FXAIX is Fidelity-only. Compare VFIAX (Vanguard), SWPPX (Schwab), and VOO — S&P 500 funds with comparable costs and no brokerage lock-in.
FXAIX — the Fidelity 500 Index Fund — is one of the lowest-cost S&P 500 funds in existence. But it's a Fidelity-only fund. If you invest at Vanguard, Schwab, or most other brokerages, FXAIX isn't available. The good news: there are excellent alternatives that track the same S&P 500 index, with comparable or lower costs.
| Category | Large Blend (S&P 500) |
| Expense Ratio | 0.015% |
| Minimum Investment | $0 |
| AUM | ~$560B |
| 10-Year Return | ~13.0% |
| Yield | ~1.4% |
| Fund Family | Fidelity |
1. Fidelity lock-in. FXAIX is only available at Fidelity. If your 401(k), IRA, or brokerage account is at Vanguard, Schwab, or another provider, you simply can't hold FXAIX. You need a fund that tracks the same index but isn't brokerage-restricted.
2. Portability matters for rollovers. If you leave a Fidelity 401(k) and roll it to a Vanguard IRA, your FXAIX shares must be sold and repurchased in a comparable fund. Having a non-Fidelity equivalent in mind before that happens saves time and potential tax headaches.
3. Alternatives have essentially the same performance. All S&P 500 index funds track the same 500 stocks. The differences in 10-year returns between FXAIX, VFIAX, and SWPPX are within a few basis points — driven almost entirely by expense ratios.
| Fund | Expense Ratio | Min Investment | 10yr Return | AUM | Best For |
|---|---|---|---|---|---|
| FXAIX | 0.015% | $0 | ~13.0% | ~$560B | Fidelity account holders |
| FZILX / FNILX | 0.00% | $0 | N/A (2018) | ~$30B | Fidelity, zero-fee priority |
| VFIAX | 0.04% | $3,000 | ~12.9% | ~$150B | Vanguard account holders |
| SWPPX | 0.02% | $0 | ~12.9% | ~$115B | Schwab account holders |
| VOO | 0.03% | $0 (ETF) | ~12.9% | ~$540B | Any brokerage, ETF preferred |
If you're staying at Fidelity but want to shave even the 0.015% FXAIX fee, FNILX (Fidelity ZERO Large Cap Index Fund) charges 0.00%. It tracks a proprietary Fidelity index of the 500 largest US companies — functionally equivalent to the S&P 500.
For investors who intend to stay at Fidelity long-term, FNILX is the lowest-cost way to own large-cap US stocks. The tracking difference vs the actual S&P 500 is negligible.
VFIAX (Vanguard 500 Index Fund Admiral Shares) is the most direct non-Fidelity alternative to FXAIX. Both track the S&P 500. The main differences: VFIAX charges 0.04% (vs 0.015% for FXAIX) and requires a $3,000 minimum.
For a $100,000 portfolio, the cost difference is $25/year ($15 FXAIX vs $40 VFIAX). Over 30 years that compounds modestly, but for most investors the brokerage relationship matters more than the fee delta. If you're at Vanguard, VFIAX is the right choice. See the full FXAIX vs VFIAX comparison for a deeper breakdown.
SWPPX (Schwab S&P 500 Index Fund) is Schwab's zero-minimum S&P 500 fund. It charges 0.02% — slightly more than FXAIX but lower than VFIAX, and no minimum investment.
If your account is at Schwab, SWPPX is the obvious choice. It's available commission-free, tracks the S&P 500, and has a 30-year track record. See the SWPPX vs FXAIX comparison for the full breakdown.
VOO (Vanguard S&P 500 ETF) is available at any brokerage as an ETF, charges 0.03%, and has no minimum investment beyond the share price. If portability across brokerages is the top priority, VOO is the most flexible option.
The tradeoff: ETFs trade intraday and can't be fractionally purchased at all brokerages, which makes systematic investing slightly less convenient than a mutual fund on automatic.
Stay at Fidelity? Keep FXAIX, or switch to FNILX for zero fees.
Moving to Vanguard? VFIAX is your equivalent. Note the $3,000 minimum.
At Schwab? SWPPX is the right fund. Cheaper than VFIAX, lower than VOO.
Want maximum portability? VOO works at any brokerage.
All four options track essentially the same 500 stocks. The differences in 10-year returns are within rounding error. Choose the fund available at your brokerage.
FXAIX is one of the best S&P 500 index funds available — but it's Fidelity-only. If you need to invest elsewhere, VFIAX (Vanguard), SWPPX (Schwab), and VOO (any brokerage) all give you the same S&P 500 exposure at very similar costs. For Fidelity investors who want to go even cheaper, FNILX is the zero-fee alternative.
Returns and AUM figures are approximate and sourced from fund data as of 2026. Past performance does not guarantee future results.
VFIAX requires a $3,000 minimum and locks you into Vanguard. Here are four alternatives that track the same S&P 500 index — some with zero fees, all with $0 minimums, available at any brokerage.
VTSAX requires a $3,000 minimum and locks you into Vanguard. Here are five alternatives that offer the same total US market exposure — some with zero fees, all with $0 minimums.
Comparing VFIFX, FIPFX, and SWYMX — the three best low-cost target-date 2050 funds from Vanguard, Fidelity, and Schwab. Same cost, same goal, but key differences in minimums, structure, and brokerage fit.
Dan Mahler holds an MBA and a Master of Science in Management and Leadership from Western Governors University and has been investing for over 10 years. He built CompareMutualFunds.com to give everyday investors a clear, jargon-free resource for comparing mutual funds. All content is reviewed for accuracy before publication; fund data is sourced from public financial filings and updated regularly.
Get fund comparisons, market insights, and investing guides — straight to your inbox.
