Like other legacy brokers, Fidelity has a big collection of index funds to choose from. Some track broad market indexes, while others are more niche, targeting growth stocks, value stocks or emerging markets.
We’ve compiled the best Fidelity index funds based on cost, performance and popularity.
4 free Fidelity index funds
An expense ratio is a fee that covers the cost of a fund’s management. In 2018, Fidelity began offering something no other broker had before: index funds with no expense ratios.
This is made possible in part because these funds are based on indexes created by Fidelity, which is cheaper than tracking outside indexes. These funds are also considered to be a way for Fidelity to draw in new customers, who may eventually purchase other assets or services that Fidelity can profit from.
Here are the four Fidelity index funds that make up its ZERO family in order of one-year performance.
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Fidelity ZERO Extended Market Index Fund |
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Fidelity ZERO International Index Fund |
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Fidelity ZERO Total Market Index Fund |
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Fidelity ZERO Large Cap Index Fund |
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Source: Morningstar. Data is current as of June 3, 2026, and is intended for informational purposes only. |
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The benefit of a free index fund
Index funds with no expense ratios are still rare eight years after Fidelity introduced the concept. The only other broker that offers free index funds is E*TRADE.
According to Investment Company Institute research, the average expense ratio for an index fund in 2025 was 0.05%. That may not sound like much, but even a small expense can eat into your returns over time.
Let’s say you plan to retire in 30 years and contribute $7,500 per year to your IRA until then. We’ll assume an average return rate of 6%. A 0.05% expense ratio turns into more than $6,400 over that time period. That’s $6,400 that could have been working for you in the market instead of going toward fees.
One thing to note: Fidelity’s free index funds are only available to people who have a Fidelity account — you can’t access them through other brokers.
5 best-performing Fidelity index funds
Below are the best Fidelity index funds in terms of one-year performance, plus each fund’s expense ratio. We’ve excluded Fidelity SAI and Flex index funds from this list, as they’re only available to clients of Fidelity’s paid services.
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Fidelity Emerging Markets Index Fund (FPADX) |
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Fidelity Small Cap Value Index Fund (FISVX) |
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Fidelity Small Cap Index Fund (FSSNX) |
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Fidelity Small Cap Growth Index Fund (FECGX) |
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Fidelity Nasdaq Composite Index Fund (FNCMX) |
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Source: Morningstar. Data is current as of June 3, 2026, and is intended for informational purposes only. |
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You may notice that small-cap index funds show up frequently on this list
A small-cap company is generally defined as having a market capitalization between $250 million and $2 billion.
. They’re generally composed of newer companies with high potential for growth, so it’s no surprise that they’re among the Fidelity index funds with the highest one-year returns.
While investing in a fund is generally less risky than investing in a single company, there is still some risk that can come with investing in small-cap funds like these. Opening yourself up to higher potential returns can also mean opening yourself up to bigger potential losses. Spreading your investments across different market caps is one way to further diversify your portfolio and limit risk.
3 popular Fidelity index funds
A cheap or high-performing index fund doesn’t always equate to it being a fan favorite. To get a sense of the broker’s most popular index funds, we looked for ones with the highest assets under management.
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Fidelity 500 Index Fund: $791.7 billion.
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Fidelity Total Market Index Fund: $131.7 billion.
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Fidelity International Index Fund: $81.5 billion.
Here’s how the top three funds compare in returns and expense ratios.
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Fidelity 500 Index Fund (FXAIX) |
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Fidelity Total Market Index Fund (FSKAX) |
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Fidelity International Index Fund (FSPSX) |
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Source: Morningstar. Data is current as of June 3, 2026, and is intended for informational purposes only. |
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Frequently asked questions
Do Fidelity index funds have minimums?
How do I buy a Fidelity index fund?