FZAPX vs. FZROX

Last updated Jun 23, 2026

FZAPX (Fidelity Advisor Stock Selector All Cap Fund Class Z) and FZROX (Fidelity ZERO Total Market Index Fund) are both mutual funds - FZAPX is a Large Cap Growth Equities fund managed by Fidelity, while FZROX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FZAPX returned 13.26%/yr vs 13.13%/yr for FZROX. With a 0.99 correlation, they move nearly in lockstep. FZAPX charges 0.58%/yr vs 0.00%/yr for FZROX.

Performance

FZAPX vs. FZROX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Stock Selector All Cap Fund Class Z (FZAPX) and Fidelity ZERO Total Market Index Fund (FZROX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZAPX achieves a 15.59% return, which is significantly higher than FZROX's 10.74% return.

FZAPX

• 1D: 1.44%
• 1M: 1.85%
• YTD: 15.59%
• 6M: 15.38%
• 1Y: 35.90%
• 3Y*: 21.89%
• 5Y*: 13.26%
• 10Y*: 15.56%

FZROX

• 1D: 1.16%
• 1M: 0.93%
• YTD: 10.74%
• 6M: 10.00%
• 1Y: 27.63%
• 3Y*: 20.80%
• 5Y*: 13.13%
• 10Y*: —

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

FZAPX vs. FZROX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FZAPX Fidelity Advisor Stock Selector All Cap Fund Class Z	15.59%	18.98%	19.88%	27.05%	-19.49%	23.25%	25.03%	32.34%	-14.55%
FZROX Fidelity ZERO Total Market Index Fund	10.74%	17.23%	23.94%	26.20%	-19.21%	26.00%	20.51%	31.15%	-12.72%

Correlation

The correlation between FZAPX and FZROX is 0.98 - 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 (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.99

The correlation between FZAPX and FZROX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

FZAPX vs. FZROX — Risk / Return Rank

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

FZAPX

FZAPX Risk / Return Rank: 85
FZAPX Sharpe Ratio Rank: 87
FZAPX Sortino Ratio Rank: 79
FZAPX Omega Ratio Rank: 80
FZAPX Calmar Ratio Rank: 86
FZAPX Martin Ratio Rank: 93

FZROX

FZROX Risk / Return Rank: 66
FZROX Sharpe Ratio Rank: 63
FZROX Sortino Ratio Rank: 57
FZROX Omega Ratio Rank: 58
FZROX Calmar Ratio Rank: 71
FZROX 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.

FZAPX vs. FZROX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Stock Selector All Cap Fund Class Z (FZAPX) 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.

	FZAPX	FZROX	Difference
Sharpe ratio: Return per unit of total volatility	2.61	2.14	+0.47
Sortino ratio: Return per unit of downside risk	3.46	2.90	+0.56
Omega ratio: Gain probability vs. loss probability	1.47	1.38	+0.09
Calmar ratio: Return relative to maximum drawdown	3.91	3.10	+0.82
Martin ratio: Return relative to average drawdown	18.41	13.86	+4.55

FZAPX vs. FZROX - Sharpe Ratio Comparison

The current FZAPX Sharpe Ratio is 2.61, which is comparable to the FZROX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of FZAPX and FZROX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FZAPX vs. FZROX - Drawdown Comparison

The maximum FZAPX drawdown since its inception was -34.37%, roughly equal to the maximum FZROX drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for FZAPX and FZROX.

Drawdown Indicators

	FZAPX	FZROX	Difference
Max Drawdown Largest peak-to-trough decline	-34.37%	-34.96%	+0.59%
Max Drawdown (1Y) Largest decline over 1 year	-9.20%	-8.89%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-20.84%	-19.38%	-1.46%
Max Drawdown (5Y) Largest decline over 5 years	-25.20%	-25.12%	-0.08%
Max Drawdown (10Y) Largest decline over 10 years	-34.37%	—	—
Current Drawdown Current decline from peak	-0.24%	-1.13%	+0.89%
Average Drawdown Average peak-to-trough decline	-4.55%	-5.49%	+0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.98%	-0.03%

Volatility

FZAPX vs. FZROX - Volatility Comparison

Fidelity Advisor Stock Selector All Cap Fund Class Z (FZAPX) has a higher volatility of 5.46% compared to Fidelity ZERO Total Market Index Fund (FZROX) at 4.94%. This indicates that FZAPX's price experiences larger fluctuations and is considered to be riskier than FZROX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZAPX	FZROX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	4.94%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	11.08%	10.16%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	13.77%	12.85%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.88%	17.53%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.62%	20.13%	-1.51%

FZAPX vs. FZROX - Expense Ratio Comparison

FZAPX has a 0.58% expense ratio, which is higher than FZROX's 0.00% expense ratio.

Dividends

FZAPX vs. FZROX - Dividend Comparison

FZAPX's dividend yield for the trailing twelve months is around 4.23%, more than FZROX's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZAPX Fidelity Advisor Stock Selector All Cap Fund Class Z	4.23%	4.88%	4.91%	2.12%	0.39%	1.47%	5.33%	6.18%	4.59%	3.07%	1.13%	5.24%
FZROX Fidelity ZERO Total Market Index Fund	0.92%	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

Can I hold both FZAPX and FZROX in my portfolio?

With a correlation of 0.98, FZAPX and FZROX 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.

Which is riskier, FZAPX or FZROX?

FZAPX has higher volatility (5.46%) compared to FZROX (4.94%). In terms of maximum drawdown, FZAPX dropped -34.37% vs FZROX's -34.96%.

Which has better risk-adjusted returns?

FZAPX currently has the higher Sharpe Ratio (2.61 vs 2.14), 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.