A fee stated as a small annual percentage of assets is not a small percentage of the outcome: because it is charged on the whole balance every year, it compounds against you at the same rate the portfolio compounds for you.

40
Ending balance lost to the fee772,914.75
1.46The fee's toll, measured against every dollar you actually put in

The gap between the two paths is wider than the fees paid. Each year's fee also removes the returns that money would have earned in every year that followed, which is why the two lines separate slowly at first and then sharply.

Half the fee-free ending balanceTotal contributed — everything above this line is growth
Balance with feeBalance no feeTotal contributed

Interactive artifact by Delineo