Compare/Updated Oct 26, 2026, refreshed every trading day
FZROX vs FXAIX
Fidelity ZERO Total Market Index Fund against Fidelity 500 Index Fund: 4 years of returns, risk and today’s technical read, from Kavout’s own data.
FXAIX did slightly better over the period: $1,000 invested on October 28, 2022 would be worth $2,023 versus $1,985 for FZROX, a 3.8-point difference in ending value. FXAIX also had the stronger three-year return, 80.0% versus 78.6%, and a slightly higher one-year return, 13.8% versus 13.7%. The advantage came with marginally lower risk: 12-month volatility was 12.6% for FXAIX versus 13.1% for FZROX, while its worst drawdown was -19.0% versus -19.8%. The funds remained highly similar, with a 0.987 correlation of daily moves and FZROX moving 1.02% for each 1% move in FXAIX. FXAIX won 24 of the last 48 months, while FZROX won the other 24; the typical monthly gap was only 0.26 points.
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Head to head
Which has returned more, FZROX or FXAIX?
FZROX beat FXAIX in 24 of the last 48 months; FXAIX won the other 24. The typical monthly gap was 0.26 points.
Total return by period
Which is riskier?
FZROX: Dec 4, 2024 to Apr 8, 2025; FXAIX: Feb 19, 2025 to Apr 8, 2025
- 0.987
- correlation of daily moves, 4 years
- 1.02
- FZROX move per 1% in FXAIX
- 0.974
- correlation, last 12 months
Month by month
Of the last 48 months. The typical gap was 0.26 points.
When did they diverge?
| Month | FZROX | FXAIX | Gap |
|---|---|---|---|
| December 2024 | -4.0% | -2.4% | -1.67 pts |
| March 2023 | +2.6% | +3.7% | -1.02 pts |
| November 2024 | +6.6% | +5.9% | +0.76 pts |
| December 2023 | +5.3% | +4.5% | +0.76 pts |
Where the numbers come from. 1000 daily adjusted closes per fund from the Kavout market-data API, dividends included. Signals and indicators are Kavout’s own, refreshed nightly. Every figure is calculated from those adjusted closes.
Holdings and fees
What do you actually own with FZROX and FXAIX?
- Price
- $26.55
- Price
- $264.99
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