FVLKX vs. FZROX

Last updated Jun 25, 2026

FVLKX (Fidelity Value Fund Class K) and FZROX (Fidelity ZERO Total Market Index Fund) are both mutual funds - FVLKX is a Mid Cap Value Equities fund managed by Fidelity, while FZROX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FVLKX returned 11.82%/yr vs 12.16%/yr for FZROX. Their correlation of 0.83 suggests significant overlap in exposure. FVLKX charges 0.71%/yr vs 0.00%/yr for FZROX.

Performance

FVLKX vs. FZROX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Value Fund Class K (FVLKX) 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, FVLKX achieves a 18.66% return, which is significantly higher than FZROX's 8.88% return.

FVLKX

• 1D: -1.08%
• 1M: 3.40%
• YTD: 18.66%
• 6M: 17.13%
• 1Y: 33.22%
• 3Y*: 21.35%
• 5Y*: 11.82%
• 10Y*: 13.19%

FZROX

• 1D: -1.38%
• 1M: -0.77%
• YTD: 8.88%
• 6M: 7.43%
• 1Y: 22.88%
• 3Y*: 20.75%
• 5Y*: 12.16%
• 10Y*: —

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

FVLKX vs. FZROX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FVLKX Fidelity Value Fund Class K	18.66%	11.37%	14.64%	19.65%	-8.91%	35.38%	9.41%	31.92%	-17.61%
FZROX Fidelity ZERO Total Market Index Fund	8.88%	17.23%	23.94%	26.20%	-19.21%	26.00%	20.51%	31.15%	-12.72%

Correlation

The correlation between FVLKX and FZROX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.83

The correlation between FVLKX and FZROX has been stable across timeframes, ranging from 0.75 to 0.83 - a consistent structural relationship.

Return for Risk

FVLKX vs. FZROX — Risk / Return Rank

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

FVLKX

FVLKX Risk / Return Rank: 69
FVLKX Sharpe Ratio Rank: 65
FVLKX Sortino Ratio Rank: 67
FVLKX Omega Ratio Rank: 56
FVLKX Calmar Ratio Rank: 83
FVLKX Martin Ratio Rank: 76

FZROX

FZROX Risk / Return Rank: 52
FZROX Sharpe Ratio Rank: 48
FZROX Sortino Ratio Rank: 44
FZROX Omega Ratio Rank: 45
FZROX Calmar Ratio Rank: 56
FZROX Martin Ratio Rank: 67

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.

FVLKX vs. FZROX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Value Fund Class K (FVLKX) 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.

	FVLKX	FZROX	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.89	+0.22
Sortino ratio: Return per unit of downside risk	3.03	2.58	+0.45
Omega ratio: Gain probability vs. loss probability	1.36	1.34	+0.03
Calmar ratio: Return relative to maximum drawdown	3.55	2.74	+0.81
Martin ratio: Return relative to average drawdown	12.93	12.23	+0.70

FVLKX vs. FZROX - Sharpe Ratio Comparison

The current FVLKX Sharpe Ratio is 2.11, which is comparable to the FZROX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of FVLKX 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

FVLKX vs. FZROX - Drawdown Comparison

The maximum FVLKX drawdown since its inception was -62.82%, which is greater than FZROX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for FVLKX and FZROX.

Drawdown Indicators

	FVLKX	FZROX	Difference
Max Drawdown Largest peak-to-trough decline	-62.82%	-34.96%	-27.86%
Max Drawdown (1Y) Largest decline over 1 year	-9.86%	-8.89%	-0.97%
Max Drawdown (3Y) Largest decline over 3 years	-31.39%	-19.38%	-12.01%
Max Drawdown (5Y) Largest decline over 5 years	-31.39%	-25.12%	-6.27%
Max Drawdown (10Y) Largest decline over 10 years	-48.62%	—	—
Current Drawdown Current decline from peak	-1.50%	-2.79%	+1.29%
Average Drawdown Average peak-to-trough decline	-9.39%	-5.48%	-3.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	1.99%	+0.71%

Volatility

FVLKX vs. FZROX - Volatility Comparison

Fidelity Value Fund Class K (FVLKX) and Fidelity ZERO Total Market Index Fund (FZROX) have volatilities of 5.14% and 5.03%, 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

	FVLKX	FZROX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	5.03%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	12.05%	10.18%	+1.87%
Volatility (1Y) Calculated over the trailing 1-year period	16.63%	12.94%	+3.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.05%	17.54%	+5.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.39%	20.13%	+3.26%

FVLKX vs. FZROX - Expense Ratio Comparison

FVLKX has a 0.71% expense ratio, which is higher than FZROX's 0.00% expense ratio.

Dividends

FVLKX vs. FZROX - Dividend Comparison

FVLKX's dividend yield for the trailing twelve months is around 8.45%, more than FZROX's 0.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FVLKX Fidelity Value Fund Class K	8.45%	10.03%	20.95%	3.80%	7.16%	9.87%	1.06%	3.43%	16.38%	3.37%	1.36%	11.10%
FZROX Fidelity ZERO Total Market Index Fund	0.94%	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 FVLKX and FZROX in my portfolio?

FVLKX and FZROX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FVLKX or FZROX?

FVLKX has higher volatility (5.14%) compared to FZROX (5.03%). In terms of maximum drawdown, FVLKX dropped -62.82% vs FZROX's -34.96%.

Which has better risk-adjusted returns?

FVLKX currently has the higher Sharpe Ratio (2.11 vs 1.89), 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.