The Vanguard Developed Markets Index Fund (Admiral Shares) (symbol VTMGX) and the Vanguard FTSE Developed Markets ETF (symbol VEA) are two of the largest and most popular international stock index funds. Some compare VTMGX vs VEA not realizing that they are just two different share classes of the same portfolio.

A quick reminder that this site does NOT provide investment recommendations.

The Short Answer

VTMGX and VEA are different share classes of the same portfolio. The decision to buy one or the other depends on investor-specific factors (some of which are listed below).

The Longer Answer

Vanguard ETFs are structured as share classes of their mutual funds. This is a patented structure that is scheduled to expire in 2023, so we may see this structure more frequently in the near future. In other words, VTMGX and VEA are not two funds pursuing an identical strategy; they are the same fund!

Historical Performance: VTMGX vs VEA

VTMGX was launched on August 17, 1999, and VEA was launched on July 7, 2007. Since that time, performance has been identical: 2.37 vs 2.36% annually. Despite changes in fees and expenses over the past 15 years, the cumulative difference in performance over that time period is only .25%! Looking at the chart of VTMGX vs VEA below, it is obvious that they are identical.

Differences Between VTMGX and VEA

Since the two funds are actually two share classes of the same fund, I will skip the usual comparisons here. The geographic exposures, sector weights, market cap coverage so on is identical because the two funds are shares in the same portfolio. There are some resources on the internet indicating otherwise, but these are incorrect.

Factors to Consider

Transaction Costs

ETFs are free to trade at many brokers and custodians, including Vanguard. However, many brokers and custodians still charge commissions and/or transaction fees to buy/sell mutual funds. To my knowledge, Vanguard does not participate in the pay-to-play arrangements that would allow their mutual funds to trade for free on many platforms. So if an investor account is at Vanguard, it is free to trade VTMGX or VEA. However, only VEA is free to trade in non-Vanguard accounts.

There is a bid-ask spread when trading ETFs, but this spread is typically less than .02% for VEA and individual investor trades will not generally be large enough to “move” the market. In the case of VEA, individual investors should not have a problem trading.

Tax Efficiency & Capital Gain Distributions

ETFs are typically more tax-efficient than mutual funds, due to their ability to avoid realizing capital gains through like-kind redemptions (a process that is beyond the scope of this post). However, since Vanguard ETFs are a share class of their mutual funds, the mutual funds are able to benefit from this feature of the ETF. In other words, VEA is able to extend its tax benefits to VTMGX.

VTMGX has never paid a capital gain distribution! A previous version of the “investor” share class (VDMIX, which preceded VDVIX) has paid capital gains distributions in the past, but not since 2007 (the year that VEA was launched). I noticed some posts on the internet saying that VEA is more tax-efficient than VTMGX, but this incorrect.

Tax Loss Harvesting

My personal preference is to keep a portfolio entirely mutual funds or entirely ETFs, due to the mechanics of settlement during tax loss harvesting. If an ETF has declined in value and an investor sells it, the trade and cash proceeds will not settle for two business days (T+2). That investor may want to “replace” the sold ETF immediately and attempt to buy another ETF or mutual fund simultaneously.

However, mutual funds settle on T+1 basis, so cash for the mutual purchase would be due in one business day (which is one day earlier than the cash from the ETF sale is received). This can obviously cause problems and (even though this issue can be addressed with careful planning) I find it easier to keep accounts invested in similar vehicles. In this case, if a portfolio is all mutual funds, I might lean more towards VTMGX. If all ETFs, I might lean more towards VEA.

On this topic, investors should probably avoid using these two funds as tax loss harvesting substitutes for one another since they would likely be considered “substantially identical.”

Tradability

VTMGX does have a stated minimum initial purchase of $3,000, so that may be a factor for some investors looking to initiate a position. The minimum purchase size for VEA is typically one share, although fractional shares are becoming more common.

Investors can trade ETFs intraday, as well as in the pre-market and after-hours trading sessions. Investors can only buy/sell mutual funds once per day. This is not necessarily a major factor for long-term investors however.

Final Thoughts: VTMGX vs VEA

VTMGX and VEA are literally the same. However, investors should consider the above factors when deciding which one is best for them.

The Vanguard 500 Index Fund (Admiral Shares) (symbol VFIAX) and the Vanguard S&P 500 ETF (symbol VOO) are two of the largest and most popular S&P 500 index funds. Some compare VFIAX vs VOO not realizing that they are just two different share classes of the same portfolio.

