DEMZ vs. FXAIX

Last updated Jun 4, 2026

DEMZ (Democratic Large Cap Core ETF) and FXAIX (Fidelity 500 Index Fund) are both funds - DEMZ is a Large Cap Blend Equities fund tracking the Democratic Large Cap Core Index, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, DEMZ returned 12.90%/yr vs 14.28%/yr for FXAIX. Their correlation of 0.89 suggests significant overlap in exposure. DEMZ charges 0.45%/yr vs 0.02%/yr for FXAIX.

Performance

DEMZ vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Democratic Large Cap Core ETF (DEMZ) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEMZ achieves a 8.48% return, which is significantly lower than FXAIX's 11.71% return.

DEMZ

• 1D: -0.25%
• 1M: 6.44%
• YTD: 8.48%
• 6M: 9.06%
• 1Y: 24.86%
• 3Y*: 22.00%
• 5Y*: 12.90%
• 10Y*: —

FXAIX

• 1D: 0.13%
• 1M: 5.80%
• YTD: 11.71%
• 6M: 11.74%
• 1Y: 28.99%
• 3Y*: 22.75%
• 5Y*: 14.28%
• 10Y*: 15.66%

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

DEMZ vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DEMZ Democratic Large Cap Core ETF	8.48%	19.84%	22.89%	24.43%	-19.01%	32.65%	11.09%
FXAIX Fidelity 500 Index Fund	11.71%	17.84%	25.01%	26.29%	-18.14%	28.71%	11.82%

Correlation

The correlation between DEMZ and FXAIX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 4, 2020	0.89

The correlation between DEMZ and FXAIX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

DEMZ vs. FXAIX — Risk / Return Rank

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

DEMZ

DEMZ Risk / Return Rank: 47
DEMZ Sharpe Ratio Rank: 51
DEMZ Sortino Ratio Rank: 51
DEMZ Omega Ratio Rank: 48
DEMZ Calmar Ratio Rank: 41
DEMZ Martin Ratio Rank: 46

FXAIX

FXAIX Risk / Return Rank: 73
FXAIX Sharpe Ratio Rank: 76
FXAIX Sortino Ratio Rank: 67
FXAIX Omega Ratio Rank: 67
FXAIX Calmar Ratio Rank: 74
FXAIX Martin Ratio Rank: 83

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.

DEMZ vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Democratic Large Cap Core ETF (DEMZ) and Fidelity 500 Index Fund (FXAIX). 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.

	DEMZ	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.52	-0.74
Sortino ratio: Return per unit of downside risk	2.50	3.42	-0.93
Omega ratio: Gain probability vs. loss probability	1.31	1.46	-0.15
Calmar ratio: Return relative to maximum drawdown	2.03	3.36	-1.33
Martin ratio: Return relative to average drawdown	7.56	15.70	-8.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEMZ vs. FXAIX - Sharpe Ratio Comparison

The current DEMZ Sharpe Ratio is 1.78, which is comparable to the FXAIX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of DEMZ and FXAIX, 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

	DEMZ	FXAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	2.52	-0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.85	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.82	+0.14

Drawdowns

DEMZ vs. FXAIX - Drawdown Comparison

The maximum DEMZ drawdown since its inception was -27.17%, smaller than the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for DEMZ and FXAIX.

Drawdown Indicators

	DEMZ	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-27.17%	-33.79%	+6.62%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	-8.89%	-3.39%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-18.76%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	-27.17%	-24.50%	-2.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-0.25%	0.00%	-0.25%
Average Drawdown Average peak-to-trough decline	-6.11%	-3.79%	-2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	1.90%	+1.39%

Volatility

DEMZ vs. FXAIX - Volatility Comparison

Democratic Large Cap Core ETF (DEMZ) has a higher volatility of 3.66% compared to Fidelity 500 Index Fund (FXAIX) at 2.83%. This indicates that DEMZ's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEMZ	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	2.83%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	10.89%	8.97%	+1.92%
Volatility (1Y) Calculated over the trailing 1-year period	14.04%	11.86%	+2.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.80%	16.91%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.46%	18.07%	-0.61%

DEMZ vs. FXAIX - Expense Ratio Comparison

DEMZ has a 0.45% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

DEMZ vs. FXAIX - Dividend Comparison

DEMZ's dividend yield for the trailing twelve months is around 0.90%, less than FXAIX's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEMZ Democratic Large Cap Core ETF	0.90%	0.98%	0.53%	0.90%	0.98%	2.46%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%
FXAIX Fidelity 500 Index Fund	1.03%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%

Frequently Asked Questions

Can I hold both DEMZ and FXAIX in my portfolio?

With a correlation of 0.91, DEMZ and FXAIX 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, DEMZ or FXAIX?

DEMZ has higher volatility (3.66%) compared to FXAIX (2.83%). In terms of maximum drawdown, DEMZ dropped -27.17% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.52 vs 1.78), 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.