FZILX vs. VXUS

Last updated Jun 24, 2026

FZILX (Fidelity ZERO International Index Fund) and VXUS (Vanguard Total International Stock ETF) are both funds - FZILX is a Foreign Large Cap Equities fund tracking the Fidelity Global ex U.S. Index, while VXUS is a Global Equities fund tracking the FTSE Global All Cap ex US Index. Both are passively managed. Over the past 5 years, FZILX returned 9.67%/yr vs 8.35%/yr for VXUS. With a 0.98 correlation, they move nearly in lockstep. FZILX charges 0.00%/yr vs 0.05%/yr for VXUS.

Performance

FZILX vs. VXUS - Performance Comparison

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

Returns By Period

In the year-to-date period, FZILX achieves a 16.56% return, which is significantly higher than VXUS's 12.51% return.

FZILX

• 1D: 0.06%
• 1M: 3.43%
• YTD: 16.56%
• 6M: 16.56%
• 1Y: 34.40%
• 3Y*: 20.75%
• 5Y*: 9.67%
• 10Y*: —

VXUS

• 1D: -3.04%
• 1M: 0.39%
• YTD: 12.51%
• 6M: 12.35%
• 1Y: 29.41%
• 3Y*: 18.90%
• 5Y*: 8.35%
• 10Y*: 10.23%

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

FZILX vs. VXUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FZILX Fidelity ZERO International Index Fund	16.56%	33.52%	5.32%	16.28%	-15.96%	8.19%	11.06%	21.69%	-9.38%
VXUS Vanguard Total International Stock ETF	12.51%	32.35%	5.08%	15.86%	-16.08%	8.98%	10.66%	21.75%	-8.90%

Correlation

The correlation between FZILX and VXUS 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	0.98
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.98

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

Return for Risk

FZILX vs. VXUS — Risk / Return Rank

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

FZILX

FZILX Risk / Return Rank: 70
FZILX Sharpe Ratio Rank: 73
FZILX Sortino Ratio Rank: 65
FZILX Omega Ratio Rank: 71
FZILX Calmar Ratio Rank: 73
FZILX Martin Ratio Rank: 67

VXUS

VXUS Risk / Return Rank: 55
VXUS Sharpe Ratio Rank: 55
VXUS Sortino Ratio Rank: 52
VXUS Omega Ratio Rank: 56
VXUS Calmar Ratio Rank: 55
VXUS Martin Ratio Rank: 59

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. VXUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO International Index Fund (FZILX) and Vanguard Total International Stock ETF (VXUS). 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.

	FZILX	VXUS	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.81	+0.47
Sortino ratio: Return per unit of downside risk	3.06	2.46	+0.60
Omega ratio: Gain probability vs. loss probability	1.43	1.34	+0.09
Calmar ratio: Return relative to maximum drawdown	3.16	2.62	+0.54
Martin ratio: Return relative to average drawdown	12.17	10.07	+2.10

FZILX vs. VXUS - Sharpe Ratio Comparison

The current FZILX Sharpe Ratio is 2.28, which is comparable to the VXUS Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of FZILX and VXUS, 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

FZILX vs. VXUS - Drawdown Comparison

The maximum FZILX drawdown since its inception was -34.37%, roughly equal to the maximum VXUS drawdown of -35.97%. Use the drawdown chart below to compare losses from any high point for FZILX and VXUS.

Drawdown Indicators

	FZILX	VXUS	Difference
Max Drawdown Largest peak-to-trough decline	-34.37%	-35.97%	+1.60%
Max Drawdown (1Y) Largest decline over 1 year	-11.24%	-11.27%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-13.47%	-13.58%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	-29.87%	-29.44%	-0.43%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.97%	—
Current Drawdown Current decline from peak	0.00%	-3.04%	+3.04%
Average Drawdown Average peak-to-trough decline	-6.66%	-8.20%	+1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	2.93%	-0.02%

Volatility

FZILX vs. VXUS - Volatility Comparison

The current volatility for Fidelity ZERO International Index Fund (FZILX) is 6.35%, while Vanguard Total International Stock ETF (VXUS) has a volatility of 7.07%. This indicates that FZILX experiences smaller price fluctuations and is considered to be less risky than VXUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZILX	VXUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.35%	7.07%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	13.48%	14.44%	-0.96%
Volatility (1Y) Calculated over the trailing 1-year period	15.60%	16.36%	-0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.72%	16.27%	-0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.38%	17.03%	+0.35%

FZILX vs. VXUS - Expense Ratio Comparison

FZILX has a 0.00% expense ratio, which is lower than VXUS's 0.05% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FZILX vs. VXUS - Dividend Comparison

FZILX's dividend yield for the trailing twelve months is around 2.29%, less than VXUS's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZILX Fidelity ZERO International Index Fund	2.29%	2.67%	3.00%	2.98%	2.71%	2.61%	1.64%	2.37%	0.02%	0.00%	0.00%	0.00%
VXUS Vanguard Total International Stock ETF	2.59%	3.18%	3.37%	3.24%	3.09%	3.10%	2.14%	3.06%	3.18%	2.73%	2.93%	2.83%

Frequently Asked Questions

Can I hold both FZILX and VXUS in my portfolio?

With a correlation of 0.98, FZILX and VXUS 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, FZILX or VXUS?

VXUS has higher volatility (7.07%) compared to FZILX (6.35%). In terms of maximum drawdown, FZILX dropped -34.37% vs VXUS's -35.97%.

Which has better risk-adjusted returns?

FZILX currently has the higher Sharpe Ratio (2.28 vs 1.81), 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.