FSDAX vs. FZILX

Last updated Jun 13, 2026

FSDAX (Fidelity Select Defense & Aerospace Portfolio) and FZILX (Fidelity ZERO International Index Fund) are both mutual funds - FSDAX is a Aerospace & Defense fund actively managed by Fidelity, while FZILX is a Foreign Large Cap Equities fund tracking the Fidelity Global ex U.S. Index. FSDAX is actively managed, while FZILX is passively managed. Over the past 5 years, FSDAX returned 16.94%/yr vs 8.76%/yr for FZILX. A 0.58 correlation means they provide meaningful diversification when combined. FSDAX charges 0.63%/yr vs 0.00%/yr for FZILX.

Performance

FSDAX vs. FZILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Select Defense & Aerospace Portfolio (FSDAX) and Fidelity ZERO International Index Fund (FZILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSDAX achieves a 10.72% return, which is significantly lower than FZILX's 13.78% return.

FSDAX

• 1D: 5.04%
• 1M: 9.97%
• YTD: 10.72%
• 6M: 14.07%
• 1Y: 31.26%
• 3Y*: 28.86%
• 5Y*: 16.94%
• 10Y*: 15.96%

FZILX

• 1D: 3.33%
• 1M: 2.82%
• YTD: 13.78%
• 6M: 15.67%
• 1Y: 30.40%
• 3Y*: 19.26%
• 5Y*: 8.76%
• 10Y*: —

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

FSDAX vs. FZILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FSDAX Fidelity Select Defense & Aerospace Portfolio	10.72%	50.03%	15.83%	16.29%	6.83%	4.91%	-7.87%	33.75%	-13.82%
FZILX Fidelity ZERO International Index Fund	13.78%	33.52%	5.32%	16.28%	-15.96%	8.19%	11.06%	21.69%	-9.38%

Correlation

The correlation between FSDAX and FZILX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.58

The correlation between FSDAX and FZILX shifts across timeframes, from 0.47 (3 years) to 0.58 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSDAX vs. FZILX — Risk / Return Rank

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

FSDAX

FSDAX Risk / Return Rank: 36
FSDAX Sharpe Ratio Rank: 37
FSDAX Sortino Ratio Rank: 39
FSDAX Omega Ratio Rank: 35
FSDAX Calmar Ratio Rank: 38
FSDAX Martin Ratio Rank: 29

FZILX

FZILX Risk / Return Rank: 68
FZILX Sharpe Ratio Rank: 69
FZILX Sortino Ratio Rank: 65
FZILX Omega Ratio Rank: 68
FZILX Calmar Ratio Rank: 70
FZILX Martin Ratio Rank: 66

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.

FSDAX vs. FZILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Defense & Aerospace Portfolio (FSDAX) and Fidelity ZERO International Index Fund (FZILX). 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.

	FSDAX	FZILX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.90	-0.52
Sortino ratio: Return per unit of downside risk	2.06	2.60	-0.54
Omega ratio: Gain probability vs. loss probability	1.25	1.36	-0.11
Calmar ratio: Return relative to maximum drawdown	1.89	2.64	-0.75
Martin ratio: Return relative to average drawdown	5.40	10.13	-4.73

FSDAX vs. FZILX - Sharpe Ratio Comparison

The current FSDAX Sharpe Ratio is 1.38, which is comparable to the FZILX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of FSDAX and FZILX, 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

FSDAX vs. FZILX - Drawdown Comparison

The maximum FSDAX drawdown since its inception was -60.59%, which is greater than FZILX's maximum drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for FSDAX and FZILX.

Drawdown Indicators

	FSDAX	FZILX	Difference
Max Drawdown Largest peak-to-trough decline	-60.59%	-34.37%	-26.22%
Max Drawdown (1Y) Largest decline over 1 year	-16.13%	-11.24%	-4.89%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	-13.47%	-2.66%
Max Drawdown (5Y) Largest decline over 5 years	-22.48%	-29.87%	+7.39%
Max Drawdown (10Y) Largest decline over 10 years	-47.08%	—	—
Current Drawdown Current decline from peak	-3.72%	-2.16%	-1.56%
Average Drawdown Average peak-to-trough decline	-10.45%	-6.68%	-3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.63%	2.92%	+2.71%

Volatility

FSDAX vs. FZILX - Volatility Comparison

Fidelity Select Defense & Aerospace Portfolio (FSDAX) has a higher volatility of 9.17% compared to Fidelity ZERO International Index Fund (FZILX) at 6.66%. This indicates that FSDAX's price experiences larger fluctuations and is considered to be riskier than FZILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSDAX	FZILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.17%	6.66%	+2.51%
Volatility (6M) Calculated over the trailing 6-month period	19.00%	13.43%	+5.57%
Volatility (1Y) Calculated over the trailing 1-year period	22.00%	15.58%	+6.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.63%	15.71%	+4.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	17.39%	+5.05%

FSDAX vs. FZILX - Expense Ratio Comparison

FSDAX has a 0.63% expense ratio, which is higher than FZILX's 0.00% expense ratio.

Dividends

FSDAX vs. FZILX - Dividend Comparison

FSDAX's dividend yield for the trailing twelve months is around 2.06%, less than FZILX's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSDAX Fidelity Select Defense & Aerospace Portfolio	2.06%	4.48%	7.68%	6.47%	8.87%	8.38%	2.11%	2.62%	11.45%	3.57%	4.87%	6.30%
FZILX Fidelity ZERO International Index Fund	2.35%	2.67%	3.00%	2.98%	2.71%	2.61%	1.64%	2.37%	0.02%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSDAX and FZILX in my portfolio?

FSDAX and FZILX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSDAX or FZILX?

FSDAX has higher volatility (9.17%) compared to FZILX (6.66%). In terms of maximum drawdown, FSDAX dropped -60.59% vs FZILX's -34.37%.

Which has better risk-adjusted returns?

FZILX currently has the higher Sharpe Ratio (1.90 vs 1.38), 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.