FXNAX vs. FZROX
FXNAX (Fidelity U.S. Bond Index Fund) and FZROX (Fidelity ZERO Total Market Index Fund) are both mutual funds - FXNAX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index, while FZROX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FXNAX returned -0.05%/yr vs 12.61%/yr for FZROX. At a 0.04 correlation, their price movements are largely independent. FXNAX charges 0.03%/yr vs 0.00%/yr for FZROX.
Performance
FXNAX vs. FZROX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FXNAX achieves a 0.11% return, which is significantly lower than FZROX's 10.41% return.
FXNAX
- 1D
- -0.29%
- 1M
- 0.61%
- YTD
- 0.11%
- 6M
- 0.43%
- 1Y
- 4.25%
- 3Y*
- 3.88%
- 5Y*
- -0.05%
- 10Y*
- 1.44%
FZROX
- 1D
- -0.31%
- 1M
- 0.62%
- YTD
- 10.41%
- 6M
- 9.30%
- 1Y
- 26.02%
- 3Y*
- 21.31%
- 5Y*
- 12.61%
- 10Y*
- —
FXNAX vs. FZROX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FXNAX Fidelity U.S. Bond Index Fund | 0.11% | 7.14% | 1.35% | 5.82% | -13.55% | -2.10% | 7.63% | 8.50% | 1.28% |
FZROX Fidelity ZERO Total Market Index Fund | 10.41% | 17.23% | 23.94% | 26.20% | -19.21% | 26.00% | 20.51% | 31.15% | -12.72% |
Correlation
The correlation between FXNAX and FZROX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018 | 0.04 |
Over the past year, FXNAX and FZROX have become more correlated (0.30) than their long-term average of 0.04, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FXNAX vs. FZROX — Risk / Return Rank
FXNAX
FZROX
FXNAX vs. FZROX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity U.S. Bond Index Fund (FXNAX) 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.
| FXNAX | FZROX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.38 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 3.08 | -1.56 |
| Martin ratioReturn relative to average drawdown | 4.36 | 13.77 | -9.41 |
Loading charts...
Drawdowns
FXNAX vs. FZROX - Drawdown Comparison
The maximum FXNAX drawdown since its inception was -19.51%, smaller than the maximum FZROX drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for FXNAX and FZROX.
Loading charts...
Drawdown Indicators
| FXNAX | FZROX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.51% | -34.96% | +15.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.94% | -8.89% | +5.95% |
Max Drawdown (3Y)Largest decline over 3 years | -6.16% | -19.38% | +13.22% |
Max Drawdown (5Y)Largest decline over 5 years | -18.54% | -25.12% | +6.58% |
Max Drawdown (10Y)Largest decline over 10 years | -19.51% | — | — |
Current DrawdownCurrent decline from peak | -3.17% | -1.44% | -1.73% |
Average DrawdownAverage peak-to-trough decline | -3.86% | -5.48% | +1.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 1.98% | -0.96% |
Volatility
FXNAX vs. FZROX - Volatility Comparison
The current volatility for Fidelity U.S. Bond Index Fund (FXNAX) is 1.16%, while Fidelity ZERO Total Market Index Fund (FZROX) has a volatility of 4.82%. This indicates that FXNAX experiences smaller price fluctuations and is considered to be less risky than FZROX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FXNAX | FZROX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 4.82% | -3.66% |
Volatility (6M)Calculated over the trailing 6-month period | 2.90% | 10.10% | -7.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.92% | 12.88% | -8.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.08% | 17.53% | -11.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.01% | 20.13% | -15.12% |
FXNAX vs. FZROX - Expense Ratio Comparison
FXNAX has a 0.03% expense ratio, which is higher than FZROX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FXNAX vs. FZROX - Dividend Comparison
FXNAX's dividend yield for the trailing twelve months is around 3.72%, more than FZROX's 0.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXNAX Fidelity U.S. Bond Index Fund | 3.72% | 3.58% | 3.40% | 3.15% | 1.81% | 1.74% | 2.92% | 2.68% | 2.74% | 2.57% | 2.76% | 2.52% |
FZROX Fidelity ZERO Total Market Index Fund | 0.93% | 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
FXNAX and FZROX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FZROX has higher volatility (4.82%) compared to FXNAX (1.16%). In terms of maximum drawdown, FXNAX dropped -19.51% vs FZROX's -34.96%.
FZROX currently has the higher Sharpe Ratio (2.13 vs 1.14), 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.
Find the right allocation for FXNAX and FZROX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer