CMBS vs. FZROX
CMBS (iShares CMBS ETF) and FZROX (Fidelity ZERO Total Market Index Fund) are both funds - CMBS is a Mortgage Backed Securities fund tracking the Barclays Capital U.S. CMBS (ERISA Only) Index, while FZROX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, CMBS returned 0.79%/yr vs 13.30%/yr for FZROX. At a correlation of -0.03, they often move in opposite directions. CMBS charges 0.25%/yr vs 0.00%/yr for FZROX.
Performance
CMBS vs. FZROX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CMBS achieves a 0.14% return, which is significantly lower than FZROX's 12.01% return.
CMBS
- 1D
- -0.04%
- 1M
- -0.05%
- YTD
- 0.14%
- 6M
- 0.28%
- 1Y
- 4.26%
- 3Y*
- 5.15%
- 5Y*
- 0.79%
- 10Y*
- 2.06%
FZROX
- 1D
- 0.23%
- 1M
- 5.79%
- YTD
- 12.01%
- 6M
- 11.92%
- 1Y
- 29.16%
- 3Y*
- 22.49%
- 5Y*
- 13.30%
- 10Y*
- —
CMBS vs. FZROX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
CMBS iShares CMBS ETF | 0.14% | 7.67% | 4.27% | 5.06% | -11.21% | -1.82% | 7.86% | 7.94% | 1.59% |
FZROX Fidelity ZERO Total Market Index Fund | 12.01% | 17.23% | 23.94% | 26.20% | -19.21% | 26.00% | 20.51% | 31.15% | -12.72% |
Correlation
The correlation between CMBS and FZROX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Aug 17, 2018 | -0.03 |
The correlation between CMBS and FZROX shifts across timeframes, from -0.03 (all time) to 0.13 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CMBS vs. FZROX — Risk / Return Rank
CMBS
FZROX
CMBS vs. FZROX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares CMBS ETF (CMBS) and Fidelity ZERO Total Market Index Fund (FZROX). 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.
| CMBS | FZROX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.45 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 3.39 | -1.64 |
| Martin ratioReturn relative to average drawdown | 4.90 | 15.66 | -10.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| CMBS | FZROX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.16 | 2.47 | -1.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 0.77 | -0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.73 | -0.29 |
Drawdowns
CMBS vs. FZROX - Drawdown Comparison
The maximum CMBS drawdown since its inception was -15.87%, smaller than the maximum FZROX drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for CMBS and FZROX.
Loading charts...
Drawdown Indicators
| CMBS | FZROX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.87% | -34.96% | +19.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -8.89% | +6.45% |
Max Drawdown (3Y)Largest decline over 3 years | -3.29% | -19.38% | +16.09% |
Max Drawdown (5Y)Largest decline over 5 years | -15.87% | -25.12% | +9.25% |
Max Drawdown (10Y)Largest decline over 10 years | -15.87% | — | — |
Current DrawdownCurrent decline from peak | -1.77% | 0.00% | -1.77% |
Average DrawdownAverage peak-to-trough decline | -2.95% | -5.51% | +2.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 1.92% | -1.05% |
Volatility
CMBS vs. FZROX - Volatility Comparison
The current volatility for iShares CMBS ETF (CMBS) is 1.11%, while Fidelity ZERO Total Market Index Fund (FZROX) has a volatility of 2.99%. This indicates that CMBS experiences smaller price fluctuations and is considered to be less risky than FZROX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CMBS | FZROX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 2.99% | -1.88% |
Volatility (6M)Calculated over the trailing 6-month period | 2.82% | 9.22% | -6.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.71% | 12.22% | -8.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.31% | 17.44% | -12.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.77% | 20.13% | -14.36% |
CMBS vs. FZROX - Expense Ratio Comparison
CMBS has a 0.25% expense ratio, which is higher than FZROX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CMBS vs. FZROX - Dividend Comparison
CMBS's dividend yield for the trailing twelve months is around 3.58%, more than FZROX's 0.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMBS iShares CMBS ETF | 3.58% | 3.45% | 3.31% | 2.97% | 2.65% | 2.46% | 2.83% | 2.74% | 2.70% | 2.50% | 2.29% | 2.31% |
FZROX Fidelity ZERO Total Market Index Fund | 0.91% | 1.02% | 1.16% | 1.36% | 1.57% | 1.25% | 1.27% | 1.51% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CMBS and FZROX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FZROX has higher volatility (2.99%) compared to CMBS (1.11%). In terms of maximum drawdown, CMBS dropped -15.87% vs FZROX's -34.96%.
FZROX currently has the higher Sharpe Ratio (2.47 vs 1.16), 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.
Find the right allocation for CMBS and FZROX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer