FMGKX vs. FNILX

Last updated Jun 4, 2026

FMGKX (Fidelity Magellan Fund Class K) and FNILX (Fidelity ZERO Large Cap Index Fund) are both mutual funds - FMGKX is a Large Cap Growth Equities fund managed by Fidelity, while FNILX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FMGKX returned 14.04%/yr vs 14.13%/yr for FNILX. Their correlation of 0.94 suggests significant overlap in exposure. FMGKX charges 0.62%/yr vs 0.00%/yr for FNILX.

Performance

FMGKX vs. FNILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Magellan Fund Class K (FMGKX) 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, FMGKX achieves a 8.72% return, which is significantly lower than FNILX's 11.56% return.

FMGKX

• 1D: 0.38%
• 1M: 4.73%
• YTD: 8.72%
• 6M: 8.61%
• 1Y: 13.01%
• 3Y*: 24.42%
• 5Y*: 14.04%
• 10Y*: 15.69%

FNILX

• 1D: 0.26%
• 1M: 6.04%
• YTD: 11.56%
• 6M: 11.44%
• 1Y: 28.65%
• 3Y*: 23.01%
• 5Y*: 14.13%
• 10Y*: —

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

FMGKX vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FMGKX Fidelity Magellan Fund Class K	8.72%	16.35%	32.08%	31.15%	-27.11%	27.08%	28.49%	31.42%	-16.80%
FNILX Fidelity ZERO Large Cap Index Fund	11.56%	17.81%	25.47%	27.45%	-19.37%	26.67%	21.13%	31.79%	-13.60%

Correlation

The correlation between FMGKX and FNILX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018	0.94

The correlation between FMGKX and FNILX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

FMGKX vs. FNILX — Risk / Return Rank

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

FMGKX

FMGKX Risk / Return Rank: 12
FMGKX Sharpe Ratio Rank: 12
FMGKX Sortino Ratio Rank: 12
FMGKX Omega Ratio Rank: 12
FMGKX Calmar Ratio Rank: 10
FMGKX Martin Ratio Rank: 12

FNILX

FNILX Risk / Return Rank: 71
FNILX Sharpe Ratio Rank: 73
FNILX Sortino Ratio Rank: 65
FNILX Omega Ratio Rank: 64
FNILX Calmar Ratio Rank: 72
FNILX Martin Ratio Rank: 80

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.

FMGKX vs. FNILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Magellan Fund Class K (FMGKX) 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.

	FMGKX	FNILX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	2.48	-1.52
Sortino ratio: Return per unit of downside risk	1.40	3.36	-1.95
Omega ratio: Gain probability vs. loss probability	1.18	1.45	-0.27
Calmar ratio: Return relative to maximum drawdown	0.98	3.28	-2.30
Martin ratio: Return relative to average drawdown	3.53	15.01	-11.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMGKX vs. FNILX - Sharpe Ratio Comparison

The current FMGKX Sharpe Ratio is 0.96, which is lower than the FNILX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of FMGKX 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.

Sharpe Ratios by Period

	FMGKX	FNILX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	2.48	-1.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.82	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.76	-0.29

Drawdowns

FMGKX vs. FNILX - Drawdown Comparison

The maximum FMGKX drawdown since its inception was -59.38%, which is greater than FNILX's maximum drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for FMGKX and FNILX.

Drawdown Indicators

	FMGKX	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-59.38%	-33.76%	-25.62%
Max Drawdown (1Y) Largest decline over 1 year	-13.95%	-9.01%	-4.94%
Max Drawdown (3Y) Largest decline over 3 years	-20.05%	-19.08%	-0.97%
Max Drawdown (5Y) Largest decline over 5 years	-33.05%	-25.40%	-7.65%
Max Drawdown (10Y) Largest decline over 10 years	-33.05%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.95%	-5.37%	-5.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	1.97%	+1.91%

Volatility

FMGKX vs. FNILX - Volatility Comparison

Fidelity Magellan Fund Class K (FMGKX) has a higher volatility of 3.98% compared to Fidelity ZERO Large Cap Index Fund (FNILX) at 2.88%. This indicates that FMGKX'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

	FMGKX	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	2.88%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	11.38%	8.99%	+2.39%
Volatility (1Y) Calculated over the trailing 1-year period	14.32%	11.93%	+2.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.13%	17.25%	+2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.19%	20.04%	+0.15%

FMGKX vs. FNILX - Expense Ratio Comparison

FMGKX has a 0.62% expense ratio, which is higher than FNILX's 0.00% expense ratio.

Dividends

FMGKX vs. FNILX - Dividend Comparison

FMGKX's dividend yield for the trailing twelve months is around 6.34%, more than FNILX's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMGKX Fidelity Magellan Fund Class K	6.34%	13.90%	9.26%	11.80%	5.08%	7.07%	0.30%	15.04%	10.95%	9.74%	2.87%	7.69%
FNILX Fidelity ZERO Large Cap Index Fund	0.91%	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 FMGKX and FNILX in my portfolio?

With a correlation of 0.91, FMGKX and FNILX 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.

Which is riskier, FMGKX or FNILX?

FMGKX has higher volatility (3.98%) compared to FNILX (2.88%). In terms of maximum drawdown, FMGKX dropped -59.38% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

FNILX currently has the higher Sharpe Ratio (2.48 vs 0.96), 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.