Best Total Stock Market ETFs
Total market ETFs hold every public U.S. company. Here is how the top three compare and which broker they pair best with.
Don't have time? Here's what you need to know:
- 1VTI, ITOT, and SWTSX all hold the total U.S. stock market at 0.03% expense ratio
- 2Performance differences between total market ETFs are negligible — pick the one your broker offers
- 3Total market funds and S&P 500 funds return within 0.1-0.3% of each other annually
- 4One total market ETF is sufficient for complete U.S. stock coverage
Total Market ETFs: Own Every Public U.S. Company
A total stock market ETF holds every investable U.S. stock — large-cap, mid-cap, small-cap, and micro-cap. VTI holds over 4,000 companies weighted by market cap. That means Apple (the largest) gets about 6-7% weight while a $500 million micro-cap company gets 0.01%. You get exposure to the entire U.S. economy in a single purchase.
Compared to S&P 500 ETFs, total market funds add about 3,500 smaller companies. In practice, the performance difference is small — large-cap stocks (which are the S&P 500) make up roughly 80% of VTI's value. The remaining 20% in mid and small-cap stocks adds marginal diversification.
Top Total Market ETFs Compared
All three charge 0.03% and deliver nearly identical returns. VTI is the largest and most popular. ITOT is the iShares equivalent. SWTSX is Schwab's version, best suited for Schwab brokerage customers who may get commission-free trading perks. Fidelity also offers FSKAX (mutual fund, 0.015%) as the cheapest option in this category.
| Feature | VTI (Vanguard) | ITOT (iShares) | SWTSX (Schwab) |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.03% | 0.03% |
| Holdings | 4,000+ | 3,600+ | 3,400+ |
| AUM | $350B+ | $50B+ | $30B+ |
| Index Tracked | CRSP US Total Market | S&P Total Market | Dow Jones Total Market |
| Best Paired With | Vanguard brokerage | Any broker | Schwab brokerage |
Total Market vs S&P 500: Does It Matter?
Over the past 20 years, VTI and VOO have returned within 0.1-0.3% of each other annually. In years when small-cap stocks outperform (like 2016), VTI edges ahead. In years when large-cap dominates (like 2023), VOO edges ahead. The difference is small enough that your choice should be based on preference, not optimization.
If you want the broadest possible U.S. exposure, pick VTI. If you prefer the simplicity of owning just the 500 biggest companies, pick VOO. Both cost 0.03%. Neither is wrong. See the full VOO vs VTI comparison for detailed analysis.
Tip: Match your total market ETF to your broker for the smoothest experience: VTI at Vanguard, ITOT at iShares/Fidelity, SWTSX at Schwab. They all perform the same — convenience is the only differentiator.
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Frequently Asked Questions
Is VTI the best total market ETF?
VTI is the most popular and largest, but ITOT and SWTSX charge the same 0.03% fee with near-identical performance. Fidelity's FSKAX mutual fund is even cheaper at 0.015%. The best total market fund is the one available commission-free at your broker.
Do I need a total market fund if I already own an S&P 500 fund?
No — they overlap about 80%. Owning both VTI and VOO doubles your large-cap exposure without adding meaningful diversification. Pick one or the other, not both.
Is a total market ETF enough on its own?
For U.S. stock exposure, yes. But it does not include international stocks or bonds. Adding VXUS for international and BND for bonds creates a more complete portfolio. VTI alone is a fine starting point — add the others as your portfolio grows.
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Alex Harrington
CFA Level II Candidate, Finance & Economics
Alex Harrington is an independent ETF researcher and personal finance writer with over 8 years of experience analyzing exchange-traded funds. A CFA Level II candidate with a background in economics, Alex has reviewed 800+ ETFs and helped thousands of beginners build their first investment portfolios through clear, jargon-free education.
This content is for educational purposes only and does not constitute financial advice. Past performance does not guarantee future results. Consult a licensed financial advisor before making investment decisions.