FNILX vs. VOO

Last updated Jul 25, 2026

FNILX (Fidelity ZERO Large Cap Index Fund) and VOO (Vanguard S&P 500 ETF) are both funds - FNILX is a Large Cap Blend Equities fund managed by Fidelity, while VOO is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, FNILX returned 12.17%/yr vs 12.51%/yr for VOO. Their 0.99 correlation means they have historically moved very closely together. FNILX charges 0.00%/yr vs 0.03%/yr for VOO.

Performance

FNILX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity ZERO Large Cap Index Fund (FNILX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FNILX having a 8.69% return and VOO slightly higher at 8.95%.

FNILX

• 1D: -1.19%
• 1M: 0.80%
• 6M: 7.67%
• YTD: 8.69%
• 1Y: 16.87%
• 3Y*: 19.40%
• 5Y*: 12.17%
• 10Y*: —
• ALL TIME*: 14.51%

VOO

• 1D: 0.08%
• 1M: 0.80%
• 6M: 7.80%
• YTD: 8.95%
• 1Y: 17.35%
• 3Y*: 19.06%
• 5Y*: 12.51%
• 10Y*: 14.95%
• ALL TIME*: 14.72%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FNILX Fidelity ZERO Large Cap Index Fund	$0.00	$0.00	$0.00
VOO Vanguard S&P 500 ETF	$3.42B	$4.58B	$5.39B

FNILX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FNILX Fidelity ZERO Large Cap Index Fund	8.69%	17.81%	25.47%	27.45%	-19.37%	26.67%	21.13%	31.79%	-13.60%
VOO Vanguard S&P 500 ETF	8.95%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-13.49%

Correlation

The correlation between FNILX and VOO is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.99
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018	0.99

The correlation between FNILX and VOO has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.

Return for Risk

FNILX vs. VOO — Risk / Return Rank

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

FNILX

FNILX Risk / Return Rank: 45
FNILX Sharpe Ratio Rank: 44
FNILX Sortino Ratio Rank: 40
FNILX Omega Ratio Rank: 42
FNILX Calmar Ratio Rank: 45
FNILX Martin Ratio Rank: 55

VOO

VOO Risk / Return Rank: 61
VOO Sharpe Ratio Rank: 61
VOO Sortino Ratio Rank: 59
VOO Omega Ratio Rank: 60
VOO Calmar Ratio Rank: 58
VOO Martin Ratio Rank: 70

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Large Cap Index Fund (FNILX) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.42	-0.05
Sortino ratio: Return per unit of downside risk	1.91	1.99	-0.07
Omega ratio: Gain probability vs. loss probability	1.25	1.26	-0.01
Calmar ratio: Return relative to maximum drawdown	1.94	2.01	-0.07
Martin ratio: Return relative to average drawdown	8.28	8.67	-0.39

FNILX vs. VOO - Sharpe Ratio Comparison

The current FNILX Sharpe Ratio is 1.37, which is comparable to the VOO Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of FNILX and VOO, 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. VOO - Drawdown Comparison

The maximum FNILX drawdown since its inception was -33.76%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for FNILX and VOO.

Drawdown Indicators

	FNILX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-33.76%	-33.99%	+0.23%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-8.90%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-19.08%	-18.69%	-0.39%
Max Drawdown (5Y) Largest decline over 5 years	-25.40%	-24.52%	-0.88%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-2.57%	-2.45%	-0.12%
Average Drawdown Average peak-to-trough decline	-5.31%	-3.67%	-1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	2.06%	+0.05%

Volatility

FNILX vs. VOO - Volatility Comparison

The current volatility for Fidelity ZERO Large Cap Index Fund (FNILX) is 2.98%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.22%. This indicates that FNILX experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNILX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	3.22%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	9.94%	9.84%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	12.80%	12.62%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.35%	16.90%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.96%	18.00%	+1.96%

FNILX vs. VOO - Expense Ratio Comparison

FNILX has a 0.00% expense ratio, which is lower than VOO's 0.03% 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. VOO - Dividend Comparison

FNILX's dividend yield for the trailing twelve months is around 0.93%, less than VOO's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNILX Fidelity ZERO Large Cap Index Fund	0.93%	1.01%	1.09%	1.34%	1.53%	0.95%	1.20%	1.17%	0.53%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.08%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both FNILX and VOO in my portfolio?

With a correlation of 1.00, FNILX and VOO 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, FNILX or VOO?

VOO has higher volatility (3.22%) compared to FNILX (2.98%). In terms of maximum drawdown, FNILX dropped -33.76% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.42 vs 1.37), 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.