FSMAX vs VEXAX (2026): Fidelity Extended Market Index vs Vanguard Extended Market Index
FSMAX (Fidelity Extended Market Index Fund) and VEXAX (Vanguard Extended Market Index Fund Admiral Shares) do the same job. Both hold U.S. stocks outside the S&P 500 — the mid-cap and small-cap companies a completion index adds to a large-cap fund. Refreshed figures from November 2, 2026 show 10-year annualized returns of 11.70% and 11.72%. The choice is the account you use, a 0.035% vs 0.05% expense ratio, and a $0 vs $3,000 minimum.
Bottom Line Up Front
- 📊 Returns match. Annualized results are 10.37% vs 10.55% (1 year), 16.88% vs 16.93% (3 year), 6.04% vs 6.06% (5 year), and 11.70% vs 11.72% (10 year). Volatility is 17.47 for FSMAX and 17.48 for VEXAX.
- 💸 FSMAX costs slightly less. The expense ratio is 0.035% vs 0.05%. That is 0.015 percentage points, or about $15 a year on $100,000.
- 🚪 The minimum is the practical gap. FSMAX has a $0 minimum. VEXAX Admiral Shares require $3,000. Vanguard's ETF share class of this portfolio is VXF.
- 🧩 Either fund completes an S&P 500 fund. FSMAX plus FXAIX, or VEXAX plus VFIAX, recreates a total U.S. market portfolio when the two sleeves are held at market weight.
- ✅ Pick the fund family that matches the brokerage. FSMAX fits a Fidelity account. VEXAX fits a Vanguard account. Assets are about $37.1 billion and $91.2 billion. Morningstar rates them 3 stars and 2 stars.
FSMAX vs VEXAX: Side-by-Side Comparison
| Metric | FSMAX (Extended Market Index) | VEXAX (Extended Market Admiral) |
|---|---|---|
| Fund Name | Fidelity Extended Market Index Fund | Vanguard Extended Market Index Fund Admiral Shares |
| Fund Family | Fidelity | Vanguard |
| Category | Mid-Cap Blend | Mid-Cap Blend |
| Management Style | Passive Index | Passive Index |
| Index Tracked | Dow Jones U.S. Completion Total Stock Market Index | S&P Completion Index |
| Expense Ratio | 0.035% | 0.05% |
| 1-Year Return | 10.37% | 10.55% |
| 3-Year Return | 16.88% | 16.93% |
| 5-Year Return | 6.04% | 6.06% |
| 10-Year Return | 11.70% | 11.72% |
| Volatility (Std Dev) | 17.47 | 17.48 |
| Yield | 0.51% | 1.05% |
| Total Assets | ~$37.1B | ~$91.2B |
| Morningstar Rating | ★★★ (3 stars) | ★★ (2 stars) |
| Minimum Investment | $0 | $3,000 |
| Inception | 2011-09-07 | 2001-12-26 (Admiral) |
Returns are annualized percentages. Data refreshed November 2, 2026. VEXAX volatility is reported as 17.47 and 17.48.
Two Completion Indexes, One Job
A completion index owns the U.S. stocks that are not in the S&P 500. FSMAX and VEXAX both do that. They follow different index providers, so the exact membership and reconstitution calendar can differ. Shared names among their top holdings include Snowflake, Cloudflare, Cheniere Energy, Natera, Strategy (MSTR), Revolution Medicines, and Astera Labs. Both funds are listed on our mid-cap blend page because mid-cap stocks are a large part of an extended-market portfolio, alongside small caps.
FSMAX (Fidelity Extended Market Index)
Fidelity's completion fund. FSMAX tracks the Dow Jones U.S. Completion Total Stock Market Index. It is the extended-market sleeve investors at Fidelity pair with an S&P 500 fund such as FXAIX.
- ✅ 0.035% expense ratio
- ✅ $0 minimum investment
- ✅ Inception 2011-09-07, with a full 10-year record (11.70%)
- ✅ About $37.1 billion in assets
- ✅ Morningstar 3 stars
- Yield 0.51%
VEXAX (Extended Market Index Admiral)
Vanguard's completion fund. VEXAX tracks the S&P Completion Index. Admiral Shares are the mutual-fund class. VXF is the ETF share class of Vanguard's extended-market portfolio.
