VTSAX vs FSKAX: Which Total Market Fund Is Better? (2026)
Both VTSAX and FSKAX are total U.S. stock market index funds offering broad diversification at rock-bottom cost. This comparison breaks down the key differences in expense ratios, performance, holdings, tax efficiency, and minimums — so you can pick the right one for your portfolio.
VTSAX vs FSKAX: Quick Comparison
| Metric | VTSAX | FSKAX |
|---|---|---|
| Fund Family | Vanguard | Fidelity |
| Expense Ratio | 0.04% | 0.015% |
| Minimum Investment | $3,000 | $0 |
| Index Tracked | CRSP U.S. Total Market | Dow Jones U.S. Total Stock Market |
| Number of Holdings | ~3,640 | ~3,532 |
| 10-Year Annualized Return | 15.41% | 15.38% |
| Correlation | 1.00 (near-perfect) | |
| Tax Efficiency | Slightly Higher | High |
Overview
VTSAX and FSKAX are among the most popular mutual funds in the United States, and for good reason. Both are low-cost total U.S. stock market index funds that give investors exposure to thousands of American companies — from large-cap giants like Apple and Microsoft down to small-cap stocks. They're widely held in 401(k)s, IRAs, and taxable brokerage accounts.
VTSAX is offered by Vanguard, the company that pioneered index investing, while FSKAX comes from Fidelity, one of the largest asset managers in the world. Both funds are passively managed, meaning they simply aim to replicate their respective benchmark index — no active stock picking involved.
The core question most investors face: does the fund family matter? The short answer is: not much. But there are real differences worth understanding, especially around minimums, tax efficiency, and which brokerage you already use.
Expense Ratios
FSKAX has a slight edge here with an expense ratio of 0.015% compared to VTSAX's 0.04%. Both are extraordinarily cheap — for every $10,000 invested, FSKAX costs $1.50/year and VTSAX costs $4.00/year.
While FSKAX is technically "cheaper," the real-world impact is negligible. On a $100,000 portfolio, the annual difference is just $25. Both expense ratios are well below the industry average of ~0.50% for equity mutual funds.
Historical Returns
Performance between VTSAX and FSKAX is remarkably close — as you'd expect from two funds tracking very similar universes of U.S. stocks.
| Time Period | VTSAX | FSKAX |
|---|---|---|
| 1-Year Return | ~23% | ~23% |
| 5-Year Annualized | ~16% | ~16% |
| 10-Year Annualized | 15.41% | 15.38% |
The 10-year difference of 0.03% is statistically meaningless. These two funds move in near-perfect lockstep (correlation of 1.00).
Tax Efficiency
If you're investing in a taxable brokerage account, tax efficiency matters. VTSAX has a meaningful advantage here thanks to Vanguard's patented ETF share class structure. The result: VTSAX has not distributed capital gains since 2000.
FSKAX is also tax-efficient compared to most mutual funds, but cannot match VTSAX's track record. If you're investing in a tax-advantaged account (401k, IRA, Roth IRA), this difference doesn't matter at all.
Minimum Investment Requirements
FSKAX has a $0 minimum investment, making it accessible to investors of any account size. VTSAX requires a $3,000 minimum investment.
If you're just starting out and don't have $3,000 ready to invest, FSKAX is the obvious choice.
VTSAX vs FSKAX: Which Should You Choose?
Choose VTSAX if you…
- ✅ Already have a Vanguard account
- ✅ Invest in a taxable brokerage account and care about tax efficiency
- ✅ Have $3,000+ to invest and prefer Vanguard's investor-owned structure
Choose FSKAX if you…
- ✅ Already have a Fidelity account
- ✅ Are starting with less than $3,000
- ✅ Want the absolute lowest expense ratio
- ✅ Invest in a tax-advantaged account (IRA, 401k, Roth IRA)
The most important rule: buy the fund at the brokerage where you already have an account.
Frequently Asked Questions
What is the difference between VTSAX and FSKAX?
VTSAX tracks the CRSP U.S. Total Market Index (Vanguard) while FSKAX tracks the Dow Jones U.S. Total Stock Market Index (Fidelity). FSKAX has a slightly lower expense ratio (0.015% vs 0.04%) and no minimum investment, while VTSAX requires $3,000 and is slightly more tax-efficient in taxable accounts.
Which has better returns: VTSAX or FSKAX?
Returns are nearly identical — VTSAX returned ~15.41% annualized over 10 years vs FSKAX's ~15.38%. The two funds have a correlation of 1.00. Don't choose based on past returns.
Is VTSAX or FSKAX more tax efficient?
VTSAX has a slight advantage for taxable accounts due to Vanguard's ETF share class structure. VTSAX has not distributed capital gains since 2000. For tax-advantaged accounts (IRA, 401k), this difference doesn't matter.
Can I buy FSKAX at Vanguard or VTSAX at Fidelity?
You may be able to, but you'll likely pay a transaction fee. The practical advice: buy the fund at the brokerage where you already have your account.
What is the minimum investment for VTSAX vs FSKAX?
FSKAX has a $0 minimum. VTSAX requires a $3,000 minimum. This makes FSKAX more accessible for new investors just starting out.
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