 4% below their starting point at the end of 2023, while an FXAIX holder was about 3% above it (our arithmetic from the calendar-year returns). Selling after a drop like 2022's would have locked in the loss and missed the rebound.
| Hypothetical $10,000 held 10 years | Ending value |
|---|---|
| At FXAIX's 10-year return (15.32%) | $41,595 |
| At FBGRX's 10-year return (21.25%) | $68,678 |
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
The Fee Moves With Performance
FBGRX's prospectus describes the management fee as one that "fluctuates based on the fund's performance relative to a securities market index." The footnote spells it out: a basic fee "adjusted up or down by a maximum of 0.20% based on the performance of the fund ... relative to that of the Russell 1000® Growth Index." The annual report adds that performance is measured over the most recent 36 months, and that in the year to 31 July 2026 the adjustment added 0.14% to the fee.
| FBGRX fiscal year to 31 July | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Expense ratio | 0.76% | 0.69% | 0.50% | 0.61% | 0.72% |
You pay more after the fund has beaten its benchmark and less after it has lagged. That ties Fidelity's pay to results, but it means the 0.72% is not fixed. FXAIX's 0.015% has no moving part.
Capital Gains: Where Active Costs You in a Taxable Account
A manager who sells winners realizes gains, and a mutual fund passes them to shareholders.
| FBGRX fiscal year to 31 July | Capital gain distribution per share | As a share of NAV at start of year |
|---|---|---|
| 2022 | $16.03 | 8.5% |
| 2023 | $0.64 | 0.5% |
| 2024 | $1.62 | 1.0% |
| 2025 | $13.00 | 6.1% |
| 2026 | $5.07 | 2.0% |
The 2022 payout is the uncomfortable one: 8.5% in capital gains in a year the fund lost 38%, so taxable holders owed tax while their balance shrank. Over the ten years to 31 December 2025, the prospectuses show taxes on distributions cost FBGRX 1.21 points a year (19.53% before, 18.32% after) and FXAIX 0.51 (14.81% before, 14.30% after). FBGRX still led after tax, by less. Inside a 401(k) or IRA none of this applies.
The Odds for Active Funds
FBGRX's record is unusual. S&P Dow Jones Indices' SPIVA scorecard, with data to 30 June 2026, found that 83.33% of all US large-cap funds underperformed the S&P 500 over 10 years, and 90.49% over 15 years. FBGRX sits in the minority that beat it. The hard part is picking next decade's winner in advance; a fund that has led for years can still lag for years after.
Two risks are specific to FBGRX. One is the manager: its record belongs to one portfolio manager since 2009, and a successor may invest differently. The other is concentration: 54.6% in technology and 14.7% in one stock. FXAIX carries neither. It will never beat the S&P 500, and never trail it by more than a sliver.
Which One Fits You
Your core holding, especially in a taxable account: FXAIX. It costs almost nothing, distributes little beyond dividends, and removes manager risk. For most people building a portfolio from scratch, an index fund is the base.
You believe in the manager and can sit through a -38% year: FBGRX can make sense, ideally inside a 401(k) or IRA where its capital gain payouts are not taxed each year. Where a 401(k) menu offers both, some investors pair a large index core with a smaller active growth slice rather than choosing one.
Holding both doubles up on NVIDIA, Apple, Alphabet and Microsoft: a large-cap growth tilt, not diversification. For a cheap growth tilt without manager risk, see FSPGX vs FXAIX.
Not sure: FXAIX. The index fund needs no forecast; FBGRX needs a decade-long run to continue.
Sources & Methodology
- FBGRX summary prospectus, 29 September 2026: fee table and performance-adjustment footnote, strategy, manager, turnover, calendar and after-tax returns. The document also covers other share classes; figures here are from the FBGRX section.
- Fidelity Securities Fund Form N-CSR, year ended 31 July 2026: fund size, sectors, top holdings, performance adjustment, expense ratios, capital gain distributions, restricted securities.
- FXAIX summary prospectus, 29 April 2026 and Fidelity Concord Street Trust Form N-CSR, year ended 28 February 2026.
- FBGRX Form N-PORT, 31 July 2026 and FXAIX Form N-PORT, 31 May 2026: holdings behind the overlap figures.
- Fidelity FBGRX performance page and Fidelity FXAIX performance page: returns to 30 September 2026.
- S&P Dow Jones Indices, SPIVA U.S. results: share of large-cap funds underperforming the S&P 500, data as of 30 June 2026.
How the overlap was computed. For each stock both funds held we took the smaller of its two weights and summed them, using the N-PORT data behind the Portfolio Overlap Checker. The N-PORT holding count (308) is lower than the 390 in FBGRX's annual report, which counts holdings differently; we use the N-PORT figure so the page matches the tool.
This article is for general education and is not investment, tax or legal advice. Past performance does not guarantee future results, and all investing carries the risk of loss. Figures were checked against the sources above on 5 October 2026; confirm current details with Fidelity before acting.
FAQ: FBGRX vs FXAIX
Is FBGRX better than FXAIX?
It has been. FBGRX returned 21.25% a year over the ten years to 30 September 2026 against 15.32% for FXAIX, after fees. It costs 0.72% against 0.015%, swings much harder (-38.46% in 2022 vs -18.13%) and pays more capital gains. Whether it keeps beating the index depends on one manager's future picks.
How much do FBGRX and FXAIX overlap?
53.8% by weight in their July and May 2026 SEC filings. 81.4% of FBGRX was in stocks FXAIX also held.
Should I hold both FBGRX and FXAIX?
Some investors do, using FXAIX as a core and FBGRX as a growth tilt. Know that it doubles up on the largest tech names; it is a style bet, not extra diversification.
What is FBGRX's expense ratio?
0.72% in the 29 September 2026 prospectus. It includes a performance adjustment of up to plus or minus 0.20% based on returns against the Russell 1000 Growth Index over 36 months. It has ranged from 0.50% to 0.76% over the last five fiscal years.
Is FBGRX tax-efficient?
Less so than FXAIX. It paid capital gain distributions in each of its last five fiscal years, including $16.03 a share in fiscal 2022. Taxes on distributions cost it 1.21 points a year over ten years to 2025, against 0.51 for FXAIX. In an IRA or 401(k) this does not matter.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"FBGRX vs FXAIX: The Active Fund That Beat the S&P 500, at 48 Times the Fee." Wealthy Pot, 2026. https://wealthypot.com/fbgrx-vs-fxaix/
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