How the mighty have fallen. Well, not really. At the end of close on Tuesday, Fidelity's Magellan, the world's largest mutual fund was no longer the world's largest. The Vanguard Index 500 fund finally came out on top according to proprietary calculations by independent experts on Fidelity and Vanguard funds.

James Lowell, editor of the Fidelity Investor, and Daniel Wiener, editor of Independent Adviser for Vanguard Investors have been watching the race of these two behemoth funds on their respective Web sites: www.FidelityInvestor.com and www.AdviserOnline.com.

Incorporating historical cash flows into the two funds, and market performance through Tuesday, April 4th Index 500's assets, at $107.2 billion now are greater than Magellan's estimated $106.9 billion in assets.

Magellan's one-day performance loss of 1.5% loss, on a day that the S&P 500 Index 500 lost less (down 0.7%) was enough to secure the throne. 

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