Wealthy PotFSKAX vs VTI: Fidelity's Total Market Fund vs Vanguard's ETF
FSKAX and VTI are both total U.S. stock market funds that own essentially every American company, and over the past decade they returned almost exactly the same. So the decision isn't about performance, it's about which fund structure you prefer: Fidelity's mutual fund or Vanguard's ETF, and a rounding-error fee difference. This guide uses figures from the funds' own documents.
The Short Answer
- Investing at Fidelity and prefer a mutual fund? FSKAX. It charges 0.015%, has no minimum, and lets you invest exact dollar amounts. Its 10-year return matched VTI's.
- Want a portable ETF you can hold at any broker? VTI. It charges 0.03%, trades intraday, and moves between brokers in-kind. Same total-market exposure.
Both track the entire U.S. market and performed the same; pick by fund type and ecosystem.
Near-Identical Exposure
- FSKAX is the Fidelity Total Market Index Fund. It tracks the Dow Jones U.S. Total Stock Market Index, holds about 3,778 stocks, and charges 0.015%. It's a mutual fund with a $0 minimum. (Note: unlike Fidelity's ZERO funds, FSKAX is a standard index fund, so it isn't locked to Fidelity.)
- VTI is the Vanguard Total Stock Market ETF. It tracks the Morningstar US Total Market Index (renamed from CRSP in 2026), holds about 3,531 stocks, and charges 0.03%.
They track different index providers (Dow Jones vs Morningstar), but both aim to capture 100% of the investable U.S. market, and both did so almost identically: their 10-year returns were within a hundredth of a percent.
FSKAX vs VTI Side by Side
| Feature | FSKAX | VTI |
|---|---|---|
| Fund type | Mutual fund (Fidelity) | ETF (Vanguard) |
| Expense ratio | 0.015% | 0.03% |
| Index tracked | Dow Jones U.S. Total Stock Market | Morningstar US Total Market (formerly CRSP) |
| What it covers | Entire U.S. market (large + mid + small) | Entire U.S. market (large + mid + small) |
| Number of holdings | ~3,778 | ~3,531 |
| Minimum investment | $0 | 1 share (~$1 fractional at Vanguard) |
| How it trades | Once daily at NAV | Intraday on the exchange |
| 10-year return (avg annual, NAV) | 15.04% | 15.04% |
How to Choose
Since the holdings and returns are effectively the same, decide on structure:
- FSKAX (mutual fund) lets you auto-invest exact dollar amounts (e.g. exactly $500 a month), prices once daily at NAV, has no minimum, and is a natural fit inside a Fidelity account. Its fee is actually a touch lower (0.015% vs 0.03%).
- VTI (ETF) trades intraday, can be bought as a single (or fractional) share, is generally a bit more tax-efficient in a taxable account, and can be transferred in-kind to any broker.
Which One Fits You
Choose FSKAX if: you invest at Fidelity, like mutual-fund mechanics (exact-dollar automation, once-daily pricing), and want the lowest fee. It's an excellent, complete U.S. equity core. Prefer Fidelity's free S&P 500 option? See FZROX vs FXAIX.
Choose VTI if: you want an ETF you can hold at any broker, value intraday trading and slightly better taxable-account efficiency, or aren't tied to Fidelity. Comparing VTI's own mutual-fund twin? See VTSAX vs VTI.
FAQ
Is FSKAX or VTI better?
They own the same total U.S. market and returned the same (15.04% over 10 years), so neither is really "better." FSKAX is a Fidelity mutual fund at 0.015% with exact-dollar investing; VTI is a Vanguard ETF at 0.03% that trades intraday and is portable. Pick by fund structure and which broker you use.
Do FSKAX and VTI hold the same stocks?
Almost. Both aim to own the entire U.S. market; FSKAX holds ~3,778 stocks via the Dow Jones index and VTI ~3,531 via the Morningstar (formerly CRSP) index. The small differences don't meaningfully change returns, which have tracked each other closely.
Can I transfer FSKAX to another broker?
Generally yes. Unlike Fidelity's ZERO funds (which are Fidelity-only), FSKAX is a standard index mutual fund, so many brokers can hold it or accept an in-kind transfer, though some may charge a transaction fee to buy Fidelity funds. VTI, as an ETF, transfers freely.
Which is cheaper, FSKAX or VTI?
FSKAX, slightly, at 0.015% vs VTI's 0.03%, a difference of about $1.50 per year per $10,000. It's immaterial for most investors, so structure and portability should drive the choice.
Related comparisons: VTSAX vs VTI · FZROX vs VTI · VTI vs VOO · FXAIX vs VOO · All ETF comparisons
Primary sources: expense ratios, indexes, holdings, and returns are from the issuers' official documents for FSKAX (Fidelity) and VTI (Vanguard), both 10-year returns as of Jun 30, 2026. The CRSP-to-Morningstar index rename is per Morningstar's 2026 announcement. For background, see the SEC's Investor.gov guide to mutual funds and ETFs.
This article is for educational purposes only and is not investment advice. Investing involves risk, including possible loss of principal, and past performance does not guarantee future results. Expense ratios and holdings change over time; confirm current figures on the issuer's site before investing. Consult a qualified financial professional before making investment decisions.