FMFEX vs. FNILX

Last updated Jul 29, 2026

FMFEX (Fidelity Advisor Materials Fund Class I) and FNILX (Fidelity ZERO Large Cap Index Fund) are both mutual funds - FMFEX is a Natural Resources fund actively managed by Fidelity, while FNILX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FMFEX returned 5.39%/yr vs 12.25%/yr for FNILX. Their 0.73 correlation means they have sometimes moved together and sometimes differently. FMFEX charges 0.72%/yr vs 0.00%/yr for FNILX.

Performance

FMFEX vs. FNILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Materials Fund Class I (FMFEX) 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, FMFEX achieves a 10.61% return, which is significantly higher than FNILX's 8.73% return.

FMFEX

• 1D: 1.30%
• 1M: -2.44%
• 6M: -0.89%
• YTD: 10.61%
• 1Y: 13.22%
• 3Y*: 4.71%
• 5Y*: 5.39%
• 10Y*: 7.84%
• ALL TIME*: 7.73%

FNILX

• 1D: 0.00%
• 1M: 0.84%
• 6M: 6.76%
• YTD: 8.73%
• 1Y: 16.86%
• 3Y*: 19.14%
• 5Y*: 12.25%
• 10Y*: —
• ALL TIME*: 14.50%

*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)
FMFEX Fidelity Advisor Materials Fund Class I	$0.00	$0.00	$0.00
FNILX Fidelity ZERO Large Cap Index Fund	$0.00	$0.00	$0.00

FMFEX vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FMFEX Fidelity Advisor Materials Fund Class I	10.61%	11.28%	-2.97%	7.30%	-9.86%	31.64%	21.80%	12.41%	-17.31%
FNILX Fidelity ZERO Large Cap Index Fund	8.73%	17.81%	25.47%	27.45%	-19.37%	26.67%	21.13%	31.79%	-13.60%

Correlation

The correlation between FMFEX and FNILX is 0.56, 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.	0.56
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018	0.73

The correlation between FMFEX and FNILX shifts across timeframes, from 0.56 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FMFEX vs. FNILX — Risk / Return Rank

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

FMFEX

FMFEX Risk / Return Rank: 17
FMFEX Sharpe Ratio Rank: 16
FMFEX Sortino Ratio Rank: 16
FMFEX Omega Ratio Rank: 16
FMFEX Calmar Ratio Rank: 20
FMFEX Martin Ratio Rank: 19

FNILX

FNILX Risk / Return Rank: 50
FNILX Sharpe Ratio Rank: 48
FNILX Sortino Ratio Rank: 45
FNILX Omega Ratio Rank: 46
FNILX Calmar Ratio Rank: 50
FNILX 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.

FMFEX vs. FNILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Materials Fund Class I (FMFEX) 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.

	FMFEX	FNILX	Difference
Sharpe ratio: Return per unit of total volatility	0.65	1.33	-0.68
Sortino ratio: Return per unit of downside risk	1.01	1.86	-0.86
Omega ratio: Gain probability vs. loss probability	1.12	1.24	-0.12
Calmar ratio: Return relative to maximum drawdown	0.99	1.89	-0.89
Martin ratio: Return relative to average drawdown	2.77	7.98	-5.22

FMFEX vs. FNILX - Sharpe Ratio Comparison

The current FMFEX Sharpe Ratio is 0.65, which is lower than the FNILX Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of FMFEX 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

FMFEX vs. FNILX - Drawdown Comparison

The maximum FMFEX drawdown since its inception was -64.19%, which is greater than FNILX's maximum drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for FMFEX and FNILX.

Drawdown Indicators

	FMFEX	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-64.19%	-33.76%	-30.43%
Max Drawdown (1Y) Largest decline over 1 year	-12.16%	-9.01%	-3.15%
Max Drawdown (3Y) Largest decline over 3 years	-22.15%	-19.08%	-3.07%
Max Drawdown (5Y) Largest decline over 5 years	-25.39%	-25.40%	+0.01%
Max Drawdown (10Y) Largest decline over 10 years	-49.87%	—	—
Current Drawdown Current decline from peak	-6.75%	-2.53%	-4.22%
Average Drawdown Average peak-to-trough decline	-10.58%	-5.30%	-5.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	2.12%	+2.25%

Volatility

FMFEX vs. FNILX - Volatility Comparison

Fidelity Advisor Materials Fund Class I (FMFEX) has a higher volatility of 5.15% compared to Fidelity ZERO Large Cap Index Fund (FNILX) at 2.98%. This indicates that FMFEX's price experiences larger fluctuations and is considered to be riskier than FNILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMFEX	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.15%	2.98%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	15.03%	9.93%	+5.10%
Volatility (1Y) Calculated over the trailing 1-year period	18.72%	12.80%	+5.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.38%	17.35%	+3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.70%	19.95%	+1.75%

FMFEX vs. FNILX - Expense Ratio Comparison

FMFEX has a 0.72% expense ratio, which is higher than FNILX's 0.00% expense ratio.

Dividends

FMFEX vs. FNILX - Dividend Comparison

FMFEX's dividend yield for the trailing twelve months is around 5.01%, more than FNILX's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMFEX Fidelity Advisor Materials Fund Class I	5.01%	1.87%	12.44%	5.46%	3.33%	0.73%	0.70%	1.22%	12.91%	5.26%	1.05%	2.44%
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%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMFEX and FNILX in my portfolio?

FMFEX and FNILX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMFEX or FNILX?

FMFEX has higher volatility (5.15%) compared to FNILX (2.98%). In terms of maximum drawdown, FMFEX dropped -64.19% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

FNILX currently has the higher Sharpe Ratio (1.33 vs 0.65), 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.