FZAOX vs. FNILX
FZAOX (Fidelity Advisor Small Cap Fund Class Z) and FNILX (Fidelity ZERO Large Cap Index Fund) are both mutual funds - FZAOX is a Small Cap Blend Equities fund managed by Fidelity, while FNILX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FZAOX returned 6.56%/yr vs 12.36%/yr for FNILX. Their correlation of 0.83 means they have usually moved in the same direction. FZAOX charges 0.83%/yr vs 0.00%/yr for FNILX.
Performance
FZAOX vs. FNILX - Performance Comparison
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Returns By Period
In the year-to-date period, FZAOX achieves a 19.96% return, which is significantly higher than FNILX's 9.06% return.
FZAOX
- 1D
- 1.52%
- 1M
- -1.74%
- 6M
- 14.49%
- YTD
- 19.96%
- 1Y
- 33.43%
- 3Y*
- 11.71%
- 5Y*
- 6.56%
- 10Y*
- 10.29%
- ALL TIME*
- 9.68%
FNILX
- 1D
- 1.68%
- 1M
- -0.67%
- 6M
- 7.78%
- YTD
- 9.06%
- 1Y
- 20.09%
- 3Y*
- 19.19%
- 5Y*
- 12.36%
- 10Y*
- —
- ALL TIME*
- 14.53%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FZAOX vs. FNILX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FZAOX Fidelity Advisor Small Cap Fund Class Z | 19.96% | 12.25% | -0.46% | 18.75% | -20.39% | 31.71% | 17.62% | 32.92% | -19.69% |
FNILX Fidelity ZERO Large Cap Index Fund | 9.06% | 17.81% | 25.47% | 27.45% | -19.37% | 26.67% | 21.13% | 31.79% | -13.60% |
Correlation
The correlation between FZAOX and FNILX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.75 |
Correlation (3Y) Balances recent behavior with more history. | 0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.83 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018 | 0.83 |
The correlation between FZAOX and FNILX has been stable across timeframes, ranging from 0.75 to 0.83 - a consistent structural relationship.
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Return for Risk
FZAOX vs. FNILX — Risk / Return Rank
FZAOX
FNILX
FZAOX vs. FNILX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Small Cap Fund Class Z (FZAOX) 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.
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.
| FZAOX | FNILX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.25 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.21 | 1.98 | +1.23 |
| Martin ratioReturn relative to average drawdown | 11.35 | 8.30 | +3.05 |
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Drawdowns
FZAOX vs. FNILX - Drawdown Comparison
The maximum FZAOX drawdown since its inception was -40.41%, which is greater than FNILX's maximum drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for FZAOX and FNILX.
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Drawdown Indicators
| FZAOX | FNILX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.41% | -33.76% | -6.65% |
Max Drawdown (1Y)Largest decline over 1 year | -9.31% | -9.01% | -0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -34.21% | -19.08% | -15.13% |
Max Drawdown (5Y)Largest decline over 5 years | -34.21% | -25.40% | -8.81% |
Max Drawdown (10Y)Largest decline over 10 years | -40.41% | — | — |
Current DrawdownCurrent decline from peak | -4.32% | -2.24% | -2.08% |
Average DrawdownAverage peak-to-trough decline | -8.28% | -5.30% | -2.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.64% | 2.14% | +0.50% |
Volatility
FZAOX vs. FNILX - Volatility Comparison
Fidelity Advisor Small Cap Fund Class Z (FZAOX) has a higher volatility of 4.42% compared to Fidelity ZERO Large Cap Index Fund (FNILX) at 3.46%. This indicates that FZAOX'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.
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Volatility by Period
| FZAOX | FNILX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.42% | 3.46% | +0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 14.00% | 10.17% | +3.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.38% | 12.97% | +5.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.07% | 17.37% | +4.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.92% | 19.95% | +1.97% |
FZAOX vs. FNILX - Expense Ratio Comparison
FZAOX has a 0.83% expense ratio, which is higher than FNILX's 0.00% expense ratio.
Dividends
FZAOX vs. FNILX - Dividend Comparison
FZAOX's dividend yield for the trailing twelve months is around 1.34%, more than FNILX's 0.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNILX Fidelity ZERO Large Cap Index Fund | 0.93% | 1.01% | 1.09% | 1.34% | 1.53% | 0.95% | 1.20% | 1.17% | 0.53% | 0.00% | 0.00% | 0.00% |
FZAOX Fidelity Advisor Small Cap Fund Class Z | 1.34% | 1.61% | 0.00% | 1.16% | 4.61% | 9.90% | 2.38% | 3.53% | 13.09% | 12.80% | 2.61% | 7.78% |
Frequently Asked Questions
FZAOX and FNILX 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.
FZAOX has higher volatility (4.42%) compared to FNILX (3.46%). In terms of maximum drawdown, FZAOX dropped -40.41% vs FNILX's -33.76%.
FZAOX currently has the higher Sharpe Ratio (1.63 vs 1.37), 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.
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