FMKFX vs. FZILX

Last updated Jul 3, 2026

FMKFX (Fidelity Magellan K6 Fund) and FZILX (Fidelity ZERO International Index Fund) are both mutual funds - FMKFX 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, FMKFX returned 11.22%/yr vs 8.99%/yr for FZILX. A 0.70 correlation means they provide meaningful diversification when combined. FMKFX charges 0.45%/yr vs 0.00%/yr for FZILX.

Performance

FMKFX vs. FZILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Magellan K6 Fund (FMKFX) 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, FMKFX achieves a 6.86% return, which is significantly lower than FZILX's 13.24% return.

FMKFX

• 1D: -0.94%
• 1M: -1.77%
• 6M: 6.86%
• YTD: 6.86%
• 1Y: 7.88%
• 3Y*: 20.35%
• 5Y*: 11.22%
• 10Y*: —

FZILX

• 1D: -1.48%
• 1M: -2.63%
• 6M: 13.24%
• YTD: 13.24%
• 1Y: 26.42%
• 3Y*: 18.89%
• 5Y*: 8.99%
• 10Y*: —

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

FMKFX vs. FZILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FMKFX Fidelity Magellan K6 Fund	6.86%	10.90%	33.14%	31.33%	-26.85%	27.53%	29.14%	11.22%
FZILX Fidelity ZERO International Index Fund	13.24%	33.52%	5.32%	16.28%	-15.96%	8.19%	11.06%	10.25%

Correlation

The correlation between FMKFX 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 Jun 13, 2019	0.70

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

Return for Risk

FMKFX vs. FZILX — Risk / Return Rank

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

FMKFX

FMKFX Risk / Return Rank: 9
FMKFX Sharpe Ratio Rank: 8
FMKFX Sortino Ratio Rank: 8
FMKFX Omega Ratio Rank: 9
FMKFX Calmar Ratio Rank: 8
FMKFX Martin Ratio Rank: 10

FZILX

FZILX Risk / Return Rank: 53
FZILX Sharpe Ratio Rank: 52
FZILX Sortino Ratio Rank: 47
FZILX Omega Ratio Rank: 54
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.

FMKFX vs. FZILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Magellan K6 Fund (FMKFX) 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.

	FMKFX	FZILX	Difference
Sharpe ratio: Return per unit of total volatility	0.50	1.71	-1.21
Sortino ratio: Return per unit of downside risk	0.79	2.33	-1.54
Omega ratio: Gain probability vs. loss probability	1.10	1.32	-0.22
Calmar ratio: Return relative to maximum drawdown	0.57	2.41	-1.85
Martin ratio: Return relative to average drawdown	1.98	9.20	-7.22

FMKFX vs. FZILX - Sharpe Ratio Comparison

The current FMKFX Sharpe Ratio is 0.50, which is lower than the FZILX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of FMKFX 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

FMKFX vs. FZILX - Drawdown Comparison

The maximum FMKFX drawdown since its inception was -32.73%, roughly equal to the maximum FZILX drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for FMKFX and FZILX.

Drawdown Indicators

	FMKFX	FZILX	Difference
Max Drawdown Largest peak-to-trough decline	-32.73%	-34.37%	+1.64%
Max Drawdown (1Y) Largest decline over 1 year	-13.86%	-11.24%	-2.62%
Max Drawdown (3Y) Largest decline over 3 years	-20.05%	-13.47%	-6.58%
Max Drawdown (5Y) Largest decline over 5 years	-32.73%	-29.87%	-2.86%
Current Drawdown Current decline from peak	-1.77%	-2.85%	+1.08%
Average Drawdown Average peak-to-trough decline	-7.67%	-6.64%	-1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	2.94%	+1.00%

Volatility

FMKFX vs. FZILX - Volatility Comparison

Fidelity Magellan K6 Fund (FMKFX) and Fidelity ZERO International Index Fund (FZILX) have volatilities of 7.38% and 7.07%, 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

	FMKFX	FZILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.38%	7.07%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	13.08%	13.93%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	15.71%	15.87%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.29%	15.79%	+4.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.36%	17.40%	+4.96%

FMKFX vs. FZILX - Expense Ratio Comparison

FMKFX has a 0.45% expense ratio, which is higher than FZILX's 0.00% expense ratio.

Dividends

FMKFX vs. FZILX - Dividend Comparison

FMKFX's dividend yield for the trailing twelve months is around 6.17%, more than FZILX's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FMKFX Fidelity Magellan K6 Fund	6.17%	7.74%	9.56%	2.33%	0.31%	4.10%	0.33%	0.28%	0.00%
FZILX Fidelity ZERO International Index Fund	2.36%	2.67%	3.00%	2.98%	2.71%	2.61%	1.64%	2.37%	0.02%

Frequently Asked Questions

Can I hold both FMKFX and FZILX in my portfolio?

FMKFX 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, FMKFX or FZILX?

FMKFX has higher volatility (7.38%) compared to FZILX (7.07%). In terms of maximum drawdown, FMKFX dropped -32.73% vs FZILX's -34.37%.

Which has better risk-adjusted returns?

FZILX currently has the higher Sharpe Ratio (1.71 vs 0.50), 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.