Wealthy PotFZROX vs VTSAX: 94% the Same Portfolio, So Pick the Fund Family You Will Stay With
FZROX and VTSAX are two versions of the same idea: one mutual fund that owns nearly the whole US stock market. FZROX is Fidelity's, charges 0.00% and has no minimum, but is sold only through Fidelity accounts. VTSAX is Vanguard's, charges 0.04% and needs $3,000 to open. Matching their latest SEC holdings filings, the overlap was 94.0%, and over the five years to 30 September 2026 their returns were 0.25 points a year apart. The portfolio is not the decision. The decision is which brokerage you plan to keep.
Table of Contents
The Short Answer
- Fees: 0.00% vs 0.04%. On $10,000 that is $0 against $4 a year; on $100,000, $0 against $40.
- Overlap: 94.0%. 99.4% of FZROX and 99.2% of VTSAX sat in companies both funds held. Our calculation from FZROX's 31 July 2026 and VTSAX's 30 June 2026 N-PORT filings.
- Returns to 30 September 2026: FZROX 12.80% a year over 5 years, VTSAX 12.55%. FZROX is too young for a 10-year figure; VTSAX's is 14.69%.
- Minimums: FZROX has none. VTSAX Admiral Shares need "generally $3,000" to open.
- Where you can own them: FZROX only through a Fidelity brokerage account (plus some broker-dealers with Fidelity arrangements). VTSAX is a Vanguard mutual fund; check whether another broker offers it and what it charges to buy.
- Should you hold both? No. They are the same exposure twice.
How Much FZROX and VTSAX Overlap
The two funds track different indexes built by different companies: Fidelity's own U.S. Total Investable Market Index for FZROX, and the Morningstar US Total Market Index for VTSAX (called the CRSP US Total Market Index until 29 July 2026). Both aim at the whole investable US market, weighted by company size. In practice they own nearly the same money.
| Portfolios in the latest N-PORT filings | FZROX (31 Jul 2026) | VTSAX (30 Jun 2026) |
|---|---|---|
| Companies in the filing | 2,606 | 3,159 |
| Held by both funds | 2,544 | 2,544 |
| Share of the fund in those shared companies | 99.4% | 99.2% |
| Companies the other fund did not own | 62 (0.46% of FZROX) | 615 (0.55% of VTSAX) |
| Top-10 weight | 34.7% | 33.4% |
| Overlap, sum of the smaller weight in each shared stock | 94.0% | |
VTSAX holds about 600 more companies, but they are the smallest names in the market and together came to about half a percent of the fund. The overlap figure stops short of 100% mainly because weights differ: Microsoft was 4.76% of FZROX on 31 July and 3.83% of VTSAX on 30 June, and Micron 1.28% against 1.80%. Most of those gaps are one month of price moves between the two filing dates, not a different strategy.
FZROX vs VTSAX Side by Side
| FZROX | VTSAX | |
|---|---|---|
| Full name | Fidelity ZERO Total Market Index Fund | Vanguard Morningstar Total Stock Market Index Fund Admiral Shares |
| Index | Fidelity U.S. Total Investable Market Index | Morningstar US Total Market Index (CRSP US Total Market Index until 29 Jul 2026) |
| Method | Sampling | Sampling |
| Expense ratio | 0.00% | 0.04% |
| Cost on $10,000 over 10 years (prospectus example) | $0 | $51 |
| Minimum to open | None | Generally $3,000 |
| Account service fee | None listed | $25 a year for certain balances under $5 million |
| Stocks held | 2,606 (N-PORT, 31 Jul 2026) | 3,507 (Vanguard, 31 Aug 2026) |
| Portfolio turnover, latest fiscal year | 3% | 3% |
| Size | $41.2 billion share class (Fidelity, 30 Sep 2026) | $2.3 trillion across all share classes (31 Aug 2026) |
| Where you can hold it | Fidelity accounts (and certain broker-dealers with Fidelity arrangements) | Vanguard, and other brokers that offer it |
| Inception | 2 Aug 2018 | 13 Nov 2000 |
Returns: Almost a Tie
| 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 |
| VTSAX | 15.32% | 22.31% | 12.55% | 14.69% |
| Spliced Total Stock Market Index | 15.33 | 22.33 | 12.56 | 14.70 |
| FZROX minus VTSAX | +0.09 | +0.14 | +0.25 | n/a |
| FZROX after taxes on distributions | 15.13% | 22.11% | 12.44% | n/a |
| VTSAX after taxes on distributions | 14.91% | 21.90% | 12.15% | 14.23% |
FZROX came out a little ahead over every period they share. Roughly 0.04 points a year of that is the fee; the rest is the two indexes drawing the line around "the whole market" in slightly different places. Each fund tracked its own index closely. In calendar 2025 alone the gap was 0.12 points: FZROX returned 17.24% and VTSAX 17.12%.
| Hypothetical $10,000 held 5 years | Ending value |
|---|---|
| At FZROX's 5-year return (12.80%) | $18,262 |
| At VTSAX's 5-year return (12.55%) | $18,060 |
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 Actually Differ
1. Who can hold FZROX. Its prospectus says shares are "available only to individual retail investors who purchase their shares through a Fidelity® brokerage account", and that they "also may be available to certain broker-dealers that have entered into arrangements with Fidelity." In our reading, most other brokers are unlikely to accept FZROX shares, so if you leave Fidelity, plan on selling them first. In a taxable account that sale can realize a capital gain. The prospectus does not say the fund "cannot be transferred", so ask the receiving broker before you plan a move. Inside an IRA or HSA, selling costs no tax.
