Pair 1 · S&P 500
FNILX vs FXAIX
● Effectively identical
Keep FNILX
Sell FXAIX
The chart makes the case visually: these two funds are the same bet. FXAIX tracks the S&P 500 committee index; FNILX tracks Fidelity's own large-cap screen (~513 holdings vs ~502). In practice, returns have been within rounding error every single year. The only difference that compounds over 20 years is the 0.015% fee on FXAIX. Sell FXAIX, keep FNILX.
Pair 2 · Total US Market
FZROX vs FSKAX
● FZROX wins
Keep FZROX
Sell FSKAX
5-Yr Ann. Delta
FZROX +0.18pp
Functionally identical funds — 0.99+ correlation. FZROX wins by a hair (0.18pp over 5 years, 0.03pp over 1 year) and costs nothing. FSKAX costs 0.015%/yr. The zero fund did what it promised: matched or slightly beat the managed equivalent. Sell FSKAX, keep FZROX.
Pair 3 · International
FZILX vs FTIHX
● FZILX wins clearly
Keep FZILX
Sell FTIHX
5-Yr Ann. Delta
FZILX +0.68pp
The most surprising pair. FTIHX is structurally broader — 4,672 holdings vs FZILX's 2,316, including ~11% small-cap international that FZILX excludes. Despite this, FZILX outperforms: +1.73pp over 1 year, +0.68pp annualized over 5 years. Broader exposure didn't help. And FTIHX costs 0.06%/yr — the largest fee gap of any pair. Sell FTIHX, keep FZILX.
Pair 4 · Extended Market
FZIPX vs FSMAX
● FSMAX wins clearly
✓ FZIPX already sold
Keep FSMAX
The only pair where the managed fund wins — and it isn't close. FSMAX tracks the Dow Jones U.S. Completion Index (~3,500 holdings); FZIPX tracked Fidelity's proprietary extended market (~2,500 holdings). FSMAX's broader small-cap coverage gave it +7.23pp in 2023 and +4.59pp in 2024. The 0.035% fee paid for itself many times over. FZIPX was correctly sold. FSMAX stays.