Not all index funds are created equal
footnote1U.S. domiciled, as of April 2020.
footnote2Vanguard average expense ratio: 0.07%. Industry average expense ratio: 0.20%. All averages are for index mutual funds and ETFs and are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2020.
footnote3For the 10-year period ended June 30, 2020, 26 of 34 Vanguard bond index funds, 16 of 17 Vanguard balanced index funds, and 85 of 103 Vanguard stock index funds—for a total of 127 of 154 Vanguard index funds—outperformed their Lipper peer-group averages. Results will vary for other time periods. Only index mutual funds and ETFs with a minimum 10-year history were included in the comparison. Source: Lipper, a Thomson Reuters Company. The competitive performance data shown represent past performance, which is not a guarantee of future results.View fund performance
You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). See the Vanguard Brokerage Services commission and fee schedules for full details. Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.
All investing is subject to risk, including the possible loss of the money you invest. Diversification does not ensure a profit or protect against a loss. There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income.
Bond funds are subject to the risk that an issuer will fail to make payments on time and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to make payments. Investments in stocks or bonds issued by non-U.S. companies are subject to risks including country/regional risk and currency risk. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility.
Investments in Target Retirement Funds are subject to the risks of their underlying funds. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in a Target Retirement Fund is not guaranteed at any time, including on or after its target date.
The 7 Best Vanguard Index Funds for 2021
Almost any year could be a good year to consider holding Vanguard index funds. 2021 is likely to be no exception to this wisdom.
Last year taught investors that it's never wise to make broad predictions about capital markets and the broader economy – at least not without a backup plan. COVID wrecked just about every prediction out there, and some outside shock could do the same in 2021.
Even if it doesn't, the promise of a post-COVID 2021 could be disrupted by things we simply don't know: the timing of an economic recovery, and the degree, are both complete unknowns. All we know is that a few companies are distributing vaccines. But what percentage of the population will embrace them? Just how much of a shot in the arm to the economy will these vaccines bring? When will consumer activity return to 2019 levels? Not even the best of active portfolio managers knows the answers to these questions.
This is where Vanguard index funds come into play.
By taking the passive management route from any fund provider, investors can remove manager risk, diversify by tracking a broad market index, and potentially outperform the category averages. And when you invest in Vanguard specifically, chances are you're getting that passive exposure at a dirt-cheap rate.
In no particular order, here are seven of the best Vanguard index funds for investors seeking core holdings in 2021. And good news if you prefer exchange-traded funds: All but one of these come in an ETF wrapper, too.
Returns and data are as of Jan. 24, unless otherwise noted, and are gathered for the share class with the lowest required minimum initial investment – typically the investor share class or A share class. Yields represent the trailing 12-month yield, which is a standard measure for equity funds.
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Vanguard Value Index Admiral
- Category: Large value
- Assets under management: $63.7 billion
- Dividend yield: 2.6%
- Expenses: 0.05%, or $5 for every $10,000 invested
Vanguard Value Index Admiral (VVIAX, $47.51) is a low-cost fund that plays on what's expected to be one of the big themes of 2021: value stocks.
It's an understatement to say we're in unusual times. Nonetheless, investors can assume that the 2021 stock market will eventually follow some of the usual hallmarks of a market recovery. One such hallmark is that early-phase business cycle stocks – such as the large-cap value stocks that VVIAX holds – could outperform growth after a long drought.
"Investors should also favor value stocks over growth stocks," says BCA Research. "Commodity producers are overrepresented in value indices, while banks will benefit from steeper yield curves."
Indeed, financials are the largest part of Vanguard Value Index's holdings at nearly 20% of the portfolio. Healthcare, a smart play for offense and defense alike, is second at 19%, followed by industrials at 13%. Top holdings at the moment include Berkshire Hathaway (BRK.B), Johnson & Johnson (JNJ) and JPMorgan Chase (JPM).
And like most Vanguard index funds, VVIAX charges a pittance of 0.05% annually.
