Wealthy PotITOT vs VTI: Two Total-Market ETFs, One Fee
ITOT and VTI are two of the most popular ways to buy the entire U.S. stock market in a single ETF, and on the numbers most people check first they are identical: both charge a 0.03% expense ratio. ITOT is BlackRock's iShares Core S&P Total U.S. Stock Market ETF. VTI is Vanguard's, now named the Vanguard Morningstar Total Stock Market ETF after its index was renamed in 2026. This page shows where they actually differ and why, for most investors, the right answer is whichever one your broker makes easiest.
The Short Answer
- Same job: both hold U.S. companies of every size, essentially the whole investable market.
- Same fee: 0.03% a year, or $3 on every $10,000 invested.
- Different index: ITOT follows the S&P Total Market Index; VTI follows the Morningstar US Total Market Index.
- Different holdings count: ITOT held 2,461 stocks and VTI 3,507 at the latest issuer counts. The difference sits mostly among the smallest companies, which barely move the result.
ITOT vs VTI Side by Side
| Feature | ITOT | VTI |
|---|---|---|
| Issuer | iShares (BlackRock) | Vanguard |
| Index | S&P Total Market Index | Morningstar US Total Market Index |
| Expense ratio | 0.03% | 0.03% |
| Number of holdings | 2,461 | 3,507 |
| Coverage | U.S. stocks of all sizes | U.S. stocks of all sizes |
| Wrapper | ETF | ETF |
Two Rulebooks for the Same Market
Neither fund is picking stocks. Each one copies an index, and the only real design difference is whose rulebook defines "the total U.S. market." S&P Dow Jones Indices builds the S&P Total Market Index; Morningstar builds the index VTI follows, which was called the CRSP US Total Market Index until Morningstar acquired it in 2026. Both weight companies by market value, so the same giant companies dominate both funds. The rulebooks differ mainly at the very small end: how far down the size ladder to go, and which tiny or thinly traded stocks qualify.
That is why the two funds' holdings counts differ by about a thousand stocks while their portfolios behave almost identically. In a market-value-weighted index, a thousand of the smallest companies add up to a sliver of the total.
Does the Holdings Gap Matter?
For almost everyone, no. The companies VTI holds and ITOT does not sit mostly at the small end of the market. Because each position is sized by its market value, they make up a very small share of VTI's assets, so they cannot pull its return far from ITOT's in either direction. If you want more exposure to small companies, you would add a dedicated small-cap fund rather than choose between these two.
What you should not do is hold both. Owning ITOT and VTI together adds a second fee line and a second position to track while giving you almost exactly the same portfolio twice.
When the Choice Actually Matters
- Tax-loss harvesting. Because the two funds follow indexes from different providers, investors often use one as the swap for the other after a loss. That is common practice, not a legal safe harbor: the IRS has never defined "substantially identical" for funds. Read our note on wash sales and talk to a tax professional before relying on it.
- Your broker. Most major brokers trade both ETFs commission-free. If your 401(k) or brokerage window offers only one, that settles it.
- Consistency. If the rest of your portfolio is iShares or Vanguard, staying in one family can make statements and rebalancing simpler. It changes nothing about returns.
Which One Fits You
- Choose ITOT if you already use iShares funds or your platform features it.
- Choose VTI if you already use Vanguard funds or want the fund with the most holdings.
- Choose either if you simply want one low-cost fund that owns the whole U.S. market. The fee is the same and the portfolios are near-identical.
If you are weighing total market against the S&P 500 instead, read VTI vs VOO. To see what 0.03% versus a higher fee does over decades, try the compound interest calculator.
FAQ
Is ITOT or VTI cheaper?
Neither. Both charge a 0.03% expense ratio.
Why does VTI hold more stocks than ITOT?
Their indexes use different eligibility rules, and the gap sits mostly among the smallest companies, which are a tiny share of either fund by value.
Can I use ITOT and VTI to tax-loss harvest?
Many investors do, because they track different indexes. There is no IRS ruling that makes this safe, so treat it as a judgment call and get tax advice for your situation.
Did VTI change its name?
Yes. Vanguard now lists it as the Vanguard Morningstar Total Stock Market ETF, after Morningstar acquired the CRSP index it tracks. The ticker is still VTI.
Should I own both ITOT and VTI?
No. They hold nearly the same portfolio, so owning both adds complexity without adding diversification.
This article is for general information and is not investment advice. Fund figures were taken from iShares' and Vanguard's published fund pages on 2026-09-23 and can change; confirm current figures before you invest.