Short answer: S&P 500 index funds all follow the same index, but they don’t cost the same. Across the 87 share classes in the SEC’s prospectus data (2025 Q3 to 2026 Q2), yearly expense ratios ran from 0.015% to 2.49%, and most of the gap pays for how a fund is sold, not how it’s run.
Every S&P 500 index fund is trying to do the same job: own the same 500 or so large U.S. companies, in the same proportions, and match the index as closely as it can. The portfolios are nearly identical. The prices are not.
To see how far apart they are, we lined up the fee tables that S&P 500 index funds file with the U.S. Securities and Exchange Commission. The cheapest share class you can buy as an ordinary investor costs 0.015% a year (we compare it with two other low-cost options in FXAIX vs VOO vs SWPPX). The most expensive one in our table costs 2.49%. That’s the same index at more than 150 times the price.
This article shows the full list, explains where the differences come from, and gives you a short checklist for making sure you’re on the cheap end of it. If you’re new to the basics, our plain-English guide to index funds is a good place to start.
What we looked at
We started from two public SEC data sets:
- Form N-CEN, the annual census report every registered fund files. Among other things, it asks each fund whether it is an index fund. We only kept funds that answered yes.
- The Mutual Fund Prospectus Risk/Return Summary data sets, which contain the fee table from each fund’s prospectus, broken down by share class.
From those, we kept every fund whose stated objective is to track the plain S&P 500 Index, one for one. We left out funds that track a variation of it (equal-weight, growth, value, dividend, ESG-screened, sector and “buffer” versions), leveraged and inverse funds, and portfolios that are only sold inside variable annuities and insurance contracts, because you can’t buy those directly.
That left 32 funds with 87 share classes that have a ticker. The fee tables come from prospectus filings made between July 2025 and April 2026, which covers four full quarters of filings. We then checked the figures quoted in this article against the prospectuses themselves on the SEC’s EDGAR database, because the SEC data set rounds to hundredths of a percent. Where the prospectus shows more precision (Fidelity 500 Index Fund’s 0.015%, for example), we use the prospectus figure. The full method is on our Editorial Methodology page.
Two well-known funds aren’t in the data set, so we checked them separately in their prospectuses. They’re listed further down.
The headline numbers
Across the 87 share classes:
- The median expense ratio is 0.29%. Half the classes charge less, half charge more.
- 15 classes charge 0.05% or less.
- 26 classes charge 0.50% or more, and 8 of them charge 1% or more.
- 34 of the 75 classes whose fee table includes a line for 12b-1 fees charge one (ongoing distribution and marketing fees, explained below).
- 12 of the 62 classes whose fee table includes a front-end sales charge line charge one, of up to 5.75% of what you invest.
Here’s how the 87 classes are spread out:
| Expense ratio | Share classes |
|---|---|
| 0.05% or less | 15 |
| Over 0.05% and under 0.25% | 22 |
| 0.25% to under 0.50% | 24 |
| 0.50% to under 1.00% | 18 |
| 1.00% or more | 8 |
Put simply, only a minority of S&P 500 share classes are as cheap as the big names people talk about online.
The same fund, many prices
The widest gaps aren’t between fund companies. They’re inside a single fund. A mutual fund can issue several share classes that own exactly the same portfolio but charge different fees, depending on who’s buying and how the fund is sold. The SEC’s investor site explains that “each share class has a different fee and expense structure” (Investor.gov).
These were the funds with the widest range between their cheapest and most expensive class:
| Fund | Cheapest class | Most expensive class |
|---|---|---|
| JPMorgan Equity Index Fund | 0.045% (Class R6) | 1.12% (Class C) |
| Invesco S&P 500 Index Fund | 0.19% (Class R6) | 1.29% (Class C) |
| Federated Hermes Max-Cap Index Fund | 0.37% (Institutional) | 1.45% (Class C) |
| DWS S&P 500 Index Fund | 0.22% (Class R6) | 1.26% (Class C) |
| Allspring Index Fund | 0.25% (Administrator) | 1.19% (Class C) |
In the JPMorgan fund, the Class C shares cost about 25 times as much each year as the R6 shares. The stocks in the portfolio are exactly the same.