- ✅ 0.05% expense ratio — still a low-cost index fund
- ✅ About $91.2 billion in assets
- ✅ Admiral inception 2001-12-26
- ✅ 10-year return of 11.72%, in line with FSMAX
- ✅ ETF share class available as VXF
- $3,000 minimum on Admiral Shares; Morningstar 2 stars; yield 1.05%
Performance Deep Dive: The Returns Are a Tie
| Period | FSMAX Return | VEXAX Return | Difference |
|---|---|---|---|
| 1 Year | 10.37% | 10.55% | VEXAX +0.18 percentage points |
| 3 Year | 16.88% | 16.93% | VEXAX +0.05 percentage points |
| 5 Year | 6.04% | 6.06% | VEXAX +0.02 percentage points |
| 10 Year | 11.70% | 11.72% | VEXAX +0.02 percentage points |
VEXAX is a few hundredths of a percentage point ahead at every horizon in this refresh, and 0.18 percentage points ahead over the trailing year. Over 10 years the gap is 0.02 percentage points (11.72% vs 11.70%). That is inside the range you would expect from two completion indexes run by different providers, after each fund's own expense ratio. It is not a reason to switch brokerages. Standard deviation tells the same story: 17.47 for FSMAX and 17.48 for VEXAX. You can stress-test a balance with the return simulator or the fee calculator.
The Fee Gap: 0.015 Percentage Points
FSMAX charges 0.035%. VEXAX charges 0.05%. Both figures are low for a fund that reaches into mid-cap and small-cap stocks. The dollar amounts below are the annual expense-ratio cost on each balance. They are arithmetic from those two ratios, and they are not a forecast of what you will earn.
| Portfolio Size | FSMAX Annual Cost (0.035%) | VEXAX Annual Cost (0.05%) | Annual Difference |
|---|---|---|---|
| $10,000 | $3.50/yr | $5/yr | $1.50/yr |
| $50,000 | $17.50/yr | $25/yr | $7.50/yr |
| $100,000 | $35/yr | $50/yr | $15/yr |
| $500,000 | $175/yr | $250/yr | $75/yr |
Over 10 years, VEXAX's published return is 0.02 percentage points higher (11.72% vs 11.70%) even though its expense ratio is 0.015 percentage points higher. The fee gap and the return gap are the same order of magnitude. Neither one is large enough to override where your account is held.
Risk Profile: Same Volatility, Same Sleeve of the Market
These funds leave out the S&P 500 and keep the rest of the U.S. market. That sleeve is mid-cap and small-cap stocks, so the ride is the extended market's ride. The measured volatility matches: 17.47 for FSMAX and 17.48 for VEXAX. Morningstar's star rating does not match. FSMAX is 3 stars and VEXAX is 2 stars in this refresh. Star ratings are a separate, category-relative summary. They do not change the trailing returns in the table above, which are effectively the same.
FSMAX Risk Factors
- Volatility 17.47: The standard deviation sits on top of VEXAX. Expect similar up and down moves.
- Completion mandate: The fund tracks the Dow Jones U.S. Completion Total Stock Market Index, so it rises and falls with mid-cap and small-cap stocks, not with the mega-cap names inside the S&P 500.
- Shorter Admiral-equivalent history: Inception is 2011-09-07. The 10-year record is fully available. The fund does not have VEXAX Admiral's start date of 2001-12-26.
- Index differences: A different completion index can hold a slightly different mix at the edges. Shared top holdings still include Snowflake, Cloudflare, Cheniere Energy, Natera, Strategy (MSTR), Revolution Medicines, and Astera Labs.
VEXAX Risk Factors
- Volatility 17.48: Effectively the same risk level as FSMAX for any practical purpose.
- S&P Completion Index: VEXAX follows S&P's list of U.S. stocks outside the S&P 500. Index changes can create small differences versus the Dow Jones completion index.
- 2-star rating: Morningstar shows 2 stars beside FSMAX's 3 stars. Use that as a label to look up, and use the return and volatility rows to judge the record you actually have.
- Share-class choice: Admiral Shares require $3,000. VXF is the ETF share class of Vanguard's extended-market portfolio for investors who want the ETF wrapper.