A quick reminder that this site does NOT provide investment recommendations.

The Short Answer

VFIAX and VOO are different share classes of the same portfolio. The decision to buy one or the other depends on investor-specific factors (some of which are listed below).

The Longer Answer

Vanguard ETFs are structured as share classes of their mutual funds. This is a patented structure that is scheduled to expire in 2023, so we may see this structure more frequently in the near future. In other words, VFIAX and VOO are not two funds pursuing an identical strategy; they are the same fund!

Historical Performance: VFIAX vs VOO

VFIAX was launched on November 13, 2000 and VOO was launched a few months later on September 7, 2010. Since that time, performance has been identical: 13.45 vs 13.46% annually. Despite changes in fees and expenses over the past decade, the cumulative difference in performance over that time period is less than half a percent! Looking at the chart of VFIAX vs VOO below, it is obvious that they are identical.

Differences Between VFIAX and VOO

Since the two funds are actually two share classes of the same fund, I will skip the usual comparisons here. The geographic exposures, sector weights, market cap coverage so on is identical because the two funds are shares in the same portfolio. There are some resources on the internet indicating otherwise, but these are incorrect.

Factors to Consider

Transaction Costs

ETFs are free to trade at many brokers and custodians, including Vanguard. However, many brokers and custodians still charge commissions and/or transaction fees to buy/sell mutual funds. To my knowledge, Vanguard does not participate in the pay-to-play arrangements that would allow their mutual funds to trade for free on many platforms. So if an investor account is at Vanguard, it is free to trade VFIAX or VOO. However, only VOO is free to trade in non-Vanguard accounts.

There is a bid-ask spread when trading ETFs, but this spread is typically less than .01% for VOO and individual investor trades will not generally be large enough to “move” the market. In the case of VOO, individual investors should not have a problem trading.

Tax Efficiency & Capital Gain Distributions

ETFs are typically more tax-efficient than mutual funds, due to their ability to avoid realizing capital gains through like-kind redemptions (a process that is beyond the scope of this post). However, since Vanguard ETFs are a share class of their mutual funds, the mutual funds are able to benefit from this feature of the ETF. In other words, VOO is able to extend its tax benefits to VFIAX.

VFIAX has never paid a capital gain distribution, although the older “Investor” share class (symbol VFINX) did pay out capital gains distributions prior to VFIAX’s launch in 2000. I noticed some posts on the internet saying that VOO is more tax-efficient than VFIAX, but this incorrect.

Tax Loss Harvesting

My personal preference is to keep a portfolio entirely mutual funds or entirely ETFs, due to the mechanics of settlement during tax loss harvesting. If an ETF has declined in value and an investor sells it, the trade and cash proceeds will not settle for two business days (T+2). That investor may want to “replace” the sold ETF immediately and attempt to buy another ETF or mutual fund simultaneously.

However, mutual funds settle on T+1 basis, so cash for the mutual purchase would be due in one business day (which is one day earlier than the cash from the ETF sale is received). This can obviously cause problems and (even though this issue can be addressed with careful planning) I find it easier to keep accounts invested in similar vehicles. In this case, if a portfolio is all mutual funds, I might lean more towards VFIAX. If all ETFs, I might lean more towards VOO.

On this topic, investors should probably avoid using these two funds as tax loss harvesting substitutes for one another since they would likely be considered “substantially identical.”

Tradability

VFIAX does have a stated minimum initial purchase of $3,000, so that may be a factor for some investors looking to initiate a position. The minimum purchase size for VOO is typically one share, although fractional shares are becoming more common.

Investors can trade ETFs intraday, as well as in the pre-market and after-hours trading sessions. Investors can only buy/sell mutual funds once per day. This is not necessarily a major factor for long-term investors however.

Final Thoughts: VFIAX vs VOO

VFIAX and VOO are literally the same. However, investors should consider the above factors when deciding which one is best for them.

The Vanguard Total International Stock Index Fund (Admiral Shares) (symbol VTIAX) and the Vanguard Total International Stock ETF (symbol VXUS) are two of the largest and most popular international stock index funds. Some compare VTIAX vs VXUS not realizing that they are just two different share classes of the same portfolio.

A quick reminder that this site does NOT provide investment recommendations.

The Short Answer

VTIAX and VXUS are different share classes of the same portfolio. The decision to buy one or the other depends on investor-specific factors (some of which are listed below).

The Longer Answer

Vanguard ETFs are structured as share classes of their mutual funds. This is a patented structure that is scheduled to expire in 2023, so we may see this structure more frequently in the near future. In other words, VTIAX and VXUS are not two funds pursuing an identical strategy; they are the same fund!

