AFLG vs. FNILX

Last updated Jun 24, 2026

AFLG (First Trust Active Factor Large Cap ETF) and FNILX (Fidelity ZERO Large Cap Index Fund) are both funds - AFLG is a Large Cap Growth Equities fund tracking the Goldman Sachs ActiveBeta U.S. Large Cap Equity Index, while FNILX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, AFLG returned 12.38%/yr vs 13.32%/yr for FNILX. Their correlation of 0.94 suggests significant overlap in exposure. AFLG charges 0.55%/yr vs 0.00%/yr for FNILX.

Performance

AFLG vs. FNILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Active Factor Large Cap ETF (AFLG) and Fidelity ZERO Large Cap Index Fund (FNILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with AFLG having a 9.71% return and FNILX slightly lower at 9.63%.

AFLG

• 1D: -1.08%
• 1M: -1.61%
• YTD: 9.71%
• 6M: 8.29%
• 1Y: 21.54%
• 3Y*: 21.30%
• 5Y*: 12.38%
• 10Y*: —

FNILX

• 1D: -0.37%
• 1M: 0.34%
• YTD: 9.63%
• 6M: 8.65%
• 1Y: 25.14%
• 3Y*: 21.66%
• 5Y*: 13.32%
• 10Y*: —

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

AFLG vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AFLG First Trust Active Factor Large Cap ETF	9.71%	14.23%	27.02%	20.10%	-16.41%	27.29%	10.31%	2.58%
FNILX Fidelity ZERO Large Cap Index Fund	9.63%	17.81%	25.47%	27.45%	-19.37%	26.67%	21.13%	4.63%

Correlation

The correlation between AFLG and FNILX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 4, 2019	0.94

The correlation between AFLG and FNILX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

AFLG vs. FNILX — Risk / Return Rank

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

AFLG

AFLG Risk / Return Rank: 59
AFLG Sharpe Ratio Rank: 58
AFLG Sortino Ratio Rank: 57
AFLG Omega Ratio Rank: 57
AFLG Calmar Ratio Rank: 58
AFLG Martin Ratio Rank: 68

FNILX

FNILX Risk / Return Rank: 62
FNILX Sharpe Ratio Rank: 60
FNILX Sortino Ratio Rank: 54
FNILX Omega Ratio Rank: 56
FNILX Calmar Ratio Rank: 64
FNILX Martin Ratio Rank: 73

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.

AFLG vs. FNILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Active Factor Large Cap ETF (AFLG) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AFLG	FNILX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.10	-0.29
Sortino ratio: Return per unit of downside risk	2.53	2.84	-0.31
Omega ratio: Gain probability vs. loss probability	1.33	1.38	-0.05
Calmar ratio: Return relative to maximum drawdown	2.64	2.94	-0.30
Martin ratio: Return relative to average drawdown	11.72	12.99	-1.28

AFLG vs. FNILX - Sharpe Ratio Comparison

The current AFLG Sharpe Ratio is 1.82, which is comparable to the FNILX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of AFLG 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.

Drawdowns

AFLG vs. FNILX - Drawdown Comparison

The maximum AFLG drawdown since its inception was -35.84%, which is greater than FNILX's maximum drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for AFLG and FNILX.

Drawdown Indicators

	AFLG	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-35.84%	-33.76%	-2.08%
Max Drawdown (1Y) Largest decline over 1 year	-8.19%	-9.01%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-17.49%	-19.08%	+1.59%
Max Drawdown (5Y) Largest decline over 5 years	-23.48%	-25.40%	+1.92%
Current Drawdown Current decline from peak	-2.89%	-1.73%	-1.16%
Average Drawdown Average peak-to-trough decline	-5.68%	-5.35%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	2.03%	-0.19%

Volatility

AFLG vs. FNILX - Volatility Comparison

The current volatility for First Trust Active Factor Large Cap ETF (AFLG) is 4.24%, while Fidelity ZERO Large Cap Index Fund (FNILX) has a volatility of 4.82%. This indicates that AFLG experiences smaller price fluctuations and is considered to be less risky than FNILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFLG	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	4.82%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	9.48%	9.90%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	11.95%	12.61%	-0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.90%	17.34%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.18%	20.04%	-0.86%

AFLG vs. FNILX - Expense Ratio Comparison

AFLG has a 0.55% expense ratio, which is higher than FNILX's 0.00% expense ratio.

Dividends

AFLG vs. FNILX - Dividend Comparison

AFLG's dividend yield for the trailing twelve months is around 0.72%, less than FNILX's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AFLG First Trust Active Factor Large Cap ETF	0.72%	0.84%	0.53%	1.53%	1.52%	0.93%	1.28%	0.20%	0.00%
FNILX Fidelity ZERO Large Cap Index Fund	0.92%	1.01%	1.09%	1.34%	1.53%	0.95%	1.20%	1.17%	0.53%

Frequently Asked Questions

Can I hold both AFLG and FNILX in my portfolio?

With a correlation of 0.95, AFLG 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, AFLG or FNILX?

FNILX has higher volatility (4.82%) compared to AFLG (4.24%). In terms of maximum drawdown, AFLG dropped -35.84% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

FNILX currently has the higher Sharpe Ratio (2.10 vs 1.82), 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.