Wealthy PotSWPPX vs VTI: S&P 500 Mutual Fund or Total Market ETF?
SWPPX and VTI overlap by 85.9%, by our calculation from SEC holdings filings. Nearly all of SWPPX (99.5% of its weight) is inside VTI. VTI adds thousands of mid-, small- and micro-cap stocks that together were 11.7% of the fund. SWPPX is Schwab's S&P 500 mutual fund at 0.02% with no minimum; VTI is Vanguard's total-market ETF at 0.03%. Over the ten years to 31 December 2025, SWPPX returned 14.78% a year and VTI 14.25%, and the order was the same to 30 June 2026.
Table of Contents
The Short Answer
- Overlap: 85.9%. 498 shared stocks. 99.5% of SWPPX is in VTI; 88.1% of VTI is in SWPPX. Our calculation from N-PORT filings for 31 July 2026 (SWPPX) and 30 June 2026 (VTI).
- Fees: SWPPX 0.02%, VTI 0.03%. $1 a year per $10,000.
- Coverage: VTI owns the whole US market (3,507 stocks on 31 August 2026). SWPPX owns the S&P 500 (503).
- Returns: SWPPX ahead over five and ten years. To 30 June 2026 at NAV, 15.46% against 15.04% a year over ten years. VTI led over the latest year.
- Wrapper: VTI trades at any broker; SWPPX is a mutual fund bought through Schwab or another intermediary, with no minimum.
- Taxes: a draw so far. Ten-year tax drag on distributions was 0.48 points for SWPPX and 0.47 for VTI, per the prospectuses.
How Much SWPPX and VTI Overlap
Our Portfolio Overlap Checker adds up the smaller weight of every stock both funds hold. The filings are a month apart.
| Overlap measure | Result |
|---|---|
| Shared holdings | 498 |
| Share of SWPPX's weight in VTI stocks | 99.5% |
| Share of VTI's weight in SWPPX stocks | 88.1% |
| Overlap (sum of the smaller weight in each shared stock) | 85.9% |
| VTI holdings not in SWPPX | 2,661 in our data, together 11.65% of VTI |
| Stock | SWPPX (31 Jul 2026) | VTI (30 Jun 2026) |
|---|---|---|
| Nvidia | 7.52% | 6.36% |
| Apple | 7.02% | 5.87% |
| Alphabet (both classes) | 5.84% | 5.18% |
| Microsoft | 5.34% | 3.83% |
| Amazon | 4.11% | 3.19% |
| Broadcom | 2.85% | 2.47% |
| Meta Platforms | 1.89% | 1.71% |
Each big company weighs a little less in VTI because VTI's money is spread across about 3,500 stocks instead of about 500. The VTI-only names are individually small: the largest named ones, such as Snowflake and Cloudflare, were about 0.1% each.
SWPPX vs VTI Side by Side
| SWPPX | VTI | |
|---|---|---|
| Full name | Schwab S&P 500 Index Fund | Vanguard Total Stock Market ETF (renamed Vanguard Morningstar Total Stock Market ETF, 29 July 2026) |
| Index | S&P 500 | Morningstar US Total Market Index (CRSP US Total Market Index before 29 July 2026) |
| Structure | Mutual fund | ETF share class of a Vanguard index fund |
| Expense ratio | 0.02% | 0.03% |
| Minimum | No minimum | One share, or less where your broker sells fractions |
| Stocks held | 503 (31 Aug 2026) | 3,507 (31 Aug 2026) |
| Top 10 weight (N-PORT) | 38.92% (31 Jul 2026) | 33.44% (30 Jun 2026) |
| 30-day SEC yield | Not published | 1.03% (30 Sep 2026) |
| Distributions | Once a year, December | Quarterly |
| Assets | $149.93 billion (2 Oct 2026) | ETF share class $690.1 billion (31 Aug 2026) |
| Inception | 19 May 1997 | 24 May 2001 |
Where the Two Funds Differ
What you own. VTI's prospectus describes its index as "100% of the investable U.S. stock market," including "large-, mid-, small-, and micro-cap stocks." The S&P 500 is the large-cap end of that. Because both weight by market value, the extra companies are only about an eighth of VTI's money. VTI is the more diversified fund, but not by as much as the stock counts suggest.
The index change. On 29 July 2026 Vanguard switched VTI's index from CRSP to Morningstar and renamed the fund. The supplement says the fund's objective, strategies and policies did not change. It is still a total-market fund.
The wrapper. SWPPX prices once a day and accepts exact dollar amounts with no minimum. The prospectus says you can buy it only through Schwab "or another financial intermediary," and other brokers may charge to buy it. VTI trades all day on the exchange and every major broker carries it. If you want a total-market fund in Schwab's mutual-fund format, SWTSX charges 0.03%; see SWTSX vs VTI.