Note: This fund also is available as an ETF – the Vanguard Value ETF (VTV), which charges 0.04% annually.
Learn more about VVIAX at the Vanguard provider site.
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Vanguard Extended Market Index Admiral
- Category: Mid-cap blend
- Assets under management: $95.8 billion
- Dividend yield: 0.88%
- Expenses: 0.06%
Investors looking for a little more "oomph" in their portfolio might want to consider Vanguard Extended Market Index Admiral (VEXAX, $133.85), which invests primarily in mid-cap stocks, as well as some small caps.
Large-caps tend to lag behind stocks of smaller capitalization during economy recoveries. Although the coronavirus recession certainly hasn't been a garden-variety one, a rebounding U.S. economy still stands to benefit smaller firms as it would have in past recoveries. And VEXAX is one of the best Vanguard index funds to reap these rewards.
VEXAX tracks the S&P Completion Index, which consists of about 3,000 U.S. mid- and small-cap stocks. The fund is considered to be a complement to an S&P 500 Index fund because it covers stocks with smaller capitalizations than those in the blue-chip index. That's how you get the "Completion" moniker.
Vanguard Extended Market Index is decidedly growth-focused, with a quarter of assets plowed into technology stocks, and another 11% in consumer discretionary. But you also get a healthy chunk of healthcare (16%), industrials (13%) and financials (13%). Top holdings include the likes of Zoom Video Communications (ZM), Square (SQ) and Uber Technologies (UBER).
Note: This fund also is available as an ETF – the Vanguard Extended Market ETF (VXF), which charges 0.06% annually.
Learn more about VEXAX at the Vanguard provider site.
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Vanguard Emerging Markets Stock Index Admiral
- Category: Diversified emerging markets
- Assets under management: $101.4 billion
- Dividend yield: 1.9%
- Expenses: 0.14%
Vanguard Emerging Markets Stock IndexAdmiral (VEMAX, $44.78) could outperform U.S. stock index funds in 2021, if early-year GDP forecasts hold true.
JPMorgan, for instance, is looking at a rebound in emerging markets GDP growth to 7.3% in 2021, versus 5.5% for the U.S. A low-cost index fund like VEMAX can be a smart way to take advantage of this potential opportunity.
"We are upgrading our Emerging Market Equities guidance from neutral to favorable," says the Wells Fargo Investment Institute. "We expect a broader trade recovery, a weakening U.S. dollar, higher commodity prices, and the COVID-19 vaccine to provide tailwinds for emerging market equities over the next 12 months."
VEMAX holds more than 5,000 emerging markets stocks from dozens of countries – primarily China (43%), but also Taiwan (17%), India (11%), Brazil (6%) and others. Top holdings such as Taiwan Semiconductor (TSM), Alibaba (BABA) and Tencent Holdings (TCEHY) aren't necessarily household American consumer names, but they're still well-known to many investors at this point
Emerging markets, with all of their growth potential, have still had a hard time competing with U.S. stocks in most years. But now might be a good time to add this kind of diversification to your portfolio, with EMs poised to briskly snap back.
Note: This fund also is available as an ETF – the Vanguard FTSE Emerging Markets (VWO), which charges 0.10% annually.
Learn more about VEMAX at the Vanguard provider site.
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Vanguard Real Estate Index Admiral
- Category: Real estate
- Assets under management: $60.6 billion
- Dividend yield: 3.9%
- Expenses: 0.12%
Vanguard Real Estate Index Admiral (VGSLX, $121.58) had a rough 2020 that saw it lose 5% while the broader market ramped up by 18%.
But it should have an easier path in 2021.
A positive outlook for economic growth, coupled with historically low interest rates, bodes well for the real estate sector in 2021. For example, battered commercial real estate companies should be able to borrow at low rates and collect rents more reliably this year compared to last year.
Another aspect of the real estate sector that may look good to some investors is that the yields on real estate investment trusts (REITs), at 3% to 4%, are generally good and especially attractive compared to the low yields on the S&P 500 index, at around 1.6%.
