FZIPX vs. VTWG

Last updated Jun 24, 2026

FZIPX (Fidelity ZERO Extended Market Index Fund) and VTWG (Vanguard Russell 2000 Growth ETF) are both funds - FZIPX is a Mid Cap Blend Equities fund tracking the Fidelity U.S. Extended Investable Market Index, while VTWG is a Small Cap Growth Equities fund tracking the Russell 2000 Growth Index. Both are passively managed. Over the past 5 years, FZIPX returned 7.94%/yr vs 5.29%/yr for VTWG. Their correlation of 0.94 suggests significant overlap in exposure. FZIPX charges 0.00%/yr vs 0.06%/yr for VTWG.

Performance

FZIPX vs. VTWG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity ZERO Extended Market Index Fund (FZIPX) and Vanguard Russell 2000 Growth ETF (VTWG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZIPX achieves a 17.32% return, which is significantly lower than VTWG's 20.43% return.

FZIPX

• 1D: 0.17%
• 1M: 3.20%
• YTD: 17.32%
• 6M: 14.89%
• 1Y: 33.66%
• 3Y*: 18.74%
• 5Y*: 7.94%
• 10Y*: —

VTWG

• 1D: -1.45%
• 1M: 4.36%
• YTD: 20.43%
• 6M: 16.97%
• 1Y: 40.10%
• 3Y*: 19.34%
• 5Y*: 5.29%
• 10Y*: 12.12%

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

FZIPX vs. VTWG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FZIPX Fidelity ZERO Extended Market Index Fund	17.32%	12.51%	12.39%	18.13%	-18.01%	21.31%	16.64%	26.50%	-17.57%
VTWG Vanguard Russell 2000 Growth ETF	20.43%	13.07%	15.15%	18.90%	-26.49%	2.84%	34.72%	28.75%	-21.65%

Correlation

The correlation between FZIPX and VTWG is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018	0.94

The correlation between FZIPX and VTWG has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

FZIPX vs. VTWG — Risk / Return Rank

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

FZIPX

FZIPX Risk / Return Rank: 64
FZIPX Sharpe Ratio Rank: 55
FZIPX Sortino Ratio Rank: 53
FZIPX Omega Ratio Rank: 46
FZIPX Calmar Ratio Rank: 83
FZIPX Martin Ratio Rank: 80

VTWG

VTWG Risk / Return Rank: 54
VTWG Sharpe Ratio Rank: 56
VTWG Sortino Ratio Rank: 54
VTWG Omega Ratio Rank: 48
VTWG Calmar Ratio Rank: 57
VTWG Martin Ratio Rank: 57

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. VTWG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Extended Market Index Fund (FZIPX) and Vanguard Russell 2000 Growth ETF (VTWG). 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	VTWG	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.80	+0.21
Sortino ratio: Return per unit of downside risk	2.82	2.48	+0.35
Omega ratio: Gain probability vs. loss probability	1.34	1.30	+0.04
Calmar ratio: Return relative to maximum drawdown	3.65	2.71	+0.95
Martin ratio: Return relative to average drawdown	13.91	9.72	+4.19

FZIPX vs. VTWG - Sharpe Ratio Comparison

The current FZIPX Sharpe Ratio is 2.01, which is comparable to the VTWG Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of FZIPX and VTWG, 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. VTWG - Drawdown Comparison

The maximum FZIPX drawdown since its inception was -42.71%, roughly equal to the maximum VTWG drawdown of -42.07%. Use the drawdown chart below to compare losses from any high point for FZIPX and VTWG.

Drawdown Indicators

	FZIPX	VTWG	Difference
Max Drawdown Largest peak-to-trough decline	-42.71%	-42.07%	-0.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-14.88%	+5.27%
Max Drawdown (3Y) Largest decline over 3 years	-25.16%	-28.58%	+3.42%
Max Drawdown (5Y) Largest decline over 5 years	-28.19%	-40.49%	+12.30%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.07%	—
Current Drawdown Current decline from peak	-0.11%	-1.45%	+1.34%
Average Drawdown Average peak-to-trough decline	-8.86%	-10.50%	+1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	4.14%	-1.62%

Volatility

FZIPX vs. VTWG - Volatility Comparison

The current volatility for Fidelity ZERO Extended Market Index Fund (FZIPX) is 4.98%, while Vanguard Russell 2000 Growth ETF (VTWG) has a volatility of 7.82%. This indicates that FZIPX experiences smaller price fluctuations and is considered to be less risky than VTWG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZIPX	VTWG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	7.82%	-2.84%
Volatility (6M) Calculated over the trailing 6-month period	12.86%	16.92%	-4.06%
Volatility (1Y) Calculated over the trailing 1-year period	17.48%	22.34%	-4.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.97%	24.67%	-3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.80%	24.27%	-0.47%

FZIPX vs. VTWG - Expense Ratio Comparison

FZIPX has a 0.00% expense ratio, which is lower than VTWG's 0.06% 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

FZIPX vs. VTWG - Dividend Comparison

FZIPX's dividend yield for the trailing twelve months is around 1.06%, more than VTWG's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZIPX Fidelity ZERO Extended Market Index Fund	1.06%	1.24%	1.22%	1.43%	1.64%	6.97%	2.15%	1.80%	0.50%	0.00%	0.00%	0.00%
VTWG Vanguard Russell 2000 Growth ETF	0.59%	0.64%	0.55%	0.79%	0.71%	0.54%	0.48%	0.72%	0.72%	0.64%	0.96%	0.72%

Frequently Asked Questions

Can I hold both FZIPX and VTWG in my portfolio?

With a correlation of 0.94, FZIPX and VTWG 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, FZIPX or VTWG?

VTWG has higher volatility (7.82%) compared to FZIPX (4.98%). In terms of maximum drawdown, FZIPX dropped -42.71% vs VTWG's -42.07%.

Which has better risk-adjusted returns?

FZIPX currently has the higher Sharpe Ratio (2.01 vs 1.80), 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.