Mutual funds

See the difference low-cost funds can make

The less you pay for your funds, the more you keep in your pocket—it's that simple.

Vanguard funds offer an enviable cost advantage

The average Vanguard mutual fund and ETF (exchange-traded fund) expense ratio is 82% less than the industry average.*

You don't get a bill explaining how much of your savings went toward paying fund expenses, because those costs are paid directly out of each fund's returns.

Vanguard was built differently to make sure we stay focused on keeping your costs low.

Amount you can save at Vanguard:

Compare Vanguard with the industry average and see how expense ratios affect your bottom line

This hypothetical illustration assumes a 6% return for all examples. Rate is not guaranteed. If the rate of return were altered, results would vary from those shown. The final balance shown is after costs. This example doesn't represent any particular investment and doesn't account for inflation. There may be other material differences between investment products that must be considered prior to investing.

All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2021.

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Initial investment amounts

Other ways we keep your costs low

There are no trading commissions when you buy and sell Vanguard low-cost mutual funds or ETFs.**

If you decide to invest in individual stocks, bonds, or CDs (certificates of deposit) or in other companies' mutual funds or ETFs, you may pay a brokerage commission—but we keep those low too.

Review our brokerage commission & fee schedules

Plus, for as long as you keep investing at Vanguard, you'll pay no account service fees.†

Get details on fees & minimums for Vanguard mutual funds

Review costs & minimums associated with Vanguard ETFs®

For more information about Vanguard mutual funds and ETFs, visit Vanguard mutual fund prospectuses or Vanguard ETF prospectuses to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

*Vanguard average expense ratio: 0.09%. Industry average expense ratio: 0.49%. All averages are asset-weighted. Industry averages exclude Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2021.

**Trading limits, fund expenses, and minimum investments may apply. See the Vanguard Brokerage Services commission and fee schedules for limits.

†There are no fees if you sign up to receive statements and other important documents electronically or if you're a Voyager, Voyager Select, Flagship, or Flagship Select client. Otherwise, a $20 fee is charged annually for all Vanguard Brokerage Accounts and for each individual Vanguard mutual fund holding with a balance lower than $10,000.

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). See the Vanguard Brokerage Services commission and fee schedules for limits. Vanguard ETF Shares aren't redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you'll pay or receive the current market price, which may be more or less than net asset value.

All investing is subject to risk, including the possible loss of the money you invest. Diversification does not ensure a profit or protect against a loss.

Costs are just one of the many factors that can impact returns.