The VGSLX portfolio is a basket of REITs that invest in various types of real estate, from office buildings to hotels to strip malls to self-storage units, and a lot more in between. To give you an idea, top holdings include the likes of telecommunication infrastructure REIT American Tower (AMT), logistics specialist Prologis (PLD) and data center play Equinix (EQIX).
While investors wait for a recovery in these shares, they'll be paid a handsome yield of nearly 4%. Little of that will be eaten up by expenses; Vanguard offers one of the cheapest real estate index funds around at 0.12%.
Note: This fund also is available as an ETF – the Vanguard Real Estate ETF (VNQ), which charges 0.12% annually.
Learn more about VGSLX at the Vanguard provider site.
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Vanguard 500 Index Admiral
- Category: Large Blend
- Assets under management: $636.9 billion
- Dividend yield: 1.5%
- Expenses: 0.04%
Vanguard 500 Index Admiral (VFIAX, $354.73) should be one of the best Vanguard index funds for 2021, 2022 and every year after for the plainest of reasons: It's cheap. It's passively managed. It's diversified. And it's invested in U.S. stocks.
Looking back at the volatile, unprecedented market action of 2020, one might assume that it was a year for stock pickers, especially after the pandemic hit the U.S. markets in late February. But VFIAX finished the year ahead of 56% of other large blend funds. More impressive is the long-term track record, with VFIAX's 10-year return besting 68% of category peers.
The VFIAX is invested in 500 mostly U.S. large caps, but other than that, its makeup will shift depending on how the S&P 500 changes over time. At the moment, it's heavily weighted in information technology stocks (28%) such as Apple (AAPL) and Microsoft (MSFT), with large weightings in healthcare (14%) and consumer discretionary (13%) – that latter sector is bolstered by large slugs of Amazon.com (AMZN) and Tesla (TSLA).
Note: This fund also is available as an ETF – the Vanguard S&P 500 ETF (VOO), which charges 0.03% annually.
Learn more about VFIAX at the Vanguard provider site.
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Vanguard Balanced Index Admiral
- Category: Moderate allocation
- Assets under management: $51.9 billion
- SEC yield: 1.2%*
- Expenses: 0.07%
Vanguard Balanced Index Admiral (VBIAX, $45.06) might find its best purpose in 2021 as a diversified core holding for investors who are concerned about market volatility and long-lasting pandemic fallout.
Since VBIAX is a moderate allocation fund, typically investing in a roughly 60/40 split of stocks and bonds, investors won't likely log in top performance for any one-year period. This fund simply doesn't operate at a breakneck pace.
But if you want to get average returns that significantly outpace inflation, while taking a moderate level of market risk, VBIAX is a smart holding in the short term and in the long run.
Performance history helps to tell the story for Vanguard Balanced. In a volatile year like 2020, when the S&P 500 ended 18.4% higher for the year, VBIAX was up 16.4%. These returns are not significantly different, but when you can still get strong performance with less risk, you have a smart holding.
You can't get much more diversified than VBIAX. This Vanguard index fund invests in roughly 3,400 stocks and another 8,500 bonds. The stock portion is primarily large-cap blend, while the bond portion is mostly medium-maturity, highly rated debt.
* SEC yields reflect the interest earned after deducting fund expenses for the most recent 30-day period and are a standard measure for bond and preferred-stock funds.
Learn more about VBIAX at the Vanguard provider site.
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Vanguard Total Bond Market Index Admiral
- Category: Intermediate-term bond
- Assets under management: $303.2 billion
- SEC yield: 1.1%
- Expenses: 0.05%
Vanguard Total Bond Market Index (VBTLX, $11.51) likely won't be a top performer in 2021. As we've written previously, bond funds have their work cut out for them.
But it still ranks among the best Vanguard index funds to hold in the fixed-income space right now.
VBTLX is a nearly 10,000-holding portfolio of U.S. investment-grade debt. It provides exposure to Treasuries, investment-grade corporates, government mortgage-backed securities and more.