Historical Performance: VTIAX vs VXUS

VTIAX was launched on November 29, 2010 and VXUS was launched a few months later on January 26, 2011. Since that time, performance has been identical: 3.47% vs 3.43% annually. Despite changes in fees and expenses over the past decade, the cumulative difference in performance over that time period is less than .70%! Looking at the chart of VTIAX vs VXUS below, it is obvious that they are identical.

Differences Between VTIAX and VXUS

Since the two funds are actually two share classes of the same fund, I will skip the usual comparisons here. The geographic exposures, sector weights, market cap coverage so on is identical because the two funds are shares in the same portfolio. There are some resources on the internet indicating otherwise, but these are incorrect.

Factors to Consider

Transaction Costs

ETFs are free to trade at many brokers and custodians, including Vanguard. However, many brokers and custodians still charge commissions and/or transaction fees to buy/sell mutual funds. To my knowledge, Vanguard does not participate in the pay-to-play arrangements that would allow their mutual funds to trade for free on many platforms. So if an investor account is at Vanguard, it is free to trade VTIAX or VXUS. However, only VXUS is free to trade in non-Vanguard accounts.

There is a bid-ask spread when trading ETFs, but this spread is typically less than .02% for VXUS and individual investor trades will not generally be large enough to “move” the market. In the case of VXUS, individual investors should not have a problem trading.

Tax Efficiency & Capital Gain Distributions

ETFs are typically more tax-efficient than mutual funds, due to their ability to avoid realizing capital gains through like-kind redemptions (a process that is beyond the scope of this post). However, since Vanguard ETFs are a share class of their mutual funds, the mutual funds are able to benefit from this feature of the ETF. In other words, VXUS is able to extend its tax benefits to VTIAX.

VTIAX has never paid a capital gain distribution! I noticed some posts on the internet saying that VXUS is more tax-efficient than VTIAX, but this incorrect.

Tax Loss Harvesting

My personal preference is to keep a portfolio entirely mutual funds or entirely ETFs, due to the mechanics of settlement during tax loss harvesting. If an ETF has declined in value and an investor sells it, the trade and cash proceeds will not settle for two business days (T+2). That investor may want to “replace” the sold ETF immediately and attempt to buy another ETF or mutual fund simultaneously.

However, mutual funds settle on T+1 basis, so cash for the mutual purchase would be due in one business day (which is one day earlier than the cash from the ETF sale is received). This can obviously cause problems and (even though this issue can be addressed with careful planning) I find it easier to keep accounts invested in similar vehicles. In this case, if a portfolio is all mutual funds, I might lean more towards VTIAX. If all ETFs, I might lean more towards VXUS.

On this topic, investors should probably avoid using these two funds as tax loss harvesting substitutes for one another since they would likely be considered “substantially identical.”

Tradability

VTIAX does have a stated minimum initial purchase of $3,000, so that may be a factor for some investors looking to initiate a position. The minimum purchase size for VXUS is typically one share, although fractional shares are becoming more common.

Investors can trade ETFs intraday, as well as in the pre-market and after-hours trading sessions. Investors can only buy/sell mutual funds once per day. This is not necessarily a major factor for long-term investors however.

Final Thoughts: VTIAX vs VXUS

VTIAX and VXUS are literally the same. However, investors should consider the above factors when deciding which one is best for them.

The Vanguard Total Stock Market Index Fund (Admiral Shares) (symbol VTSAX) and the Vanguard Total Stock Market ETF (symbol VTI) are two of the largest and most popular total market index funds in the world. Some compare VTSAX vs VTI not realizing that they are just two different share classes of the same portfolio; VTI is the VTSAX ETF equivalent.

A quick reminder that this site does NOT provide investment recommendations. Fund comparisons (such as this one) are not conducted to identify the “best” fund (since that will vary from investor to investor based on investor-specific factors). Rather, these fund comparison posts are designed to identify and distinguish between the fund details that matter versus the ones that don’t.

The Short Answer

Many investors ask whether VTI or VTSAX is better? The short answer is that VTSAX and VTI are different share classes of the same portfolio, which is made possible by Vanguard’s ETF share class structure. The decision to buy one or the other depends on investor-specific factors (some of which are listed below).

The Longer Answer

Vanguard ETFs are structured as share classes of their mutual funds. This is a patented structure that is scheduled to expire in 2023, so we may see this structure more frequently in the near future. In other words, VTSAX and VTI are not two funds pursuing an identical strategy; they are different share classes of the same fund.

