FZAJX vs. FNILX

Last updated Jun 4, 2026

FZAJX (Fidelity Advisor International Growth Fund Class Z) and FNILX (Fidelity ZERO Large Cap Index Fund) are both mutual funds - FZAJX is a Foreign Large Cap Equities fund managed by Fidelity, while FNILX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FZAJX returned 5.77%/yr vs 14.13%/yr for FNILX. Their correlation of 0.83 suggests significant overlap in exposure. FZAJX charges 0.87%/yr vs 0.00%/yr for FNILX.

Performance

FZAJX vs. FNILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor International Growth Fund Class Z (FZAJX) 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, FZAJX achieves a 7.20% return, which is significantly lower than FNILX's 11.56% return.

FZAJX

• 1D: 1.21%
• 1M: 3.14%
• YTD: 7.20%
• 6M: 8.42%
• 1Y: 14.54%
• 3Y*: 12.48%
• 5Y*: 5.77%
• 10Y*: 9.39%

FNILX

• 1D: 0.26%
• 1M: 6.04%
• YTD: 11.56%
• 6M: 11.44%
• 1Y: 28.65%
• 3Y*: 23.01%
• 5Y*: 14.13%
• 10Y*: —

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

FZAJX vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FZAJX Fidelity Advisor International Growth Fund Class Z	7.20%	18.02%	5.02%	21.03%	-23.11%	15.55%	17.11%	34.21%	-12.23%
FNILX Fidelity ZERO Large Cap Index Fund	11.56%	17.81%	25.47%	27.45%	-19.37%	26.67%	21.13%	31.79%	-13.60%

Correlation

The correlation between FZAJX and FNILX 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	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018	0.83

The correlation between FZAJX and FNILX has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

Return for Risk

FZAJX vs. FNILX — Risk / Return Rank

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

FZAJX

FZAJX Risk / Return Rank: 11
FZAJX Sharpe Ratio Rank: 10
FZAJX Sortino Ratio Rank: 10
FZAJX Omega Ratio Rank: 10
FZAJX Calmar Ratio Rank: 11
FZAJX Martin Ratio Rank: 13

FNILX

FNILX Risk / Return Rank: 71
FNILX Sharpe Ratio Rank: 73
FNILX Sortino Ratio Rank: 65
FNILX Omega Ratio Rank: 64
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.

FZAJX vs. FNILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor International Growth Fund Class Z (FZAJX) 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.

	FZAJX	FNILX	Difference
Sharpe ratio Return per unit of total volatility	0.79	2.48	-1.69
Sortino ratio Return per unit of downside risk	1.25	3.36	-2.11
Omega ratio Gain probability vs. loss probability	1.15	1.45	-0.29
Calmar ratio Return relative to maximum drawdown	1.04	3.28	-2.25
Martin ratio Return relative to average drawdown	3.83	15.01	-11.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FZAJX vs. FNILX - Sharpe Ratio Comparison

The current FZAJX Sharpe Ratio is 0.79, which is lower than the FNILX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of FZAJX and FNILX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FZAJX	FNILX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	2.48	-1.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.82	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.76	-0.26

Drawdowns

FZAJX vs. FNILX - Drawdown Comparison

The maximum FZAJX drawdown since its inception was -34.84%, roughly equal to the maximum FNILX drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for FZAJX and FNILX.

Drawdown Indicators

	FZAJX	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-34.84%	-33.76%	-1.08%
Max Drawdown (1Y) Largest decline over 1 year	-13.96%	-9.01%	-4.95%
Max Drawdown (3Y) Largest decline over 3 years	-16.51%	-19.08%	+2.57%
Max Drawdown (5Y) Largest decline over 5 years	-34.84%	-25.40%	-9.44%
Max Drawdown (10Y) Largest decline over 10 years	-34.84%	—	—
Current Drawdown Current decline from peak	-2.18%	0.00%	-2.18%
Average Drawdown Average peak-to-trough decline	-6.64%	-5.37%	-1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	1.97%	+1.79%

Volatility

FZAJX vs. FNILX - Volatility Comparison

Fidelity Advisor International Growth Fund Class Z (FZAJX) has a higher volatility of 7.30% compared to Fidelity ZERO Large Cap Index Fund (FNILX) at 2.88%. This indicates that FZAJX's price experiences larger fluctuations and is considered to be riskier than FNILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZAJX	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	2.88%	+4.42%
Volatility (6M) Calculated over the trailing 6-month period	15.90%	8.99%	+6.91%
Volatility (1Y) Calculated over the trailing 1-year period	18.25%	11.93%	+6.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.08%	17.25%	+0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.83%	20.04%	-2.21%

FZAJX vs. FNILX - Expense Ratio Comparison

FZAJX has a 0.87% expense ratio, which is higher than FNILX's 0.00% expense ratio.

Dividends

FZAJX vs. FNILX - Dividend Comparison

FZAJX's dividend yield for the trailing twelve months is around 3.41%, more than FNILX's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%
FZAJX Fidelity Advisor International Growth Fund Class Z	3.41%	3.65%	1.00%	0.61%	1.81%	2.03%	0.22%	1.11%	1.04%	0.12%	1.40%	0.92%

Frequently Asked Questions

Can I hold both FZAJX and FNILX in my portfolio?

FZAJX and FNILX 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, FZAJX or FNILX?

FZAJX has higher volatility (7.30%) compared to FNILX (2.88%). In terms of maximum drawdown, FZAJX dropped -34.84% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

FNILX currently has the higher Sharpe Ratio (2.48 vs 0.79), 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.