FGLGX vs. FNILX

Last updated Aug 4, 2026

FGLGX (Fidelity Series Large Cap Stock Fund) and FNILX (Fidelity ZERO Large Cap Index Fund) are both Large Cap Blend Equities funds from Fidelity. Over the past 5 years, FGLGX returned 17.52%/yr vs 12.52%/yr for FNILX. Their correlation of 0.91 means they have usually moved in the same direction. Both charge a 0.00% expense ratio.

Performance

FGLGX vs. FNILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Large Cap Stock Fund (FGLGX) 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, FGLGX achieves a 12.21% return, which is significantly higher than FNILX's 9.84% return.

FGLGX

• 1D: 0.94%
• 1M: 0.94%
• 6M: 8.16%
• YTD: 12.21%
• 1Y: 25.70%
• 3Y*: 24.41%
• 5Y*: 17.52%
• 10Y*: 16.43%
• ALL TIME*: 15.12%

FNILX

• 1D: 0.71%
• 1M: 0.04%
• 6M: 7.98%
• YTD: 9.84%
• 1Y: 20.95%
• 3Y*: 19.57%
• 5Y*: 12.52%
• 10Y*: —
• ALL TIME*: 14.62%

*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)
FGLGX Fidelity Series Large Cap Stock Fund	$0.00	$0.00	$0.00
FNILX Fidelity ZERO Large Cap Index Fund	$0.00	$0.00	$0.00

FGLGX vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FGLGX Fidelity Series Large Cap Stock Fund	12.21%	28.57%	27.45%	24.80%	-7.23%	26.53%	10.01%	32.37%	-15.53%
FNILX Fidelity ZERO Large Cap Index Fund	9.84%	17.81%	25.47%	27.45%	-19.37%	26.67%	21.13%	31.79%	-13.60%

Correlation

The correlation between FGLGX and FNILX is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018	0.91

The correlation between FGLGX and FNILX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

FGLGX vs. FNILX — Risk / Return Rank

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

FGLGX

FGLGX Risk / Return Rank: 76
FGLGX Sharpe Ratio Rank: 76
FGLGX Sortino Ratio Rank: 74
FGLGX Omega Ratio Rank: 71
FGLGX Calmar Ratio Rank: 75
FGLGX Martin Ratio Rank: 86

FNILX

FNILX Risk / Return Rank: 54
FNILX Sharpe Ratio Rank: 51
FNILX Sortino Ratio Rank: 48
FNILX Omega Ratio Rank: 48
FNILX Calmar Ratio Rank: 56
FNILX Martin Ratio Rank: 67

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.

FGLGX vs. FNILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Large Cap Stock Fund (FGLGX) 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.

	FGLGX	FNILX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.47	+0.37
Sortino ratio: Return per unit of downside risk	2.56	2.04	+0.53
Omega ratio: Gain probability vs. loss probability	1.32	1.26	+0.06
Calmar ratio: Return relative to maximum drawdown	2.53	2.11	+0.42
Martin ratio: Return relative to average drawdown	11.29	8.87	+2.43

FGLGX vs. FNILX - Sharpe Ratio Comparison

The current FGLGX Sharpe Ratio is 1.83, which is comparable to the FNILX Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of FGLGX 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

FGLGX vs. FNILX - Drawdown Comparison

The maximum FGLGX drawdown since its inception was -36.42%, which is greater than FNILX's maximum drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for FGLGX and FNILX.

Drawdown Indicators

	FGLGX	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-36.42%	-33.76%	-2.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.43%	-9.01%	-0.42%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-19.08%	+0.33%
Max Drawdown (5Y) Largest decline over 5 years	-21.21%	-25.40%	+4.19%
Max Drawdown (10Y) Largest decline over 10 years	-36.42%	—	—
Current Drawdown Current decline from peak	-0.10%	-1.54%	+1.44%
Average Drawdown Average peak-to-trough decline	-3.75%	-5.30%	+1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	2.14%	-0.03%

Volatility

FGLGX vs. FNILX - Volatility Comparison

Fidelity Series Large Cap Stock Fund (FGLGX) and Fidelity ZERO Large Cap Index Fund (FNILX) have volatilities of 3.53% and 3.53%, 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

	FGLGX	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	3.53%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	10.11%	10.19%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	12.98%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	17.37%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	19.95%	-1.64%

FGLGX vs. FNILX - Expense Ratio Comparison

FGLGX has a 0.00% expense ratio, which is lower than FNILX's 0.00% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FGLGX vs. FNILX - Dividend Comparison

FGLGX's dividend yield for the trailing twelve months is around 8.77%, more than FNILX's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGLGX Fidelity Series Large Cap Stock Fund	8.77%	9.84%	7.99%	5.29%	6.55%	9.22%	5.36%	7.25%	12.29%	4.61%	1.69%	5.94%
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%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FGLGX and FNILX in my portfolio?

With a correlation of 0.94, FGLGX 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, FGLGX or FNILX?

FNILX has higher volatility (3.53%) compared to FGLGX (3.53%). In terms of maximum drawdown, FGLGX dropped -36.42% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

FGLGX currently has the higher Sharpe Ratio (1.83 vs 1.47), 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.