FNILX vs. FGNSX

Last updated Jun 24, 2026

FNILX (Fidelity ZERO Large Cap Index Fund) and FGNSX (Strategic Advisers Tax-Sensitive Short Duration Fund) are both mutual funds - FNILX is a Large Cap Blend Equities fund managed by Fidelity, while FGNSX is a Municipal Bonds fund managed by Fidelity. Over the past 5 years, FNILX returned 13.32%/yr vs 2.09%/yr for FGNSX. At a 0.03 correlation, their price movements are largely independent. FNILX charges 0.00%/yr vs 0.07%/yr for FGNSX.

Performance

FNILX vs. FGNSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity ZERO Large Cap Index Fund (FNILX) and Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNILX achieves a 9.63% return, which is significantly higher than FGNSX's 0.77% return.

FNILX

• 1D: -0.37%
• 1M: 0.34%
• YTD: 9.63%
• 6M: 8.65%
• 1Y: 25.14%
• 3Y*: 21.66%
• 5Y*: 13.32%
• 10Y*: —

FGNSX

• 1D: 0.00%
• 1M: 0.45%
• YTD: 0.77%
• 6M: 1.05%
• 1Y: 2.58%
• 3Y*: 3.21%
• 5Y*: 2.09%
• 10Y*: —

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

FNILX vs. FGNSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FNILX Fidelity ZERO Large Cap Index Fund	9.63%	17.81%	25.47%	27.45%	-19.37%	26.67%	21.13%	31.79%	-13.60%
FGNSX Strategic Advisers Tax-Sensitive Short Duration Fund	0.77%	3.08%	3.47%	3.56%	-0.36%	0.14%	1.04%	2.11%	0.79%

Correlation

The correlation between FNILX and FGNSX 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	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018	0.03

Return for Risk

FNILX vs. FGNSX — Risk / Return Rank

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

FNILX

FNILX Risk / Return Rank: 62
FNILX Sharpe Ratio Rank: 60
FNILX Sortino Ratio Rank: 54
FNILX Omega Ratio Rank: 56
FNILX Calmar Ratio Rank: 64
FNILX Martin Ratio Rank: 73

FGNSX

FGNSX Risk / Return Rank: 97
FGNSX Sharpe Ratio Rank: 94
FGNSX Sortino Ratio Rank: 99
FGNSX Omega Ratio Rank: 99
FGNSX Calmar Ratio Rank: 97
FGNSX Martin Ratio Rank: 98

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. FGNSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Large Cap Index Fund (FNILX) and Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX). 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.

	FNILX	FGNSX	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.98	-0.88
Sortino ratio: Return per unit of downside risk	2.84	7.43	-4.59
Omega ratio: Gain probability vs. loss probability	1.38	2.83	-1.46
Calmar ratio: Return relative to maximum drawdown	2.94	6.12	-3.18
Martin ratio: Return relative to average drawdown	12.99	27.60	-14.61

FNILX vs. FGNSX - Sharpe Ratio Comparison

The current FNILX Sharpe Ratio is 2.10, which is comparable to the FGNSX Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of FNILX and FGNSX, 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

FNILX vs. FGNSX - Drawdown Comparison

The maximum FNILX drawdown since its inception was -33.76%, which is greater than FGNSX's maximum drawdown of -2.35%. Use the drawdown chart below to compare losses from any high point for FNILX and FGNSX.

Drawdown Indicators

	FNILX	FGNSX	Difference
Max Drawdown Largest peak-to-trough decline	-33.76%	-2.35%	-31.41%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-0.50%	-8.51%
Max Drawdown (3Y) Largest decline over 3 years	-19.08%	-2.35%	-16.73%
Max Drawdown (5Y) Largest decline over 5 years	-25.40%	-2.35%	-23.05%
Current Drawdown Current decline from peak	-1.73%	0.00%	-1.73%
Average Drawdown Average peak-to-trough decline	-5.35%	-0.25%	-5.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	0.11%	+1.92%

Volatility

FNILX vs. FGNSX - Volatility Comparison

Fidelity ZERO Large Cap Index Fund (FNILX) has a higher volatility of 4.82% compared to Strategic Advisers Tax-Sensitive Short Duration Fund (FGNSX) at 0.28%. This indicates that FNILX's price experiences larger fluctuations and is considered to be riskier than FGNSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNILX	FGNSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.82%	0.28%	+4.54%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	0.65%	+9.25%
Volatility (1Y) Calculated over the trailing 1-year period	12.61%	1.02%	+11.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.34%	2.06%	+15.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.04%	1.65%	+18.39%

FNILX vs. FGNSX - Expense Ratio Comparison

FNILX has a 0.00% expense ratio, which is lower than FGNSX's 0.07% 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. FGNSX - Dividend Comparison

FNILX's dividend yield for the trailing twelve months is around 0.92%, less than FGNSX's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FGNSX Strategic Advisers Tax-Sensitive Short Duration Fund	2.34%	2.63%	3.31%	2.57%	0.84%	0.34%	0.83%	1.79%	1.36%
FNILX Fidelity ZERO Large Cap Index Fund	0.92%	1.01%	1.09%	1.34%	1.53%	0.95%	1.20%	1.17%	0.53%

Frequently Asked Questions

Can I hold both FNILX and FGNSX in my portfolio?

FNILX and FGNSX 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 FGNSX?

FNILX has higher volatility (4.82%) compared to FGNSX (0.28%). In terms of maximum drawdown, FNILX dropped -33.76% vs FGNSX's -2.35%.

Which has better risk-adjusted returns?

FGNSX currently has the higher Sharpe Ratio (2.98 vs 2.10), 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.