That being said, investors should evaluate several factors before deciding whether to use VTSAX or VTI.

Historical Performance: VTSAX vs VTI

VTSAX was launched on November 13, 2000 and VTI was launched a few months later on May 24, 2001. Since that time, performance has been identical: 7.67% vs 7.68% annually. Despite changes in fees and expenses over the past 20 years, the cumulative difference in performance over that time period is less than 1%! Looking at the chart of VTSAX vs VTI below, it is obvious that they are identical.

Differences Between VTSAX and VTI

Since the two funds are actually two share classes of the same fund, I will skip the usual comparisons here. The geographic exposures, sector weights, market cap coverage so on is identical because the two funds are shares in the same portfolio. There are some resources on the internet indicating differences, but that is incorrect because they are the same fund!

Factors to Consider

Expenses

Some investors may point out that the expense ratios between Vanguard’s Admiral Shares and Vanguard’s ETFs differ. This is true, but it is also reflected in the net performance chart above. At a certain level, differences in expense ration do not matter. A small absolute difference (in basis points) is essentially meaningless (even if it appears large on a percentage basis) and is often smaller than the bid-ask spread (see transaction costs below). Expenses do matter, but I would not sweat infinitesimally small differences of one basis point (and they’ll show up in net performance anyways).

Transaction Costs

ETFs are free to trade at many brokers and custodians, including Vanguard. However, many brokers and custodians still charge commissions and/or transaction fees to buy/sell mutual funds. To my knowledge, Vanguard does not participate in the pay-to-play arrangements that would allow their mutual funds to trade for free on many platforms. So if an investor account is at Vanguard, it is free to trade VTSAX or VTI. However, only VTI is free to trade in non-Vanguard accounts.

There is a bid-ask spread when trading ETFs, but this spread is typically less than .01% for VTI and individual investor trades will not generally be large enough to “move” the market. In the case of VTI, individual investors should not have a problem trading.

Tax Efficiency & Capital Gain Distributions

ETFs are typically more tax-efficient than mutual funds, due to their ability to avoid realizing capital gains through like-kind redemptions (a process that is beyond the scope of this post). However, since Vanguard ETFs are a share class of their mutual funds, the mutual funds are able to benefit from this feature of the ETF. In other words, VTI is able to extend its tax benefits to VTSAX, so VTSAX and VTI are equally tax-efficient.

VTSAX paid out a capital gain distribution at the end of 2000, the one year it existed before VTI was launched. VTSAX has never paid a capital gain distribution since then! I noticed some posts on the internet saying that VTI is more tax-efficient than VTSAX, but this incorrect. As the below history of distributions shows, things changed once VTI was launched in 2001.

Tax Loss Harvesting

My personal preference is to keep a portfolio entirely mutual funds or entirely ETFs, due to the mechanics of settlement during tax loss harvesting. If an ETF has declined in value and an investor sells it, the trade and cash proceeds will not settle for two business days (T+2). That investor may want to “replace” the sold ETF immediately and attempt to buy another ETF or mutual fund simultaneously.

However, mutual funds settle on T+1 basis, so cash for the mutual purchase would be due in one business day (which is one day earlier than the cash from the ETF sale is received). This can obviously cause problems and (even though this issue can be addressed with careful planning) I find it easier to keep accounts invested in similar vehicles. In this case, if a portfolio is all mutual funds, I might lean more towards VTSAX. If all ETFs, I might lean more towards VTI.

On this topic, investors should probably avoid using VTI and VTSAX as tax loss harvesting substitutes for one another since they could be considered “substantially identical” which would trigger a wash sale.

Tradability

VTSAX does have a stated minimum initial purchase of $3,000, so that may be a factor for some investors looking to initiate a position. The minimum purchase size for VTI is typically one share, although fractional shares are becoming more common.

Investors can trade ETFs intraday, as well as in the pre-market and after-hours trading sessions. Investors can only buy/sell mutual funds once per day. This is not necessarily a major factor for long-term investors however.

Final Thoughts: VTSAX vs VTI

VTSAX and VTI are two different share classes of the same exact fund. However, investors should consider the above factors when deciding whether the mutual fund VTSAX or the ETF VTI is best for their personal situation.

The Fidelity S&P 500 Index Fund (FXAIX) and the Vanguard Total Stock Market Index fund (VTSAX) are two of the largest mutual funds in existence and easily two of the most popular among individual investors. FXAIX and VTSAX are the core of many investor portfolios and many investors compare FXAIX vs VTSAX in order to decide which should be the foundation of their portfolio.