There’s a catch that keeps this from being a simple “buy the cheap class” story. The cheapest classes are often not open to everyone. Classes labeled R6, Institutional, K or G are usually reserved for retirement plans, institutions or large accounts. An individual investor buying through a broker may only be offered Class A or Class C. That’s exactly why it matters to know that the low-cost fund families below exist.
Where the extra cost comes from
Almost none of the difference is about managing the money. Tracking the S&P 500 is cheap to do at scale. The extra cost comes from three places.
1. 12b-1 fees
A 12b-1 fee is an ongoing charge, taken out of the fund’s assets every year, that pays for distribution: marketing and, above all, compensating the broker or adviser who sold you the fund. In the SEC’s words, distribution fees “cover the marketing and selling of fund shares, such as compensating brokers and others who sell fund shares” (Investor.gov).
In our table, 12b-1 fees range from 0.06% to 1.00% a year. They make a clear difference: the median expense ratio of classes that charge a 12b-1 fee is 0.60%, against 0.20% for classes that don’t. Class C shares are the extreme case. All five Class C shares in our table charge a 12b-1 fee of 0.75% or 1.00%, on top of everything else.
2. Front-end sales charges (loads)
A front-end load is taken out of your money before it’s invested. With a 5.75% load, a $10,000 purchase puts $9,425 to work and $575 goes to the sales charge. The 12 classes in our table that charge one mostly sit at 4.50% to 5.75%, and they’re all Class A (or similar) shares sold through brokers and advisers. Loads usually shrink for large purchases (“breakpoints”), and some investors can buy load-waived shares, so check the prospectus if you’re offered one.
Class C shares typically don’t charge a front-end load. Instead, they charge a higher 12b-1 fee every year, and usually a deferred sales charge (often 1%) if you sell within the first year. For a long-term investor, that’s often the more expensive deal.
3. Higher other expenses
Some classes simply carry higher administrative and shareholder-service costs, especially in smaller funds that don’t have the scale of the giants. Fee waivers muddy the picture a little: several fund companies temporarily waive part of their fees under a contract with a set end date. Our figures use the net expense ratio after those waivers, because that’s what you pay today, but a waiver can expire. JPMorgan’s waiver on its Equity Index Fund, for example, runs until October 31, 2026, according to its prospectus.
What the difference is worth in dollars
Expense ratios look tiny because they’re written as fractions of a percent. They add up because they’re charged every year, on your whole balance, and compound.
A hypothetical example: you invest $10,000 once and leave it for 30 years. The fund earns 7% a year before costs, and the expense ratio is taken out of that return each year. (The 7% is an assumption for illustration, not a forecast. Real returns vary year to year.)
| Expense ratio | Value after 30 years |
|---|---|
| 0.015% (cheapest class open to individuals) | about $75,800 |
| 0.29% (median class in our table) | about $70,200 |
| 1.29% (Invesco S&P 500 Index Fund, Class C) | about $52,900 |
Same index, same starting amount, and roughly $22,900 of difference between the cheap end and a typical Class C share. None of that difference buys you anything: the underlying stocks are the same. To run the numbers with your own amounts, try our index fund fee calculator.
The cheapest options open to individual investors
Among the classes in our table that an individual investor can generally buy directly or through a regular brokerage account, the lowest expense ratios were:
| Fund | Ticker | Type | Expense ratio |
|---|---|---|---|
| Fidelity 500 Index Fund | FXAIX | Mutual fund | 0.015% |
| Schwab S&P 500 Index Fund | SWPPX | Mutual fund | 0.02% |
| State Street SPDR Portfolio S&P 500 ETF | SPYM | ETF | 0.02% |
| iShares Core S&P 500 ETF | IVV | ETF | 0.03% |
| Vanguard 500 Index Fund, ETF Shares | VOO | ETF | 0.03% |
| Vanguard 500 Index Fund, Admiral Shares | VFIAX | Mutual fund | 0.04% |
A few notes:
- The State Street ETF used to trade as SPLG. It was renamed and moved to the ticker SPYM on October 31, 2025.