Tax Efficiency: Yield Differs, Total Return Does Not
Both funds are passive index funds, so the tax conversation is about distributions rather than active trading. Yield is 0.51% for FSMAX and 1.05% for VEXAX. In a taxable brokerage account, the higher yield means VEXAX pays out more income along the way. Total return already includes those distributions. Over 10 years that total return is 11.70% for FSMAX and 11.72% for VEXAX, so the 0.54 percentage point yield gap has not produced a meaningful gap in published total return.
VEXAX is the Admiral class of a Vanguard fund that also offers VXF, the ETF share class. Investors who want this extended-market exposure in an ETF use VXF. FSMAX is the Fidelity mutual fund. In an IRA, Roth IRA, or 401(k), this year's dividend and capital-gains distributions are not taxed as you go, so yield and share-class structure matter less than the minimum, the expense ratio, and which brokerage holds the account.
⚠️ Taxable account investors: Compare the yield you will actually receive — 0.51% at FSMAX and 1.05% at VEXAX — and confirm how your brokerage taxes those distributions. The published total returns remain nearly identical. In a retirement account, that distribution difference is deferred.
Pairing Either Fund with an S&P 500 Fund
An S&P 500 fund owns the large-cap index. An extended-market fund owns everything else in the U.S. market. Together they are a total-market portfolio. The weight of each sleeve should follow its weight in the total market, and that weight changes as the market changes. FSMAX is the Fidelity piece and pairs with FXAIX. VEXAX is the Vanguard piece and pairs with VFIAX. You can also buy one total-market fund and skip the two-fund assembly.
| Approach | What You Hold | What It Covers |
|---|---|---|
| S&P 500 only | FXAIX or VFIAX | Large-cap U.S. stocks in the S&P 500 |
| Extended market only | FSMAX or VEXAX | U.S. stocks outside the S&P 500 |
| Completion pair | FXAIX + FSMAX, or VFIAX + VEXAX | A total U.S. market portfolio in two funds |
| One total-market fund | A total-market index fund | The same coverage in a single holding |
If you already own a total-market fund, you already own this extended-market sleeve. Adding FSMAX or VEXAX on top increases the mid-cap and small-cap weight. Read FXAIX vs FSKAX for the S&P 500 versus total-market choice at Fidelity, and VTSAX vs FSKAX for the two big total-market funds. Our fund comparison tool can place any of these side by side.
Who Should Choose Which?
Choose FSMAX if you…
- ✅ Hold the account at Fidelity, where this fund is the house extended-market index
- ✅ Want a $0 minimum
- ✅ Prefer the 0.035% expense ratio over 0.05%
- ✅ Plan to pair it with FXAIX to build a total-market portfolio
- ✅ Are looking at the 3-star Morningstar rating alongside an 11.70% 10-year return
- ✅ Want the lower published yield (0.51%) in a taxable account
Choose VEXAX if you…
- ✅ Hold the account at Vanguard
- ✅ Can invest the $3,000 Admiral minimum
- ✅ Want the S&P Completion Index, or the VXF ETF share class of the same portfolio
- ✅ Plan to pair it with VFIAX
- ✅ Are comfortable with a 2-star rating next to an 11.72% 10-year return and about $91.2 billion in assets
- ✅ Have compared the 1.05% yield with FSMAX's 0.51% for the account type you use
The Verdict: Match the Fund to the Brokerage
FSMAX vs VEXAX is a brokerage decision wearing a performance comparison. The annualized record is 11.70% versus 11.72% over 10 years, with volatility of 17.47 and 17.48. Cost favors FSMAX by 0.015 percentage points. Access favors FSMAX if you are investing less than $3,000. Scale favors VEXAX, at about $91.2 billion versus about $37.1 billion.
- At Fidelity: Use FSMAX. The $0 minimum and 0.035% expense ratio are available in the account, and FXAIX is the matching S&P 500 fund when you want a two-fund total market.
- At Vanguard: Use VEXAX, or VXF if you want the ETF share class of the extended-market portfolio. VFIAX is the matching S&P 500 fund. The $3,000 Admiral minimum applies to VEXAX.
