FZILX vs. FWWFX

Last updated Jun 5, 2026

FZILX (Fidelity ZERO International Index Fund) and FWWFX (Fidelity Worldwide Fund) are both mutual funds - FZILX is a Foreign Large Cap Equities fund tracking the Fidelity Global ex U.S. Index, while FWWFX is a Global Equities fund managed by Fidelity. Over the past 5 years, FZILX returned 9.06%/yr vs 12.33%/yr for FWWFX. Their correlation of 0.82 suggests significant overlap in exposure. FZILX charges 0.00%/yr vs 1.00%/yr for FWWFX.

Performance

FZILX vs. FWWFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity ZERO International Index Fund (FZILX) and Fidelity Worldwide Fund (FWWFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZILX achieves a 15.27% return, which is significantly lower than FWWFX's 20.58% return.

FZILX

• 1D: -0.88%
• 1M: 4.11%
• YTD: 15.27%
• 6M: 17.75%
• 1Y: 32.61%
• 3Y*: 20.27%
• 5Y*: 9.06%
• 10Y*: —

FWWFX

• 1D: -0.18%
• 1M: 6.01%
• YTD: 20.58%
• 6M: 20.41%
• 1Y: 40.22%
• 3Y*: 25.42%
• 5Y*: 12.33%
• 10Y*: 15.06%

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

FZILX vs. FWWFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FZILX Fidelity ZERO International Index Fund	15.27%	33.52%	5.32%	16.28%	-15.96%	8.19%	11.06%	21.69%	-9.38%
FWWFX Fidelity Worldwide Fund	20.58%	16.16%	27.65%	24.96%	-25.74%	18.49%	30.91%	28.97%	-10.94%

Correlation

The correlation between FZILX and FWWFX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Aug 17, 2018	0.82

The correlation between FZILX and FWWFX has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

Return for Risk

FZILX vs. FWWFX — Risk / Return Rank

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

FZILX

FZILX Risk / Return Rank: 58
FZILX Sharpe Ratio Rank: 60
FZILX Sortino Ratio Rank: 55
FZILX Omega Ratio Rank: 58
FZILX Calmar Ratio Rank: 60
FZILX Martin Ratio Rank: 58

FWWFX

FWWFX Risk / Return Rank: 67
FWWFX Sharpe Ratio Rank: 64
FWWFX Sortino Ratio Rank: 55
FWWFX Omega Ratio Rank: 57
FWWFX Calmar Ratio Rank: 78
FWWFX Martin Ratio Rank: 81

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.

FZILX vs. FWWFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO International Index Fund (FZILX) and Fidelity Worldwide Fund (FWWFX). 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.

	FZILX	FWWFX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.36	-0.07
Sortino ratio: Return per unit of downside risk	3.12	3.14	-0.01
Omega ratio: Gain probability vs. loss probability	1.42	1.42	+0.01
Calmar ratio: Return relative to maximum drawdown	2.99	3.50	-0.51
Martin ratio: Return relative to average drawdown	11.71	15.14	-3.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FZILX vs. FWWFX - Sharpe Ratio Comparison

The current FZILX Sharpe Ratio is 2.30, which is comparable to the FWWFX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of FZILX and FWWFX, 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

	FZILX	FWWFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.36	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.66	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.56	+0.02

Drawdowns

FZILX vs. FWWFX - Drawdown Comparison

The maximum FZILX drawdown since its inception was -34.37%, smaller than the maximum FWWFX drawdown of -56.54%. Use the drawdown chart below to compare losses from any high point for FZILX and FWWFX.

Drawdown Indicators

	FZILX	FWWFX	Difference
Max Drawdown Largest peak-to-trough decline	-34.37%	-56.54%	+22.17%
Max Drawdown (1Y) Largest decline over 1 year	-11.24%	-11.74%	+0.50%
Max Drawdown (3Y) Largest decline over 3 years	-13.47%	-22.61%	+9.14%
Max Drawdown (5Y) Largest decline over 5 years	-29.87%	-33.72%	+3.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.88%	-0.18%	-0.70%
Average Drawdown Average peak-to-trough decline	-6.69%	-9.43%	+2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	2.71%	+0.15%

Volatility

FZILX vs. FWWFX - Volatility Comparison

The current volatility for Fidelity ZERO International Index Fund (FZILX) is 5.04%, while Fidelity Worldwide Fund (FWWFX) has a volatility of 6.01%. This indicates that FZILX experiences smaller price fluctuations and is considered to be less risky than FWWFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZILX	FWWFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	6.01%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	12.29%	13.70%	-1.41%
Volatility (1Y) Calculated over the trailing 1-year period	14.64%	17.39%	-2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.53%	18.88%	-3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.32%	18.79%	-1.47%

FZILX vs. FWWFX - Expense Ratio Comparison

FZILX has a 0.00% expense ratio, which is lower than FWWFX's 1.00% expense ratio.

Dividends

FZILX vs. FWWFX - Dividend Comparison

FZILX's dividend yield for the trailing twelve months is around 2.32%, less than FWWFX's 9.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FWWFX Fidelity Worldwide Fund	9.57%	11.54%	14.64%	0.94%	6.29%	12.76%	8.08%	4.87%	9.63%	6.24%	1.22%	3.38%
FZILX Fidelity ZERO International Index Fund	2.32%	2.67%	3.00%	2.98%	2.71%	2.61%	1.64%	2.37%	0.02%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FZILX and FWWFX in my portfolio?

FZILX and FWWFX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FZILX or FWWFX?

FWWFX has higher volatility (6.01%) compared to FZILX (5.04%). In terms of maximum drawdown, FZILX dropped -34.37% vs FWWFX's -56.54%.

Which has better risk-adjusted returns?

FWWFX currently has the higher Sharpe Ratio (2.36 vs 2.30), 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.