FIRCX vs. FZROX

Last updated Jun 25, 2026

FIRCX (Fidelity Advisor International Real Estate Fund Class C) and FZROX (Fidelity ZERO Total Market Index Fund) are both mutual funds - FIRCX is a REIT fund managed by Fidelity, while FZROX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FIRCX returned -4.75%/yr vs 12.16%/yr for FZROX. A 0.56 correlation means they provide meaningful diversification when combined. FIRCX charges 1.95%/yr vs 0.00%/yr for FZROX.

Performance

FIRCX vs. FZROX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor International Real Estate Fund Class C (FIRCX) and Fidelity ZERO Total Market Index Fund (FZROX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIRCX achieves a -5.33% return, which is significantly lower than FZROX's 8.88% return.

FIRCX

• 1D: -0.83%
• 1M: -2.74%
• YTD: -5.33%
• 6M: -5.14%
• 1Y: -0.42%
• 3Y*: 3.09%
• 5Y*: -4.75%
• 10Y*: 2.78%

FZROX

• 1D: -1.38%
• 1M: -0.77%
• YTD: 8.88%
• 6M: 7.43%
• 1Y: 22.88%
• 3Y*: 20.75%
• 5Y*: 12.16%
• 10Y*: —

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

FIRCX vs. FZROX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIRCX Fidelity Advisor International Real Estate Fund Class C	-5.33%	21.46%	-10.40%	3.12%	-27.41%	10.73%	4.48%	26.71%	-4.38%
FZROX Fidelity ZERO Total Market Index Fund	8.88%	17.23%	23.94%	26.20%	-19.21%	26.00%	20.51%	31.15%	-12.72%

Correlation

The correlation between FIRCX and FZROX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.56

The correlation between FIRCX and FZROX has been stable across timeframes, ranging from 0.48 to 0.56 - a consistent structural relationship.

Return for Risk

FIRCX vs. FZROX — Risk / Return Rank

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

FIRCX

FIRCX Risk / Return Rank: 3
FIRCX Sharpe Ratio Rank: 3
FIRCX Sortino Ratio Rank: 3
FIRCX Omega Ratio Rank: 3
FIRCX Calmar Ratio Rank: 3
FIRCX Martin Ratio Rank: 3

FZROX

FZROX Risk / Return Rank: 52
FZROX Sharpe Ratio Rank: 48
FZROX Sortino Ratio Rank: 44
FZROX Omega Ratio Rank: 45
FZROX Calmar Ratio Rank: 56
FZROX Martin Ratio Rank: 67

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.

FIRCX vs. FZROX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor International Real Estate Fund Class C (FIRCX) 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.

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.

	FIRCX	FZROX	Difference
Sharpe ratio: Return per unit of total volatility	-0.00	1.89	-1.89
Sortino ratio: Return per unit of downside risk	0.09	2.58	-2.49
Omega ratio: Gain probability vs. loss probability	1.01	1.34	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.00	2.74	-2.75
Martin ratio: Return relative to average drawdown	-0.00	12.23	-12.23

FIRCX vs. FZROX - Sharpe Ratio Comparison

The current FIRCX Sharpe Ratio is -0.00, which is lower than the FZROX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of FIRCX and FZROX, 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

FIRCX vs. FZROX - Drawdown Comparison

The maximum FIRCX drawdown since its inception was -72.03%, which is greater than FZROX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for FIRCX and FZROX.

Drawdown Indicators

	FIRCX	FZROX	Difference
Max Drawdown Largest peak-to-trough decline	-72.03%	-34.96%	-37.07%
Max Drawdown (1Y) Largest decline over 1 year	-14.29%	-8.89%	-5.40%
Max Drawdown (3Y) Largest decline over 3 years	-18.41%	-19.38%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	-38.52%	-25.12%	-13.40%
Max Drawdown (10Y) Largest decline over 10 years	-38.52%	—	—
Current Drawdown Current decline from peak	-25.28%	-2.79%	-22.49%
Average Drawdown Average peak-to-trough decline	-22.61%	-5.48%	-17.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.93%	1.99%	+3.94%

Volatility

FIRCX vs. FZROX - Volatility Comparison

The current volatility for Fidelity Advisor International Real Estate Fund Class C (FIRCX) is 3.40%, while Fidelity ZERO Total Market Index Fund (FZROX) has a volatility of 5.03%. This indicates that FIRCX 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

	FIRCX	FZROX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	5.03%	-1.63%
Volatility (6M) Calculated over the trailing 6-month period	10.05%	10.18%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	12.24%	12.94%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.74%	17.54%	-3.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.61%	20.13%	-6.52%

FIRCX vs. FZROX - Expense Ratio Comparison

FIRCX has a 1.95% expense ratio, which is higher than FZROX's 0.00% expense ratio.

Dividends

FIRCX vs. FZROX - Dividend Comparison

FIRCX's dividend yield for the trailing twelve months is around 2.27%, more than FZROX's 0.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRCX Fidelity Advisor International Real Estate Fund Class C	2.27%	2.15%	4.38%	0.09%	4.20%	4.78%	0.85%	3.83%	1.44%	1.91%	3.61%	2.00%
FZROX Fidelity ZERO Total Market Index Fund	0.94%	1.02%	1.16%	1.36%	1.57%	1.25%	1.27%	1.51%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIRCX and FZROX in my portfolio?

FIRCX and FZROX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIRCX or FZROX?

FZROX has higher volatility (5.03%) compared to FIRCX (3.40%). In terms of maximum drawdown, FIRCX dropped -72.03% vs FZROX's -34.96%.

Which has better risk-adjusted returns?

FZROX currently has the higher Sharpe Ratio (1.89 vs -0.00), 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.