FXAIX vs VOO: Which Should You Buy?
About 95% the same holdings.
For most investors it barely matters. FXAIX and VOO have returned effectively the same amount per year and overlap about 95% by weight. Pick VOO for the tighter 505-holding portfolio; pick FXAIX to own 507 instead.
This is purely for informational purposes, not investment advice. Always consult a professional before making investment decisions.
FXAIX wins if...
You want maximum diversification: 507 holdings covering the broader market.
VOO wins if...
You want the tighter portfolio: 505 holdings rather than 507, tracking the Standard & Poor's 500 Index.
FXAIX vs VOO, side by side
The numbers that actually differ are highlighted.
| Metric | FXAIXFidelity 500 Index Fund | VOOVanguard S&P 500 ETF |
|---|---|---|
| Index tracked | — | Standard & Poor's 500 Index |
| Number of holdings | 507 | 505 |
| Expense ratio | — | 0.03% |
| Dividend yield | 1.04% | 1.05% |
| AUM | — | $1.80T |
| Top 10 concentration | 37.6% | 37.8% |
| 10-yr total return | 15.5% | 15.4% |
| 5-yr total return | 13.5% | 13.5% |
| Beta (vs S&P 500) | 1.00 | 1.01 |
| Max drawdown (10yr) | -33.8% | -34.0% |
| Market-cap coverage | Large cap | Large cap |
| Inception | 2011 | 2010 |
— means the figure is not reported for that fund.
VOO holds 505 positions tracking the Standard & Poor's 500 Index. FXAIX holds 507, a broader slice of the same market.
How much do FXAIX and VOO overlap?
The single most decision-relevant fact, and the one most comparisons skip.
- Shared
- 94.5%
- VOO-only
- 5.5%
~95% identical by weight
473 weighted positions appear in both funds, and by weight about 95% of the two portfolios is the same exposure. Where a stock sits in both, the shared share is whichever weight is smaller. That is the part of a dollar that behaves identically in either fund.
The difference is FXAIX's remaining 2 positions, which VOO does not hold at all. They are smaller by weight, which is why the two track each other closely and drift apart only at the margins.
Growth of $10,000: FXAIX vs VOO
Growth of $10,000
10 years
Which should you choose?
- You want the wider net: 507 holdings against 505
- You want concentrated exposure: 505 holdings, not 507
- You want to track the Standard & Poor's 500 Index
- You want the higher yield: 1.05% against 1.04%
Compare and track all ETFs in your sheet
Type =WISE("FXAIX","dividend yield","ttm") or =WISEFUNDS("FXAIX","expense ratio") in Excel or Google Sheets and the fund's data lands in your sheet, ready to be refreshed when you want.
Get The Add-in - FreeFXAIX vs VOO frequently asked questions
For most investors the choice barely matters: FXAIX and VOO have returned effectively the same amount per year and they overlap roughly 95% by weight. Compare the fee and the holdings count below and pick the one that matches how broad you want the exposure to be.
VOO holds 505 positions tracking the Standard & Poor's 500 Index. FXAIX holds 507, a broader slice of the same market.
Yes, by about 95% by weight. 473 weighted positions appear in both funds. Because the largest positions dominate both portfolios, the two behave similarly day to day.
You can, but there is little reason to. At about 95% overlap, owning both mostly duplicates the same positions and adds little diversification.