Last verified April 2026
VTI vs VTSAX 2026: Same Stocks, Different Wrapper - Which to Pick and Why
These are literally the same fund in two wrappers. Vanguard's expired share-class patent let them share a portfolio. The choice between VTI and VTSAX is mostly cosmetic - a convenience preference, not a meaningful financial decision for most investors. Here's how to pick, and when it does matter.
The Literal-Same-Portfolio Point
Because of Vanguard's share-class structure (US Patent 6,879,964, expired May 2023), VTI and VTSAX investors share the same underlying assets. When you buy $1,000 of VTI, you own the same fractional slice of ~3,800 US stocks as someone who buys $1,000 of VTSAX. Pre-expense returns are identical. Capital gains distribution history is identical (zero for both, for 5+ years). In a taxable account, the tax treatment is the same. Read the full patent story.
What Each Fund Is
VTI (ETF)
Vanguard Total Stock Market ETF
- Expense ratio: 0.03%
- Trades on NYSE Arca intraday
- Minimum: price of 1 share (~$280-$300)
- Fractional: Yes, at most major brokers
- Recurring buy: Yes (Fidelity, Schwab, Vanguard, Robinhood, M1)
VTSAX (Admiral MF)
Vanguard Total Stock Market Index Fund Admiral
- Expense ratio: 0.04%
- Trades once daily at NAV close (4pm ET)
- Minimum: $3,000 at Vanguard
- Fractional: Always (dollar-divisible)
- Recurring buy: Yes (any dollar amount)
The Expense Ratio Difference: One Basis Point
VTI's 0.03% expense ratio is 1 basis point lower than VTSAX's 0.04%. Here's what that means in concrete dollar terms across different portfolio sizes:
| Portfolio size | VTSAX annual cost (0.04%) | VTI annual cost (0.03%) | Annual saving | 30yr compounded saving* |
|---|---|---|---|---|
| $10,000 | $4.00 | $3.00 | $1.00 | $67 |
| $50,000 | $20.00 | $15.00 | $5.00 | $335 |
| $100,000 | $40.00 | $30.00 | $10.00 | $670 |
| $500,000 | $200.00 | $150.00 | $50.00 | $3,350 |
| $1,000,000 | $400.00 | $300.00 | $100.00 | $6,700 |
*30yr compounded saving assumes 7% annual nominal return on the 1 bp difference, starting from the initial portfolio size. Real outcomes depend on returns, contributions, and compounding. The difference is real but small.
Full Feature Comparison
| Feature | VTI (ETF) | VTSAX (MF) |
|---|---|---|
| Expense ratio | 0.03% | 0.04% |
| Trading | Intraday (9:30am-4pm ET) | Once daily at NAV close |
| Minimum investment | 1 share (~$280-$300) | $3,000 at Vanguard |
| Fractional shares | Yes at most brokers | Yes (always dollar-divisible) |
| Auto-invest exact $ | Yes at Fidelity/Schwab/M1/Robinhood; yes at Vanguard (since 2023) | Yes (always) |
| DRIP | Yes | Yes (automatic) |
| Bid-ask spread | ~1 basis point | None |
| Premium/discount to NAV | Trivial (<5 bps typically) | None (priced at NAV) |
| Available at non-Vanguard brokers | Everywhere | Most major brokers |
| 401(k) availability | Rare (brokerage window only) | Common in Vanguard-affiliated plans |
| Tax efficiency (taxable account) | Identical to VTSAX (patent parity) | Identical to VTI (patent parity) |
| Capital gains distributions (2020-2024) | Zero | Zero |
| Same underlying portfolio? | Yes | Yes |
| Tax-free conversion available? | Not to VTSAX (one-way) | Yes, to VTI at Vanguard |
How to Pick: Decision Framework by Brokerage
Vanguard brokerage account
Either. Completely equivalent tax outcome. Pick VTSAX if you like dollar-amount auto-invest (easier mental model: '$500/month'). Pick VTI if you want a ticker you can follow, intraday prices, or eventual portability to another broker.
Fidelity
Either works. VTI is natively available at zero commission; VTSAX is available but may incur a small transaction fee ($0-$75 depending on account type). Recurring-buy plans for VTI are fully supported. FXAIX at 0.015% is even cheaper than both for Fidelity customers who want an S&P 500 fund.
Schwab
Either works. VTI at zero commission; VTSAX may have a small transaction fee. Schwab's own SCHB at 0.03% tracks the total US market and is commission-free at Schwab. All three are acceptable choices.
Robinhood / Public / M1 / SoFi
VTI only. These platforms don't offer Vanguard mutual funds. All support fractional ETF purchases, so the $3,000 minimum is not a constraint.
