FASJX vs. FZROX

Last updated Aug 1, 2026

FASJX (Fidelity Advisor Sustainable Intermediate Municipal Income Fund Class A) and FZROX (Fidelity ZERO Total Market Index Fund) are both mutual funds - FASJX is a Municipal Bonds fund managed by Fidelity, while FZROX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 3 years, FASJX returned 3.00%/yr vs 18.70%/yr for FZROX. Their 0.15 correlation means their historical movements had little consistent relationship. FASJX charges 0.62%/yr vs 0.00%/yr for FZROX.

Performance

FASJX vs. FZROX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Sustainable Intermediate Municipal Income Fund Class A (FASJX) and Fidelity ZERO Total Market Index Fund (FZROX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FASJX achieves a -0.68% return, which is significantly lower than FZROX's 9.94% return.

FASJX

• 1D: -0.10%
• 1M: -1.76%
• 6M: -1.48%
• YTD: -0.68%
• 1Y: 2.93%
• 3Y*: 3.00%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.66%

FZROX

• 1D: 1.64%
• 1M: -0.73%
• 6M: 8.29%
• YTD: 9.94%
• 1Y: 21.21%
• 3Y*: 18.70%
• 5Y*: 11.84%
• 10Y*: —
• ALL TIME*: 13.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FASJX Fidelity Advisor Sustainable Intermediate Municipal Income Fund Class A	$0.00	$0.00	$0.00
FZROX Fidelity ZERO Total Market Index Fund	$0.00	$0.00	$0.00

FASJX vs. FZROX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FASJX Fidelity Advisor Sustainable Intermediate Municipal Income Fund Class A	-0.68%	5.16%	1.02%	5.74%	0.22%
FZROX Fidelity ZERO Total Market Index Fund	9.94%	17.23%	23.94%	26.20%	-7.33%

Correlation

The correlation between FASJX and FZROX is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (3Y) Balances recent behavior with more history.	0.17
Correlation (All Time) Calculated using the full available price history since Apr 27, 2022	0.15

The correlation between FASJX and FZROX shifts across timeframes, from 0.15 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FASJX vs. FZROX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FASJX

FASJX Risk / Return Rank: 45
FASJX Sharpe Ratio Rank: 54
FASJX Sortino Ratio Rank: 51
FASJX Omega Ratio Rank: 76
FASJX Calmar Ratio Rank: 25
FASJX Martin Ratio Rank: 21

FZROX

FZROX Risk / Return Rank: 64
FZROX Sharpe Ratio Rank: 61
FZROX Sortino Ratio Rank: 58
FZROX Omega Ratio Rank: 58
FZROX Calmar Ratio Rank: 67
FZROX Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FASJX vs. FZROX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Sustainable Intermediate Municipal Income Fund Class A (FASJX) 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.

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.

	FASJX	FZROX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.43	+0.06
Sortino ratio: Return per unit of downside risk	2.08	2.00	+0.08
Omega ratio: Gain probability vs. loss probability	1.34	1.26	+0.09
Calmar ratio: Return relative to maximum drawdown	1.21	2.12	-0.90
Martin ratio: Return relative to average drawdown	3.26	9.14	-5.89

FASJX vs. FZROX - Sharpe Ratio Comparison

The current FASJX Sharpe Ratio is 1.49, which is comparable to the FZROX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of FASJX and FZROX, 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

FASJX vs. FZROX - Drawdown Comparison

The maximum FASJX drawdown since its inception was -5.90%, smaller than the maximum FZROX drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for FASJX and FZROX.

Drawdown Indicators

	FASJX	FZROX	Difference
Max Drawdown Largest peak-to-trough decline	-5.90%	-34.96%	+29.06%
Max Drawdown (1Y) Largest decline over 1 year	-2.97%	-8.89%	+5.92%
Max Drawdown (3Y) Largest decline over 3 years	-4.19%	-19.38%	+15.19%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.12%	—
Current Drawdown Current decline from peak	-2.53%	-1.85%	-0.68%
Average Drawdown Average peak-to-trough decline	-1.31%	-5.43%	+4.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	2.06%	-0.95%

Volatility

FASJX vs. FZROX - Volatility Comparison

The current volatility for Fidelity Advisor Sustainable Intermediate Municipal Income Fund Class A (FASJX) is 0.89%, while Fidelity ZERO Total Market Index Fund (FZROX) has a volatility of 3.43%. This indicates that FASJX 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.

Volatility by Period

	FASJX	FZROX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	3.43%	-2.54%
Volatility (6M) Calculated over the trailing 6-month period	2.04%	10.34%	-8.30%
Volatility (1Y) Calculated over the trailing 1-year period	2.43%	13.19%	-10.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.46%	17.54%	-14.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.46%	20.04%	-16.58%

FASJX vs. FZROX - Expense Ratio Comparison

FASJX has a 0.62% expense ratio, which is higher than FZROX's 0.00% expense ratio.

Dividends

FASJX vs. FZROX - Dividend Comparison

FASJX's dividend yield for the trailing twelve months is around 2.64%, more than FZROX's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FASJX Fidelity Advisor Sustainable Intermediate Municipal Income Fund Class A	2.64%	2.82%	2.80%	2.34%	1.02%	0.00%	0.00%	0.00%
FZROX Fidelity ZERO Total Market Index Fund	0.93%	1.02%	1.16%	1.36%	1.57%	1.25%	1.27%	1.51%

Frequently Asked Questions

Can I hold both FASJX and FZROX in my portfolio?

FASJX and FZROX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FASJX or FZROX?

FZROX has higher volatility (3.43%) compared to FASJX (0.89%). In terms of maximum drawdown, FASJX dropped -5.90% vs FZROX's -34.96%.

Which has better risk-adjusted returns?

FASJX currently has the higher Sharpe Ratio (1.49 vs 1.43), 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.