FFLV vs. FNILX

Last updated Jun 4, 2026

FFLV (Fidelity Fundamental Large Cap Value ETF) and FNILX (Fidelity ZERO Large Cap Index Fund) are both funds - FFLV is a Large Cap Value Equities fund actively managed by Fidelity, while FNILX is a Large Cap Blend Equities fund managed by Fidelity. Over the past year, FFLV returned 27.22% vs 28.65% for FNILX. A 0.68 correlation means they provide meaningful diversification when combined. FFLV charges 0.38%/yr vs 0.00%/yr for FNILX.

Performance

FFLV vs. FNILX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with FFLV having a 11.22% return and FNILX slightly higher at 11.56%.

FFLV

• 1D: -0.24%
• 1M: 2.24%
• YTD: 11.22%
• 6M: 12.86%
• 1Y: 27.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FNILX

• 1D: 0.26%
• 1M: 6.04%
• YTD: 11.56%
• 6M: 11.44%
• 1Y: 28.65%
• 3Y*: 23.01%
• 5Y*: 14.13%
• 10Y*: —

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

FFLV vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FFLV Fidelity Fundamental Large Cap Value ETF	11.22%	16.04%	8.04%
FNILX Fidelity ZERO Large Cap Index Fund	11.56%	17.81%	17.71%

Correlation

The correlation between FFLV and FNILX is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 27, 2024	0.68

The correlation between FFLV and FNILX has been stable across timeframes, ranging from 0.68 to 0.71 - a consistent structural relationship.

Return for Risk

FFLV vs. FNILX — Risk / Return Rank

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

FFLV

FFLV Risk / Return Rank: 74
FFLV Sharpe Ratio Rank: 73
FFLV Sortino Ratio Rank: 76
FFLV Omega Ratio Rank: 70
FFLV Calmar Ratio Rank: 74
FFLV Martin Ratio Rank: 76

FNILX

FNILX Risk / Return Rank: 71
FNILX Sharpe Ratio Rank: 73
FNILX Sortino Ratio Rank: 65
FNILX Omega Ratio Rank: 64
FNILX Calmar Ratio Rank: 72
FNILX Martin Ratio Rank: 80

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.

FFLV vs. FNILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Large Cap Value ETF (FFLV) 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.

	FFLV	FNILX	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.48	-0.07
Sortino ratio: Return per unit of downside risk	3.48	3.36	+0.12
Omega ratio: Gain probability vs. loss probability	1.43	1.45	-0.02
Calmar ratio: Return relative to maximum drawdown	3.78	3.28	+0.49
Martin ratio: Return relative to average drawdown	14.71	15.01	-0.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFLV vs. FNILX - Sharpe Ratio Comparison

The current FFLV Sharpe Ratio is 2.41, which is comparable to the FNILX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of FFLV 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.

Sharpe Ratios by Period

	FFLV	FNILX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.48	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.76	+0.36

Drawdowns

FFLV vs. FNILX - Drawdown Comparison

The maximum FFLV drawdown since its inception was -16.71%, smaller than the maximum FNILX drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for FFLV and FNILX.

Drawdown Indicators

	FFLV	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-16.71%	-33.76%	+17.05%
Max Drawdown (1Y) Largest decline over 1 year	-7.24%	-9.01%	+1.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.08%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.40%	—
Current Drawdown Current decline from peak	-0.27%	0.00%	-0.27%
Average Drawdown Average peak-to-trough decline	-3.00%	-5.37%	+2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	1.97%	-0.11%

Volatility

FFLV vs. FNILX - Volatility Comparison

Fidelity Fundamental Large Cap Value ETF (FFLV) and Fidelity ZERO Large Cap Index Fund (FNILX) have volatilities of 2.79% and 2.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFLV	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	2.88%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	8.40%	8.99%	-0.59%
Volatility (1Y) Calculated over the trailing 1-year period	11.38%	11.93%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.22%	17.25%	-3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.22%	20.04%	-5.82%

FFLV vs. FNILX - Expense Ratio Comparison

FFLV has a 0.38% expense ratio, which is higher than FNILX's 0.00% expense ratio.

Dividends

FFLV vs. FNILX - Dividend Comparison

FFLV's dividend yield for the trailing twelve months is around 1.46%, more than FNILX's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FFLV Fidelity Fundamental Large Cap Value ETF	1.46%	1.60%	1.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FNILX Fidelity ZERO Large Cap Index Fund	0.91%	1.01%	1.09%	1.34%	1.53%	0.95%	1.20%	1.17%	0.53%

Frequently Asked Questions

Can I hold both FFLV and FNILX in my portfolio?

FFLV and FNILX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFLV or FNILX?

FNILX has higher volatility (2.88%) compared to FFLV (2.79%). In terms of maximum drawdown, FFLV dropped -16.71% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

FNILX currently has the higher Sharpe Ratio (2.48 vs 2.41), 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.