Small account (under $3,000)
VTI at any brokerage that supports fractional shares (Fidelity: $1 minimum; Schwab: $5; Robinhood: $1; M1: $1). VTSAX requires $3,000 minimum at Vanguard.
401(k) plan
Check your plan menu. If VTSAX is offered, use it. If VTI is offered (rare), use it. Either will perform identically. Pick the lower-ER option if both are available.
VTI vs VOO: When People Ask About Both
The VTI vs VTSAX question often comes with a follow-up: "Should I use VTI or VOO?" This is a different question. VTI holds approximately 3,800 stocks (total US market: large, mid, and small cap). VOO holds approximately 500 stocks (S&P 500: large cap only). The comparison is about scope of market exposure, not wrapper type.
- + VTI gives exposure to mid and small-cap US companies. Over very long periods, small-cap stocks have historically provided higher expected returns (at higher volatility) than large-cap alone.
- + VOO concentrates in the 500 largest companies. During periods of mega-cap outperformance (2010-2023), VOO slightly outperformed VTI. The reverse may be true in other periods.
- - Neither is universally superior. Both are excellent long-term holdings. Many Boglehead-philosophy investors choose VTI for broader diversification.
See our VOO vs VFIAX page for the S&P 500 pair comparison.
The Tax-Free Conversion: VTSAX to VTI
One unique advantage of the Vanguard share-class structure: you can convert VTSAX shares to VTI shares at Vanguard without triggering a taxable event. This is not a sale - it's a share-class exchange, and the IRS treats it as such (it is explicitly permitted by the same SEC exemption that allows the dual structure).
To execute: contact Vanguard investor services, or navigate to the conversion option in your Vanguard account online. The conversion is one-way: VTSAX to VTI is permitted; VTI to VTSAX is not. After conversion, your VTI shares carry over the same cost basis and holding period as your VTSAX shares, so the conversion does not restart any holding period for capital gains purposes.
Who should consider converting: An investor who accumulated VTSAX over many years and now wants ETF portability (to transfer to Fidelity or Schwab cleanly), or who simply prefers the intraday liquidity of the ETF wrapper. Since there is no tax cost, there is no financial downside to converting.
VTI vs VTSAX FAQ
Are VTI and VTSAX literally the same fund?+
Yes. VTI is the ETF share class and VTSAX is the Admiral mutual fund share class of the same Vanguard Total Stock Market Index Fund. Both track the CRSP US Total Market Index (approximately 3,800 stocks). Because of Vanguard's expired patent-era share-class structure, both literally share the same underlying portfolio. Pre-expense returns are identical.
Should I buy VTI or VTSAX in a Roth IRA?+
Inside a Roth IRA, the tax-efficiency difference is irrelevant (you're not taxed on distributions in a Roth). Pick based on convenience. At Vanguard: either. VTSAX if you like dollar-amount auto-invest (e.g., $500/month automatically); VTI if you like seeing a ticker and prefer intraday flexibility. At Fidelity or Schwab: VTI is available natively; VTSAX may incur a small transaction fee at some brokers. Either will produce the same long-term return net of the 1 basis point ER difference.
Can I convert VTSAX to VTI tax-free?+
Yes, at Vanguard. This is treated as a share-class exchange (not a sale) and is non-taxable. Contact Vanguard's investor services or do it through your online account at Vanguard.com. The conversion is one-way only: you can convert VTSAX to VTI, but not VTI back to VTSAX. This works specifically at Vanguard because the two are share classes of the same underlying fund.
Which has a lower expense ratio - VTI or VTSAX?+
VTI at 0.03% vs VTSAX at 0.04% - a difference of 1 basis point (0.01%). On $100,000 invested, this is $10 per year. Over 30 years at 7% nominal returns, the compound difference is roughly $670 in favour of VTI. Real but tiny. Don't choose a fund based on this 1 bp alone; convenience, brokerage availability, and minimum requirements are more material.
Does VTSAX or VTI hold more stocks?+
Both hold the same stocks - approximately 3,800 companies representing essentially the entire investable US equity market (CRSP US Total Market Index). The two share classes hold the same proportions of every holding. There is no difference in diversification, sector exposure, or market-cap weighting between VTI and VTSAX.
What about VTI vs VOO?+
VTI holds the total US market (~3,800 stocks: large, mid, and small cap). VOO holds only the S&P 500 (~500 large-cap stocks). VTI gives more exposure to mid and small-cap companies. Over long periods, both have performed similarly, but VTI's small-cap exposure can diverge meaningfully from VOO in any given year. Both are excellent. VTI gives broader diversification; VOO concentrates in the 500 largest US companies. Neither is universally superior.