FGBMX vs. FNILX

Last updated Aug 1, 2026

FGBMX (Fidelity Advisor New Markets Income Fund Class Z) and FNILX (Fidelity ZERO Large Cap Index Fund) are both mutual funds - FGBMX is a Emerging Markets Bonds fund managed by Fidelity, while FNILX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FGBMX returned 3.50%/yr vs 12.36%/yr for FNILX. Their 0.35 correlation means their historical movements had little consistent relationship. FGBMX charges 0.73%/yr vs 0.00%/yr for FNILX.

Performance

FGBMX vs. FNILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor New Markets Income Fund Class Z (FGBMX) 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, FGBMX achieves a 2.62% return, which is significantly lower than FNILX's 9.06% return.

FGBMX

• 1D: -0.29%
• 1M: -1.57%
• 6M: 1.11%
• YTD: 2.62%
• 1Y: 10.21%
• 3Y*: 10.70%
• 5Y*: 3.50%
• 10Y*: —
• ALL TIME*: 4.18%

FNILX

• 1D: 1.68%
• 1M: -0.67%
• 6M: 7.78%
• YTD: 9.06%
• 1Y: 20.09%
• 3Y*: 19.19%
• 5Y*: 12.36%
• 10Y*: —
• ALL TIME*: 14.53%

*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)
FGBMX Fidelity Advisor New Markets Income Fund Class Z	$0.00	$0.00	$0.00
FNILX Fidelity ZERO Large Cap Index Fund	$0.00	$0.00	$0.00

FGBMX vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FGBMX Fidelity Advisor New Markets Income Fund Class Z	2.62%	14.93%	6.88%	14.10%	-16.03%	-2.36%	4.63%	10.73%	0.15%
FNILX Fidelity ZERO Large Cap Index Fund	9.06%	17.81%	25.47%	27.45%	-19.37%	26.67%	21.13%	31.79%	-10.02%

Correlation

The correlation between FGBMX and FNILX is 0.44, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.44
Correlation (3Y) Balances recent behavior with more history.	0.33
Correlation (5Y) Shows whether the relationship held over a longer period.	0.35
Correlation (All Time) Calculated using the full available price history since Dec 4, 2018	0.35

The correlation between FGBMX and FNILX shifts across timeframes, from 0.33 (3 years) to 0.44 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FGBMX vs. FNILX — Risk / Return Rank

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

FGBMX

FGBMX Risk / Return Rank: 90
FGBMX Sharpe Ratio Rank: 93
FGBMX Sortino Ratio Rank: 95
FGBMX Omega Ratio Rank: 90
FGBMX Calmar Ratio Rank: 82
FGBMX Martin Ratio Rank: 87

FNILX

FNILX Risk / Return Rank: 59
FNILX Sharpe Ratio Rank: 56
FNILX Sortino Ratio Rank: 53
FNILX Omega Ratio Rank: 53
FNILX Calmar Ratio Rank: 61
FNILX Martin Ratio Rank: 70

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.

FGBMX vs. FNILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor New Markets Income Fund Class Z (FGBMX) 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.

	FGBMX	FNILX	Difference
Sharpe ratio: Return per unit of total volatility	2.45	1.37	+1.08
Sortino ratio: Return per unit of downside risk	4.03	1.92	+2.11
Omega ratio: Gain probability vs. loss probability	1.49	1.25	+0.25
Calmar ratio: Return relative to maximum drawdown	2.81	1.98	+0.83
Martin ratio: Return relative to average drawdown	11.71	8.30	+3.40

FGBMX vs. FNILX - Sharpe Ratio Comparison

The current FGBMX Sharpe Ratio is 2.45, which is higher than the FNILX Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of FGBMX 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

FGBMX vs. FNILX - Drawdown Comparison

The maximum FGBMX drawdown since its inception was -27.12%, smaller than the maximum FNILX drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for FGBMX and FNILX.

Drawdown Indicators

	FGBMX	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-27.12%	-33.76%	+6.64%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-9.01%	+5.16%
Max Drawdown (3Y) Largest decline over 3 years	-5.87%	-19.08%	+13.21%
Max Drawdown (5Y) Largest decline over 5 years	-27.12%	-25.40%	-1.72%
Current Drawdown Current decline from peak	-1.81%	-2.24%	+0.43%
Average Drawdown Average peak-to-trough decline	-6.02%	-5.30%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	2.14%	-1.22%

Volatility

FGBMX vs. FNILX - Volatility Comparison

The current volatility for Fidelity Advisor New Markets Income Fund Class Z (FGBMX) is 0.86%, while Fidelity ZERO Large Cap Index Fund (FNILX) has a volatility of 3.46%. This indicates that FGBMX 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

	FGBMX	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	3.46%	-2.60%
Volatility (6M) Calculated over the trailing 6-month period	3.56%	10.17%	-6.61%
Volatility (1Y) Calculated over the trailing 1-year period	4.41%	12.97%	-8.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.63%	17.37%	-10.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.23%	19.95%	-12.72%

FGBMX vs. FNILX - Expense Ratio Comparison

FGBMX has a 0.73% expense ratio, which is higher than FNILX's 0.00% expense ratio.

Dividends

FGBMX vs. FNILX - Dividend Comparison

FGBMX's dividend yield for the trailing twelve months is around 4.65%, more than FNILX's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FGBMX Fidelity Advisor New Markets Income Fund Class Z	4.65%	5.13%	4.79%	5.24%	4.00%	3.55%	4.14%	4.62%	0.43%
FNILX Fidelity ZERO Large Cap Index Fund	0.93%	1.01%	1.09%	1.34%	1.53%	0.95%	1.20%	1.17%	0.53%

Frequently Asked Questions

Can I hold both FGBMX and FNILX in my portfolio?

FGBMX and FNILX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGBMX or FNILX?

FNILX has higher volatility (3.46%) compared to FGBMX (0.86%). In terms of maximum drawdown, FGBMX dropped -27.12% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

FGBMX currently has the higher Sharpe Ratio (2.45 vs 1.37), 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.