Returns and Taxes
| Average annual return | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| SWPPX, NAV, to 30 Jun 2026 | 22.27% | 20.57% | 13.37% | 15.46% |
| VTI, NAV, to 30 Jun 2026 | 23.16% | 20.43% | 12.24% | 15.04% |
| SWPPX minus VTI | -0.89 | +0.14 | +1.13 | +0.42 |
| SWPPX, to 31 Dec 2025 (prospectus) | 17.88% | n/a | 14.40% | 14.78% |
| VTI, NAV, to 31 Dec 2025 (prospectus) | 17.14% | n/a | 13.08% | 14.25% |
Over five and ten years the S&P 500 fund came out ahead because large companies outpaced smaller ones. Over the year to 30 June 2026 the broader fund led. On $10,000 over ten years to 30 June 2026, SWPPX's rate gives about $42,103 and VTI's about $40,597 (Wealthy Pot's hypothetical arithmetic, no contributions, costs or taxes). The gap reflects which part of the market led over that period, not the funds' fees.
| Periods to 31 Dec 2025 | 1 year | 5 years | 10 years |
|---|---|---|---|
| SWPPX after taxes on distributions | 17.57% | 14.03% | 14.30% |
| SWPPX tax drag | 0.31 | 0.37 | 0.48 |
| VTI after taxes on distributions | 16.79% | 12.69% | 13.78% |
| VTI tax drag | 0.35 | 0.39 | 0.47 |
ETFs usually win on tax efficiency, but SWPPX has not paid a capital-gains distribution since December 2021, according to the distribution table on Schwab's site. So far its tax cost has been its dividends, the same as VTI's.
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
Which One Fits You
Schwab account, automatic monthly investing: SWPPX is the simpler tool: no minimum, exact dollars, 0.02%. In an IRA its mutual-fund wrapper costs nothing extra.
You want every US stock in one fund: VTI. If you hold only an S&P 500 fund, you have no small-cap exposure at all.
Account at Fidelity, Vanguard or elsewhere, or you might move: VTI. It moves between brokers in kind. SWPPX may not be held everywhere, and selling it to move would realize gains in a taxable account. That is our inference from the prospectus's purchase rules, not a statement in it.
401(k): use what the plan offers. An S&P 500 index fund and a total-market fund are close substitutes; S&P 500 stocks were 88.1% of VTI in our data.
Holding both: mostly duplication. If you want more small-cap exposure, a dedicated small-cap fund does that more directly than adding VTI to SWPPX. Our VTI vs VOO page covers the same choice between two ETFs.
Sources & Methodology
- SWPPX summary prospectus dated 26 February 2026: 0.02% fee, objective, no minimum, purchase rules and returns to 31 December 2025.
- VTI summary prospectus dated 28 April 2026: 0.03% fee, index description and returns to 31 December 2025.
- Vanguard prospectus supplement dated 29 July 2026: the CRSP to Morningstar index change and rename.
- Schwab SWPPX fund page, read 5 October 2026: assets, holdings, distributions and returns.
- VTI fact sheet (period ended 30 June 2026) and Vanguard's VTI fund data (read 5 October 2026): returns, stock count, assets and SEC yield.
- Form N-PORT filings for SWPPX (31 July 2026) and Vanguard Total Stock Market Index Fund (30 June 2026): overlap and top-ten weights.
Limits. The holdings filings are a month apart. Vanguard had published 30 September 2026 returns for VTI but Schwab had not for SWPPX, so the table uses 30 June 2026 for both.
This article is for general education and is not investment, tax or legal advice. Fund data changes daily, index returns cannot be invested in directly, and past performance does not guarantee future results. All investing carries the risk of loss. Figures were checked against the sources above on 5 October 2026.
FAQ: SWPPX vs VTI
Is SWPPX or VTI better?
Neither wins outright. SWPPX returned more over five and ten years to 30 June 2026 and costs one basis point less. VTI is broader and trades at any broker.
How much do SWPPX and VTI overlap?
85.9% by our calculation. 99.5% of SWPPX's weight is in stocks VTI also owns.
Does VTI include the S&P 500?
Yes. Almost every S&P 500 stock is in VTI, and together they were 88.1% of VTI's weight in our data.
Which is cheaper?
SWPPX at 0.02%, against VTI's 0.03%. That is $1 a year per $10,000.
Can I buy VTI at Schwab?
Yes. VTI is an ETF and trades at Schwab like any stock. SWPPX is the one with purchase limits outside Schwab.
Is SWPPX worse in a taxable account because it is a mutual fund?
Not on the record so far: ten-year tax drag was 0.48 points for SWPPX and 0.47 for VTI to the end of 2025, and SWPPX has paid no capital gains since 2021.
Should I hold both?
There is little reason to. Owning both is close to owning VTI with a little extra weight in the largest companies.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"SWPPX vs VTI: S&P 500 Mutual Fund or Total Market ETF?" Wealthy Pot, 2026. https://wealthypot.com/swppx-vs-vti/
Related comparisons: SWPPX vs VOO · SPY vs SWPPX · SCHX vs SWPPX · VTI vs VOO · SWTSX vs VTI · SCHB vs VTI · All ETF comparisons