2. Minimums and small fees. FZROX has no purchase minimum. VTSAX Admiral Shares need generally $3,000 to open and $1 to add. VTSAX's fee table also lists a $25 annual account service fee "for certain fund account balances below $5,000,000"; check how Vanguard applies it to your account. If $3,000 is a stretch, VTSAX's ETF twin VTI has no fund minimum (see VTSAX vs VTI).
3. Taxable-account record. FZROX paid capital gains of $0.028 a share in 2021 and $0.007 in 2019, and none in other years, per Fidelity's history table. VTSAX paid no capital gain distributions in 2021 through 2025, per Vanguard's financial highlights. Both are efficient, and both pay taxable dividends every year.
4. Track record. VTSAX has run since November 2000 and has a 10-year return to show. FZROX launched in August 2018. It tracks an index Fidelity built itself rather than a licensed one.
Which One Fits You
Your money is at Fidelity, especially in a Roth IRA, traditional IRA or HSA: FZROX. It costs nothing, has no minimum and buys the same market. The Fidelity-only rule barely matters in a retirement account, because you can sell and rebuy elsewhere with no tax.
Your money is at Vanguard, or you already own VTSAX: VTSAX. Paying 0.04% to stay put beats selling a taxable position to save $4 a year per $10,000. Do not sell appreciated VTSAX in a taxable account just to switch.
Taxable account and you might change brokers someday: neither mutual fund is ideal. A total-market ETF such as VTI moves between brokers without selling. See FZROX vs VTI. Fidelity's FSKAX (0.015%, per its April 2026 prospectus) is a total-market mutual fund whose prospectus also allows buying through an investment professional, not only a Fidelity account; see FSKAX vs VTSAX.
Fidelity 401(k) or BrokerageLink: the prospectus lists BrokerageLink accounts as eligible for FZROX, but your plan menu decides what you can buy in the core lineup.
Holding both? There is no diversification gain. If you hold both because you have accounts at both firms, that is fine; just count them as one fund when you set your US/international split.
Sources & Methodology
- FZROX summary prospectus, 30 December 2025: fee table, index, purchase rules, minimum, turnover.
- VTSAX summary prospectus, 28 April 2026: fee table, minimums, index, turnover, 2025 return.
- Vanguard supplement dated 29 July 2026: CRSP to Morningstar index and name change.
- FZROX Form N-PORT, 31 July 2026 and Vanguard Total Stock Market Index Fund Form N-PORT, 30 June 2026: holdings behind the overlap figures.
- Fidelity FZROX performance page and Vanguard VTSAX profile: returns to 30 September 2026, holdings count, fund size, distribution history.
How the overlap was computed. For each company 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. Vanguard files one N-PORT for the whole Total Stock Market fund, which covers VTSAX and VTI alike.
What we could not verify. No filing we read says whether another broker will accept FZROX shares in a transfer, or what a given broker charges to buy VTSAX. Both points are framed as things to check.
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 VTSAX
Is FZROX or VTSAX better?
They own almost the same portfolio (94.0% overlap). FZROX is cheaper at 0.00% vs 0.04% and has no minimum; VTSAX has a record back to 2000 and is not tied to Fidelity accounts. Over the five years to 30 September 2026, FZROX returned 12.80% a year and VTSAX 12.55%. Pick the one at the brokerage you plan to keep.
How much do FZROX and VTSAX overlap?
94.0% by weight, using FZROX's 31 July 2026 and VTSAX's 30 June 2026 SEC filings. More than 99% of each fund sat in companies the other also held.
Should I hold both FZROX and VTSAX?
There is no benefit beyond convenience. Holding both is holding the US market twice.
Can I buy FZROX at Vanguard?
Generally no. The prospectus limits FZROX to investors buying through a Fidelity brokerage account, with an exception for certain broker-dealers that have arrangements with Fidelity.
Can I buy VTSAX at Fidelity?
Possibly; whether Fidelity offers it and at what transaction fee is Fidelity's call, so check before you buy. At Fidelity, FZROX or FSKAX gives the same exposure without that cost.
Should I sell VTSAX to buy FZROX and save 0.04%?
In an IRA, a switch costs no tax, though it ties that money to Fidelity. In a taxable account, selling can trigger capital gains tax that would take many years of $4-per-$10,000 savings to recover.
Why did VTSAX change its name?
Vanguard switched its index provider from CRSP to Morningstar effective 29 July 2026 and renamed the fund Vanguard Morningstar Total Stock Market Index Fund. Vanguard's supplement says the objective and strategy are unchanged.
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 VTSAX: 94% the Same Portfolio, So Pick the Fund Family You Will Stay With." Wealthy Pot, 2026. https://wealthypot.com/fzrox-vs-vtsax/
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