FSGEX vs. FZILX

Last updated Jun 23, 2026

FSGEX (Fidelity Series Global ex U.S. Index Fund) and FZILX (Fidelity ZERO International Index Fund) are both Foreign Large Cap Equities funds from Fidelity. Over the past 5 years, FSGEX returned 9.52%/yr vs 9.84%/yr for FZILX. With a 0.99 correlation, they move nearly in lockstep. FSGEX charges 0.01%/yr vs 0.00%/yr for FZILX.

Performance

FSGEX vs. FZILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Series Global ex U.S. Index Fund (FSGEX) and Fidelity ZERO International Index Fund (FZILX). 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 FSGEX having a 16.17% return and FZILX slightly higher at 16.50%.

FSGEX

• 1D: 1.48%
• 1M: 3.51%
• YTD: 16.17%
• 6M: 17.01%
• 1Y: 34.74%
• 3Y*: 18.95%
• 5Y*: 9.52%
• 10Y*: 10.09%

FZILX

• 1D: 1.48%
• 1M: 3.37%
• YTD: 16.50%
• 6M: 17.29%
• 1Y: 35.25%
• 3Y*: 19.36%
• 5Y*: 9.84%
• 10Y*: —

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

FSGEX vs. FZILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FSGEX Fidelity Series Global ex U.S. Index Fund	16.17%	32.99%	5.34%	15.56%	-15.75%	7.77%	10.75%	21.41%	-8.38%
FZILX Fidelity ZERO International Index Fund	16.50%	33.52%	5.32%	16.28%	-15.96%	8.19%	11.06%	21.69%	-9.38%

Correlation

The correlation between FSGEX and FZILX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.99

The correlation between FSGEX and FZILX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

FSGEX vs. FZILX — Risk / Return Rank

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

FSGEX

FSGEX Risk / Return Rank: 64
FSGEX Sharpe Ratio Rank: 65
FSGEX Sortino Ratio Rank: 59
FSGEX Omega Ratio Rank: 65
FSGEX Calmar Ratio Rank: 67
FSGEX Martin Ratio Rank: 62

FZILX

FZILX Risk / Return Rank: 65
FZILX Sharpe Ratio Rank: 67
FZILX Sortino Ratio Rank: 60
FZILX Omega Ratio Rank: 66
FZILX Calmar Ratio Rank: 69
FZILX Martin Ratio Rank: 63

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.

FSGEX vs. FZILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Series Global ex U.S. Index Fund (FSGEX) 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.

	FSGEX	FZILX	Difference
Sharpe ratio: Return per unit of total volatility	2.18	2.20	-0.02
Sortino ratio: Return per unit of downside risk	2.94	2.97	-0.03
Omega ratio: Gain probability vs. loss probability	1.41	1.41	0.00
Calmar ratio: Return relative to maximum drawdown	3.02	3.05	-0.03
Martin ratio: Return relative to average drawdown	11.62	11.75	-0.13

FSGEX vs. FZILX - Sharpe Ratio Comparison

The current FSGEX Sharpe Ratio is 2.18, which is comparable to the FZILX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of FSGEX 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

FSGEX vs. FZILX - Drawdown Comparison

The maximum FSGEX drawdown since its inception was -34.74%, roughly equal to the maximum FZILX drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for FSGEX and FZILX.

Drawdown Indicators

	FSGEX	FZILX	Difference
Max Drawdown Largest peak-to-trough decline	-34.74%	-34.37%	-0.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.24%	-11.24%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-13.34%	-13.47%	+0.13%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-29.87%	+0.43%
Max Drawdown (10Y) Largest decline over 10 years	-34.74%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.43%	-6.66%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	2.91%	0.00%

Volatility

FSGEX vs. FZILX - Volatility Comparison

Fidelity Series Global ex U.S. Index Fund (FSGEX) and Fidelity ZERO International Index Fund (FZILX) have volatilities of 6.53% and 6.45%, 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

	FSGEX	FZILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.53%	6.45%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	13.55%	13.51%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	15.56%	15.59%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	15.72%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.28%	17.39%	-1.11%

FSGEX vs. FZILX - Expense Ratio Comparison

FSGEX has a 0.01% expense ratio, which is higher than FZILX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FSGEX vs. FZILX - Dividend Comparison

FSGEX's dividend yield for the trailing twelve months is around 2.60%, more than FZILX's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSGEX Fidelity Series Global ex U.S. Index Fund	2.60%	3.02%	2.98%	2.90%	2.78%	2.59%	1.68%	2.10%	2.86%	2.48%	2.56%	2.61%
FZILX Fidelity ZERO International Index Fund	2.30%	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 FSGEX and FZILX in my portfolio?

With a correlation of 1.00, FSGEX and FZILX 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, FSGEX or FZILX?

FSGEX has higher volatility (6.53%) compared to FZILX (6.45%). In terms of maximum drawdown, FSGEX dropped -34.74% vs FZILX's -34.37%.

Which has better risk-adjusted returns?

FZILX currently has the higher Sharpe Ratio (2.20 vs 2.18), 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.