Vanguard investors understand the wisdom of passive investing, and VBTLX could confirm this wisdom in 2021. In a year where uncertainty could hang over capital markets, having a broadly diversified bond index fund to fade that uncertainty seems wise.
One known factor affecting the markets in 2021 is the commitment by the Federal Reserve to maintain its low-interest-rate policy through 2023. Since interest rates aren't likely to go much higher, then, a mix of bonds that average intermediate terms in maturity can be smarter than long- or short-term bonds.
In short, VBTLX should be a decent store of safety and provide modest performance in the fixed-income space.
Note: This fund also is available as an ETF – the Vanguard Total Bond Market ETF (BND), which charges 0.035% annually.
Learn more about VBTLX at the Vanguard provider site.
Kent Thune did not hold positions in any of these bond funds as of this writing. This article is for information purposes only, thus under no circumstances does this information represent a specific recommendation to buy or sell securities.
How To Invest In Vanguard Index Funds
Investing in index funds is a great way to diversify your portfolio and reduce fees to a minimum. Vanguard index funds are a popular option: There are more than 60 Vanguard index mutual funds that track a wide variety of domestic and international stock and bond indexes. Here’s what you need to know about Vanguard index funds and how to choose the right fund for your portfolio.
What Are Vanguard Index Funds?
When you buy shares of a Vanguard index fund, your money is invested in a diversified portfolio of assets that track an underlying market index. Vanguard founder Jack Bogle invented the index fund when it launched the Vanguard 500 (VFINX) in 1976.
With over 40 years of experience, Vanguard’s funds have delivered consistent long-term returns—according to the company, 84% of its index funds have performed better than their peer-group averages over the past decade.
An index fund is a type of mutual fund that aims to match the performance of a specific market benchmark or index as closely as possible, such as the S&P 500, an equity index tracks 500 of the leading publicly held U.S. companies. Other major indexes include the Dow Jones Industrial Average (DJIA), the Nasdaq Composite and the Wilshire 5000.
There are indexes for nearly every market and every asset class. Vanguard index funds buy all of the stocks or bonds—or a representative sample—that are included in the index it aims to track.
There is always a level of risk involved with Vanguard index funds: Risk corresponds to the stock or bond market the index fund tracks. For example, a Vanguard index fund that tracks stocks will generally be riskier than one that tracks investment-grade bonds.
How Do Vanguard Index Funds Work?
When you invest in a Vanguard index fund, you’re investing in hundreds or even thousands of securities at once. If some securities perform poorly, the other investments held by the Vanguard index fund can help mitigate the risk, protecting your investment. Index funds provide instant diversification and low costs, without having to put in a ton of work yourself.
Vanguard index funds are professionally managed; you can buy or sell mutual funds over the phone, and you can set up automatic investments or withdrawals.
As of May 31, 2020, Vanguard offers 62 index mutual funds, including funds in the following categories:
- U.S. bond funds: Adding bonds funds to your portfolio can help balance the risks associated with any stock funds you may hold. Vanguard U.S. bond funds invest in U.S. corporate bonds, U.S. Treasurys and Treasury-backed securities.
- U.S stock funds: Vanguard U.S. stock funds invest in domestic companies, including large-cap, mid-cap and small-cap companies.
- Balanced funds:Balanced funds invest in a mix of stocks and bonds to provide a balance of income and growth. Target-date funds, a popular choice for retirement investors, are included in this group.
- International stock funds: Vanguard international stock funds invest in companies based outside of the U.S.
- International bond funds: International bond funds add diversification and invest in both government and corporate bonds issued outside the U.S.
- Sector and specialty funds: If you have a particular interest in a certain industry and are comfortable with additional volatility, you may be interested in sector and specialty funds. You can invest in specific industries, such as energy, health care and real estate.
Vanguard Index Fund Costs and Fees
Vanguard index funds can be very cost-effective investments: As of Dec. 31, 2019, Vanguard’s average mutual fund expense ratio was 0.10%. With a no-load mutual fund—meaning there are no sales fees when you buy fund shares or when you sell fund shares—you don’t have to worry about paying commissions, either.
