Wealthy PotFSPSX vs VXUS: Half of VXUS Is Stocks FSPSX Does Not Own
FSPSX and VXUS are both cheap international index funds, but VXUS covers about twice as much of the world. FSPSX, Fidelity's International Index Fund, tracks MSCI EAFE: per its prospectus, "developed markets, excluding the U.S. & Canada." VXUS, Vanguard's Total International Stock ETF, tracks the FTSE Global All Cap ex US Index: developed and emerging markets, large to small companies. Matching their SEC holdings filings, 97.4% of FSPSX sat in stocks VXUS also held, but only 49.9% of VXUS sat in FSPSX stocks. The other half of VXUS is emerging markets, Canada, South Korea and thousands of smaller companies. Fees are close (0.035% vs 0.05%) and so, over ten years, were returns: 9.18% a year for FSPSX, 9.20% for VXUS at NAV.
Table of Contents
The Short Answer
- Fees: 0.035% vs 0.05%. $3.50 against $5 a year on $10,000; $45 against $64 over ten years in the prospectus examples.
- Coverage: FSPSX is developed markets only, with no Canada. VXUS adds emerging markets, Canada and small caps.
- Overlap: 49.9%. Our calculation from FSPSX's 31 May 2026 and VXUS's 31 July 2026 N-PORT filings. VXUS's 7,998 holdings that FSPSX lacked were 49.0% of VXUS.
- Holdings: 702 vs 8,674 in those filings.
- Returns to 30 September 2026: VXUS ahead by 3.29 points over 1 year and 1.52 a year over 3; FSPSX ahead by 0.20 a year over 5; a near tie over 10 (9.18% vs 9.20%).
- Wrapper: FSPSX is a Fidelity mutual fund; VXUS is an ETF you can hold at any broker.
How Much of VXUS Is Already FSPSX
| Portfolios in the latest N-PORT filings | FSPSX (31 May 2026) | VXUS (31 Jul 2026) |
|---|---|---|
| Holdings in the filing | 702 | 8,674 |
| Held by both funds | 676 | 676 |
| Share of the fund in those shared holdings | 97.4% | 49.9% |
| Holdings the other fund did not own | 26 (1.3% of FSPSX) | 7,998 (49.0% of VXUS) |
| Top-10 weight | 13.5% | 13.2% |
| Overlap, sum of the smaller weight in each shared stock | 49.9% | |
The half FSPSX is missing starts with some of the largest companies outside the US. VXUS's biggest holdings that FSPSX did not own were Taiwan Semiconductor (4.11% of VXUS), Samsung Electronics (1.83%), SK hynix (1.43%), Tencent (0.87%), Royal Bank of Canada (0.67%), Alibaba (0.64%), Toronto-Dominion Bank (0.46%) and MediaTek (0.36%). Below those sit thousands of small companies, each tiny.
Canada and emerging markets are excluded from FSPSX by its index definition. South Korea is our reading of the holdings: Samsung and SK hynix were not in FSPSX's filing. VXUS's annual report puts the scale in regional terms: at 31 October 2025, 46.1% of the fund was in Asia, 37.7% in Europe and 8.3% in North America, which for a fund with no US stocks means mainly Canada.
The 676 shared companies sit at roughly double the weight in FSPSX, because FSPSX spreads its money over fewer of them: ASML was 2.82% of FSPSX and 1.45% of VXUS, HSBC 1.45% and 0.83%, Roche 1.33% and 0.70%.
FSPSX vs VXUS Side by Side
| FSPSX | VXUS | |
|---|---|---|
| Full name | Fidelity International Index Fund | Vanguard Total International Stock ETF |
| Index | MSCI EAFE Index | FTSE Global All Cap ex US Index |
| Covers | Developed markets, excluding the US and Canada | Developed and emerging markets excluding the US, all company sizes |
| Method | Statistical sampling | Replication |
| Expense ratio | 0.035% | 0.05% |
| Holdings (N-PORT) | 702 (31 May 2026) | 8,674 (31 Jul 2026) |
| Portfolio turnover, latest fiscal year | 4% | 4% |
| Top countries or regions | Japan 22.9%, UK 11.0%, Germany 9.0%, France 8.5% (28 Feb 2026) | Asia 46.1%, Europe 37.7%, North America 8.3% (31 Oct 2025) |
| Fund size | $83.1 billion (28 Feb 2026) | $554.3 billion, all share classes (31 Oct 2025) |
| Fund type | Mutual fund, priced once a day at NAV | ETF, trades all day at market price |
| Minimum | None | None set by Vanguard |
Returns: Tied Over Ten Years, Not Over One
| Average annual return to 30 Sep 2026 | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| FSPSX | 15.20% | 18.63% | 9.55% | 9.18% |
| MSCI EAFE (net) | 16.00 | 18.70 | 9.58 | 9.31 |
| VXUS (NAV) | 18.49% | 20.15% | 9.35% | 9.20% |
| Spliced Total International Stock Index | 19.02 | 20.17 | 9.34 | 9.30 |
| FSPSX minus VXUS | -3.29 | -1.52 | +0.20 | -0.02 |
Over a decade, adding emerging markets, Canada and small caps made almost no difference to the result: $10,000 at FSPSX's ten-year return would have grown to about $24,067, and at VXUS's to about $24,112 (hypothetical arithmetic by Wealthy Pot, before taxes). Over shorter windows the gap swung several points either way, and over the latest year VXUS's extra half pulled it well ahead. A wider fund does not promise higher returns. It spreads your bet across more markets, so no single region's run, good or bad, decides your result.