- Mutual funds can come with minimum investments and are sometimes easiest to buy at the fund company’s own brokerage. ETFs trade at any broker. Our comparison of index mutual funds and ETFs covers the trade-offs.
- Vanguard’s prospectus lists a $25 annual account fee that can apply to some accounts; it doesn’t apply to the ETF Shares (VOO). Account fees like this sit outside the expense ratio, so read the whole fee section of any fund before you buy.
A few share classes in our table are even cheaper, but most people can’t use them. Fidelity Flex 500 Index Fund (FDFIX) charges 0.00%, but its prospectus says it’s “available only to certain fee-based accounts and advisory programs offered by Fidelity”, where clients typically pay an advisory fee. Vanguard 500 Index Fund Institutional Select Shares (VFFSX), at 0.01%, is built for very large institutional investors. The iShares S&P 500 Index Fund’s Class G and the State Street Equity 500 Index II Portfolio (both 0.01%) are also aimed at institutional and retirement-plan money.
Two big funds that aren’t in the data set
The SEC data set only covers funds that file a standard mutual fund prospectus with a structured fee table during the period. We checked two popular S&P 500 funds that weren’t in it directly in their prospectuses:
- SPDR S&P 500 ETF Trust (SPY), the oldest U.S.-listed ETF and one of the most heavily traded, now named State Street SPDR S&P 500 ETF Trust. It’s legally a unit investment trust, so it files a different kind of prospectus. Its estimated annual expenses are 0.0945%, according to its prospectus dated January 26, 2026. That’s more than three times the cost of IVV or VOO. SPY is widely used by traders for its liquidity, which matters much less to a buy-and-hold investor.
- T. Rowe Price Equity Index 500 Fund (PREIX): 0.19% for the Investor Class, according to its prospectus dated March 1, 2026. Its I Class (PRUIX) costs 0.05% after a fee waiver that runs until February 29, 2028, but it’s generally meant for larger accounts. The prospectus also lists a $20 account fee that can apply to some accounts.
A special case: Bull ProFund
The two most expensive classes in our table belong to Bull ProFund, at 1.49% (Investor Class) and 2.49% (Service Class). Its prospectus says the fund “seeks investment results, before fees and expenses, that track the performance of the S&P 500 Index”, which is why it’s in our list. But it costs roughly 100 times as much as the cheapest S&P 500 funds, so if you come across it, read its prospectus closely to understand how it invests and who it’s designed for before comparing it with a plain, low-cost index fund.
The full table: 87 S&P 500 share classes, cheapest to most expensive
Expense ratios are net of any fee waivers in effect, as stated in each fund’s prospectus. “—” means the fee table didn’t include that line. Sources and dates are listed below the table.
| Fund | Share class | Ticker | Expense ratio | 12b-1 fee | Max. front load |
|---|---|---|---|---|---|
| Fidelity Flex 500 Index Fund | Single class | FDFIX | 0.00% | 0.00% | — |
| iShares S&P 500 Index Fund | Class G | BSPGX | 0.01% | 0.00% | — |
| State Street Equity 500 Index II Portfolio | Single class | SSEYX | 0.01% | 0.00% | 0.00% |
