FNILX vs. FCSSX

Last updated Jun 4, 2026

FNILX (Fidelity ZERO Large Cap Index Fund) and FCSSX (Fidelity Series Commodity Strategy Fund) are both mutual funds - FNILX is a Large Cap Blend Equities fund managed by Fidelity, while FCSSX is a Commodities fund managed by Fidelity. Over the past 5 years, FNILX returned 14.13%/yr vs 11.27%/yr for FCSSX. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.00% expense ratio.

Performance

FNILX vs. FCSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity ZERO Large Cap Index Fund (FNILX) and Fidelity Series Commodity Strategy Fund (FCSSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNILX achieves a 11.56% return, which is significantly lower than FCSSX's 21.09% return.

FNILX

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

FCSSX

• 1D: 0.31%
• 1M: -1.32%
• YTD: 21.09%
• 6M: 21.06%
• 1Y: 32.62%
• 3Y*: 14.44%
• 5Y*: 11.27%
• 10Y*: 6.53%

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

FNILX vs. FCSSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
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%
FCSSX Fidelity Series Commodity Strategy Fund	21.09%	15.43%	5.36%	-8.25%	18.11%	27.59%	-3.11%	7.41%	-9.27%

Correlation

The correlation between FNILX and FCSSX is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018	0.23

The correlation between FNILX and FCSSX shifts across timeframes, from -0.04 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FNILX vs. FCSSX — Risk / Return Rank

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

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

FCSSX

FCSSX Risk / Return Rank: 64
FCSSX Sharpe Ratio Rank: 63
FCSSX Sortino Ratio Rank: 50
FCSSX Omega Ratio Rank: 56
FCSSX Calmar Ratio Rank: 90
FCSSX 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.

FNILX vs. FCSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Large Cap Index Fund (FNILX) and Fidelity Series Commodity Strategy Fund (FCSSX). 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.

	FNILX	FCSSX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.32	+0.16
Sortino ratio: Return per unit of downside risk	3.36	2.97	+0.38
Omega ratio: Gain probability vs. loss probability	1.45	1.42	+0.03
Calmar ratio: Return relative to maximum drawdown	3.28	4.55	-1.27
Martin ratio: Return relative to average drawdown	15.01	11.93	+3.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNILX vs. FCSSX - Sharpe Ratio Comparison

The current FNILX Sharpe Ratio is 2.48, which is comparable to the FCSSX Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of FNILX and FCSSX, 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

	FNILX	FCSSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	2.32	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.71	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.10	+0.66

Drawdowns

FNILX vs. FCSSX - Drawdown Comparison

The maximum FNILX drawdown since its inception was -33.76%, smaller than the maximum FCSSX drawdown of -66.04%. Use the drawdown chart below to compare losses from any high point for FNILX and FCSSX.

Drawdown Indicators

	FNILX	FCSSX	Difference
Max Drawdown Largest peak-to-trough decline	-33.76%	-66.04%	+32.28%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-7.21%	-1.80%
Max Drawdown (3Y) Largest decline over 3 years	-19.08%	-11.43%	-7.65%
Max Drawdown (5Y) Largest decline over 5 years	-25.40%	-24.07%	-1.33%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.37%	—
Current Drawdown Current decline from peak	0.00%	-9.40%	+9.40%
Average Drawdown Average peak-to-trough decline	-5.37%	-36.20%	+30.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	2.74%	-0.77%

Volatility

FNILX vs. FCSSX - Volatility Comparison

The current volatility for Fidelity ZERO Large Cap Index Fund (FNILX) is 2.88%, while Fidelity Series Commodity Strategy Fund (FCSSX) has a volatility of 4.53%. This indicates that FNILX experiences smaller price fluctuations and is considered to be less risky than FCSSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNILX	FCSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	4.53%	-1.65%
Volatility (6M) Calculated over the trailing 6-month period	8.99%	11.73%	-2.74%
Volatility (1Y) Calculated over the trailing 1-year period	11.93%	14.28%	-2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	15.97%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.04%	14.34%	+5.70%

FNILX vs. FCSSX - Expense Ratio Comparison

FNILX has a 0.00% expense ratio, which is lower than FCSSX's 0.00% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FNILX vs. FCSSX - Dividend Comparison

FNILX's dividend yield for the trailing twelve months is around 0.91%, less than FCSSX's 2.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCSSX Fidelity Series Commodity Strategy Fund	2.22%	2.69%	12.74%	4.53%	128.24%	41.74%	0.44%	1.49%	6.76%	0.53%
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%

Frequently Asked Questions

Can I hold both FNILX and FCSSX in my portfolio?

FNILX and FCSSX have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNILX or FCSSX?

FCSSX has higher volatility (4.53%) compared to FNILX (2.88%). In terms of maximum drawdown, FNILX dropped -33.76% vs FCSSX's -66.04%.

Which has better risk-adjusted returns?

FNILX currently has the higher Sharpe Ratio (2.48 vs 2.32), 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.