Wealthy PotFSPGX vs SCHG: Two Cheap Growth Index Funds, Two Growth Indexes
FSPGX and SCHG do the same job: both hold large U.S. growth stocks for almost nothing. FSPGX is Fidelity's Large Cap Growth Index mutual fund at 0.035% a year; SCHG is Schwab's U.S. Large-Cap Growth ETF at 0.04%. The difference is the index. FSPGX follows the Russell 1000 Growth Index; SCHG follows a Dow Jones growth index. Our holdings match puts the overlap at 69.1%, and NVIDIA, Alphabet, Apple and Microsoft top both. Over the five years to the end of 2024, the last date both prospectuses share, SCHG returned 19.73% a year and FSPGX 18.94%. The fee gap is $0.50 a year per $10,000, so for most people the deciding factor is where their account is held.
Table of Contents
The Short Answer
- Overlap: 69.1%. 88.0% of SCHG's money was in companies FSPGX also held, and 77.1% of FSPGX's was in SCHG companies. Our calculation from N-PORT filings dated 31 July 2026 (FSPGX) and 31 May 2026 (SCHG).
- Fees: FSPGX 0.035%, SCHG 0.04%. $3.50 against $4 a year on $10,000.
- Five years to 31 December 2024: SCHG 19.73% a year, FSPGX 18.94%. One year: 34.92% against 33.26%. Both from the funds' prospectuses, same end date.
- Same worst quarter, similar depth. Both fell hardest in the quarter to 30 June 2022: FSPGX by 20.93%, SCHG by 22.27%.
- Equally top-heavy. The ten largest companies were 58.9% of FSPGX and 60.1% of SCHG.
- Different wrappers. FSPGX is a Fidelity mutual fund with no minimum. SCHG is an ETF any broker can hold.
- Pick one, not both. They are near substitutes. Owning both mostly doubles up on the same large growth companies.
How Much They Overlap
FSPGX's index "includes those Russell 1000® Index companies with higher price-to-book (P/B) ratios and higher forecasted growth rates." SCHG's index "includes the components ranked 1-750 by full market capitalization and that are classified as 'growth' based on a number of factors." Both start from the largest U.S. companies and keep the growth side, but they draw the line in different places.
Our Portfolio Overlap Checker puts the overlap at 69.1% across 122 shared companies, adding up the smaller weight for each. The holdings reports are two months apart, 31 July 2026 for FSPGX and 31 May 2026 for SCHG, so part of the gap is price moves and index changes over that period.
| Largest shared holdings | % of FSPGX (31 Jul 2026) | % of SCHG (31 May 2026) |
|---|---|---|
| NVIDIA | 14.56% | 11.01% |
| Alphabet | 11.73% | 8.53% |
| Apple | 7.53% | 9.83% |
| Microsoft | 5.37% | 7.17% |
| Broadcom | 5.63% | 4.55% |
| Tesla | 2.83% | 3.91% |
| Meta Platforms | 3.11% | 3.45% |
| Eli Lilly | 2.85% | 3.05% |
What only FSPGX held: 22.8% of the fund, led by chip and hardware companies such as Micron (2.89%), Applied Materials (1.25%), Lam Research (1.14%) and Texas Instruments (0.78%), plus Caterpillar (1.15%) and Home Depot (0.76%).
What only SCHG held: 11.9% of the fund, including UnitedHealth (1.20%), Linde (0.81%), Thermo Fisher (0.65%), Walt Disney (0.63%) and Salesforce (0.62%).
FSPGX also holds more companies: 365 on its July filing against 192 for SCHG in May. Both are dominated by technology: information technology was 50.5% of FSPGX in its 30 April 2026 annual report.