The Short Answer

The main difference between FXAIX and VTSAX is that FXAIX is a large- and mid-cap ETF, while VTSAX is a total market mutual fund. Despite these differences, the total return between these two funds is nearly identical and I consider them interchangeable for all intents and purposes.

A quick reminder that this site does NOT provide investment recommendations.

The Long Answer

Historical Performance: FXAIX vs VTSAX

FXAIX was launched on February 17, 1988, while VTSAX was launched on November 13, 2000. Since then VTSAX has outperformed by roughly .33% annually. This is most likely driven by small-caps’ relative outperformance initially, even though that trend has reversed during the past decade. Despite variations in the size factor performance over the decades, the long-term performance between these two funds is incredibly similar.

Differences between FXAIX vs VTSAX

The biggest difference between FXAIX and VTSAX is the market cap exposure of the funds. FXAIX tracks the S&P 500 index which includes mostly large-caps and some mid-caps, while VTSAX covers much more of the market by including more mid-caps and small-caps.

Geographic Exposure

Both FXAIX and VTSAX hold essentially 100% stocks, so I will not dig into country exposures or market classification here. For intents and purposes, the two funds have identical exposures.

Market Cap Exposure

FXAIX focuses on the S&P 500 index and so it mostly holds large-caps with a bit of mid-cap exposure. VTSAX tracks the broader CRSP US Total Market Index and so it owns many more mid-caps and small-caps, as of 11/30/2022. In other words, FXAIX is a large-cap vehicle, while VTSAX is a total market vehicle. That being said, due to market cap weighting, both funds are overwhelmingly influenced by the large-cap holdings.

	FXAIX	VTSAX
Large-Cap	84%	73%
Mid-Cap	16%	19%
Small-Cap	0%	9%

Sector Weights

The sector weights between FXAIX and VTSAX are nearly identical, as of 11/20/2022. The weights are within 1% for every single sector.

	FXAIX	VTSAX
Basic Materials	2.27%	2.51%
Consumer Cyclical	10.59%	10.66%
Financial Services	13.60%	13.79%
Real Estate	2.75%	3.45%
Communication Services	7.36%	6.80%
Energy	5.37%	5.31%
Industrials	8.69%	9.64%
Technology	23.60%	23.06%
Consumer Defensive	7.39%	6.75%
Healthcare	15.42%	15.17%
Utilities	2.96%	2.87%

Final Thoughts: FXAIX vs VTSAX

Both FXAIX and VTSAX are large, core funds sponsored and managed by Fidelity and Vanguard respectively. Although FXAIX is more of a large-cap ETF and VTSAX is a total market mutual fund, performance has been nearly identical. I view these two funds as essentially interchangeable and would not spend too much energy trying to decide which one is “better.”

However, there are some situations that may call for one fund versus another. For instance, many custodians offer free ETF trades, but charge trading fees or redemption fees for mutual funds. So I might select FXAIX or VTSAX solely based on where my account is held. Despite these considerations, these two funds are very similar for all intents and purposes.

The iShares Core S&P 500 ETF (IVV) and the iShares Core S&P Total U.S. Stock Market ETF (ITOT) are two of the largest funds in existence and both sponsored by Blackrock’s iShares. As their names suggest, IVV and ITOT are a core holding of many portfolios. Many investors compare ITOT vs IVV in order to decide which should be the foundation of their portfolio.

The Short Answer

The main difference between IVV and ITOT is that IVV is a large- and mid-cap ETF, while ITOT is a total market mutual fund. Despite these differences, the long-term total return between these two funds is nearly identical and I consider them interchangeable.

A quick reminder that this site does NOT provide investment recommendations.

The Long Answer

Historical Performance: ITOT vs IVV

IVV was launched on May 15, 2000, and ITOT was launched a few years later on January 20, 2004. Since then, IVV has outperformed by just .09% annually! This is a miniscule difference that could be overshadowed by investor trading costs like trading costs or bid-ask spreads. That being said, the performance between these two funds is basically identical, even considering the market cap differences between the two.

Differences between ITOT vs IVV

The biggest difference between IVV and ITOT is the market cap exposure of the funds. IVV tracks the S&P 500 index which includes mostly large-caps and some mid-caps, while ITOT covers much more of the market by including more mid-caps and small-caps.