- At another brokerage: Check the transaction fee on each mutual fund before you chase the 0.015 percentage point expense gap. A ticket charge can exceed years of that fee difference on a modest balance. VXF is the Vanguard ETF version of this exposure.
- In a taxable account: Weigh the yield difference, 0.51% versus 1.05%, because distributions are taxable as they are paid. Total returns in this refresh are still 11.70% and 11.72% over 10 years.
- Bottom line: Buy the completion fund from the family that already custodies the account. The published returns do not separate these two funds.
More context: Vanguard vs Fidelity, VFIAX vs FXAIX, and VFIAX vs VTSAX. Fund pages: FSMAX and VEXAX. Category: mid-cap blend.
Frequently Asked Questions
What is the difference between FSMAX and VEXAX?
FSMAX (Fidelity Extended Market Index Fund) and VEXAX (Vanguard Extended Market Index Fund Admiral Shares) are passive index funds that hold U.S. stocks outside the S&P 500, which means mid-cap and small-cap companies. FSMAX tracks the Dow Jones U.S. Completion Total Stock Market Index, charges a 0.035% expense ratio, has a $0 minimum, and has an inception date of 2011-09-07. VEXAX tracks the S&P Completion Index, charges 0.05%, has a $3,000 minimum, and the Admiral share class dates to 2001-12-26. Vanguard also offers VXF, the ETF share class of its extended-market portfolio. On this site both funds are grouped with mid-cap blend funds.
Have FSMAX and VEXAX returned the same amount?
Annualized returns, refreshed 2026-11-02, are very close. Over 1 year, FSMAX returned 10.37% and VEXAX returned 10.55%. Over 3 years, FSMAX returned 16.88% and VEXAX returned 16.93%. Over 5 years, FSMAX returned 6.04% and VEXAX returned 6.06%. Over 10 years, FSMAX returned 11.70% and VEXAX returned 11.72%. Volatility is 17.47 for FSMAX and 17.48 for VEXAX. Those gaps are too small to treat as a performance edge for either fund.
What is the expense ratio for FSMAX vs VEXAX?
FSMAX charges 0.035% per year. VEXAX charges 0.05% per year. The difference is 0.015 percentage points. On a $100,000 balance, that expense ratio costs about $35 a year for FSMAX and $50 a year for VEXAX. FSMAX has a $0 minimum. VEXAX Admiral Shares require $3,000. Morningstar rates FSMAX 3 stars and VEXAX 2 stars. Assets are about $37.1 billion for FSMAX and about $91.2 billion for VEXAX.
Can I pair FSMAX or VEXAX with an S&P 500 fund to get a total market portfolio?
Yes. Each fund holds U.S. stocks that are not in the S&P 500. Pairing FSMAX with a Fidelity S&P 500 fund such as FXAIX, or pairing VEXAX with a Vanguard S&P 500 fund such as VFIAX, puts the S&P 500 and the rest of the U.S. market in the same account. Held in proportion to each sleeve's weight in the total market, that pair recreates a total U.S. stock market portfolio. One total-market fund does the same job in a single holding. The VTSAX vs FSKAX and FXAIX vs FSKAX comparisons cover that one-fund choice.
Which should I choose based on my brokerage, and how do taxes compare?
Use the fund that trades in the account you already have. At Fidelity, FSMAX is the direct choice: a $0 minimum, a 0.035% expense ratio, and a natural pair with FXAIX. At Vanguard, VEXAX is the direct choice, and VXF is the ETF share class of the same extended-market portfolio. Check the transaction fee before buying the other company's mutual fund, because that fee is separate from the 0.015 percentage point expense gap. On taxes, both are index funds. Yield is 0.51% for FSMAX and 1.05% for VEXAX, so VEXAX distributes more income in a taxable account. Published total returns are still nearly the same, at 11.70% and 11.72% over 10 years, because yield is only one part of total return. Inside an IRA, Roth IRA, or 401(k), current taxes on those distributions do not apply.
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Disclaimer: This comparison is for informational purposes only and does not constitute investment advice. Past performance does not guarantee future results. Expense ratios, returns, and other fund data are subject to change. Always verify current data directly with Fidelity and Vanguard before investing. Consult a qualified financial advisor for personalized investment guidance.