FZIPX vs. GWSAX

Last updated Aug 1, 2026

FZIPX (Fidelity ZERO Extended Market Index Fund) and GWSAX (Gabelli Focused Growth and Income Fund) are both Mid Cap Blend Equities funds. Over the past 5 years, FZIPX returned 8.25%/yr vs 4.08%/yr for GWSAX. Their correlation of 0.83 means they have usually moved in the same direction. FZIPX charges 0.00%/yr vs 1.25%/yr for GWSAX.

Performance

FZIPX vs. GWSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity ZERO Extended Market Index Fund (FZIPX) and Gabelli Focused Growth and Income Fund (GWSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZIPX achieves a 17.78% return, which is significantly higher than GWSAX's 4.23% return.

FZIPX

• 1D: 1.14%
• 1M: -1.27%
• 6M: 12.50%
• YTD: 17.78%
• 1Y: 30.97%
• 3Y*: 15.28%
• 5Y*: 8.25%
• 10Y*: —
• ALL TIME*: 10.12%

GWSAX

• 1D: -0.86%
• 1M: 0.63%
• 6M: -0.22%
• YTD: 4.23%
• 1Y: 9.21%
• 3Y*: 6.90%
• 5Y*: 4.08%
• 10Y*: 5.51%
• ALL TIME*: 6.96%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FZIPX Fidelity ZERO Extended Market Index Fund	$0.00	$0.00	$0.00
GWSAX Gabelli Focused Growth and Income Fund	$0.00	$0.00	$0.00

FZIPX vs. GWSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FZIPX Fidelity ZERO Extended Market Index Fund	17.78%	12.51%	12.39%	18.13%	-18.01%	21.31%	16.64%	26.50%	-17.57%
GWSAX Gabelli Focused Growth and Income Fund	4.23%	2.11%	13.19%	11.90%	-13.71%	27.12%	8.69%	26.78%	-21.23%

Correlation

The correlation between FZIPX and GWSAX is 0.52, 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.	0.52
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018	0.83

Over the past year, the correlation between FZIPX and GWSAX has dropped to 0.52 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

Return for Risk

FZIPX vs. GWSAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FZIPX

FZIPX Risk / Return Rank: 76
FZIPX Sharpe Ratio Rank: 72
FZIPX Sortino Ratio Rank: 71
FZIPX Omega Ratio Rank: 65
FZIPX Calmar Ratio Rank: 86
FZIPX Martin Ratio Rank: 87

GWSAX

GWSAX Risk / Return Rank: 26
GWSAX Sharpe Ratio Rank: 27
GWSAX Sortino Ratio Rank: 27
GWSAX Omega Ratio Rank: 24
GWSAX Calmar Ratio Rank: 30
GWSAX Martin Ratio Rank: 22

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FZIPX vs. GWSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Extended Market Index Fund (FZIPX) and Gabelli Focused Growth and Income Fund (GWSAX). 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.

	FZIPX	GWSAX	Difference
Sharpe ratio: Return per unit of total volatility	1.61	0.90	+0.71
Sortino ratio: Return per unit of downside risk	2.33	1.36	+0.97
Omega ratio: Gain probability vs. loss probability	1.28	1.16	+0.12
Calmar ratio: Return relative to maximum drawdown	2.90	1.33	+1.56
Martin ratio: Return relative to average drawdown	10.99	3.08	+7.91

FZIPX vs. GWSAX - Sharpe Ratio Comparison

The current FZIPX Sharpe Ratio is 1.61, which is higher than the GWSAX Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of FZIPX and GWSAX, 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

FZIPX vs. GWSAX - Drawdown Comparison

The maximum FZIPX drawdown since its inception was -42.71%, smaller than the maximum GWSAX drawdown of -55.75%. Use the drawdown chart below to compare losses from any high point for FZIPX and GWSAX.

Drawdown Indicators

	FZIPX	GWSAX	Difference
Max Drawdown Largest peak-to-trough decline	-42.71%	-55.75%	+13.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-6.54%	-3.07%
Max Drawdown (3Y) Largest decline over 3 years	-25.16%	-15.58%	-9.58%
Max Drawdown (5Y) Largest decline over 5 years	-28.19%	-18.91%	-9.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-50.67%	—
Current Drawdown Current decline from peak	-2.14%	-4.43%	+2.29%
Average Drawdown Average peak-to-trough decline	-8.76%	-9.22%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	2.82%	-0.28%

Volatility

FZIPX vs. GWSAX - Volatility Comparison

Fidelity ZERO Extended Market Index Fund (FZIPX) has a higher volatility of 3.57% compared to Gabelli Focused Growth and Income Fund (GWSAX) at 2.66%. This indicates that FZIPX's price experiences larger fluctuations and is considered to be riskier than GWSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZIPX	GWSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	2.66%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	12.66%	7.01%	+5.65%
Volatility (1Y) Calculated over the trailing 1-year period	17.28%	9.73%	+7.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.88%	15.35%	+5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.67%	19.71%	+3.96%

FZIPX vs. GWSAX - Expense Ratio Comparison

FZIPX has a 0.00% expense ratio, which is lower than GWSAX's 1.25% expense ratio.

Dividends

FZIPX vs. GWSAX - Dividend Comparison

FZIPX's dividend yield for the trailing twelve months is around 1.05%, less than GWSAX's 4.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FZIPX Fidelity ZERO Extended Market Index Fund	1.05%	1.24%	1.22%	1.43%	1.64%	6.97%	2.15%	1.80%	0.50%	0.00%	0.00%
GWSAX Gabelli Focused Growth and Income Fund	4.61%	5.11%	4.39%	4.57%	5.00%	3.90%	0.00%	0.00%	0.09%	0.49%	1.16%

Frequently Asked Questions

Can I hold both FZIPX and GWSAX in my portfolio?

FZIPX and GWSAX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FZIPX or GWSAX?

FZIPX has higher volatility (3.57%) compared to GWSAX (2.66%). In terms of maximum drawdown, FZIPX dropped -42.71% vs GWSAX's -55.75%.

Which has better risk-adjusted returns?

FZIPX currently has the higher Sharpe Ratio (1.61 vs 0.90), 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.