However, you do need to have some money saved before you can start investing. According to the company, 43 of Vanguard’s index funds are available at the Admiral Shares level, meaning there is a $3,000 minimum investment requirement.
How to Choose a Vanguard Index Fund
When deciding which Vanguard index fund you’d like to buy, first consider the type of index you’d prefer your choice of fund to track. Then check out the fees and costs associated with different funds that track the same index. For more insight, check out our guide to asset allocations and model portfolios.
Pick an index
When it comes to index mutual funds, it’s important to pick the right index for your needs. There are literally hundreds to choose from. You can pick an index based on industry, company size, location or asset type.
If you’re overwhelmed by the options, consider choosing a target-date fund, balanced-fund or a broad-market index that tracks the performance of a large segment of the stock market to get started.
Index mutual funds tend to have lower costs than other investment options, making them the right choice for long-term investing. However, there are still costs you should consider, including expense ratios and fees.
The expense ratio is how much of the fund’s assets go toward administrative and operational expenses, cutting into your returns. According to Vanguard, the average expense ratio across its index mutual funds is 73% less than industry average.
Vanguard may charge purchase and redemption fees to buy or sell shares of its funds. Many of the company’s funds are free of such fees, but a select few charge 0.25% to 1.00% for purchases and redemptions.
Top Vanguard Index Funds
Vanguard has over 60 index mutual funds to choose from. Which fund is best for your portfolio is dependent upon your investment strategy, comfort level with risk and your financial goals.
Let’s look at five leading Vanguard index mutual funds, all of which offer very low expense ratios and have delivered good 10-year average annual returns. All five funds can be purchased via Vanguard Admiral Shares, requiring a minimum investment of $3,000.
Vanguard 500 Index Fund (VFIAX)
- Asset Class: Domestic Stock
- Expense Ratio: 0.04%
- 10-Year Average Annual Return: 15.31%
- Purchase Fee: None
The Vanguard 500 Index Fund fund invests in 500 of the largest public companies in the United States, including Microsoft, Apple, Amazon and Facebook. It tracks the performance of the S&P 500 and invests in different industries like communication services, energy, and health care.
Vanguard Intermediate-Term Corporate Bond Index Fund (VICSX)
- Asset Class: Intermediate-term bond
- Expense Ratio: 0.07%
- 10-Year Average Annual Return: 5.06%
- Purchase Fee: 0.25%
The Vanguard Intermediate-Term Corporate Bond Index Fund invests in bonds issued by industrial, utility and financial companies with maturities between five and 10 years. It tracks the performance of the Barclays Capital U.S. 5-10 Year Corporate Bond Index.
Vanguard Growth Index Fund (VIGAX)
- Asset Class: Domestic Stock-General
- Expense Ratio: 0.05%
- 10-Year Average Annual Return: 17.92%
- Purchase Fee: None
The Vanguard Growth Index Fund invests in large U.S. companies in industries that tend to grow at a faster rate than the rest of the market, such as consumer goods and services. The fund aims to match the performance of the MSCI US Prime Market Growth Index.
Vanguard Large-Cap Index Fund (VLCAX)
- Asset Class: Domestic Stock-General
- Expense Ratio: 0.05%
- 10-Year Average Annual Return: 15.41%
- Purchase Fee: None
The Vanguard Large-Cap Index Fund gives you exposure to U.S. stocks in the top 85% of market capitalization, investing in large companies in the financial, health care, industrial, and oil and gas industries. Major companies in this fund include Johnson & Johnson, Berkshire Hathaway, Visa and Procter & Gamble. It tracks the performance of the CRSP U.S. Large Cap Index.
Vanguard Developed Markets Index Fund (VTMGX)
- Asset Class: International/Global Stock
- Expense Ratio: 0.07%
- 10-Year Average Annual Return: 6.65%
- Purchase Fee: None
The Vanguard Developed Markets Index Fund invests in a range of large, mid and small companies in markets outside of the United States, particularly in the health care and technology sectors. Major businesses within the fund include Toyota, Astrazeneca and Samsung Electronics. The fund tracks the performance of the FTSE Developed All Cap ex US Index.
