FSCRX vs. FZROX

Last updated Aug 1, 2026

FSCRX (Fidelity Small Cap Discovery Fund) and FZROX (Fidelity ZERO Total Market Index Fund) are both mutual funds - FSCRX is a Small Cap Blend Equities fund managed by Fidelity, while FZROX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FSCRX returned 7.32%/yr vs 11.84%/yr for FZROX. Their correlation of 0.84 means they have usually moved in the same direction. FSCRX charges 0.98%/yr vs 0.00%/yr for FZROX.

Performance

FSCRX vs. FZROX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Small Cap Discovery Fund (FSCRX) and Fidelity ZERO Total Market Index Fund (FZROX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSCRX achieves a 15.93% return, which is significantly higher than FZROX's 9.94% return.

FSCRX

• 1D: 2.33%
• 1M: -1.09%
• 6M: 11.70%
• YTD: 15.93%
• 1Y: 27.16%
• 3Y*: 11.32%
• 5Y*: 7.32%
• 10Y*: 9.73%
• ALL TIME*: 10.42%

FZROX

• 1D: 1.64%
• 1M: -0.73%
• 6M: 8.29%
• YTD: 9.94%
• 1Y: 21.21%
• 3Y*: 18.70%
• 5Y*: 11.84%
• 10Y*: —
• ALL TIME*: 13.98%

*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)
FSCRX Fidelity Small Cap Discovery Fund	$0.00	$0.00	$0.00
FZROX Fidelity ZERO Total Market Index Fund	$0.00	$0.00	$0.00

FSCRX vs. FZROX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FSCRX Fidelity Small Cap Discovery Fund	15.93%	10.89%	2.75%	21.28%	-16.68%	35.66%	6.87%	27.31%	-14.85%
FZROX Fidelity ZERO Total Market Index Fund	9.94%	17.23%	23.94%	26.20%	-19.21%	26.00%	20.51%	31.15%	-12.72%

Correlation

The correlation between FSCRX and FZROX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.84

The correlation between FSCRX and FZROX has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

Return for Risk

FSCRX vs. FZROX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSCRX

FSCRX Risk / Return Rank: 50
FSCRX Sharpe Ratio Rank: 45
FSCRX Sortino Ratio Rank: 50
FSCRX Omega Ratio Rank: 40
FSCRX Calmar Ratio Rank: 63
FSCRX Martin Ratio Rank: 48

FZROX

FZROX Risk / Return Rank: 64
FZROX Sharpe Ratio Rank: 61
FZROX Sortino Ratio Rank: 58
FZROX Omega Ratio Rank: 58
FZROX Calmar Ratio Rank: 67
FZROX Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSCRX vs. FZROX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Small Cap Discovery Fund (FSCRX) and Fidelity ZERO Total Market Index Fund (FZROX). 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.

	FSCRX	FZROX	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.43	-0.18
Sortino ratio: Return per unit of downside risk	1.90	2.00	-0.10
Omega ratio: Gain probability vs. loss probability	1.22	1.26	-0.04
Calmar ratio: Return relative to maximum drawdown	2.08	2.12	-0.03
Martin ratio: Return relative to average drawdown	6.63	9.14	-2.52

FSCRX vs. FZROX - Sharpe Ratio Comparison

The current FSCRX Sharpe Ratio is 1.25, which is comparable to the FZROX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of FSCRX and FZROX, 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

FSCRX vs. FZROX - Drawdown Comparison

The maximum FSCRX drawdown since its inception was -56.27%, which is greater than FZROX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for FSCRX and FZROX.

Drawdown Indicators

	FSCRX	FZROX	Difference
Max Drawdown Largest peak-to-trough decline	-56.27%	-34.96%	-21.31%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-8.89%	-2.45%
Max Drawdown (3Y) Largest decline over 3 years	-22.51%	-19.38%	-3.13%
Max Drawdown (5Y) Largest decline over 5 years	-25.91%	-25.12%	-0.79%
Max Drawdown (10Y) Largest decline over 10 years	-47.06%	—	—
Current Drawdown Current decline from peak	-4.08%	-1.85%	-2.23%
Average Drawdown Average peak-to-trough decline	-7.89%	-5.43%	-2.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	2.06%	+1.51%

Volatility

FSCRX vs. FZROX - Volatility Comparison

Fidelity Small Cap Discovery Fund (FSCRX) has a higher volatility of 5.32% compared to Fidelity ZERO Total Market Index Fund (FZROX) at 3.43%. This indicates that FSCRX's price experiences larger fluctuations and is considered to be riskier than FZROX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSCRX	FZROX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	3.43%	+1.89%
Volatility (6M) Calculated over the trailing 6-month period	14.66%	10.34%	+4.32%
Volatility (1Y) Calculated over the trailing 1-year period	18.99%	13.19%	+5.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.34%	17.54%	+2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.72%	20.04%	+1.68%

FSCRX vs. FZROX - Expense Ratio Comparison

FSCRX has a 0.98% expense ratio, which is higher than FZROX's 0.00% expense ratio.

Dividends

FSCRX vs. FZROX - Dividend Comparison

FSCRX's dividend yield for the trailing twelve months is around 13.06%, more than FZROX's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSCRX Fidelity Small Cap Discovery Fund	13.06%	14.70%	13.03%	4.44%	11.56%	6.12%	2.79%	7.46%	35.48%	13.68%	0.44%	7.28%
FZROX Fidelity ZERO Total Market Index Fund	0.93%	1.02%	1.16%	1.36%	1.57%	1.25%	1.27%	1.51%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSCRX and FZROX in my portfolio?

FSCRX and FZROX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSCRX or FZROX?

FSCRX has higher volatility (5.32%) compared to FZROX (3.43%). In terms of maximum drawdown, FSCRX dropped -56.27% vs FZROX's -34.96%.

Which has better risk-adjusted returns?

FZROX currently has the higher Sharpe Ratio (1.43 vs 1.25), 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.