FICQX vs. FZILX

Last updated Aug 4, 2026

FICQX (Fidelity International Capital Appreciation Fund) and FZILX (Fidelity ZERO International Index Fund) are both Foreign Large Cap Equities funds from Fidelity. FICQX is actively managed, while FZILX is passively managed. Their correlation of 0.92 means they have usually moved in the same direction. FICQX charges 0.81%/yr vs 0.00%/yr for FZILX.

Performance

FICQX vs. FZILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity International Capital Appreciation Fund (FICQX) and Fidelity ZERO International Index Fund (FZILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FICQX achieves a 5.68% return, which is significantly lower than FZILX's 14.05% return.

FICQX

• 1D: 0.75%
• 1M: -2.96%
• 6M: 0.32%
• YTD: 5.68%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

FZILX

• 1D: 0.00%
• 1M: 0.36%
• 6M: 7.28%
• YTD: 14.05%
• 1Y: 29.53%
• 3Y*: 18.09%
• 5Y*: 9.50%
• 10Y*: —
• ALL TIME*: 9.62%

*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)
FICQX Fidelity International Capital Appreciation Fund	$0.00	$0.00	$0.00
FZILX Fidelity ZERO International Index Fund	$0.00	$0.00	$0.00

FICQX vs. FZILX - Yearly Performance Comparison

	2026 (YTD)	2025
FICQX Fidelity International Capital Appreciation Fund	5.68%	0.38%
FZILX Fidelity ZERO International Index Fund	14.05%	8.21%

Correlation

The correlation between FICQX and FZILX is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 26, 2025	0.92

Return for Risk

FICQX vs. FZILX — Risk / Return Rank

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

FICQX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FZILX

FZILX Risk / Return Rank: 74
FZILX Sharpe Ratio Rank: 74
FZILX Sortino Ratio Rank: 70
FZILX Omega Ratio Rank: 73
FZILX Calmar Ratio Rank: 77
FZILX Martin Ratio Rank: 76

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.

FICQX vs. FZILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity International Capital Appreciation Fund (FICQX) and Fidelity ZERO International Index Fund (FZILX). 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.

	FICQX	FZILX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.79	—
Sortino ratio: Return per unit of downside risk	—	2.46	—
Omega ratio: Gain probability vs. loss probability	—	1.33	—
Calmar ratio: Return relative to maximum drawdown	—	2.60	—
Martin ratio: Return relative to average drawdown	—	9.69	—

Drawdowns

FICQX vs. FZILX - Drawdown Comparison

The maximum FICQX drawdown since its inception was -14.45%, smaller than the maximum FZILX drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for FICQX and FZILX.

Drawdown Indicators

	FICQX	FZILX	Difference
Max Drawdown Largest peak-to-trough decline	-14.45%	-34.37%	+19.92%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.24%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.47%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.87%	—
Current Drawdown Current decline from peak	-7.63%	-2.15%	-5.48%
Average Drawdown Average peak-to-trough decline	-3.21%	-6.60%	+3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.01%	—

Volatility

Volatility by Period

	FICQX	FZILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.54%	16.35%	+5.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.54%	15.85%	+5.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.54%	17.40%	+4.14%

FICQX vs. FZILX - Expense Ratio Comparison

FICQX has a 0.81% expense ratio, which is higher than FZILX's 0.00% expense ratio.

Dividends

FICQX vs. FZILX - Dividend Comparison

FICQX's dividend yield for the trailing twelve months is around 5.66%, more than FZILX's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FICQX Fidelity International Capital Appreciation Fund	5.66%	5.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FZILX Fidelity ZERO International Index Fund	2.35%	2.67%	3.00%	2.98%	2.71%	2.61%	1.64%	2.37%	0.02%

Frequently Asked Questions

Can I hold both FICQX and FZILX in my portfolio?

With a correlation of 0.92, FICQX and FZILX 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.