| Vanguard 500 Index Fund | Institutional Select | VFFSX | 0.01% | 0.00% | 0.00% |
| Fidelity 500 Index Fund | Single class | FXAIX | 0.015% | 0.00% | — |
| State Street SPDR Portfolio S&P 500 ETF | Single class | SPYM | 0.02% | 0.00% | — |
| State Street Equity 500 Index Fund | Class K | SSSYX | 0.02% | 0.00% | 0.00% |
| Schwab S&P 500 Index Fund | Single class | SWPPX | 0.02% | — | — |
| iShares Core S&P 500 ETF | Single class | IVV | 0.03% | 0.00% | — |
| Vanguard 500 Index Fund | ETF Shares | VOO | 0.03% | 0.00% | — |
| iShares S&P 500 Index Fund | Class K | WFSPX | 0.03% | 0.00% | — |
| Vanguard 500 Index Fund | Admiral | VFIAX | 0.04% | 0.00% | 0.00% |
| JPMorgan Equity Index Fund | Class R6 | OGFAX | 0.045% | 0.00% | — |
| Northern Stock Index Fund | Single class | NOSIX | 0.05% | — | — |
| Nuveen S&P 500 Index Fund | Class R6 | TISPX | 0.05% | — | 0.00% |
| iShares S&P 500 Index Fund | Institutional | BSPIX | 0.10% | 0.00% | — |
| Principal LargeCap S&P 500 Index Fund | Institutional | PLFIX | 0.10% | — | 0.00% |
| GuideStone Equity Index Fund | Institutional Class | GEQYX | 0.12% | — | — |
| Empower S&P 500 Index Fund | Institutional Class | MXKWX | 0.12% | 0.00% | — |
| SEI S&P 500 Index Fund (SIIT) | Class A | SPINX | 0.12% | 0.00% | — |
| MassMutual S&P 500 Index Fund | Class I | MMIZX | 0.14% | 0.00% | 0.00% |
| Vanguard 500 Index Fund | Investor | VFINX | 0.14% | 0.00% | 0.00% |
| Victory 500 Index Fund | Reward | USPRX | 0.15% | 0.00% | 0.00% |
| State Street S&P 500 Index Fund | Class N | SVSPX | 0.16% | 0.06% | 0.00% |
| State Street Equity 500 Index Fund | Administrative | STFAX | 0.17% | 0.15% | 0.00% |
| Nationwide S&P 500 Index Fund | Class R6 | GRMIX | 0.18% | 0.00% | 0.00% |
| Invesco S&P 500 Index Fund | Class R6 | SPISX | 0.19% | 0.00% | 0.00% |
| Nuveen S&P 500 Index Fund | Class I | TISAX | 0.19% | — | 0.00% |
| DWS Equity 500 Index Fund | Institutional Class | BTIIX | 0.20% | 0.00% | — |
| DWS Equity 500 Index Fund | Class R6 | BTIRX | 0.20% | 0.00% | — |
| JPMorgan Equity Index Fund | Class I | HLEIX | 0.20% | 0.00% | 0.00% |
| BNY Mellon Institutional S&P 500 Stock Index Fund | Class I | DSPIX | 0.21% | — | — |
| iShares S&P 500 Index Fund | Service | BSPSX | 0.22% | 0.15% | — |
| State Street Equity 500 Index Fund | Class I | SSSWX | 0.22% | 0.00% | 0.00% |
| DWS S&P 500 Index Fund | Class R6 | SXPRX | 0.22% | 0.00% | 0.00% |
| Victory 500 Index Fund | Member | USSPX | 0.23% | 0.00% | 0.00% |
| MassMutual S&P 500 Index Fund | Class R5 | MIEZX | 0.24% | 0.00% | 0.00% |
| DWS Equity 500 Index Fund | Class S | BTIEX | 0.25% | 0.00% | — |
| Allspring Index Fund | Administrator Class | WFIOX | 0.25% | 0.00% | 0.00% |
| NYLI S&P 500 Index Fund | Class I | MSPIX | 0.26% | 0.00% | 0.00% |
| Principal LargeCap S&P 500 Index Fund | Class J | PSPJX | 0.27% | 0.15% | 0.00% |
| State Street Equity 500 Index Fund | Service | STBIX | 0.27% | 0.25% | 0.00% |
| DWS S&P 500 Index Fund | Class S | SCPIX | 0.29% | 0.00% | 0.00% |
| Invesco S&P 500 Index Fund | Class Y | SPIDX | 0.29% | 0.00% | 0.00% |
| Nuveen S&P 500 Index Fund | Retirement Class | TRSPX | 0.30% | — | 0.00% |
| Principal LargeCap S&P 500 Index Fund | Class A | PLSAX | 0.31% | 0.15% | 1.50% |
| Franklin S&P 500 Index Fund | Class D | SBSDX | 0.34% | 0.00% | 0.00% |
