FXLCX vs. FNILX

Last updated Jun 6, 2026

FXLCX (Fidelity Flex Large Cap Focused Index Fund) and FNILX (Fidelity ZERO Large Cap Index Fund) are both Large Cap Blend Equities funds from Fidelity. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.00% expense ratio.

Performance

FXLCX vs. FNILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Flex Large Cap Focused Index Fund (FXLCX) and Fidelity ZERO Large Cap Index Fund (FNILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXLCX achieves a 10.01% return, which is significantly lower than FNILX's 11.19% return.

FXLCX

• 1D: 0.51%
• 1M: 3.59%
• YTD: 10.01%
• 6M: 9.52%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FNILX

• 1D: 0.44%
• 1M: 2.88%
• YTD: 11.19%
• 6M: 10.76%
• 1Y: 27.51%
• 3Y*: 22.95%
• 5Y*: 13.84%
• 10Y*: —

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

FXLCX vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025
FXLCX Fidelity Flex Large Cap Focused Index Fund	10.01%	7.64%
FNILX Fidelity ZERO Large Cap Index Fund	11.19%	7.86%

Correlation

The correlation between FXLCX and FNILX is 0.99 - 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 (All Time) Calculated using the full available price history since Jul 30, 2025	0.99

Return for Risk

FXLCX vs. FNILX — Risk / Return Rank

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

FNILX

FNILX Risk / Return Rank: 69
FNILX Sharpe Ratio Rank: 70
FNILX Sortino Ratio Rank: 62
FNILX Omega Ratio Rank: 63
FNILX Calmar Ratio Rank: 72
FNILX Martin Ratio Rank: 80

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.

FXLCX vs. FNILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Flex Large Cap Focused Index Fund (FXLCX) and Fidelity ZERO Large Cap Index Fund (FNILX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FXLCX	FNILX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.37	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.76	0.76	+1.00

Drawdowns

FXLCX vs. FNILX - Drawdown Comparison

The maximum FXLCX drawdown since its inception was -9.23%, smaller than the maximum FNILX drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for FXLCX and FNILX.

Drawdown Indicators

	FXLCX	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-9.23%	-33.76%	+24.53%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.01%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.08%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.40%	—
Current Drawdown Current decline from peak	-0.34%	-0.33%	-0.01%
Average Drawdown Average peak-to-trough decline	-1.40%	-5.37%	+3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.97%	—

Volatility

Volatility by Period

	FXLCX	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.95%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.53%	11.95%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.53%	17.24%	-4.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.53%	20.03%	-7.50%

FXLCX vs. FNILX - Expense Ratio Comparison

FXLCX has a 0.00% expense ratio, which is lower than FNILX's 0.00% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FXLCX vs. FNILX - Dividend Comparison

FXLCX's dividend yield for the trailing twelve months is around 0.43%, less than FNILX's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FNILX Fidelity ZERO Large Cap Index Fund	0.91%	1.01%	1.09%	1.34%	1.53%	0.95%	1.20%	1.17%	0.53%
FXLCX Fidelity Flex Large Cap Focused Index Fund	0.43%	0.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXLCX and FNILX in my portfolio?

With a correlation of 0.99, FXLCX and FNILX 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.