FCMQX vs. FZROX

Last updated Jun 6, 2026

FCMQX (Fidelity Advisor California Municipal Income Fund Class I) and FZROX (Fidelity ZERO Total Market Index Fund) are both mutual funds - FCMQX is a Municipal Bonds fund managed by Fidelity, while FZROX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FCMQX returned 0.90%/yr vs 13.04%/yr for FZROX. At a 0.05 correlation, their price movements are largely independent. FCMQX charges 0.54%/yr vs 0.00%/yr for FZROX.

Performance

FCMQX vs. FZROX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor California Municipal Income Fund Class I (FCMQX) 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, FCMQX achieves a 1.30% return, which is significantly lower than FZROX's 11.72% return.

FCMQX

• 1D: 0.08%
• 1M: 0.58%
• YTD: 1.30%
• 6M: 1.64%
• 1Y: 7.25%
• 3Y*: 4.10%
• 5Y*: 0.90%
• 10Y*: 1.99%

FZROX

• 1D: 0.49%
• 1M: 3.12%
• YTD: 11.72%
• 6M: 11.25%
• 1Y: 29.38%
• 3Y*: 22.49%
• 5Y*: 13.04%
• 10Y*: —

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

FCMQX vs. FZROX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FCMQX Fidelity Advisor California Municipal Income Fund Class I	1.30%	5.61%	1.40%	6.08%	-9.67%	1.31%	4.40%	7.51%	1.11%
FZROX Fidelity ZERO Total Market Index Fund	11.72%	17.23%	23.94%	26.20%	-19.21%	26.00%	20.51%	31.15%	-12.72%

Correlation

The correlation between FCMQX 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	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Aug 17, 2018	0.05

The correlation between FCMQX and FZROX shifts across timeframes, from 0.05 (all time) to 0.17 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FCMQX vs. FZROX — Risk / Return Rank

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

FCMQX

FCMQX Risk / Return Rank: 65
FCMQX Sharpe Ratio Rank: 81
FCMQX Sortino Ratio Rank: 84
FCMQX Omega Ratio Rank: 91
FCMQX Calmar Ratio Rank: 36
FCMQX Martin Ratio Rank: 33

FZROX

FZROX Risk / Return Rank: 71
FZROX Sharpe Ratio Rank: 70
FZROX Sortino Ratio Rank: 63
FZROX Omega Ratio Rank: 63
FZROX Calmar Ratio Rank: 75
FZROX Martin Ratio Rank: 84

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.

FCMQX vs. FZROX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor California Municipal Income Fund Class I (FCMQX) 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.

	FCMQX	FZROX	Difference
Sharpe ratio: Return per unit of total volatility	2.57	2.36	+0.20
Sortino ratio: Return per unit of downside risk	3.93	3.23	+0.70
Omega ratio: Gain probability vs. loss probability	1.66	1.42	+0.23
Calmar ratio: Return relative to maximum drawdown	2.16	3.26	-1.09
Martin ratio: Return relative to average drawdown	7.09	15.02	-7.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCMQX vs. FZROX - Sharpe Ratio Comparison

The current FCMQX Sharpe Ratio is 2.57, which is comparable to the FZROX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of FCMQX 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.

Sharpe Ratios by Period

	FCMQX	FZROX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	2.36	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.75	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.73	-0.05

Drawdowns

FCMQX vs. FZROX - Drawdown Comparison

The maximum FCMQX drawdown since its inception was -23.20%, smaller than the maximum FZROX drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for FCMQX and FZROX.

Drawdown Indicators

	FCMQX	FZROX	Difference
Max Drawdown Largest peak-to-trough decline	-23.20%	-34.96%	+11.76%
Max Drawdown (1Y) Largest decline over 1 year	-3.41%	-8.89%	+5.48%
Max Drawdown (3Y) Largest decline over 3 years	-5.40%	-19.38%	+13.98%
Max Drawdown (5Y) Largest decline over 5 years	-14.05%	-25.12%	+11.07%
Max Drawdown (10Y) Largest decline over 10 years	-14.05%	—	—
Current Drawdown Current decline from peak	-0.92%	-0.26%	-0.66%
Average Drawdown Average peak-to-trough decline	-4.00%	-5.51%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	1.92%	-0.88%

Volatility

FCMQX vs. FZROX - Volatility Comparison

The current volatility for Fidelity Advisor California Municipal Income Fund Class I (FCMQX) is 1.14%, while Fidelity ZERO Total Market Index Fund (FZROX) has a volatility of 3.04%. This indicates that FCMQX 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

	FCMQX	FZROX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	3.04%	-1.90%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	9.24%	-7.00%
Volatility (1Y) Calculated over the trailing 1-year period	2.88%	12.24%	-9.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.98%	17.44%	-13.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.05%	20.12%	-16.07%

FCMQX vs. FZROX - Expense Ratio Comparison

FCMQX has a 0.54% expense ratio, which is higher than FZROX's 0.00% expense ratio.

Dividends

FCMQX vs. FZROX - Dividend Comparison

FCMQX's dividend yield for the trailing twelve months is around 2.93%, more than FZROX's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCMQX Fidelity Advisor California Municipal Income Fund Class I	2.93%	3.74%	2.29%	2.36%	1.61%	2.20%	2.70%	2.74%	2.93%	3.42%	3.41%	2.95%
FZROX Fidelity ZERO Total Market Index Fund	0.92%	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

Can I hold both FCMQX and FZROX in my portfolio?

FCMQX 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.

Which is riskier, FCMQX or FZROX?

FZROX has higher volatility (3.04%) compared to FCMQX (1.14%). In terms of maximum drawdown, FCMQX dropped -23.20% vs FZROX's -34.96%.

Which has better risk-adjusted returns?

FCMQX currently has the higher Sharpe Ratio (2.57 vs 2.36), 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.