How to Invest in a Vanguard Index Fund
Once you’ve decided which index mutual funds are best for you, you can open up an account in under 10 minutes.
- Decide which kind of account you will use. If you’d like to use Vanguard index funds to save for retirement, you can open a traditional IRA, Roth IRA or self-employed IRA. If you’d like to invest your money for other goals, you can also open a taxable brokerage account.
- Link your banking information. Next, link your bank information, including your checking account number and routing number. Before you can make any transactions, Vanguard will ask you to verify your account information by confirming a small deposit to the linked account. This process can take a few days to complete.
- Buy shares. Once your bank account has been verified, your account is ready and you can begin buying and trading shares. Just click on the link that says “Buy and Sell,” and enter the fund name to buy the index mutual fund you want.
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Vanguard Mutual Funds vs. Vanguard ETFs
Vanguard Mutual Funds vs. Vanguard ETFs: An Overview
Vanguard, one of the world's largest asset management firms with more than $7.2 trillion in assets under management as of Jan. 31, 2021. has become a popular choice for investors thanks to its long list of low-cost mutual funds. The Vanguard Group has also added a full menu of exchange-traded funds (ETFs) to its lineup, making the company one of the leading providers for both investment products.
Most Vanguard index mutual funds have a corresponding ETF. Both products are similar in management style and returns, but there are differences that can make each product more appropriate to different investors. Vanguard's products also have expense ratio differences between mutual fund/ETF pairs that must be examined to make the best choice.
- Mutual funds and ETFs offered by Vanguard are similar in management style and returns, but there are differences that can make each product more appropriate to different investors.
- ETFs carry more flexibility; they trade like stocks and can be bought and sold throughout the day.
- Mutual fund shares price only once per day, at the end of the trading day, but may benefit from economies of scale.
- While Vanguard fees are low in many of its products, ETFs tend to be more tax-efficient.
Vanguard Mutual Funds
The mutual fund versus ETF debate for Vanguard products in part comes down to how much is being invested. Moreover, for many of its mutual funds, Vanguard offers up to three classes of shares, Investor Shares, Admiral Shares, and Institutional Shares, each class offering progressively lower expense ratios, and thus better performance, in return for higher minimum investments.
Investor Shares in most Vanguard mutual funds require a $3,000 minimum initial investment, but some allow a $1,000 opening investment. For lower-cost Admiral Shares, the typical minimums are $3,000 for index funds, $50,000 for actively-managed funds, and $100,000 for certain sector-specific index funds. Institutional Shares are designed for institutional investors, and typically have a $5 million minimum.
Some funds with high transaction costs may have redemption fees ranging from 0.25% to 1.00% of the transaction amount, to discourage short-term speculative trading. Apart from this exception, Vanguard does not charge front-end or back-end sales loads or commissions.
ETFs carry more flexibility; they trade like stocks and can be bought and sold throughout the day, in transaction amounts as little as one share. As of Oct. 1, 2021, Vanguard offered 76 ETFs, with market prices per share ranging approximately from $51 to $407. In many cases, ETFs carry lower expense ratios than their mutual fund counterparts, but they must be traded in a brokerage account. ETF trades could come with brokerage commission fees.
When choosing between a mutual fund an an ETF, investors must consider a number of factors. One is whether the investor wants to pursue a buy-and-hold strategy or a trading strategy to help determine which product may be more advantageous. In general, ETFs may be more suitable than mutual funds for investors who seek lower minimum investment amounts and who want more control over transaction prices. However, investors who want to make regularly-scheduled automatic investments or withdrawals can do so with mutual funds, but not with ETFs.
The most significant difference between mutual funds and ETFs is the tradeability of shares. Mutual fund shares price only once per day, at the end of the trading day. Investors can place trade orders throughout the day, but the transaction is only completed at the end of the trading day.