Geographic Exposure

Both IVV and ITOT hold essentially 100% stocks, so I will not dig into country exposures or market classification here. For all intents and purposes, the two funds have identical exposures.

Market Cap Exposure

IVV focuses on the S&P 500 index and so it mostly holds large-caps with a bit of mid-cap exposure. ITOT tracks the broader S&P Total Market Index and so it owns many more mid-caps and small-caps, as of 11/30/2022. In other words, IVV is a large-cap vehicle, while ITOT is a total market vehicle. That being said, due to market cap weighting, both funds are overwhelmingly influenced by the large-cap holdings.

	IVV	ITOT
Large-Cap	83%	73%
Mid-Cap	16%	19%
Small-Cap	0%	9%

Sector Weights

The sector weights between IVV and ITOT are nearly identical, as of 11/30/2022. The weights are within 1% for every single sector.

	IVV	ITOT
Basic Materials	2.40%	2.66%
Consumer Cyclical	10.17%	10.45%
Financial Services	13.74%	13.96%
Real Estate	2.77%	3.45%
Communication Services	7.49%	6.94%
Energy	5.11%	5.10%
Industrials	8.87%	9.59%
Technology	23.74%	23.24%
Consumer Defensive	7.36%	6.73%
Healthcare	15.36%	15.01%
Utilities	2.99%	2.86%

Final Thoughts: ITOT vs IVV

Both IVV and ITOT are large, core funds sponsored and managed by one of the largest asset managers in the world. Although IVV is more of a large-cap ETF and ITOT is a total market ETF, performance has been nearly identical. I view these two funds as essentially interchangeable and would not spend too much energy splitting hairs to decide which one is “better.”

The Vanguard S&P 500 Index ETF (VOO) and the iShares Core S&P Total U.S. Stock Market ETF (ITOT) are two of the largest funds in existence. VOO and ITOT are a core holding of many investor portfolios. Many investors compare ITOT vs VOO in order to decide which should be the foundation of their portfolio.

The Short Answer

The main difference between VOO and ITOT is that VOO is a large- and mid-cap ETF, while ITOT is a total market mutual fund. Despite these differences, the total return between these two funds is nearly identical and I consider them interchangeable.

A quick reminder that this site does NOT provide investment recommendations.

The Long Answer

Historical Performance: ITOT vs VOO

ITOT was launched on January 20, 2004, while VOO was launched on September 7, 2010. Since then, VOO has outperformed by .35% annually. This is most likely driven by large-caps’ relative outperformance during this time period, although that dynamic could reverse in the future. That being said, the performance between these two funds is extremely close (especially considering the market cap differences).

Differences between ITOT vs VOO

The biggest difference between VOO and ITOT is the market cap exposure of the funds. VOO tracks the S&P 500 index which includes mostly large-caps and some mid-caps, while ITOT covers much more of the market by including more mid-caps and small-caps.

Geographic Exposure

Both VOO and ITOT hold essentially 100% stocks, so I will not dig into country exposures or market classification here. For all intents and purposes, the two funds have identical exposures.

Market Cap Exposure

VOO focuses on the S&P 500 index and so it mostly holds large-caps with a bit of mid-cap exposure. ITOT tracks the broader S&P Total Market Index and so it owns many more mid-caps and small-caps, as of 11/30/2022. In other words, VOO is a large-cap vehicle, while ITOT is a total market vehicle. That being said, due to market cap weighting, both funds are overwhelmingly influenced by the large-cap holdings.

	VOO	ITOT
Large-Cap	84%	73%
Mid-Cap	17%	19%
Small-Cap	0%	9%

Sector Weights

The sector weights between VOO and ITOT are nearly identical, as of 11/30/2022. The weights are within 1% for every single sector.

	VOO	ITOT
Basic Materials	2.27%	2.66%
Consumer Cyclical	10.59%	10.45%
Financial Services	13.61%	13.96%
Real Estate	2.74%	3.45%
Communication Services	7.36%	6.94%
Energy	5.37%	5.10%
Industrials	8.69%	9.59%
Technology	23.60%	23.24%
Consumer Defensive	7.38%	6.73%
Healthcare	15.42%	15.01%
Utilities	2.97%	2.86%

Final Thoughts: ITOT vs VOO

Both VOO and ITOT are large, core funds sponsored and managed by the two largest ETF sponsors (Vanguard and Blackrock, respectively). Although VOO is more of a large-cap ETF and ITOT is a total market ETF, performance has been nearly identical. I view these two funds as essentially interchangeable and would not spend too much energy splitting hairs to decide which one is “better.”