FXLCX vs. FXAIX

Last updated Jul 3, 2026

FXLCX (Fidelity Flex Large Cap Focused Index Fund) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - FXLCX is a Large Cap Blend Equities fund tracking the Fidelity U.S. Large Cap Focused Index, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. With a 0.99 correlation, they move nearly in lockstep. FXLCX charges 0.00%/yr vs 0.02%/yr for FXAIX.

Performance

FXLCX vs. FXAIX - 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 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXLCX achieves a 8.70% return, which is significantly lower than FXAIX's 9.96% return.

FXLCX

• 1D: -0.17%
• 1M: -1.52%
• 6M: 8.70%
• YTD: 8.70%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FXAIX

• 1D: -0.21%
• 1M: -1.56%
• 6M: 9.96%
• YTD: 9.96%
• 1Y: 21.60%
• 3Y*: 20.51%
• 5Y*: 13.05%
• 10Y*: 15.44%

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

FXLCX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025
FXLCX Fidelity Flex Large Cap Focused Index Fund	8.70%	7.64%
FXAIX Fidelity 500 Index Fund	9.96%	7.71%

Correlation

The correlation between FXLCX and FXAIX 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 29, 2025	0.99

Return for Risk

FXLCX vs. FXAIX — Risk / Return Rank

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

FXLCX

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

FXAIX

FXAIX Risk / Return Rank: 59
FXAIX Sharpe Ratio Rank: 57
FXAIX Sortino Ratio Rank: 52
FXAIX Omega Ratio Rank: 54
FXAIX Calmar Ratio Rank: 60
FXAIX Martin Ratio Rank: 72

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. FXAIX - 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 500 Index Fund (FXAIX). 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.

	FXLCX	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.78	—
Sortino ratio: Return per unit of downside risk	—	2.44	—
Omega ratio: Gain probability vs. loss probability	—	1.32	—
Calmar ratio: Return relative to maximum drawdown	—	2.51	—
Martin ratio: Return relative to average drawdown	—	11.03	—

Drawdowns

FXLCX vs. FXAIX - Drawdown Comparison

The maximum FXLCX drawdown since its inception was -9.23%, smaller than the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FXLCX and FXAIX.

Drawdown Indicators

	FXLCX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-9.23%	-33.79%	+24.56%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.89%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-1.52%	-1.56%	+0.04%
Average Drawdown Average peak-to-trough decline	-1.47%	-3.78%	+2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.02%	—

Volatility

Volatility by Period

	FXLCX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.01%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.96%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.04%	12.53%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.04%	17.02%	-3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.04%	18.06%	-5.02%

FXLCX vs. FXAIX - Expense Ratio Comparison

FXLCX has a 0.00% expense ratio, which is lower than FXAIX's 0.02% 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. FXAIX - Dividend Comparison

FXLCX's dividend yield for the trailing twelve months is around 0.44%, less than FXAIX's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.04%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
FXLCX Fidelity Flex Large Cap Focused Index Fund	0.44%	0.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXLCX and FXAIX in my portfolio?

With a correlation of 0.99, FXLCX and FXAIX 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.