FMGKX vs. FZILX

Last updated Jun 25, 2026

FMGKX (Fidelity Magellan Fund Class K) and FZILX (Fidelity ZERO International Index Fund) are both mutual funds - FMGKX is a Large Cap Growth Equities fund managed by Fidelity, while FZILX is a Foreign Large Cap Equities fund tracking the Fidelity Global ex U.S. Index. Over the past 5 years, FMGKX returned 12.05%/yr vs 8.88%/yr for FZILX. A 0.71 correlation means they provide meaningful diversification when combined. FMGKX charges 0.62%/yr vs 0.00%/yr for FZILX.

Performance

FMGKX vs. FZILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Magellan Fund Class K (FMGKX) 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, FMGKX achieves a 4.69% return, which is significantly lower than FZILX's 13.24% return.

FMGKX

• 1D: -2.23%
• 1M: -0.90%
• YTD: 4.69%
• 6M: 3.31%
• 1Y: 7.04%
• 3Y*: 22.37%
• 5Y*: 12.05%
• 10Y*: 15.77%

FZILX

• 1D: -2.85%
• 1M: 0.48%
• YTD: 13.24%
• 6M: 13.24%
• 1Y: 28.61%
• 3Y*: 19.59%
• 5Y*: 8.88%
• 10Y*: —

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

FMGKX vs. FZILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FMGKX Fidelity Magellan Fund Class K	4.69%	16.35%	32.08%	31.15%	-27.11%	27.08%	28.49%	31.42%	-13.58%
FZILX Fidelity ZERO International Index Fund	13.24%	33.52%	5.32%	16.28%	-15.96%	8.19%	11.06%	21.69%	-9.38%

Correlation

The correlation between FMGKX and FZILX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.71

The correlation between FMGKX and FZILX has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

Return for Risk

FMGKX vs. FZILX — Risk / Return Rank

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

FMGKX

FMGKX Risk / Return Rank: 8
FMGKX Sharpe Ratio Rank: 8
FMGKX Sortino Ratio Rank: 8
FMGKX Omega Ratio Rank: 8
FMGKX Calmar Ratio Rank: 8
FMGKX Martin Ratio Rank: 9

FZILX

FZILX Risk / Return Rank: 52
FZILX Sharpe Ratio Rank: 51
FZILX Sortino Ratio Rank: 46
FZILX Omega Ratio Rank: 52
FZILX Calmar Ratio Rank: 56
FZILX Martin Ratio Rank: 55

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. FZILX - Risk-Adjusted Trends Comparison

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

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.

	FMGKX	FZILX	Difference
Sharpe ratio: Return per unit of total volatility	0.56	1.94	-1.38
Sortino ratio: Return per unit of downside risk	0.86	2.62	-1.76
Omega ratio: Gain probability vs. loss probability	1.11	1.36	-0.26
Calmar ratio: Return relative to maximum drawdown	0.62	2.73	-2.11
Martin ratio: Return relative to average drawdown	2.20	10.51	-8.31

FMGKX vs. FZILX - Sharpe Ratio Comparison

The current FMGKX Sharpe Ratio is 0.56, which is lower than the FZILX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of FMGKX 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.

Drawdowns

FMGKX vs. FZILX - Drawdown Comparison

The maximum FMGKX drawdown since its inception was -59.38%, which is greater than FZILX's maximum drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for FMGKX and FZILX.

Drawdown Indicators

	FMGKX	FZILX	Difference
Max Drawdown Largest peak-to-trough decline	-59.38%	-34.37%	-25.01%
Max Drawdown (1Y) Largest decline over 1 year	-13.95%	-11.24%	-2.71%
Max Drawdown (3Y) Largest decline over 3 years	-20.05%	-13.47%	-6.58%
Max Drawdown (5Y) Largest decline over 5 years	-33.05%	-29.87%	-3.18%
Max Drawdown (10Y) Largest decline over 10 years	-33.05%	—	—
Current Drawdown Current decline from peak	-3.71%	-2.85%	-0.86%
Average Drawdown Average peak-to-trough decline	-10.92%	-6.66%	-4.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	2.92%	+1.02%

Volatility

FMGKX vs. FZILX - Volatility Comparison

Fidelity Magellan Fund Class K (FMGKX) and Fidelity ZERO International Index Fund (FZILX) have volatilities of 6.88% and 7.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMGKX	FZILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.88%	7.02%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	12.84%	13.81%	-0.97%
Volatility (1Y) Calculated over the trailing 1-year period	15.59%	15.85%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.31%	15.77%	+4.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.25%	17.41%	+2.84%

FMGKX vs. FZILX - Expense Ratio Comparison

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

Dividends

FMGKX vs. FZILX - Dividend Comparison

FMGKX's dividend yield for the trailing twelve months is around 6.58%, more than FZILX's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMGKX Fidelity Magellan Fund Class K	6.58%	13.90%	9.26%	11.80%	5.08%	7.07%	0.30%	15.04%	10.95%	9.74%	2.87%	7.69%
FZILX Fidelity ZERO International Index Fund	2.36%	2.67%	3.00%	2.98%	2.71%	2.61%	1.64%	2.37%	0.02%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMGKX and FZILX in my portfolio?

FMGKX and FZILX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMGKX or FZILX?

FZILX has higher volatility (7.02%) compared to FMGKX (6.88%). In terms of maximum drawdown, FMGKX dropped -59.38% vs FZILX's -34.37%.

Which has better risk-adjusted returns?

FZILX currently has the higher Sharpe Ratio (1.94 vs 0.56), 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.