FSKAX vs ITOT
Fidelity Total Market Index Fund vs iShares Core S&P Total US Stock Market ETF
Which is better, FSKAX or ITOT?
Nearly the same fund. FSKAX costs less.
FSKAX has a lower expense ratio. FSKAX led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.99. FSKAX is less concentrated, with 33.4% of the fund in its ten largest positions against 34.6%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FSKAX | ITOT |
|---|---|---|
| Expense Ratio | 0.02%Best | 0.03% |
| AUM | $99.4B | $97.9B |
| Dividend Yield | 0.93% | 1.01% |
| Holdings | 3,773 | 2,502 |
| YTD Price Return | +14.26%Best | +12.21% |
| 1Y Price Return | +16.68%Best | +15.38% |
| 3Y Price Return (annualized) | +21.06%Best | +20.49% |
| 5Y Price Return (annualized) | +10.74%Best | +10.50% |
| Volatility (annualized) | 15.8%Tie | 15.8%Tie |
| Max Drawdown | -26.0%Best | -26.2% |
| $10,000 over 5 years | $16,654Best | $16,474 |
| Top 10 Weight | 33.4%Best | 34.6% |
| Fund Family | Fidelity Investments (US) | iShares by BlackRock (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 8, 2011 | Jan 20, 2004 |
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for FSKAX. Both funds are measured the same way, so the comparison holds. FSKAX yields 0.93% and ITOT 1.01% on top.
Volatility and max drawdown are measured over the window both funds cover: Oct 15, 2021 to Oct 13, 2026 (5 years).
FSKAX vs ITOT growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 5 years both funds cover. Prices exclude distributions, on both funds alike.
FSKAX vs ITOT Performance
Fidelity Total Market Index Fund (FSKAX) is a mutual fund from Fidelity Investments (US) and iShares Core S&P Total US Stock Market ETF (ITOT) is an ETF from iShares by BlackRock (US). Over the past year FSKAX returned +16.68% while ITOT returned +15.38%. Year to date, FSKAX is up 14.26% versus a gain of 12.21% for ITOT.
Over three years, FSKAX compounded at +21.06% per year against +20.49% for ITOT; over five years the annualized figures are +10.74% and +10.50% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FSKAX and ITOT have been equally volatile, both at 15.8% annualized.
The deepest peak-to-trough decline in our data was -26.0% for FSKAX and -26.2% for ITOT. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FSKAX charges 0.02% per year while ITOT charges 0.03%. On a $10,000 position that is $2 vs $3 annually, a gap of $1 per year that compounds over a long holding period. On income, FSKAX currently yields 0.93% against 1.01% for ITOT.
Structure and taxes
FSKAX is a mutual fund and ITOT is an ETF. A mutual fund prices once a day at net asset value and may carry a purchase minimum. An ETF trades through the day at whatever the market pays for it.
In a taxable account the difference that usually matters is distributions. An ETF can meet redemptions in kind, so it rarely has to sell holdings and rarely passes a capital gain to the people who held it; a mutual fund that sells holdings to meet redemptions can distribute a realised gain at year end to everyone still in the fund, whether or not they sold anything themselves. In a tax-deferred account that difference largely disappears. Both are descriptions of how the two wrappers work, not a recommendation.
Tax-loss harvesting works on either wrapper.
Holdings Overlap
98.1% of FSKAX's money is in holdings ITOT also owns. 97.1% of ITOT's money is in holdings FSKAX also owns.
Most of FSKAX is already inside ITOT. Owning both mostly buys the same companies twice.
The two holdings books were reported 62 days apart, FSKAX as of Jul 31, 2026 and ITOT as of Oct 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
1,881 positions in common, counted across the 2,497 positions we hold weights for in FSKAX and 2,433 in ITOT, against full books of 3,773 and 2,502.
What only one of them owns
Our book lists 52 positions for ITOT that do not appear in our book for FSKAX (0.8% of the fund), and 8 for FSKAX that do not appear in ITOT (0.3%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in FSKAX | Weight in ITOT | Difference |
|---|---|---|---|
| NVDANvidia Corp | 6.70% | 7.52% | 0.82% |
| AAPLApple, Inc | 6.25% | 6.49% | 0.24% |
| MSFTMicrosoft Corp | 4.76% | 5.12% | 0.36% |
| AMZNAmazon.Com Inc | 3.66% | 3.28% | 0.38% |
| GOOGLAlphabet Inc | 2.88% | 2.67% | 0.21% |
| AVGOBroadcom Inc | 2.54% | 2.20% | 0.34% |
| GOOGAlphabet Inc. C | 2.32% | 2.14% | 0.18% |
| METAMeta Platforms Inc | 1.69% | 2.15% | 0.46% |
| MUMicron Technology, Inc. | 1.28% | 1.67% | 0.39% |
| TSLATesla Inc | 1.21% | 1.34% | 0.13% |
98.1% of FSKAX is already inside ITOT.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FSKAX or ITOT?
FSKAX has an expense ratio of 0.02% while ITOT charges 0.03%. FSKAX is the cheaper option, by $1 a year on a $10,000 investment.
Which performed better, FSKAX or ITOT?
Over the past year FSKAX returned +16.68% vs +15.38% for ITOT, so FSKAX leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FSKAX or ITOT?
FSKAX and ITOT have been equally volatile, both at 15.8% annualized. Worst drawdown: FSKAX -26.0% vs ITOT -26.2%.
Should I hold both FSKAX and ITOT?
FSKAX and ITOT have a monthly-return correlation of 0.99, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between FSKAX and ITOT?
98.1% of FSKAX's money is in holdings ITOT also owns. 97.1% of ITOT's is in holdings FSKAX also owns. They hold 1,881 positions in common, counted across the 2,497 positions we hold weights for in FSKAX and 2,433 in ITOT.
Which pays a higher dividend, FSKAX or ITOT?
FSKAX yields 0.93% while ITOT yields 1.01%, so ITOT currently pays the higher dividend yield.
Is it better to hold FSKAX or ITOT in a taxable account?
ITOT is an ETF and FSKAX is a mutual fund. An ETF can meet redemptions in kind, so it rarely distributes a capital gain to the people holding it. A mutual fund that sells holdings to meet redemptions can pass a realised gain to every holder at year end. In a tax-deferred account that difference largely disappears. This is information, not a recommendation.
Is ITOT better than FSKAX?
FSKAX has a lower expense ratio. FSKAX led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.99. FSKAX is less concentrated, with 33.4% of the fund in its ten largest positions against 34.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.