FUSIX vs. FZILX

Last updated Jun 23, 2026

FUSIX (Strategic Advisers Fidelity International Fund) and FZILX (Fidelity ZERO International Index Fund) are both Foreign Large Cap Equities funds from Fidelity. Over the past 5 years, FUSIX returned 9.31%/yr vs 9.84%/yr for FZILX. Their correlation of 0.93 suggests significant overlap in exposure. FUSIX charges 0.54%/yr vs 0.00%/yr for FZILX.

Performance

FUSIX vs. FZILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategic Advisers Fidelity International Fund (FUSIX) 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, FUSIX achieves a 11.35% return, which is significantly lower than FZILX's 16.50% return.

FUSIX

• 1D: 0.92%
• 1M: 2.68%
• YTD: 11.35%
• 6M: 11.78%
• 1Y: 24.44%
• 3Y*: 17.06%
• 5Y*: 9.31%
• 10Y*: 10.00%

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)

FUSIX vs. FZILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FUSIX Strategic Advisers Fidelity International Fund	11.35%	31.20%	5.62%	18.15%	-17.74%	12.47%	13.24%	25.60%	-10.05%
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 FUSIX and FZILX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.93

The correlation between FUSIX and FZILX shifts across timeframes, from 0.81 (1 year) to 0.93 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FUSIX vs. FZILX — Risk / Return Rank

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

FUSIX

FUSIX Risk / Return Rank: 49
FUSIX Sharpe Ratio Rank: 46
FUSIX Sortino Ratio Rank: 48
FUSIX Omega Ratio Rank: 45
FUSIX Calmar Ratio Rank: 55
FUSIX Martin Ratio Rank: 52

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.

FUSIX vs. FZILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategic Advisers Fidelity International Fund (FUSIX) 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.

	FUSIX	FZILX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.20	-0.36
Sortino ratio: Return per unit of downside risk	2.70	2.97	-0.26
Omega ratio: Gain probability vs. loss probability	1.34	1.41	-0.07
Calmar ratio: Return relative to maximum drawdown	2.73	3.05	-0.32
Martin ratio: Return relative to average drawdown	9.98	11.75	-1.77

FUSIX vs. FZILX - Sharpe Ratio Comparison

The current FUSIX Sharpe Ratio is 1.84, which is comparable to the FZILX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of FUSIX 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

FUSIX vs. FZILX - Drawdown Comparison

The maximum FUSIX drawdown since its inception was -64.42%, which is greater than FZILX's maximum drawdown of -34.37%. Use the drawdown chart below to compare losses from any high point for FUSIX and FZILX.

Drawdown Indicators

	FUSIX	FZILX	Difference
Max Drawdown Largest peak-to-trough decline	-64.42%	-34.37%	-30.05%
Max Drawdown (1Y) Largest decline over 1 year	-10.77%	-11.24%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-13.81%	-13.47%	-0.34%
Max Drawdown (5Y) Largest decline over 5 years	-31.34%	-29.87%	-1.47%
Max Drawdown (10Y) Largest decline over 10 years	-31.96%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-16.01%	-6.66%	-9.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	2.91%	-0.18%

Volatility

FUSIX vs. FZILX - Volatility Comparison

The current volatility for Strategic Advisers Fidelity International Fund (FUSIX) is 5.41%, while Fidelity ZERO International Index Fund (FZILX) has a volatility of 6.45%. This indicates that FUSIX experiences smaller price fluctuations and is considered to be less risky than FZILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FUSIX	FZILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	6.45%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	13.20%	13.51%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	15.99%	15.59%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.42%	15.72%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.28%	17.39%	-1.11%

FUSIX vs. FZILX - Expense Ratio Comparison

FUSIX has a 0.54% expense ratio, which is higher than FZILX's 0.00% expense ratio.

Dividends

FUSIX vs. FZILX - Dividend Comparison

FUSIX's dividend yield for the trailing twelve months is around 4.47%, more than FZILX's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FUSIX Strategic Advisers Fidelity International Fund	4.47%	3.02%	3.40%	2.43%	4.71%	5.83%	1.25%	3.05%	3.78%	2.03%	1.78%	1.46%
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 FUSIX and FZILX in my portfolio?

FUSIX and FZILX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FUSIX or FZILX?

FZILX has higher volatility (6.45%) compared to FUSIX (5.41%). In terms of maximum drawdown, FUSIX dropped -64.42% vs FZILX's -34.37%.

Which has better risk-adjusted returns?

FZILX currently has the higher Sharpe Ratio (2.20 vs 1.84), 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.