FSPGX vs SCHG Side by Side
| FSPGX | SCHG | |
|---|---|---|
| Full name | Fidelity Large Cap Growth Index Fund | Schwab U.S. Large-Cap Growth ETF |
| Index | Russell 1000 Growth Index | Dow Jones U.S. Large-Cap Growth Total Stock Market Index |
| Expense ratio | 0.035% | 0.04% |
| Prospectus cost example, $10,000 over 10 years | $45 | $51 |
| Type | Mutual fund, priced once a day | ETF, trades all day |
| Minimum | None | One share, unless your broker sells fractions |
| Holdings | 365 (31 Jul 2026) | 189 (2 Oct 2026) |
| Ten largest companies | 58.9% (31 Jul 2026) | 60.1% (31 May 2026) |
| Portfolio turnover, latest fiscal year | 16% | 27% (prospectus); 17.04% on Schwab's page for the year to 31 Aug 2026 |
| Fund size | $44.1 billion (30 Apr 2026) | $64.7 billion (2 Oct 2026) |
| Inception | 7 Jun 2016 | 11 Dec 2009 |
Returns: Close Enough That the Index Details Decide
The cleanest comparison uses the last period both prospectuses cover, which ends 31 December 2024. FSPGX began in June 2016, so it has no ten-year figure for that date.
| Average annual return to 31 Dec 2024 | 1 year | 5 years |
|---|---|---|
| FSPGX | 33.26% | 18.94% |
| Russell 1000 Growth | 33.36 | 18.96 |
| SCHG | 34.92% | 19.73% |
| Dow Jones U.S. Large-Cap Growth TSM | 34.98 | 19.77 |
| SCHG minus FSPGX | +1.66 | +0.79 |
| FSPGX, after taxes on distributions | 33.15 | 18.57 |
| SCHG, after taxes on distributions | 34.78 | 19.58 |
Each fund tracked its own index closely. The gap between them comes from the indexes, not from fees or management. Both prospectuses also show the same best quarter (the three months to 30 June 2020: FSPGX up 27.76%, SCHG up 27.73%) and the same worst quarter (to 30 June 2022: FSPGX down 20.93%, SCHG down 22.27%).
The latest figures do not line up yet. Fidelity has published FSPGX's returns to 30 September 2026; Schwab's page showed SCHG only to 31 August 2026 when we checked on 5 October. We list each with its own date and do not subtract them: FSPGX's return for September 2026 alone was 2.16%, so a one-month gap matters.
| Latest published average annual return | As of | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|---|
| FSPGX | 30 Sep 2026 | 7.45% | 24.24% | 13.63% | 18.12% |
| SCHG (NAV) | 31 Aug 2026 | 17.33% | 23.45% | 13.26% | 18.66% |
| SCHG (NAV) | 30 Jun 2026 | 16.40% | 22.33% | 13.69% | 18.66% |
Both have ten-year records of about 18% to 19% a year on their latest dates. Over the year to 30 September 2026 FSPGX returned 7.45%; that window differs from SCHG's, so do not read the gap against SCHG's one-year figure as a difference between the funds.
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
Where They Really Differ
How growth is defined. The Russell index sorts by price-to-book and forecast growth. The Dow Jones index uses "a number of factors" that the prospectus does not list. The practical result shows in the holdings: on these filings FSPGX held more semiconductor-equipment and industrial names, SCHG more health care and some financial-data companies.
Weight caps. Both indexes cap their biggest companies each quarter. FSPGX's prospectus spells out the Russell rule: no single company above 22.5%, and companies over 4.5% may not add up to more than 45% of the index. SCHG's index caps to match the diversification rules that apply to the fund.
Wrapper and taxes. SCHG is an ETF; FSPGX is a mutual fund. In the prospectus figures to 2024, tax on distributions cost FSPGX 0.37 points a year over five years and SCHG 0.15. FSPGX paid small capital gain distributions from 2017 to 2021 and none since 2022, according to Fidelity's distribution history. In an IRA or 401(k) none of this matters.
