FLLA vs. FZILX

Last updated Jun 4, 2026

FLLA (Franklin FTSE Latin America ETF) and FZILX (Fidelity ZERO International Index Fund) are both funds - FLLA is a Latin America Equities fund tracking the FTSE Latin America RIC Capped Index, while FZILX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FLLA returned 7.79%/yr vs 9.43%/yr for FZILX. A 0.62 correlation means they provide meaningful diversification when combined. FLLA charges 0.19%/yr vs 0.00%/yr for FZILX.

Performance

FLLA vs. FZILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Latin America ETF (FLLA) 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, FLLA achieves a 12.62% return, which is significantly lower than FZILX's 16.29% return.

FLLA

• 1D: -2.69%
• 1M: -5.24%
• YTD: 12.62%
• 6M: 11.76%
• 1Y: 35.32%
• 3Y*: 14.00%
• 5Y*: 7.79%
• 10Y*: —

FZILX

• 1D: 0.71%
• 1M: 6.20%
• YTD: 16.29%
• 6M: 19.11%
• 1Y: 34.60%
• 3Y*: 20.62%
• 5Y*: 9.43%
• 10Y*: —

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

FLLA vs. FZILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLLA Franklin FTSE Latin America ETF	12.62%	51.81%	-26.89%	32.71%	7.78%	-8.93%	-15.08%	19.59%	-2.78%
FZILX Fidelity ZERO International Index Fund	16.29%	33.52%	5.32%	16.28%	-15.96%	8.19%	11.06%	21.69%	-5.37%

Correlation

The correlation between FLLA and FZILX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Oct 12, 2018	0.62

The correlation between FLLA and FZILX has been stable across timeframes, ranging from 0.62 to 0.68 - a consistent structural relationship.

Return for Risk

FLLA vs. FZILX — Risk / Return Rank

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

FLLA

FLLA Risk / Return Rank: 50
FLLA Sharpe Ratio Rank: 47
FLLA Sortino Ratio Rank: 44
FLLA Omega Ratio Rank: 45
FLLA Calmar Ratio Rank: 62
FLLA Martin Ratio Rank: 51

FZILX

FZILX Risk / Return Rank: 60
FZILX Sharpe Ratio Rank: 64
FZILX Sortino Ratio Rank: 57
FZILX Omega Ratio Rank: 60
FZILX Calmar Ratio Rank: 62
FZILX Martin Ratio Rank: 60

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.

FLLA vs. FZILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Latin America ETF (FLLA) 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.

	FLLA	FZILX	Difference
Sharpe ratio Return per unit of total volatility	1.66	2.34	-0.67
Sortino ratio Return per unit of downside risk	2.24	3.18	-0.94
Omega ratio Gain probability vs. loss probability	1.29	1.43	-0.14
Calmar ratio Return relative to maximum drawdown	3.06	3.04	+0.02
Martin ratio Return relative to average drawdown	8.72	11.91	-3.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLLA vs. FZILX - Sharpe Ratio Comparison

The current FLLA Sharpe Ratio is 1.66, which is comparable to the FZILX Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of FLLA and FZILX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FLLA	FZILX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	2.34	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.61	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.59	-0.35

Drawdowns

FLLA vs. FZILX - Drawdown Comparison

The maximum FLLA drawdown since its inception was -53.88%, which is greater than FZILX's maximum drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for FLLA and FZILX.

Drawdown Indicators

	FLLA	FZILX	Difference
Max Drawdown Largest peak-to-trough decline	-53.88%	-34.37%	-19.51%
Max Drawdown (1Y) Largest decline over 1 year	-11.59%	-11.24%	-0.35%
Max Drawdown (3Y) Largest decline over 3 years	-27.76%	-13.47%	-14.29%
Max Drawdown (5Y) Largest decline over 5 years	-28.32%	-29.87%	+1.55%
Current Drawdown Current decline from peak	-10.96%	0.00%	-10.96%
Average Drawdown Average peak-to-trough decline	-13.48%	-6.69%	-6.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	2.86%	+1.20%

Volatility

FLLA vs. FZILX - Volatility Comparison

Franklin FTSE Latin America ETF (FLLA) has a higher volatility of 6.72% compared to Fidelity ZERO International Index Fund (FZILX) at 4.96%. This indicates that FLLA's price experiences larger fluctuations and is considered to be riskier than FZILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLLA	FZILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.72%	4.96%	+1.76%
Volatility (6M) Calculated over the trailing 6-month period	18.23%	12.26%	+5.97%
Volatility (1Y) Calculated over the trailing 1-year period	21.33%	14.62%	+6.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.81%	15.52%	+7.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.54%	17.32%	+10.22%

FLLA vs. FZILX - Expense Ratio Comparison

FLLA has a 0.19% expense ratio, which is higher than FZILX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FLLA vs. FZILX - Dividend Comparison

FLLA's dividend yield for the trailing twelve months is around 5.38%, more than FZILX's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FLLA Franklin FTSE Latin America ETF	5.38%	6.06%	7.04%	5.45%	9.55%	7.60%	2.12%	3.18%	0.48%
FZILX Fidelity ZERO International Index Fund	2.30%	2.67%	3.00%	2.98%	2.71%	2.61%	1.64%	2.37%	0.02%

Frequently Asked Questions

Can I hold both FLLA and FZILX in my portfolio?

FLLA and FZILX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLLA or FZILX?

FLLA has higher volatility (6.72%) compared to FZILX (4.96%). In terms of maximum drawdown, FLLA dropped -53.88% vs FZILX's -34.37%.

Which has better risk-adjusted returns?

FZILX currently has the higher Sharpe Ratio (2.34 vs 1.66), 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.