VTI vs ITOT: Which Should You Pick?
Both charge 0.03%. VTI now tracks Morningstar's US Total Market index with 3,515 stocks; ITOT tracks the S&P Total Market Index with 2,437. Why both are fine.
Two total-market funds at the same 0.03%. VTI tracks the Morningstar US Total Market Index, having moved from the CRSP index on July 29, 2026 when Morningstar acquired CRSP, and it now carries the name Vanguard Morningstar Total Stock Market ETF. ITOT tracks the S&P Total Market Index. The two index families draw the line at the bottom of the market in different places, which is why VTI holds about 3,500 stocks and ITOT about 2,400, and why the two are useful to each other.
Quick answer
Either. There is no fee difference to pay for, and the extra thousand or so micro-cap names in VTI are a sliver of its weight. Pick the one your brokerage trades without commission, or the one you already own. The reason to know both tickers is that they track different index families, which is what makes one a common substitute for the other when harvesting a loss in a taxable account. That practice is widespread and has never been ruled on, so the risk stays with you.
| VTI | ITOT | |
|---|---|---|
| Index | Morningstar US Total Market Index | S&P Total Market Index |
| Index family | Morningstar (formerly CRSP) | S&P Dow Jones |
| Expense ratio | 0.03% | 0.03% |
| Holdings | 3,515 | 2,437 |
| Inception | May 2001 | Jan 2004 |
| Sponsor | Vanguard | iShares |
| Structure | Open-end fund | Open-end fund |
Issuer pages read September 7, 2026: Vanguard as of April 28, 2026 (expense ratio) and July 31, 2026 (holdings); iShares as of September 4, 2026. VTI index change per Vanguard's SEC filing of July 29, 2026.
The one real difference
Both indexes aim at the whole investable US market weighted by float, so the top of each list is the same companies at nearly the same weights. They differ in how far down they go: the Morningstar index includes more micro-caps, which is most of the gap between 3,515 and 2,437 names. Those extra stocks are tiny, and their combined weight is small enough that the two funds move together almost tick for tick. The index change itself did not alter what VTI holds in any way that matters here; it changed who calculates the list.
Does the choice move your outcome?
With no fee gap, any difference comes from index construction at the smallest end of the market. Set the gap slider to whatever you believe separates two funds charging the same 0.03% on overlapping stocks, and compare it with saving a little more each month. It is hard to make the fund choice win.
Does This Decision Even Matter?
$120.9K
impact over 25 years from 44bp annual gap
$175.5K
impact over 25 years
Saving $200/month more matters 1x more than the fund choice.
Other decisions that typically matter more: international allocation, tax-advantaged account usage, behavior during downturns.
Focus on the decisions that matter. Track your FI progress at Summitward's dashboard.
Who should pick which
Lean VTI if you
- Hold at Vanguard or pair it with VXUS
- Want the slightly deeper micro-cap reach
- Already own it and have no reason to move
Lean ITOT if you
- Hold at Fidelity or Schwab, where iShares trades free
- Hold VTI at a loss and want a different-index substitute
- Prefer the S&P index family across your funds
On harvesting losses between them
What the wash-sale rule settles is that buying back the same fund within 30 days disallows the loss. Whether two funds on different indexes are “substantially identical” has never been ruled on, and VTI to ITOT is one of the most common swaps investors make on the assumption that they are not. That assumption is widely held and entirely yours to make. The tax-loss harvesting tool shows what a harvest is worth at your rates before you take the risk on.
The full reasoning
Why the decision between near-identical broad funds is the most overrated one in investing, with the numbers, is in VTI vs. VOO. The S&P 500 versions of this question are on the VOO vs IVV vs SPY page.
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