The popular Vanguard 500 Index Fund and the Vanguard S&P 500 ETF provide good examples of the cost and trading differences that come with mutual funds and ETFs. Most mutual funds and ETFs in the Vanguard lineup follow a similar pattern.
Both ETFs and mutual funds are treated the same by the IRS in that investors pay capital gains taxes and taxes on dividend income. However, with generally fewer taxable events in ETFs, tax liability will typically be lower. ETF expense ratios are also typically lower than mutual fund fees. Although there are some options for mutual funds that don't require you to invest a lot of money at once, many mutual funds have higher initial investment requirements than ETFs.
The decision between a Vanguard mutual fund or a Vanguard ETF comes down to trading flexibility and the amount to be invested.
The Vanguard portfolio of investment choices as a whole is generally considered among the lowest cost and highest rated in the investment marketplace, and these products can make ideal choices for long- and short-term investors.
Funds vanguard index
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IMPORTANT FEE INFORMATION: Vanguard funds may charge an annual account service fee of $20 for fund balances below $10,000. Vanguard offers other share classes of these funds with different investment minimums and expense ratios.
Please note: When comparing funds, please consider all important factors, including information pertaining to fund fees, fund features, and fund objectives. While funds may track an index, the indexes and strategies employed in seeking to achieve an investment goal may be different. Each fund's investment object and strategy and index tracked to achieve investment goals may differ. For new investors, funding investment minimums may be different.
ETFs are subject to market fluctuation and the risks of their underlying investments. ETFs are subject to management fees and other expenses. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund. ETFs are subject to market fluctuations of their underlying investments and may trade at a discount to NAV.
1. Fidelity beats Vanguard on expenses on 24 of 24 comparable stock and bond index funds, across all Vanguard share classes with a minimum investment of less than $3 billion. Total expense ratios as of December 30, 2020. Please consider other important factors including that each fund’s investment objectives, strategy, and index tracked to achieve its goals may differ, as well as each fund’s features and risks.
2. Fidelity now offers the Fidelity ZERO Large Cap Index Fund (FNILX), Fidelity ZERO Extended Market Index Fund (FZIPX), Fidelity ZERO Total Market Index Fund (FZROX) and Fidelity ZERO International Index Fund (FZILX) available to individual retail investors who purchase their shares through a Fidelity brokerage account.
3. Zero account minimums and zero account fees apply to retail brokerage accounts only. Expenses charged by investments (e.g., funds, managed accounts, and certain HSAs) and commissions, interest charges, or other expenses for transactions may still apply. See Fidelity.com/commissions for further details.
4. Expense ratio is the total annual fund operating expense ratio from the fund's most recent prospectus. As of March 1, 2019, Fidelity contractually lowered fund operating expense ratios on all comparable funds.
IMPORTANT FUND OBJECTIVE/COMPARISON INFORMATION: Fidelity® 500 Index Fund (tracks S&P 500®), Vanguard 500 Index Fund (tracks S&P 500®); Fidelity® Extended Market Index Fund (tracks DJ US Completion Total Stock Market Index), Vanguard Extended Market Index Fund (tracks S&P Completion Index); Fidelity® Total Market Index Fund (tracks Dow Jones U.S. Total Stock Market Index), Vanguard Total Stock Market Index Fund (tracks CRSP U.S. Total Market Index); Fidelity Large Cap Growth Index Fund (tracks Russell 1000 Growth Index), Vanguard Large Cap Growth Index (tracks CRSP US large Cap Growth Index); Fidelity Large Cap Value Index Fund (tracks Russell 1000 Value Index), Vanguard Large Cap Value Index Fund (tracks CRSP US Large Cap Value Index); Fidelity® Mid Cap Index Fund (tracks Russell Midcap® Index), Vanguard Mid-Cap Index Fund (tracks CRSP U.S. Mid Cap Index); Fidelity Mid Cap Growth Index Fund (tracks Russell Midcap Growth Index), Vanguard Mid-Cap Growth Index (tracks CRSP US Mid Cap Growth Index ), Fidelity Mid Cap Value Index Fund (tracks Russell Midcap Value Index), Vanguard Mid-Cap Value Index (tracks CRSP US Mid Cap Value Index), Fidelity Small Cap Index Fund (tracks Russell 2000 Index), Vanguard Small Cap Index Fund (tracks CRSP US Small Cap Index); Fidelity Small Cap Growth Index Fund (tracks Russell 2000 Growth Index), Vanguard Small-Cap Growth Index (tracks CRSP US Small Cap Growth Index), Fidelity Small Cap Value Index Fund (tracks Russell 2000 Value Index), Vanguard Small-Cap Value Index (tracks CRSP US Small Cap Value Index), Fidelity International Index Fund (tracks MSCI EAFE Index), Vanguard Developed Markets Index Fund (tracks FTSE Developed ex US All Cap Index); Fidelity® Global ex U.S. Index Fund (tracks MSCI ACWI ex U.S. Index), Vanguard FTSE All-World ex-US Index Fund (tracks FTSE All-World ex-US Index); Fidelity Total International Index Fund (tracks MSCI ACWI ex US IMI Index), Vanguard Total International Index Fund (tracks FTSE Global All Cap ex US index); Fidelity Emerging Markets Index Fund (tracks MSCI Emerging Index), Vanguard Emerging Markets Index Fund (tracks FTSE Emerging Markets All Cap China A Transition Index); Fidelity® Real Estate Index Fund (tracks MSCI US IMI Real Estate 25/25 Index), Vanguard REIT Index Fund (tracks MSCI US REIT Index); Fidelity US Bond Index fund (tracks Bloomberg Barclays U.S. Aggregate Bond Index), Vanguard Total Bond Market Index Fund (tracks Bloomberg Barclays U.S. Aggregate Float Adjusted Index); Fidelity Municipal Bond Index Fund (tracks Bloomberg Barclays Municipal Bond Index), Vanguard Tax-Exempt Bond Index Fund (tracks S&P National AMT-Free Muni Bond Index), Fidelity Short Term Treasury Bond Index Fund (tracks Bloomberg Barclays 1-5 Year U.S. Treasury Index), Vanguard Short-Term Treasury Index Fund Admiral (tracks Bloomberg Barclays U.S. 1–3 Year Government Float Adjusted Index); Fidelity Intermediate Term Treasury Bond Index Fund (tracks Bloomberg Barclays 5-10 Year U.S. Treasury Index), Vanguard Intermediate-Term Treasury Index Fund Admiral (tracks Bloomberg Barclays U.S. 3–10 Year Government Float Adjusted Index); Fidelity Long Term Treasury Bond Index Fund (tracks Bloomberg Barclays U.S. Treasury Long Index), Vanguard Long-Term Treasury Index Fund Admiral (tracks Bloomberg Barclays U.S. Long Government Float Adjusted Index).; Fidelity Short-Term Bond Index Fund (tracks Bloomberg Barclays U.S. 1 – 5 Year Government/Credit Bond Index), Vanguard Short-Term Bond Index Fund (tracks Bloomberg Barclays U.S. 1 – 5 Year Government/Credit Bond Index); With the exception of the Fidelity 500 Index Fund and Vanguard 500 Index Fund which both track the S&P 500, the Vanguard and Fidelity funds track different indexes, which may have different characteristics an investor should consider. Fidelity and Vanguard funds have similar investment objectives. Fidelity MSCI Sector ETFs are passively managed ETFs indexed to the MSCI USA IMI Sector Indexes. Vanguard Sector ETFs are passively managed ETFs indexed to the MSCI U.S. IMI 25-50 Sector Indexes.
Third-party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or its affiliated companies.
Indexes are unmanaged. It is not possible to invest directly in an index.
System availability and response times may be subject to market conditions.
Diversification does not ensure a profit or guarantee against loss.
Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.
Before investing in any mutual fund or exchange-traded fund, you should consider its investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus, an offering circular, or, if available, a summary prospectus containing this information. Read it carefully.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
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