Where you can buy. FSPGX is easiest to buy at Fidelity, with no minimum and exact dollar amounts. SCHG trades on NYSE Arca and can be held at any brokerage.
Which One Fits You
Your account is a Fidelity brokerage account or IRA, or your 401(k) menu offers FSPGX: FSPGX. It is slightly cheaper and takes exact-dollar automatic investments.
Your account is at Schwab or any other broker: SCHG. It trades anywhere, and the fee difference is 0.005 points.
Taxable brokerage account: SCHG has the edge on the prospectus tax figures. If you already hold FSPGX with gains, selling to switch can cost more in tax than the small difference saves.
You want a growth tilt next to an S&P 500 fund: either works; size it on purpose. See FSPGX vs FXAIX for how much growth funds repeat what an S&P 500 fund already holds.
Comparing other growth funds: Vanguard's VUG and State Street's SPYG use other growth indexes; see SCHG vs VUG and SCHG vs SPYG.
Sources & Methodology
- Fidelity Large Cap Growth Index Fund Summary Prospectus, 29 June 2026: the 0.035% fee table, index and capping rules, turnover, calendar returns and best and worst quarters.
- FSPGX Summary Prospectus, 28 June 2025: average annual returns to 31 December 2024.
- Fidelity Salem Street Trust, Form N-CSR for the year ended 30 April 2026: FSPGX's size, sector weights and top holdings.
- Fidelity's FSPGX performance page: returns to 30 September 2026 and distribution history.
- Schwab U.S. Large-Cap Growth ETF Summary Prospectus, 27 February 2026: the 0.04% fee table, index description, turnover, returns to 31 December 2024 and best and worst quarters.
- Schwab's SCHG page: returns to 30 June and 31 August 2026, holdings, size, turnover and SEC yield.
- FSPGX Form N-PORT for 31 July 2026 and SCHG Form N-PORT for 31 May 2026: the holdings behind the overlap and top-ten figures.
How the overlap was computed. The Portfolio Overlap Checker sums the smaller of the two weights for each company held by both funds, using each fund's latest N-PORT in our dataset. The filings are two months apart; we state both dates rather than adjust either. Tax drag is the before-tax return minus the after-tax-on-distributions return, our arithmetic.
What we could not verify. SCHG's calendar-year returns appear only as a chart image in its prospectus, and Schwab had not posted 30 September 2026 returns when we checked. The Dow Jones index's growth factors are not listed in the prospectus.
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; verify current figures with each fund company before acting.
FAQ: FSPGX vs SCHG
Is FSPGX the same as SCHG?
No, but close. Both hold large U.S. growth stocks; they follow different growth indexes. They overlap by 69.1% on our holdings match.
Which is cheaper?
FSPGX, at 0.035% against 0.04%. On $10,000 that is $3.50 against $4 a year.
Which has performed better?
On the last date both prospectuses share, 31 December 2024, SCHG led: 19.73% a year over five years against 18.94%. The latest figures from each issuer use different dates, so we do not compare them directly.
Should I hold both FSPGX and SCHG?
There is little reason to. Most of each fund's weight is in the same large growth companies, so holding both adds complexity, not diversification.
Is FSPGX the Fidelity version of SCHG?
It is Fidelity's low-cost large-cap growth index fund, which makes it the nearest Fidelity match. Its index is the Russell 1000 Growth rather than SCHG's Dow Jones index.
Can I buy SCHG at Fidelity, or FSPGX at Schwab?
SCHG is an ETF, so it trades at Fidelity like any stock. FSPGX is a Fidelity mutual fund; other brokers may or may not offer it and may charge a fee. Check with your broker.
Which is better for a Roth IRA?
Either. Inside a Roth, taxes on distributions do not apply, so pick the one your broker makes easiest and cheapest to buy.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"FSPGX vs SCHG: Two Cheap Growth Index Funds, Two Growth Indexes." Wealthy Pot, 2026. https://wealthypot.com/fspgx-vs-schg/
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