Taxes in a taxable account. Both prospectuses report after-tax returns for the same period, to 31 December 2025. Taxes on distributions cost FSPSX 0.64 points a year over ten years (8.42% before, 7.78% after) and VXUS 0.84 (8.55% before, 7.71% after). FSPSX's annual reports show no capital gain distributions in its five fiscal years to February 2026.
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
Fidelity Mutual Fund vs Vanguard ETF
FSPSX is not a ZERO fund, so it carries no "Fidelity brokerage account only" rule. Its prospectus says you can buy "through a Fidelity® brokerage or mutual fund account, through a retirement account, or through an investment professional," with no purchase minimum, at the day's closing NAV. Other brokers decide for themselves whether to offer it and what to charge, so check before buying it away from Fidelity.
VXUS trades on an exchange. Vanguard's prospectus says ETF shares "may only be bought and sold in the secondary market through a brokerage firm," at a market price that can be slightly above or below NAV, and that "Unless imposed by your brokerage firm, there is no minimum dollar amount you must invest." You can hold VXUS at Fidelity, Vanguard, Schwab or anywhere else, and move it between brokers without selling.
Which One Fits You
You want one fund for everything outside the US: VXUS. FSPSX cannot do that job alone, because it leaves out emerging markets and Canada.
Your 401(k) offers FSPSX and nothing broader: FSPSX is a good developed-markets core. To add emerging markets, use an emerging-markets fund from the menu, or hold VXUS or an emerging-markets fund in an IRA. FSPSX vs FTIHX covers the same question with Fidelity's total-international fund.
You deliberately want developed markets only: FSPSX, or Vanguard's developed-markets ETF if you prefer an ETF (see VEA vs VXUS).
You are at Fidelity and want total international in a mutual fund: FTIHX (0.06%) or the free FZILX, which carries the ZERO funds' Fidelity-only rule. See FTIHX vs VXUS and FSPSX vs FZILX.
Holding both doubles your developed-markets weight and shrinks emerging markets below their market share. If that is not a deliberate tilt, pick one.
Sources & Methodology
- FSPSX summary prospectus, 29 April 2026: fee table, index description, method, after-tax returns, purchase rules.
- Fidelity Concord Street Trust Form N-CSR, year ended 28 February 2026: fund size, countries, distributions.
- VXUS summary prospectus, 27 February 2026: fee table, index, method, after-tax returns, trading rules.
- Vanguard STAR Funds Form N-CSR, year ended 31 October 2025: fund size, regions.
- FSPSX Form N-PORT, 31 May 2026 and Vanguard Total International Stock Index Fund Form N-PORT, 31 July 2026: holdings behind the overlap figures.
- Fidelity FSPSX performance page and Vanguard VXUS profile page: returns to 30 September 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. VXUS's filing covers the whole Vanguard Total International Stock Index Fund, whose share classes own one portfolio.
What we could not verify. We did not read MSCI's or FTSE's own country lists; index scope is quoted from each prospectus, and the South Korea point is inferred from holdings.
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 or Vanguard before acting.
FAQ: FSPSX vs VXUS
Is FSPSX or VXUS better?
For a single international holding, VXUS, because it covers emerging markets, Canada and small companies that FSPSX leaves out. FSPSX is slightly cheaper (0.035% vs 0.05%) and a sound choice if you want developed markets only. Their ten-year returns to 30 September 2026 were nearly identical: 9.18% and 9.20% a year.
How much do FSPSX and VXUS overlap?
49.9% by weight in their May and July 2026 SEC filings. Almost all of FSPSX (97.4%) was inside VXUS, but about half of VXUS was in stocks FSPSX did not own.
Does FSPSX hold emerging markets?
No. It tracks MSCI EAFE, which its prospectus describes as developed markets excluding the US and Canada.
Should I hold both FSPSX and VXUS?
Usually not. The combination overweights developed markets. Hold VXUS alone, or FSPSX plus a separate emerging-markets fund if you want to set the split yourself.
Can I buy FSPSX at Vanguard or Schwab?
FSPSX is not restricted to Fidelity accounts, but each broker decides whether to offer Fidelity funds and what to charge. VXUS is available everywhere as an ETF.
Is VXUS more tax-efficient than FSPSX?
Not on the prospectus numbers. Taxes on distributions cost VXUS 0.84 points a year over ten years to 2025 and FSPSX 0.64, using the prospectuses' standard after-tax method. Inside an IRA or 401(k) the difference does not apply.
Cite This Page
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"FSPSX vs VXUS: Half of VXUS Is Stocks FSPSX Does Not Own." Wealthy Pot, 2026. https://wealthypot.com/fspsx-vs-vxus/
Related comparisons: FSPSX vs FTIHX · FTIHX vs VXUS · FSPSX vs FZILX · VEA vs VXUS · VT vs VXUS · All ETF comparisons
