Wealthy PotFZROX vs VOO: 87% the Same Stocks, but Only One Leaves Fidelity With You
FZROX and VOO hold mostly the same companies, so the decision is less about the stocks than about where you invest. FZROX is Fidelity's free total-market mutual fund: about 2,600 US stocks for a 0.00% expense ratio, sold only through Fidelity accounts. VOO is Vanguard's S&P 500 ETF: about 500 large US companies for 0.03%, and you can buy and hold it at almost any broker. Matching their latest SEC holdings filings, the overlap was 87.9%, and 99.7% of VOO's money sat in stocks FZROX also owned. FZROX adds roughly 2,100 mid and small companies worth about 11% of the fund. Over the five years to 30 September 2026 those extra companies held FZROX back: VOO returned 13.75% a year against 12.80%.
Table of Contents
The Short Answer
- Fees: 0.00% vs 0.03%. On $10,000 that is $0 against $3 a year. FZROX's audited annual report shows a total advisory fee of $0.
- Overlap: 87.9%. 99.7% of VOO sat in stocks FZROX also held; 88.8% of FZROX sat in VOO stocks. Our calculation from FZROX's 31 July 2026 and VOO's 30 June 2026 N-PORT filings.
- Holdings: 2,606 vs 501. FZROX's extra 2,106 positions were 11.0% of the fund.
- Returns to 30 September 2026: VOO ahead over 1, 3 and 5 years, by 0.29, 0.40 and 0.95 points a year. FZROX is too young for a 10-year figure.
- Indexes: FZROX tracks the Fidelity U.S. Total Investable Market Index (large, mid and small caps). VOO tracks the S&P 500.
- Where you can own them: FZROX is "available only to individual retail investors who purchase their shares through a Fidelity® brokerage account," per its prospectus. VOO trades on an exchange through any brokerage.
How Much of FZROX Is Already VOO
Almost all of VOO lives inside FZROX. The reverse is not quite true, because FZROX also owns the mid and small companies the S&P 500 leaves out.
| Portfolios in the latest N-PORT filings | FZROX (31 Jul 2026) | VOO (30 Jun 2026) |
|---|---|---|
| Holdings in the filing | 2,606 | 501 |
| Held by both funds | 500 | 500 |
| Share of the fund in those shared holdings | 88.8% | 99.7% |
| Holdings the other fund did not own | 2,106 (11.0% of FZROX) | 1 (under 0.1% of VOO) |
| Top-10 weight | 34.7% | 37.9% |
| Overlap, sum of the smaller weight in each shared stock | 87.9% | |
The large companies carry similar weight in both. NVIDIA was 6.71% of FZROX and 7.51% of VOO; Apple 6.26% against 6.59%; Microsoft 4.76% against 4.30%. Each of FZROX's 2,106 extra names is tiny on its own. Together they are the slice that makes FZROX a total-market fund, and the slice that decides which fund wins in any given stretch.
FZROX vs VOO Side by Side
| FZROX | VOO | |
|---|---|---|
| Full name | Fidelity ZERO Total Market Index Fund | Vanguard S&P 500 ETF (Vanguard 500 Index Fund ETF Shares) |
| Index | Fidelity U.S. Total Investable Market Index | S&P 500 Index |
| Method | Statistical sampling | Replication: holds all or substantially all index stocks |
| Expense ratio | 0.00% | 0.03% |
| Cost on $10,000 over 10 years (prospectus example) | $0 | $39 |
| Holdings (N-PORT) | 2,606 (31 Jul 2026) | 501 (30 Jun 2026) |
| Portfolio turnover, latest fiscal year | 3% | 2% |
| Fund size | $31.8 billion (31 Oct 2025) | $1.48 trillion across all share classes, $839 billion in the ETF class (31 Dec 2025) |
| Fund type | Mutual fund, priced once a day at NAV | ETF, trades all day at market price |
| Minimum | None | None set by Vanguard; one share or a fraction if your broker allows |
| Where you can hold it | Fidelity accounts (and some broker-dealers with Fidelity arrangements) | Any brokerage |
| Inception | 2 Aug 2018 | 7 Sep 2010 |
Neither fund has paid much in capital gains. In the five fiscal years to October 2025, FZROX paid one capital gain distribution, $0.03 a share in fiscal 2022, per its annual report. VOO's ETF shares paid none in 2021 through 2025. Both mostly hand out dividends, which you owe tax on in a taxable account either way.
Returns: The Small Caps Have Cost FZROX
| Average annual return to 30 Sep 2026 | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| FZROX | 15.41% | 22.45% | 12.80% | n/a (launched 2018) |
| Fidelity U.S. Total Investable Market Index | 15.43 | 22.43 | 12.77 | n/a |
| VOO (NAV) | 15.70% | 22.85% | 13.75% | 15.29% |
| S&P 500 | 15.74 | 22.89 | 13.79 | 15.33 |
| FZROX minus VOO | -0.29 | -0.40 | -0.95 | n/a |
Both funds matched their own index to within 0.05 points a year. So the gap is almost entirely the market's doing, not the managers': large companies beat the rest of the market over this period, and the fund that owned only large companies came out ahead. The 0.03% fee difference points the other way and is far too small to show up.
| Hypothetical $10,000 held 5 years | Ending value |
|---|---|
| At FZROX's 5-year return (12.80%) | $18,262 |
| At VOO's 5-year return (13.75%) | $19,044 |
Read this as a market call that already happened, not a ranking. Whether the next decade favors the 500 largest companies or the whole market is unknowable. A total-market fund simply refuses to bet either way.
