FGWMX vs. FZROX

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Advisor New Markets Income Fund Class M (FGWMX) and Fidelity ZERO Total Market Index Fund (FZROX).

FGWMX is managed by Fidelity. It was launched on Dec 4, 2018. FZROX is managed by Fidelity.

Performance

FGWMX vs. FZROX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor New Markets Income Fund Class M (FGWMX) and Fidelity ZERO Total Market Index Fund (FZROX). The values are adjusted to include any dividend payments, if applicable.

FGWMX vs. FZROX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FGWMX Fidelity Advisor New Markets Income Fund Class M	-0.99%	14.45%	6.57%	13.55%	-16.26%	-2.61%	4.21%	10.65%	0.12%
FZROX Fidelity ZERO Total Market Index Fund	-6.77%	17.23%	23.94%	26.20%	-19.21%	26.00%	20.51%	31.15%	-7.87%

Returns By Period

In the year-to-date period, FGWMX achieves a -0.99% return, which is significantly higher than FZROX's -6.77% return.

FGWMX

• 1D: -0.07%
• 1M: -3.70%
• YTD: -0.99%
• 6M: 2.62%
• 1Y: 10.33%
• 3Y*: 10.57%
• 5Y*: 3.25%
• 10Y*: —

FZROX

• 1D: -0.45%
• 1M: -7.71%
• YTD: -6.77%
• 6M: -4.49%
• 1Y: 14.82%
• 3Y*: 16.81%
• 5Y*: 10.36%
• 10Y*: —

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

FGWMX vs. FZROX - Expense Ratio Comparison

FGWMX has a 1.13% expense ratio, which is higher than FZROX's 0.00% expense ratio.

FGWMX

Fidelity Advisor New Markets Income Fund Class M

FZROX

Fidelity ZERO Total Market Index Fund

Return for Risk

FGWMX vs. FZROX — Risk / Return Rank

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

FGWMX

FGWMX Risk / Return Rank: 89
FGWMX Sharpe Ratio Rank: 93
FGWMX Sortino Ratio Rank: 93
FGWMX Omega Ratio Rank: 92
FGWMX Calmar Ratio Rank: 83
FGWMX Martin Ratio Rank: 86

FZROX

FZROX Risk / Return Rank: 46
FZROX Sharpe Ratio Rank: 41
FZROX Sortino Ratio Rank: 45
FZROX Omega Ratio Rank: 49
FZROX Calmar Ratio Rank: 41
FZROX Martin Ratio Rank: 53

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.

FGWMX vs. FZROX - Risk-Adjusted Trends Comparison

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

	FGWMX	FZROX	Difference
Sharpe ratio Return per unit of total volatility	2.06	0.84	+1.22
Sortino ratio Return per unit of downside risk	2.87	1.30	+1.57
Omega ratio Gain probability vs. loss probability	1.44	1.20	+0.24
Calmar ratio Return relative to maximum drawdown	2.04	1.05	+0.99
Martin ratio Return relative to average drawdown	9.06	5.11	+3.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FGWMX vs. FZROX - Sharpe Ratio Comparison

The current FGWMX Sharpe Ratio is 2.06, which is higher than the FZROX Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of FGWMX and FZROX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FGWMX	FZROX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	0.84	+1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.60	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.61	-0.12

Correlation

The correlation between FGWMX and FZROX is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FGWMX vs. FZROX - Dividend Comparison

FGWMX's dividend yield for the trailing twelve months is around 4.40%, more than FZROX's 1.10% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FGWMX Fidelity Advisor New Markets Income Fund Class M	4.40%	4.80%	4.42%	4.86%	3.69%	3.21%	3.76%	4.56%	0.40%
FZROX Fidelity ZERO Total Market Index Fund	1.10%	1.02%	1.16%	1.36%	1.57%	1.25%	1.27%	1.51%	0.00%

Drawdowns

FGWMX vs. FZROX - Drawdown Comparison

The maximum FGWMX drawdown since its inception was -27.35%, smaller than the maximum FZROX drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for FGWMX and FZROX.

Drawdown Indicators

	FGWMX	FZROX	Difference
Max Drawdown Largest peak-to-trough decline	-27.35%	-34.96%	+7.61%
Max Drawdown (1Y) Largest decline over 1 year	-5.20%	-12.44%	+7.24%
Max Drawdown (5Y) Largest decline over 5 years	-27.35%	-25.12%	-2.23%
Current Drawdown Current decline from peak	-3.80%	-8.89%	+5.09%
Average Drawdown Average peak-to-trough decline	-6.47%	-5.61%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	2.56%	-1.39%

Volatility

FGWMX vs. FZROX - Volatility Comparison

The current volatility for Fidelity Advisor New Markets Income Fund Class M (FGWMX) is 1.77%, while Fidelity ZERO Total Market Index Fund (FZROX) has a volatility of 4.41%. This indicates that FGWMX 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

	FGWMX	FZROX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	4.41%	-2.64%
Volatility (6M) Calculated over the trailing 6-month period	2.96%	9.34%	-6.38%
Volatility (1Y) Calculated over the trailing 1-year period	5.20%	18.49%	-13.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.53%	17.40%	-10.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.30%	20.25%	-12.95%