FSAEX vs. FNILX

Last updated Jun 3, 2026

FSAEX (Fidelity Series All-Sector Equity Fund) and FNILX (Fidelity ZERO Large Cap Index Fund) are both Large Cap Blend Equities funds from Fidelity. Over the past 5 years, FSAEX returned 15.25%/yr vs 14.13%/yr for FNILX. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.00% expense ratio.

Performance

FSAEX vs. FNILX - Performance Comparison

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

Returns By Period

In the year-to-date period, FSAEX achieves a 12.95% return, which is significantly higher than FNILX's 11.56% return.

FSAEX

• 1D: 0.66%
• 1M: 6.39%
• YTD: 12.95%
• 6M: 13.33%
• 1Y: 31.86%
• 3Y*: 24.90%
• 5Y*: 15.25%
• 10Y*: 16.76%

FNILX

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

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

FSAEX vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FSAEX Fidelity Series All-Sector Equity Fund	12.95%	19.80%	26.86%	30.61%	-18.55%	26.89%	26.23%	32.18%	-16.43%
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%

Correlation

The correlation between FSAEX and FNILX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018	0.99

The correlation between FSAEX and FNILX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

FSAEX vs. FNILX — Risk / Return Rank

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

FSAEX

FSAEX Risk / Return Rank: 74
FSAEX Sharpe Ratio Rank: 79
FSAEX Sortino Ratio Rank: 70
FSAEX Omega Ratio Rank: 69
FSAEX Calmar Ratio Rank: 73
FSAEX Martin Ratio Rank: 80

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

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.

FSAEX vs. FNILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series All-Sector Equity Fund (FSAEX) and Fidelity ZERO Large Cap Index Fund (FNILX). 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.

	FSAEX	FNILX	Difference
Sharpe ratio Return per unit of total volatility	2.58	2.48	+0.10
Sortino ratio Return per unit of downside risk	3.48	3.36	+0.13
Omega ratio Gain probability vs. loss probability	1.46	1.45	+0.02
Calmar ratio Return relative to maximum drawdown	3.32	3.28	+0.03
Martin ratio Return relative to average drawdown	15.15	15.01	+0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSAEX vs. FNILX - Sharpe Ratio Comparison

The current FSAEX Sharpe Ratio is 2.58, which is comparable to the FNILX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of FSAEX and FNILX, 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

	FSAEX	FNILX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	2.48	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.82	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.76	-0.03

Drawdowns

FSAEX vs. FNILX - Drawdown Comparison

The maximum FSAEX drawdown since its inception was -34.55%, roughly equal to the maximum FNILX drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for FSAEX and FNILX.

Drawdown Indicators

	FSAEX	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-34.55%	-33.76%	-0.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.83%	-9.01%	-0.82%
Max Drawdown (3Y) Largest decline over 3 years	-19.87%	-19.08%	-0.79%
Max Drawdown (5Y) Largest decline over 5 years	-24.66%	-25.40%	+0.74%
Max Drawdown (10Y) Largest decline over 10 years	-34.55%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.55%	-5.37%	+0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	1.97%	+0.18%

Volatility

FSAEX vs. FNILX - Volatility Comparison

Fidelity Series All-Sector Equity Fund (FSAEX) and Fidelity ZERO Large Cap Index Fund (FNILX) have volatilities of 2.90% and 2.88%, 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

	FSAEX	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	2.88%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	9.71%	8.99%	+0.72%
Volatility (1Y) Calculated over the trailing 1-year period	12.69%	11.93%	+0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.87%	17.25%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.81%	20.04%	-1.23%

FSAEX vs. FNILX - Expense Ratio Comparison

FSAEX has a 0.00% expense ratio, which is lower than FNILX'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

FSAEX vs. FNILX - Dividend Comparison

FSAEX's dividend yield for the trailing twelve months is around 7.42%, more than FNILX's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
FSAEX Fidelity Series All-Sector Equity Fund	7.42%	7.36%	8.95%	5.50%	11.89%	20.94%	12.13%	8.60%	41.30%	14.60%	17.85%	9.61%

Frequently Asked Questions

Can I hold both FSAEX and FNILX in my portfolio?

With a correlation of 0.98, FSAEX and FNILX 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, FSAEX or FNILX?

FSAEX has higher volatility (2.90%) compared to FNILX (2.88%). In terms of maximum drawdown, FSAEX dropped -34.55% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

FSAEX currently has the higher Sharpe Ratio (2.58 vs 2.48), 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.