FIQWX vs. FNILX

Last updated Aug 1, 2026

FIQWX (Fidelity Advisor Strategic Dividend & Income Fund Class Z) and FNILX (Fidelity ZERO Large Cap Index Fund) are both mutual funds - FIQWX is a Diversified Portfolio fund managed by Fidelity, while FNILX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FIQWX returned 7.55%/yr vs 12.36%/yr for FNILX. Their correlation of 0.86 means they have usually moved in the same direction. FIQWX charges 0.59%/yr vs 0.00%/yr for FNILX.

Performance

FIQWX vs. FNILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Strategic Dividend & Income Fund Class Z (FIQWX) 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, FIQWX achieves a 13.50% return, which is significantly higher than FNILX's 9.06% return.

FIQWX

• 1D: 0.41%
• 1M: -0.50%
• 6M: 9.20%
• YTD: 13.50%
• 1Y: 21.58%
• 3Y*: 12.45%
• 5Y*: 7.55%
• 10Y*: —
• ALL TIME*: 9.74%

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)
FIQWX Fidelity Advisor Strategic Dividend & Income Fund Class Z	$0.00	$0.00	$0.00
FNILX Fidelity ZERO Large Cap Index Fund	$0.00	$0.00	$0.00

FIQWX vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIQWX Fidelity Advisor Strategic Dividend & Income Fund Class Z	13.50%	13.09%	7.76%	9.60%	-9.79%	19.14%	11.40%	22.61%	-7.06%
FNILX Fidelity ZERO Large Cap Index Fund	9.06%	17.81%	25.47%	27.45%	-19.37%	26.67%	21.13%	31.79%	-13.26%

Correlation

The correlation between FIQWX and FNILX is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (All Time) Calculated using the full available price history since Oct 5, 2018	0.86

Over the past year, the correlation between FIQWX and FNILX has dropped to 0.66 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

Return for Risk

FIQWX vs. FNILX — Risk / Return Rank

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

FIQWX

FIQWX Risk / Return Rank: 91
FIQWX Sharpe Ratio Rank: 93
FIQWX Sortino Ratio Rank: 90
FIQWX Omega Ratio Rank: 87
FIQWX Calmar Ratio Rank: 91
FIQWX Martin Ratio Rank: 94

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.

FIQWX vs. FNILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Strategic Dividend & Income Fund Class Z (FIQWX) 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.

	FIQWX	FNILX	Difference
Sharpe ratio: Return per unit of total volatility	2.43	1.37	+1.05
Sortino ratio: Return per unit of downside risk	3.43	1.92	+1.51
Omega ratio: Gain probability vs. loss probability	1.45	1.25	+0.20
Calmar ratio: Return relative to maximum drawdown	3.52	1.98	+1.55
Martin ratio: Return relative to average drawdown	14.70	8.30	+6.39

FIQWX vs. FNILX - Sharpe Ratio Comparison

The current FIQWX Sharpe Ratio is 2.43, which is higher than the FNILX Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of FIQWX 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

FIQWX vs. FNILX - Drawdown Comparison

The maximum FIQWX drawdown since its inception was -30.01%, smaller than the maximum FNILX drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for FIQWX and FNILX.

Drawdown Indicators

	FIQWX	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-30.01%	-33.76%	+3.75%
Max Drawdown (1Y) Largest decline over 1 year	-5.78%	-9.01%	+3.23%
Max Drawdown (3Y) Largest decline over 3 years	-15.51%	-19.08%	+3.57%
Max Drawdown (5Y) Largest decline over 5 years	-17.02%	-25.40%	+8.38%
Current Drawdown Current decline from peak	-0.75%	-2.24%	+1.49%
Average Drawdown Average peak-to-trough decline	-3.78%	-5.30%	+1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	2.14%	-0.76%

Volatility

FIQWX vs. FNILX - Volatility Comparison

The current volatility for Fidelity Advisor Strategic Dividend & Income Fund Class Z (FIQWX) is 1.96%, while Fidelity ZERO Large Cap Index Fund (FNILX) has a volatility of 3.46%. This indicates that FIQWX 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

	FIQWX	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	3.46%	-1.50%
Volatility (6M) Calculated over the trailing 6-month period	6.53%	10.17%	-3.64%
Volatility (1Y) Calculated over the trailing 1-year period	8.40%	12.97%	-4.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.09%	17.37%	-6.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.56%	19.95%	-6.39%

FIQWX vs. FNILX - Expense Ratio Comparison

FIQWX has a 0.59% expense ratio, which is higher than FNILX's 0.00% expense ratio.

Dividends

FIQWX vs. FNILX - Dividend Comparison

FIQWX's dividend yield for the trailing twelve months is around 6.51%, more than FNILX's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FIQWX Fidelity Advisor Strategic Dividend & Income Fund Class Z	6.51%	8.05%	1.79%	5.83%	4.35%	8.55%	5.79%	6.81%	6.85%
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 FIQWX and FNILX in my portfolio?

FIQWX and FNILX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIQWX or FNILX?

FNILX has higher volatility (3.46%) compared to FIQWX (1.96%). In terms of maximum drawdown, FIQWX dropped -30.01% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

FIQWX currently has the higher Sharpe Ratio (2.43 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.