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Final portfolio value
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VOO vs FXAIX: ETF or Fidelity Mutual Fund in 2026?
Bottom line
Same index. FXAIX is cheaper and Fidelity-only. VOO trades at every broker. Pick by where your account lives.
The 10 universal facts
VOO Vanguard S&P 500 ETF
vs
FXAIX Fidelity 500 Index Fund
0.03%
Expense ratio
0.015%
$3
Annual cost / $10k
$1.50
$1.51T
AUM
$605B
Sep 7, 2010
Inception
Feb 17, 1988
518
Holdings
~500
~13.1%
10y CAGR (total return)
~13.1%
~1.2%
Dividend yield
~1.3%
Quarterly
Dividend frequency
Semi-annual
Open-end ETF
Structure
Open-end mutual fund
Vanguard
Issuer
Fidelity
Performance & backtest
Investing $10,000 from May 2011 How this is calculated Dividends reinvested every month. Monthly adjusted-close prices from Yahoo Finance. Past performance doesn't predict future returns.
$—
Final portfolio value
- Invested
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- Growth
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- Total return
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- Per year
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What's specific to VOO vs FXAIX
Fee
FXAIX charges half the fee
FXAIX at 0.015% is literally half VOO's 0.03%. Over 30 years on $100k at 8%, the extra drag on VOO adds up to about $1,100. Real money, but modest next to the total balance.
Structure
ETF vs once-daily NAV
VOO trades like a stock all day. FXAIX prices once at 4:00 PM ET. For long-term investors that is irrelevant. For anyone who wants a live price or a limit order, VOO is the only choice.
Availability
VOO works at every broker
VOO is commission-free at every major U.S. broker. FXAIX is commission-free only at Fidelity. Other brokers charge $30 to $75 per buy for non-proprietary mutual funds, which usually erases the fee savings.
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Frequently asked questions
Is VOO or FXAIX cheaper?
FXAIX is cheaper on fee: 0.015% vs VOO's 0.03%. On a $10,000 position that's $1.50 vs $3.00 per year. Over 30 years on $100k at 8%, the gap compounds to about $1,100 - real but small next to a six-figure balance. Most of the time, availability matters more than the fee gap.
Can I buy FXAIX outside of Fidelity?
Usually no. FXAIX is Fidelity's proprietary fund and is only commission-free at Fidelity. Some brokers list it but charge a $30-$75 transaction fee per buy, which wipes out the fee savings for regular contributors. If you are not at Fidelity, VOO is the practical choice — commission-free everywhere.
Is FXAIX or VOO better for a Roth IRA?
If your Roth is at Fidelity, FXAIX is slightly better — lower fee, automatic dollar-amount investing, no intraday volatility to time. If your Roth is at any other broker, use VOO. In tax-advantaged accounts the ETF tax-efficiency advantage does not apply.
What are the main differences between VOO and FXAIX?
Structure (ETF vs mutual fund), trading (intraday vs once-daily 4 PM NAV), portability (every broker vs Fidelity-only), minimum (one share or $1 fractional vs $0), and fee (0.03% vs 0.015%). Both hold the same S&P 500 stocks in identical weights.
Is VOO more tax-efficient than FXAIX in a taxable account?
Yes. VOO uses the ETF creation-redemption mechanism to flush appreciated securities without triggering capital gains distributions to shareholders. Mutual funds like FXAIX can't. FXAIX has been unusually tax-efficient for a mutual fund, but VOO is structurally better in taxable accounts. In a Roth or traditional IRA, 401(k), or HSA, the advantage vanishes.