Direct Answer
Total market ETFs hold every publicly traded U.S. company (approximately 3,500 to 4,000 stocks), not just the S&P 500's 500. The major options are VTI (Vanguard, 0.03%), SCHB (Schwab, 0.03%), and ITOT (iShares, 0.03%). They are functionally identical for most investors; differences in index methodology create minor tracking variation.
Total U.S. Market ETF Comparison: VTI vs SCHB vs ITOT
Total U.S. Market ETF Comparison
| Feature | VTI | SCHB | ITOT |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.03% | 0.03% |
| AUM | ~$430B | ~$28B | ~$70B |
| Inception | May 2001 | Nov 2009 | Jan 2004 |
| Index | CRSP US Total Market | Dow Jones US Broad Market | S&P Total Market |
| Holdings Count (approx) | ~3,700 | ~2,500 | ~3,600 |
| Large Cap % (approx) | ~73% | ~72% | ~74% |
| Mid Cap % | ~18% | ~19% | ~17% |
| Small Cap % | ~9% | ~9% | ~9% |
Source: Vanguard: VTI ETF Details. Last verified: September 2026.
Frequently asked questions
What is the difference between VTI and VOO?
VTI tracks the entire U.S. stock market (approximately 3,700 stocks), while VOO tracks only the S&P 500 (500 stocks). VTI includes approximately 3,200 additional small and mid-cap stocks beyond what VOO holds. In practice, returns are very similar because large-cap stocks dominate both (approximately 70%+ weight). VTI provides broader diversification and slightly more exposure to small-cap stocks, which historically have offered a return premium over long periods. For most investors, either is a fine choice; VTI is marginally more diversified.
Does adding small caps to VTI help returns?
Historical evidence supports a small-cap premium (small stocks outperform large stocks over long periods), but it has been unreliable in recent decades. VTI's extra small-cap exposure (~9%) over VOO adds approximately 20-30 basis points of expected return advantage in theories based on Fama-French factors, but this can be negative in any given decade (small caps dramatically underperformed 2015-2024). For investors specifically targeting small-cap exposure, dedicated small-cap ETFs (IWM, VIOV) provide more concentrated exposure.
Why use a total market fund instead of S&P 500 only?
Total market funds provide broader diversification including small and mid-cap companies, which may grow faster than established large-caps and represent more of the U.S. economy. Historical CRSP data shows total market returns nearly identical to S&P 500 returns over long periods (within 0.1% annually), because large-cap dominance means the additional stocks have little impact. The main argument for total market is theoretical completeness: you own the whole market rather than an arbitrary 500-company selection. Neither approach is wrong; the difference is philosophically significant but financially minimal.
Cite This Page
If you reference this table in your own work, use the following citation format and add the date you accessed it:
Swoopr Editorial Team. (2026). Total U.S. Market ETF Comparison: VTI vs SCHB vs ITOT. Swoopr Investment. https://www.getswoopr.com/tables/etf/total-market-etf-comparison/
Check the figures against the primary sources listed under References before you rely on or republish them; the series they come from are revised.