Last verified April 2026
Index Fund and ETF Expense Ratios 2026: The Real Numbers
Expense ratio is the most reliable predictor of long-term fund performance. Every dollar paid in fees is a dollar not compounding for you. Here are the 2026 expense ratios for every major index fund and ETF you're likely to consider, organised by asset class and fund family. All figures from April 2026 fund prospectuses.
What an expense ratio actually is
An annual percentage of assets deducted daily from the fund's NAV. On $100,000 at 0.03% ER, the fund costs $30/year - you never see it deducted; it's taken from the fund's returns before they're reported. On 0.75% ER, $750/year. Over 30 years at 7% nominal returns, the compound cost difference between a 0.75% ER fund and a 0.03% ER fund is roughly 18% of terminal wealth on a $100,000 start.
Broad-Market US Equity
| Fund | Ticker | ER | Wrapper | Broker availability | Notes |
|---|---|---|---|---|---|
| Fidelity ZERO Total Market | FZROX | 0.00% | MF | Fidelity ONLY | Not transferable |
| Fidelity ZERO Large Cap | FNILX | 0.00% | MF | Fidelity ONLY | Not transferable |
| Fidelity Total Market Index | FSKAX | 0.015% | MF | Fidelity + most | |
| Fidelity 500 Index | FXAIX | 0.015% | MF | Fidelity + most | |
| Schwab S&P 500 Index | SWPPX | 0.02% | MF | Schwab + most | |
| Schwab Total Stock Market | SWTSX | 0.03% | MF | Schwab + most | |
| Vanguard S&P 500 ETF | VOO | 0.03% | ETF | Anywhere | |
| Vanguard Total Stock Market ETF | VTI | 0.03% | ETF | Anywhere | |
| iShares Core S&P 500 | IVV | 0.03% | ETF | Anywhere | |
| Schwab US Broad Market ETF | SCHB | 0.03% | ETF | Anywhere | |
| iShares Core S&P Total Market | ITOT | 0.03% | ETF | Anywhere | |
| Vanguard S&P 500 Admiral | VFIAX | 0.04% | MF | Vanguard + most | $3,000 min |
| Vanguard Total Stock Market Admiral | VTSAX | 0.04% | MF | Vanguard + most | $3,000 min |
| SPDR S&P 500 ETF Trust | SPY | 0.0945% | ETF (UIT) | Anywhere | No internal dividend reinvest |
Broad-Market International Equity
| Fund | Ticker | ER | Wrapper | Coverage |
|---|---|---|---|---|
| SPDR Portfolio Developed World ex-US ETF | SPDW | 0.03% | ETF | Developed ex-US |
| Vanguard FTSE Developed Markets ETF | VEA | 0.05% | ETF | Developed ex-US |
| Fidelity Total International Index | FTIHX | 0.06% | MF | Total International |
| Schwab International Index ETF | SCHF | 0.06% | ETF | Developed ex-US |
| iShares Core MSCI EAFE | IEFA | 0.07% | ETF | Developed ex-US |
| Vanguard Total International Stock ETF | VXUS | 0.08% | ETF | Total International |
| iShares Core MSCI Total Intl Stock | IXUS | 0.07% | ETF | Total International |
| Vanguard Total International Admiral | VTIAX | 0.12% | MF | Total International ($3k min) |
Broad-Market US Bonds
| Fund | Ticker | ER | Wrapper |
|---|---|---|---|
| Fidelity US Bond Index Fund | FXNAX | 0.025% | MF |
| iShares Core US Aggregate Bond | AGG | 0.03% | ETF |
| Vanguard Total Bond Market ETF | BND | 0.03% | ETF |
| Schwab US Aggregate Bond ETF | SCHZ | 0.03% | ETF |
| SPDR Portfolio Aggregate Bond | SPAB | 0.03% | ETF |
| Schwab US Aggregate Bond Index Fund | SWAGX | 0.04% | MF |
| Vanguard Total Bond Market Admiral | VBTLX | 0.05% | MF |
Source: Fund prospectuses, fund family websites, SEC N-1A filings (April 2026). Verify current ERs before investing.
The Fidelity ZERO Caveat
FZROX, FNILX, FZIPX, and FZILX all have 0.00% expense ratios - the theoretical minimum. They are the cheapest funds you can own. But they exist only at Fidelity and cannot be transferred to another brokerage. To move to Vanguard or Schwab, you must sell (triggering a taxable capital gain in a taxable account) and repurchase something portable.
The saving vs FXAIX (0.015%) is 1.5 basis points - on $100,000 that's $15/year. The saving vs VOO (0.03%) is 3 basis points - $30/year on $100,000. These are tiny numbers. Weigh them against the real option value of brokerage flexibility. Most investors who are even slightly uncertain about staying at Fidelity forever should prefer FXAIX, not the ZERO funds.
The One-Basis-Point Myth
VTI (0.03%), VTSAX (0.04%), SCHB (0.03%), IVV (0.03%), and ITOT (0.03%) are all within 1 basis point of each other. On $1 million invested, the difference between the cheapest and most expensive of these is $100/year. On $100,000, it's $10/year. Do not agonise over 1 basis point differences when choosing between these funds. Consistency of contribution, asset allocation, and tax-efficient account placement will have a far larger impact on your outcome than choosing VTI over SCHB.
Where ER Actually Matters
ER comparisons matter most when the differences are 10+ basis points:
- ! Actively managed mutual funds (typically 0.50%-1.50% vs 0.03-0.05% for index funds)
- ! Sector ETFs and thematic ETFs (often 0.20%-0.75%)
- ! Niche or illiquid markets (frontier markets, specific commodities, leveraged funds)
- ! Target-date fund glide paths inside 401(k) plans (vary widely from 0.10% to 0.80%)