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Total market index funds are organised by the index they track. The same underlying index can be offered as an ETF (exchange-traded fund, purchased through a brokerage like any stock) or a mutual fund (purchased directly at net asset value). The choice between ETF and mutual fund versions of the same index is primarily a question of convenience and account type — their underlying holdings and long-term returns are nearly identical.
Note on expense ratios
Expense ratios compound over time. A 0.03% expense ratio costs $3 per year on a $10,000 investment. A 0.50% ratio costs $50 on the same investment — and the gap compounds over decades. Over 30 years, the difference between 0.03% and 0.50% on a $10,000 investment, assuming 7% annual returns, is approximately $6,000 in foregone returns.
Funds Tracking the CRSP US Total Market Index
The CRSP US Total Market Index — maintained by the Center for Research in Security Prices at the University of Chicago — underlies the largest total market funds by assets. Vanguard's VTI and VTSAX alone account for over $1.8 trillion in combined assets, making CRSP the dominant benchmark in retail total market investing.
CRSP US Total Market Index — Funds
| Fund | Ticker | Type | Expense Ratio | AUM | Min Investment |
|---|---|---|---|---|---|
| Vanguard Total Stock Market ETF | VTI | ETF | 0.03% | $400B+ | 1 share (~$240) |
| Vanguard Total Stock Market Index Fund Admiral Shares | VTSAX | Mutual Fund | 0.04% | $1.4T+ | $3,000 |
| Vanguard Total Stock Market Index Fund Investor Shares | VTSMX | Mutual Fund | 0.14% | — | $1,000 |
| Fidelity Total Market Index Fund | FSKAX | Mutual Fund | 0.015% | $80B+ | $0 |
| Schwab Total Stock Market Index Fund | SWTSX | Mutual Fund | 0.03% | $20B+ | $0 |
Data current as of April 2026. AUM figures are approximate. Verify current data with fund providers before investing.
VTI vs VTSAX: What Is the Difference?
VTI and VTSAX track the same index and hold essentially the same securities. The difference is structure: VTI is an ETF traded on exchanges throughout the day; VTSAX is a mutual fund that transacts once per day at the closing net asset value.
VTI has a slightly lower expense ratio (0.03% vs 0.04%) and no minimum investment beyond the cost of one share. VTSAX requires a $3,000 minimum but allows automatic investment and fractional contributions — useful for systematic investing. For most investors, the long-term performance difference between the two is negligible.
FSKAX: Fidelity's Low-Cost Alternative
The Fidelity Total Market Index Fund (FSKAX) tracks the same CRSP US Total Market Index as VTI and VTSAX, at an expense ratio of 0.015% — the lowest of any total market fund tracking CRSP. Available with no minimum investment at Fidelity, it is an attractive option for investors already using Fidelity's brokerage platform.
Note: Fidelity also offers FZROX (Fidelity ZERO Total Market Index Fund) at 0% expense ratio. FZROX tracks a Fidelity-proprietary index (not CRSP) and is only available through Fidelity accounts. It cannot be transferred in-kind to another brokerage.
Funds Tracking the Russell 3000 Index
The Russell 3000 — maintained by FTSE Russell — covers approximately 98% of the US equity market and is the preferred benchmark for many institutional investors. Retail fund options are fewer and more expensive than CRSP-tracking funds.
Russell 3000 Index — Funds
| Fund | Ticker | Type | Expense Ratio | AUM | Min Investment |
|---|---|---|---|---|---|
| iShares Russell 3000 ETF | IWV | ETF | 0.20% | $14B+ | 1 share |
| Vanguard Russell 3000 ETF | VTHR | ETF | 0.10% | $1B+ | 1 share |
Data current as of April 2026. Subject to change.
Russell 3000 funds carry higher expense ratios than CRSP-tracking funds, reflecting lower competition and smaller scale. For most retail investors seeking broad US market exposure, CRSP-tracking funds are more cost-efficient alternatives.
Funds Tracking the Wilshire 5000
The Wilshire 5000 was the benchmark for the first total market index fund (Vanguard VTSMX, launched 1992) but has attracted very limited retail fund tracking since Vanguard switched to CRSP in 2012.
Wilshire 5000 Total Market Index — Funds
| Fund | Ticker | Type | Expense Ratio | AUM | Min Investment |
|---|---|---|---|---|---|
| Wilshire 5000 Index Fund | WFIVX | Mutual Fund | 0.50% | $500M+ | $2,500 |
Data current as of April 2026. Subject to change.
At 0.50%, WFIVX carries a substantially higher expense ratio than CRSP or Russell alternatives. For investors seeking Wilshire 5000 exposure specifically — for example, to use the longest-running total market index data series for historical comparison purposes — this is the available retail option. For general total market investing, lower-cost alternatives exist.
Fund Comparison: All Total Market Funds
| Ticker | Fund | Index | Type | Expense Ratio | Min |
|---|---|---|---|---|---|
| FSKAX | Fidelity Total Market Index | CRSP US Total Mkt | Mutual | 0.015% | $0 |
| FZROX | Fidelity ZERO Total Market | Fidelity US Total Mkt* | Mutual | 0.00% | $0 |
| VTI | Vanguard Total Stock Market ETF | CRSP US Total Mkt | ETF | 0.03% | 1 share |
| SWTSX | Schwab Total Stock Market Index | CRSP US Total Mkt | Mutual | 0.03% | $0 |
| VTSAX | Vanguard Total Stock Mkt Admiral | CRSP US Total Mkt | Mutual | 0.04% | $3,000 |
| VTHR | Vanguard Russell 3000 ETF | Russell 3000 | ETF | 0.10% | 1 share |
| IWV | iShares Russell 3000 ETF | Russell 3000 | ETF | 0.20% | 1 share |
| WFIVX | Wilshire 5000 Index Fund | Wilshire 5000 | Mutual | 0.50% | $2,500 |
* FZROX tracks a Fidelity-proprietary index, not available for transfer in-kind to other brokerages. All data current as of April 2026. Verify before investing.