FEQHX vs. FNILX

Last updated Jun 23, 2026

FEQHX (Fidelity Hedged Equity Fund) and FNILX (Fidelity ZERO Large Cap Index Fund) are both Large Cap Blend Equities funds from Fidelity. Over the past 3 years, FEQHX returned 16.28%/yr vs 21.23%/yr for FNILX. With a 0.97 correlation, they move nearly in lockstep. FEQHX charges 0.55%/yr vs 0.00%/yr for FNILX.

Performance

FEQHX vs. FNILX - Performance Comparison

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

Returns By Period

In the year-to-date period, FEQHX achieves a 8.26% return, which is significantly lower than FNILX's 10.04% return.

FEQHX

• 1D: 0.88%
• 1M: 0.00%
• YTD: 8.26%
• 6M: 7.75%
• 1Y: 20.17%
• 3Y*: 16.28%
• 5Y*: —
• 10Y*: —

FNILX

• 1D: 1.13%
• 1M: 0.71%
• YTD: 10.04%
• 6M: 9.55%
• 1Y: 26.85%
• 3Y*: 21.23%
• 5Y*: 13.82%
• 10Y*: —

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

FEQHX vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FEQHX Fidelity Hedged Equity Fund	8.26%	13.61%	19.46%	17.65%	-4.85%
FNILX Fidelity ZERO Large Cap Index Fund	10.04%	17.81%	25.47%	27.45%	-3.26%

Correlation

The correlation between FEQHX and FNILX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022	0.97

The correlation between FEQHX and FNILX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

FEQHX vs. FNILX — Risk / Return Rank

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

FEQHX

FEQHX Risk / Return Rank: 55
FEQHX Sharpe Ratio Rank: 57
FEQHX Sortino Ratio Rank: 55
FEQHX Omega Ratio Rank: 54
FEQHX Calmar Ratio Rank: 54
FEQHX Martin Ratio Rank: 55

FNILX

FNILX Risk / Return Rank: 63
FNILX Sharpe Ratio Rank: 61
FNILX Sortino Ratio Rank: 55
FNILX Omega Ratio Rank: 57
FNILX Calmar Ratio Rank: 65
FNILX Martin Ratio Rank: 74

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.

FEQHX vs. FNILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Hedged Equity Fund (FEQHX) 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.

	FEQHX	FNILX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.12	-0.06
Sortino ratio: Return per unit of downside risk	2.86	2.86	+0.01
Omega ratio: Gain probability vs. loss probability	1.37	1.38	-0.01
Calmar ratio: Return relative to maximum drawdown	2.70	2.96	-0.26
Martin ratio: Return relative to average drawdown	10.42	13.10	-2.68

FEQHX vs. FNILX - Sharpe Ratio Comparison

The current FEQHX Sharpe Ratio is 2.06, which is comparable to the FNILX Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of FEQHX 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

FEQHX vs. FNILX - Drawdown Comparison

The maximum FEQHX drawdown since its inception was -10.42%, smaller than the maximum FNILX drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for FEQHX and FNILX.

Drawdown Indicators

	FEQHX	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-10.42%	-33.76%	+23.34%
Max Drawdown (1Y) Largest decline over 1 year	-7.40%	-9.01%	+1.61%
Max Drawdown (3Y) Largest decline over 3 years	-10.42%	-19.08%	+8.66%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.40%	—
Current Drawdown Current decline from peak	-1.59%	-1.36%	-0.23%
Average Drawdown Average peak-to-trough decline	-2.22%	-5.35%	+3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	2.03%	-0.12%

Volatility

FEQHX vs. FNILX - Volatility Comparison

The current volatility for Fidelity Hedged Equity Fund (FEQHX) is 4.05%, while Fidelity ZERO Large Cap Index Fund (FNILX) has a volatility of 4.91%. This indicates that FEQHX 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

	FEQHX	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	4.91%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	7.50%	9.97%	-2.47%
Volatility (1Y) Calculated over the trailing 1-year period	9.73%	12.58%	-2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.33%	17.35%	-6.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.33%	20.04%	-8.71%

FEQHX vs. FNILX - Expense Ratio Comparison

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

Dividends

FEQHX vs. FNILX - Dividend Comparison

FEQHX's dividend yield for the trailing twelve months is around 0.51%, less than FNILX's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FEQHX Fidelity Hedged Equity Fund	0.51%	0.43%	0.61%	0.77%	0.37%	0.00%	0.00%	0.00%	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 FEQHX and FNILX in my portfolio?

With a correlation of 0.98, FEQHX 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, FEQHX or FNILX?

FNILX has higher volatility (4.91%) compared to FEQHX (4.05%). In terms of maximum drawdown, FEQHX dropped -10.42% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

FNILX currently has the higher Sharpe Ratio (2.12 vs 2.06), 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.