^SP500TR vs. FNILX

Last updated Jun 6, 2026

^SP500TR (S&P 500 Total Return) is an index, while FNILX (Fidelity ZERO Large Cap Index Fund) is Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, ^SP500TR returned 13.41%/yr vs 13.84%/yr for FNILX. With a 0.99 correlation, they move nearly in lockstep.

Performance

^SP500TR vs. FNILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P 500 Total Return (^SP500TR) and Fidelity ZERO Large Cap Index Fund (FNILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^SP500TR achieves a 8.43% return, which is significantly lower than FNILX's 11.19% return.

^SP500TR

• 1D: -2.63%
• 1M: 0.78%
• YTD: 8.43%
• 6M: 8.12%
• 1Y: 24.56%
• 3Y*: 21.54%
• 5Y*: 13.41%
• 10Y*: 15.26%

FNILX

• 1D: 0.44%
• 1M: 3.75%
• YTD: 11.19%
• 6M: 10.76%
• 1Y: 27.51%
• 3Y*: 22.95%
• 5Y*: 13.84%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

^SP500TR vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
^SP500TR S&P 500 Total Return	8.43%	17.88%	25.02%	26.29%	-18.11%	28.71%	18.40%	31.49%	-13.52%
FNILX Fidelity ZERO Large Cap Index Fund	11.19%	17.81%	25.47%	27.45%	-19.37%	26.67%	21.13%	31.79%	-13.60%

Correlation

The correlation between ^SP500TR and FNILX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018	0.99

The correlation between ^SP500TR and FNILX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

^SP500TR vs. FNILX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^SP500TR

^SP500TR Risk / Return Rank: 80
^SP500TR Sharpe Ratio Rank: 77
^SP500TR Sortino Ratio Rank: 78
^SP500TR Omega Ratio Rank: 80
^SP500TR Calmar Ratio Rank: 76
^SP500TR Martin Ratio Rank: 87

FNILX

FNILX Risk / Return Rank: 69
FNILX Sharpe Ratio Rank: 70
FNILX Sortino Ratio Rank: 62
FNILX Omega Ratio Rank: 63
FNILX Calmar Ratio Rank: 72
FNILX Martin Ratio Rank: 80

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^SP500TR vs. FNILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P 500 Total Return (^SP500TR) and Fidelity ZERO Large Cap Index Fund (FNILX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^SP500TR	FNILX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.37	-0.23
Sortino ratio: Return per unit of downside risk	2.88	3.22	-0.34
Omega ratio: Gain probability vs. loss probability	1.39	1.43	-0.04
Calmar ratio: Return relative to maximum drawdown	2.92	3.14	-0.22
Martin ratio: Return relative to average drawdown	13.59	14.36	-0.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^SP500TR vs. FNILX - Sharpe Ratio Comparison

The current ^SP500TR Sharpe Ratio is 2.13, which is comparable to the FNILX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of ^SP500TR and FNILX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^SP500TR	FNILX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.37	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.81	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.76	-0.12

Drawdowns

^SP500TR vs. FNILX - Drawdown Comparison

The maximum ^SP500TR drawdown since its inception was -55.25%, which is greater than FNILX's maximum drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for ^SP500TR and FNILX.

Drawdown Indicators

	^SP500TR	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-55.25%	-33.76%	-21.49%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-9.01%	+0.12%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-19.08%	+0.33%
Max Drawdown (5Y) Largest decline over 5 years	-24.49%	-25.40%	+0.91%
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	—	—
Current Drawdown Current decline from peak	-2.94%	-0.33%	-2.61%
Average Drawdown Average peak-to-trough decline	-8.16%	-5.37%	-2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.97%	-0.06%

Volatility

^SP500TR vs. FNILX - Volatility Comparison

S&P 500 Total Return (^SP500TR) has a higher volatility of 3.81% compared to Fidelity ZERO Large Cap Index Fund (FNILX) at 2.95%. This indicates that ^SP500TR's price experiences larger fluctuations and is considered to be riskier than FNILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^SP500TR	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	2.95%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	9.41%	9.02%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	12.19%	11.95%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	17.24%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	20.03%	-1.95%

Frequently Asked Questions

Can I hold both ^SP500TR and FNILX in my portfolio?

With a correlation of 0.99, ^SP500TR and FNILX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ^SP500TR or FNILX?

^SP500TR has higher volatility (3.81%) compared to FNILX (2.95%). In terms of maximum drawdown, ^SP500TR dropped -55.25% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

FNILX currently has the higher Sharpe Ratio (2.37 vs 2.13), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.