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
Mutual Fund at Fidelity vs ETF Anywhere
This is the part that usually decides it. FZROX's prospectus says, in full:
"Shares of the fund are available only to individual retail investors who purchase their shares through a Fidelity® brokerage account, including retail non-retirement accounts, retail retirement accounts (traditional, Roth and SEP Individual Retirement Accounts (IRAs)), health savings accounts (HSAs), Fidelity BrokerageLink® accounts, and stock plan services accounts. Shares also may be available to certain broker-dealers that have entered into arrangements with Fidelity."
What follows from that, in our reading. Most other brokers are unlikely to accept FZROX shares, so if you move your account away from Fidelity, plan on selling them first. In a taxable account a sale can realize a capital gain. The prospectus does not say the fund "cannot be transferred in kind", and we do not put those words in Fidelity's mouth; ask the receiving broker before you plan a move. Inside an IRA or HSA, selling has no tax cost, so the restriction matters far less.
VOO has no such tie. Its prospectus says ETF shares "may only be bought and sold in the secondary market through a brokerage firm", which means any brokerage, including Fidelity. The trade-off is ETF mechanics: you pay the market price, which can sit slightly above or below the fund's net asset value, and a bid-ask spread. FZROX is bought in exact dollar amounts at the day's closing NAV, which is tidier for automatic monthly contributions. Many brokers now offer fractional ETF shares as well, so this gap is smaller than it used to be.
Which One Fits You
Fidelity Roth IRA, traditional IRA or HSA, and you want one US fund: FZROX is hard to beat. It costs nothing and owns the whole market. The Fidelity-only rule costs nothing inside a retirement account, because you can sell and buy something else without a tax bill.
Taxable account, or any chance you will change brokers: VOO. Paying $3 a year per $10,000 buys a fund you can move anywhere without selling. You can hold VOO at Fidelity too, so choosing it does not mean leaving.
You specifically want the S&P 500, not the whole market: VOO, or Fidelity's own S&P 500 fund FXAIX at 0.015% if you are at Fidelity (see FXAIX vs VOO). FZROX is a different exposure, not a cheaper copy.
You want the whole market but portable: Fidelity's conventional total-market fund FSKAX charges 0.015%, and a total-market ETF works at any broker. FSKAX vs VOO and FZROX vs VTI cover those.
Holding both? There is little point. Nearly all of VOO is already inside FZROX, so owning both mostly tilts you back toward large caps. If that tilt is what you want, it is cleaner to hold VOO alone.
Sources & Methodology
- FZROX summary prospectus, 30 December 2025: fee table, index, method, turnover, purchase rules.
- Fidelity Concord Street Trust Form N-CSR, year ended 31 October 2025: advisory fee, fund size, distribution history.
- VOO summary prospectus, 28 April 2026: fee table, index, method, turnover, trading rules.
- Vanguard Index Funds Form N-CSR, year ended 31 December 2025: fund size, holdings, ETF share distribution history.
- FZROX Form N-PORT, 31 July 2026 and Vanguard 500 Index Fund Form N-PORT, 30 June 2026: holdings behind the overlap figures.
- Fidelity FZROX performance page and Vanguard VOO profile page: average annual 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, the same method and N-PORT data the Portfolio Overlap Checker uses. VOO's N-PORT is the Vanguard 500 Index Fund's, which covers every share class, since all classes own the same portfolio.
What we could not verify. No Fidelity filing we read says whether another broker will accept FZROX shares in a transfer, so the "sell before you move" point is our inference from the eligibility rule.
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: FZROX vs VOO
Is FZROX or VOO better?
Neither in general. FZROX is cheaper (0.00% vs 0.03%) and owns the whole US market; VOO owns the S&P 500 and can be held at any broker. VOO returned 13.75% a year over the five years to 30 September 2026 against 12.80% for FZROX, because large caps led. In a Fidelity retirement account FZROX is a strong choice; in a taxable account VOO's portability usually matters more.
How much do FZROX and VOO overlap?
87.9% by weight, using FZROX's 31 July 2026 and VOO's 30 June 2026 SEC filings. 99.7% of VOO was in stocks FZROX also held.
Should I hold both FZROX and VOO?
Usually not. Almost all of VOO is already inside FZROX, so holding both mostly adds extra large-cap weight rather than diversification.
Can I buy FZROX outside Fidelity?
Generally no. Its prospectus says shares are available only to retail investors buying through a Fidelity brokerage account, with an exception for certain broker-dealers that have arrangements with Fidelity.
Can I buy VOO at Fidelity?
Yes. VOO is an ETF and trades through any brokerage, including Fidelity.
Which is more tax-efficient in a taxable account?
Both have had very low capital gain payouts: FZROX one small distribution ($0.03 a share in fiscal 2022) in five years, VOO's ETF shares none from 2021 to 2025. The bigger tax issue with FZROX is that leaving Fidelity likely means selling it.
Why does FZROX charge nothing?
Fidelity's filings show the fund pays no management fee and no other expenses, and its annual report shows a $0 advisory fee. FZROX tracks an index Fidelity built itself rather than a licensed one.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"FZROX vs VOO: 87% the Same Stocks, but Only One Leaves Fidelity With You." Wealthy Pot, 2026. https://wealthypot.com/fzrox-vs-voo/
Related comparisons: FZROX vs FXAIX · FNILX vs FZROX · FXAIX vs VOO · VTI vs VOO · FSKAX vs VOO · All ETF comparisons