| iShares S&P 500 Index Fund | Investor A | BSPAX | 0.35% | 0.25% | — |
| iShares S&P 500 Index Fund | Investor P | BSPPX | 0.35% | 0.25% | 5.25% |
| Principal LargeCap S&P 500 Index Fund | R-5 | PLFPX | 0.35% | — | 0.00% |
| Federated Hermes Max-Cap Index Fund | Institutional | FISPX | 0.37% | 0.00% | 0.00% |
| GuideStone Equity Index Fund | Investor Class | GEQZX | 0.39% | — | — |
| MassMutual S&P 500 Index Fund | Service Class | MMIEX | 0.39% | 0.00% | 0.00% |
| Nationwide S&P 500 Index Fund | Institutional Service Class | GRISX | 0.43% | 0.00% | 0.00% |
| Victory S&P 500 Index Fund | Class Y | MUXYX | 0.43% | 0.00% | 0.00% |
| Homestead Stock Index Fund | Single class | HSTIX | 0.44% | — | 0.00% |
| Allspring Index Fund | Class A | WFILX | 0.44% | 0.00% | 5.75% |
| JPMorgan Equity Index Fund | Class A | OGEAX | 0.45% | 0.25% | 5.25% |
| State Street Equity 500 Index Fund | Class A | SSSVX | 0.47% | 0.25% | 5.25% |
| MassMutual S&P 500 Index Fund | Administrative Class | MIEYX | 0.49% | 0.00% | 0.00% |
| Empower S&P 500 Index Fund | Investor Class | MXVIX | 0.49% | 0.00% | — |
| BNY Mellon S&P 500 Index Fund | Single class | PEOPX | 0.50% | — | — |
| NYLI S&P 500 Index Fund | Class A | MSXAX | 0.51% | 0.25% | 1.50% |
| Victory S&P 500 Index Fund | Class A | MUXAX | 0.53% | 0.15% | 2.25% |
| Franklin S&P 500 Index Fund | Class A | SBSPX | 0.54% | 0.20% | 0.00% |
| Invesco S&P 500 Index Fund | Class A | SPIAX | 0.54% | 0.25% | 5.50% |
| DWS S&P 500 Index Fund | Class A | SXPAX | 0.54% | 0.24% | 4.50% |
| Nationwide S&P 500 Index Fund | Class A | GRMAX | 0.57% | 0.25% | 5.75% |
| Nationwide S&P 500 Index Fund | Service Class | GRMSX | 0.58% | 0.15% | 0.00% |
| State Street Equity 500 Index Fund | Class R | SSFRX | 0.62% | 0.60% | 0.00% |
| MassMutual S&P 500 Index Fund | Class R4 | MIEAX | 0.64% | 0.25% | 0.00% |
| Principal LargeCap S&P 500 Index Fund | R-3 | PLFMX | 0.66% | 0.25% | 0.00% |
| Federated Hermes Max-Cap Index Fund | Service | FMXSX | 0.67% | 0.30% | 0.00% |
| MassMutual S&P 500 Index Fund | Class A | MMFFX | 0.74% | 0.25% | 5.50% |
| NYLI S&P 500 Index Fund | SIMPLE Class | MSXMX | 0.74% | 0.50% | 0.00% |
| NYLI S&P 500 Index Fund | Investor Class | MYSPX | 0.79% | 0.25% | 1.00% |
| Victory S&P 500 Index Fund | Class R | MUXRX | 0.87% | 0.50% | 0.00% |
| MassMutual S&P 500 Index Fund | Class R3 | MMINX | 0.89% | 0.50% | 0.00% |
| Nationwide S&P 500 Index Fund | Class R | GRMRX | 0.93% | 0.50% | 0.00% |
| Federated Hermes Max-Cap Index Fund | Class R | FMXKX | 1.12% | 0.50% | 0.00% |
| JPMorgan Equity Index Fund | Class C | OEICX | 1.12% | 0.75% | 0.00% |
| Allspring Index Fund | Class C | WFINX | 1.19% | 0.75% | 0.00% |
| DWS S&P 500 Index Fund | Class C | SXPCX | 1.26% | 1.00% | 0.00% |
| Invesco S&P 500 Index Fund | Class C | SPICX | 1.29% | 1.00% | 0.00% |
| Federated Hermes Max-Cap Index Fund | Class C | MXCCX | 1.45% | 0.75% | 0.00% |
| Bull ProFund | Investor Class | BLPIX | 1.49% | 0.00% | — |
| Bull ProFund | Service Class | BLPSX | 2.49% | 1.00% | — |
A five-point checklist before you buy an S&P 500 fund
- Look up the exact share class, not just the fund name. “Invesco S&P 500 Index Fund” can cost 0.19% or 1.29% depending on the letter after it.
