FZIPX vs. HRTVX

Last updated Jun 3, 2026

FZIPX (Fidelity ZERO Extended Market Index Fund) and HRTVX (Heartland Value Fund) are both mutual funds - FZIPX is a Mid Cap Blend Equities fund managed by Fidelity, while HRTVX is a Small Cap Value Equities fund managed by Heartland. Over the past 5 years, FZIPX returned 7.43%/yr vs 11.02%/yr for HRTVX. Their correlation of 0.93 suggests significant overlap in exposure. FZIPX charges 0.00%/yr vs 1.04%/yr for HRTVX.

Performance

FZIPX vs. HRTVX - Performance Comparison

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

Returns By Period

In the year-to-date period, FZIPX achieves a 15.53% return, which is significantly lower than HRTVX's 18.95% return.

FZIPX

• 1D: -0.06%
• 1M: 2.76%
• YTD: 15.53%
• 6M: 16.69%
• 1Y: 34.94%
• 3Y*: 18.21%
• 5Y*: 7.43%
• 10Y*: —

HRTVX

• 1D: -0.35%
• 1M: 0.37%
• YTD: 18.95%
• 6M: 21.87%
• 1Y: 42.10%
• 3Y*: 21.83%
• 5Y*: 11.02%
• 10Y*: 11.79%

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

FZIPX vs. HRTVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FZIPX Fidelity ZERO Extended Market Index Fund	15.53%	12.51%	12.39%	18.13%	-18.01%	21.31%	16.64%	26.50%	-17.57%
HRTVX Heartland Value Fund	18.95%	15.94%	15.76%	17.15%	-10.04%	21.86%	13.12%	17.93%	-14.45%

Correlation

The correlation between FZIPX and HRTVX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018	0.93

The correlation between FZIPX and HRTVX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

FZIPX vs. HRTVX — Risk / Return Rank

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

FZIPX

FZIPX Risk / Return Rank: 57
FZIPX Sharpe Ratio Rank: 48
FZIPX Sortino Ratio Rank: 47
FZIPX Omega Ratio Rank: 42
FZIPX Calmar Ratio Rank: 78
FZIPX Martin Ratio Rank: 71

HRTVX

HRTVX Risk / Return Rank: 74
HRTVX Sharpe Ratio Rank: 73
HRTVX Sortino Ratio Rank: 73
HRTVX Omega Ratio Rank: 58
HRTVX Calmar Ratio Rank: 88
HRTVX Martin Ratio Rank: 79

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.

FZIPX vs. HRTVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Extended Market Index Fund (FZIPX) and Heartland Value Fund (HRTVX). 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.

	FZIPX	HRTVX	Difference
Sharpe ratio Return per unit of total volatility	2.05	2.48	-0.43
Sortino ratio Return per unit of downside risk	2.88	3.56	-0.67
Omega ratio Gain probability vs. loss probability	1.35	1.43	-0.08
Calmar ratio Return relative to maximum drawdown	3.57	4.30	-0.73
Martin ratio Return relative to average drawdown	13.64	14.84	-1.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FZIPX vs. HRTVX - Sharpe Ratio Comparison

The current FZIPX Sharpe Ratio is 2.05, which is comparable to the HRTVX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of FZIPX and HRTVX, 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

	FZIPX	HRTVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	2.48	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.57	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.59	-0.17

Drawdowns

FZIPX vs. HRTVX - Drawdown Comparison

The maximum FZIPX drawdown since its inception was -42.71%, smaller than the maximum HRTVX drawdown of -61.68%. Use the drawdown chart below to compare losses from any high point for FZIPX and HRTVX.

Drawdown Indicators

	FZIPX	HRTVX	Difference
Max Drawdown Largest peak-to-trough decline	-42.71%	-61.68%	+18.97%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-9.50%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-25.16%	-23.17%	-1.99%
Max Drawdown (5Y) Largest decline over 5 years	-28.19%	-23.17%	-5.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.31%	—
Current Drawdown Current decline from peak	-0.29%	-1.05%	+0.76%
Average Drawdown Average peak-to-trough decline	-8.92%	-9.04%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	2.75%	-0.23%

Volatility

FZIPX vs. HRTVX - Volatility Comparison

The current volatility for Fidelity ZERO Extended Market Index Fund (FZIPX) is 4.23%, while Heartland Value Fund (HRTVX) has a volatility of 4.46%. This indicates that FZIPX experiences smaller price fluctuations and is considered to be less risky than HRTVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZIPX	HRTVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	4.46%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	12.40%	11.64%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	17.13%	16.85%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.93%	19.50%	+1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.83%	21.03%	+2.80%

FZIPX vs. HRTVX - Expense Ratio Comparison

FZIPX has a 0.00% expense ratio, which is lower than HRTVX's 1.04% expense ratio.

Dividends

FZIPX vs. HRTVX - Dividend Comparison

FZIPX's dividend yield for the trailing twelve months is around 1.08%, less than HRTVX's 7.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZIPX Fidelity ZERO Extended Market Index Fund	1.08%	1.24%	1.22%	1.43%	1.64%	6.97%	2.15%	1.80%	0.50%	0.00%	0.00%	0.00%
HRTVX Heartland Value Fund	7.81%	9.29%	8.91%	5.65%	3.01%	13.50%	0.76%	3.12%	7.26%	6.43%	3.56%	8.25%

Frequently Asked Questions

Can I hold both FZIPX and HRTVX in my portfolio?

FZIPX and HRTVX have a correlation of 0.90, 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 HRTVX?

HRTVX has higher volatility (4.46%) compared to FZIPX (4.23%). In terms of maximum drawdown, FZIPX dropped -42.71% vs HRTVX's -61.68%.

Which has better risk-adjusted returns?

HRTVX currently has the higher Sharpe Ratio (2.48 vs 2.05), 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.