FZIPX vs. SPY
Compare and contrast key facts about Fidelity ZERO Extended Market Index Fund (FZIPX) and State Street SPDR S&P 500 ETF (SPY).
FZIPX is managed by Fidelity. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
FZIPX vs. SPY - Performance Comparison
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FZIPX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FZIPX Fidelity ZERO Extended Market Index Fund | -1.78% | 12.51% | 12.39% | 18.13% | -18.01% | 21.31% | 16.64% | 26.50% | -17.57% |
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -13.53% |
Returns By Period
In the year-to-date period, FZIPX achieves a -1.78% return, which is significantly higher than SPY's -4.37% return.
FZIPX
- 1D
- -1.26%
- 1M
- -8.55%
- YTD
- -1.78%
- 6M
- 0.33%
- 1Y
- 18.79%
- 3Y*
- 12.32%
- 5Y*
- 5.14%
- 10Y*
- —
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
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FZIPX vs. SPY - Expense Ratio Comparison
FZIPX has a 0.00% expense ratio, which is lower than SPY's 0.09% 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%.
Return for Risk
FZIPX vs. SPY — Risk / Return Rank
FZIPX
SPY
FZIPX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Extended Market Index Fund (FZIPX) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.86 | 0.93 | -0.07 |
Sortino ratioReturn per unit of downside risk | 1.33 | 1.45 | -0.13 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.22 | -0.05 |
Calmar ratioReturn relative to maximum drawdown | 1.15 | 1.53 | -0.37 |
Martin ratioReturn relative to average drawdown | 4.98 | 7.30 | -2.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FZIPX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.86 | 0.93 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.69 | -0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.78 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.56 | -0.23 |
Correlation
The correlation between FZIPX and SPY is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FZIPX vs. SPY - Dividend Comparison
FZIPX's dividend yield for the trailing twelve months is around 1.27%, more than SPY's 1.14% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FZIPX Fidelity ZERO Extended Market Index Fund | 1.27% | 1.24% | 1.22% | 1.43% | 1.64% | 6.97% | 2.15% | 1.80% | 0.50% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
FZIPX vs. SPY - Drawdown Comparison
The maximum FZIPX drawdown since its inception was -42.71%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FZIPX and SPY.
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Drawdown Indicators
| FZIPX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.71% | -55.19% | +12.48% |
Max Drawdown (1Y)Largest decline over 1 year | -14.33% | -12.05% | -2.28% |
Max Drawdown (5Y)Largest decline over 5 years | -28.19% | -24.50% | -3.69% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -9.61% | -6.24% | -3.37% |
Average DrawdownAverage peak-to-trough decline | -9.09% | -9.09% | 0.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 2.52% | +0.79% |
Volatility
FZIPX vs. SPY - Volatility Comparison
Fidelity ZERO Extended Market Index Fund (FZIPX) has a higher volatility of 6.41% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. This indicates that FZIPX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FZIPX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.41% | 5.31% | +1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 12.90% | 9.47% | +3.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.07% | 19.05% | +3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.87% | 17.06% | +3.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.95% | 17.92% | +6.03% |