VTSAX vs FZROX: Vanguard or Fidelity Total Market Fund in 2026?

VTSAX and FZROX are both total U.S. stock market index mutual funds, and both work best at their home brokerage. VTSAX (Vanguard Total Stock Market Index Fund Admiral Shares) tracks the Morningstar US Total Market Index, formerly the CRSP US Total Market Index, and holds about 3,500 stocks. FZROX tracks Fidelity's own total market index and holds about 2,600. The choice usually comes down to where you already invest.

Over the five years ending September 2026, VTSAX returned 12.55% a year and FZROX 12.79%, with identical volatility of about 16%. The extra small-cap stocks in VTSAX are a tiny share of the market by weight, so the two funds move almost in lockstep.

VTSAX costs 0.04% with a $3,000 minimum; FZROX costs nothing with no minimum. VTSAX has a structural tax advantage in taxable accounts: it is a share class of the same fund as the VTI ETF, which has helped it avoid capital gains distributions, and Vanguard lets you convert VTSAX to VTI tax-free. FZROX has no ETF share class and pays its distribution once a year in December.

If you invest at Vanguard, use VTSAX (or VTI). If you invest at Fidelity, FZROX is the free equivalent, especially in an IRA or Roth IRA. Neither fund can be bought cheaply at the other company's brokerage, so if you want one total-market fund that works everywhere, use an ETF like VTI or ITOT instead.