FTIEX vs. FZILX

Last updated Aug 4, 2026

FTIEX (Fidelity Total International Equity Fund) and FZILX (Fidelity ZERO International Index Fund) are both Foreign Large Cap Equities funds from Fidelity - FTIEX tracks the MSCI All Country World ex USA Index (Net) while FZILX tracks the Fidelity Global ex U.S. Index. Both are passively managed. Over the past 5 years, FTIEX returned 9.29%/yr vs 9.50%/yr for FZILX. Their 0.98 correlation means they have historically moved very closely together. FTIEX charges 0.91%/yr vs 0.00%/yr for FZILX.

Performance

FTIEX vs. FZILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Total International Equity Fund (FTIEX) 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, FTIEX achieves a 12.22% return, which is significantly lower than FZILX's 14.05% return.

FTIEX

• 1D: -0.06%
• 1M: -0.54%
• 6M: 5.03%
• YTD: 12.22%
• 1Y: 25.78%
• 3Y*: 17.88%
• 5Y*: 9.29%
• 10Y*: 10.49%
• ALL TIME*: 5.05%

FZILX

• 1D: 0.00%
• 1M: 0.36%
• 6M: 7.28%
• YTD: 14.05%
• 1Y: 29.53%
• 3Y*: 18.09%
• 5Y*: 9.50%
• 10Y*: —
• ALL TIME*: 9.62%

*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)
FTIEX Fidelity Total International Equity Fund	$0.00	$0.00	$0.00
FZILX Fidelity ZERO International Index Fund	$0.00	$0.00	$0.00

FTIEX vs. FZILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FTIEX Fidelity Total International Equity Fund	12.22%	32.46%	6.58%	16.31%	-17.03%	11.11%	17.91%	27.63%	-9.66%
FZILX Fidelity ZERO International Index Fund	14.05%	33.52%	5.32%	16.28%	-15.96%	8.19%	11.06%	21.69%	-9.38%

Correlation

The correlation between FTIEX and FZILX is 0.98 - 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.	0.98
Correlation (3Y) Balances recent behavior with more history.	0.97
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.98

The correlation between FTIEX and FZILX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

FTIEX vs. FZILX — Risk / Return Rank

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

FTIEX

FTIEX Risk / Return Rank: 54
FTIEX Sharpe Ratio Rank: 53
FTIEX Sortino Ratio Rank: 51
FTIEX Omega Ratio Rank: 54
FTIEX Calmar Ratio Rank: 57
FTIEX Martin Ratio Rank: 56

FZILX

FZILX Risk / Return Rank: 74
FZILX Sharpe Ratio Rank: 74
FZILX Sortino Ratio Rank: 70
FZILX Omega Ratio Rank: 73
FZILX Calmar Ratio Rank: 77
FZILX Martin Ratio Rank: 76

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.

FTIEX vs. FZILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Total International Equity Fund (FTIEX) 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.

	FTIEX	FZILX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.79	-0.30
Sortino ratio: Return per unit of downside risk	2.10	2.46	-0.35
Omega ratio: Gain probability vs. loss probability	1.28	1.33	-0.06
Calmar ratio: Return relative to maximum drawdown	2.14	2.60	-0.47
Martin ratio: Return relative to average drawdown	7.97	9.69	-1.72

FTIEX vs. FZILX - Sharpe Ratio Comparison

The current FTIEX Sharpe Ratio is 1.49, which is comparable to the FZILX Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of FTIEX 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

FTIEX vs. FZILX - Drawdown Comparison

The maximum FTIEX drawdown since its inception was -61.85%, which is greater than FZILX's maximum drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for FTIEX and FZILX.

Drawdown Indicators

	FTIEX	FZILX	Difference
Max Drawdown Largest peak-to-trough decline	-61.85%	-34.37%	-27.48%
Max Drawdown (1Y) Largest decline over 1 year	-11.78%	-11.24%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	-14.18%	-13.47%	-0.71%
Max Drawdown (5Y) Largest decline over 5 years	-30.02%	-29.87%	-0.15%
Max Drawdown (10Y) Largest decline over 10 years	-33.37%	—	—
Current Drawdown Current decline from peak	-2.85%	-2.15%	-0.70%
Average Drawdown Average peak-to-trough decline	-13.06%	-6.60%	-6.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	3.01%	+0.14%

Volatility

FTIEX vs. FZILX - Volatility Comparison

Fidelity Total International Equity Fund (FTIEX) has a higher volatility of 5.52% compared to Fidelity ZERO International Index Fund (FZILX) at 5.15%. This indicates that FTIEX'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

	FTIEX	FZILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.52%	5.15%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	15.03%	14.45%	+0.58%
Volatility (1Y) Calculated over the trailing 1-year period	16.88%	16.35%	+0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.52%	15.85%	+0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.78%	17.40%	-0.62%

FTIEX vs. FZILX - Expense Ratio Comparison

FTIEX has a 0.91% expense ratio, which is higher than FZILX's 0.00% expense ratio.

Dividends

FTIEX vs. FZILX - Dividend Comparison

FTIEX's dividend yield for the trailing twelve months is around 1.10%, less than FZILX's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTIEX Fidelity Total International Equity Fund	1.10%	1.23%	1.57%	1.33%	1.07%	8.67%	2.46%	1.66%	1.00%	2.43%	1.47%	1.25%
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 FTIEX and FZILX in my portfolio?

With a correlation of 0.98, FTIEX 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, FTIEX or FZILX?

FTIEX has higher volatility (5.52%) compared to FZILX (5.15%). In terms of maximum drawdown, FTIEX dropped -61.85% vs FZILX's -34.37%.

Which has better risk-adjusted returns?

FZILX currently has the higher Sharpe Ratio (1.79 vs 1.49), 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.