- Check the expense ratio in the prospectus fee table. It’s near the top of every summary prospectus, under “Annual Fund Operating Expenses.”
- Look for a 12b-1 fee and a sales charge. If you see a front-end load or a 12b-1 fee of 0.75% to 1.00%, ask whether a cheaper class or a different fund is available to you.
- Check whether a fee waiver is holding the price down, and when it ends.
- Inside a 401(k), compare the options you actually have. Plans often offer institutional or R6 classes that are cheaper than anything available outside the plan. Others don’t, and then the plan’s S&P 500 option is not always the cheapest way to own the index.
Common questions
What is the cheapest S&P 500 index fund? In our data, the cheapest share classes open to individual investors charge between 0.015% and 0.04% a year, with Fidelity’s FXAIX at the bottom at 0.015%. Fees change, so check the current prospectus. Our FXAIX vs VOO vs SWPPX comparison looks at three of the cheapest in detail.
Why would anyone pay more for the same index? Usually because of how the fund was sold. Higher-cost share classes often carry a sales load or a 12b-1 fee that pays the broker or adviser who sold it, and some investors only have those classes available in their account or plan.
Does a more expensive S&P 500 fund perform better? No. Every fund in the table is trying to deliver the same index return from the same stocks, and the fee comes straight out of that return. Prospectus returns show the cheapest funds following the index almost exactly, while higher fees widen the gap, as our article on tracking difference shows.
The bottom line
Every fund in this table is trying to deliver the return of the S&P 500. The only thing you can control is how much of that return you give away. Most of the gap between 0.015% and 1.29% pays for how a fund is sold, not how it’s run. If you’re buying an S&P 500 fund, there’s rarely a reason to pay more than a few hundredths of a percent.
This article is general information based on public filings, not personal advice. Fees change, and a fund may have filed a new prospectus since our data was collected; always check the current prospectus before investing. See our Financial Disclaimer.
Sources and data notes
- SEC, Form N-CEN data sets, 2025 Q3 to 2026 Q2: used to identify which funds call themselves index funds, and to match share classes to tickers.
- SEC, Mutual Fund Prospectus Risk/Return Summary data sets, 2025 Q3 to 2026 Q2: expense ratios, 12b-1 fees and maximum front-end sales charges by share class, from prospectus filings dated July 22, 2025, to April 30, 2026. Funds were selected by their stated investment objective of tracking the S&P 500 Index.
- Fund prospectuses on SEC EDGAR, used to verify the figures quoted in the text: Fidelity 500 Index Fund (April 2026); Vanguard 500 Index Fund (April 28, 2026); Schwab S&P 500 Index Fund (February 26, 2026); iShares Core S&P 500 ETF (August 1, 2025, and July 31, 2026); State Street SPDR Portfolio S&P 500 ETF (October 31, 2025, revised February 3, 2026); SPDR S&P 500 ETF Trust (January 26, 2026); T. Rowe Price Equity Index 500 Fund (March 1, 2026); Invesco S&P 500 Index Fund (December 19, 2025); DWS S&P 500 Index Fund (April 28, 2026); Federated Hermes Max-Cap Index Fund (December 31, 2025); Bull ProFund (November 28, 2025); Nationwide S&P 500 Index Fund (March 2, 2026); JPMorgan Equity Index Fund (November 1, 2025); Allspring Index Fund (August 1, 2025, and August 1, 2026); Nuveen S&P 500 Index Fund (February 2026); BNY Mellon S&P 500 Index Fund (February 27, 2026).
- SEC, Investor.gov, Characteristics of Mutual Funds and Exchange-Traded Funds and the glossary entry for 12b-1 fees.
- The dollar example is our own calculation: $10,000 invested once for 30 years at a hypothetical 7% annual return before costs, minus the expense ratio each year. It’s an illustration, not a projection.
Data as of the 2026 Q2 SEC data sets. Sources checked on September 29, 2026.