FZROX vs. AVUV

Last updated Jun 13, 2026

FZROX (Fidelity ZERO Total Market Index Fund) and AVUV (Avantis US Small Cap Value ETF) are both funds - FZROX is a Large Cap Blend Equities fund managed by Fidelity, while AVUV is a Small Cap Value Equities fund actively managed by Avantis. Over the past 5 years, FZROX returned 12.34%/yr vs 11.57%/yr for AVUV. A 0.76 correlation means they provide meaningful diversification when combined. FZROX charges 0.00%/yr vs 0.25%/yr for AVUV.

Performance

FZROX vs. AVUV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity ZERO Total Market Index Fund (FZROX) and Avantis US Small Cap Value ETF (AVUV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZROX achieves a 9.14% return, which is significantly lower than AVUV's 22.73% return.

FZROX

• 1D: 1.90%
• 1M: 0.55%
• YTD: 9.14%
• 6M: 9.23%
• 1Y: 25.78%
• 3Y*: 20.84%
• 5Y*: 12.34%
• 10Y*: —

AVUV

• 1D: 0.96%
• 1M: 6.47%
• YTD: 22.73%
• 6M: 19.51%
• 1Y: 42.12%
• 3Y*: 19.24%
• 5Y*: 11.57%
• 10Y*: —

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

FZROX vs. AVUV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FZROX Fidelity ZERO Total Market Index Fund	9.14%	17.23%	23.94%	26.20%	-19.21%	26.00%	20.51%	8.73%
AVUV Avantis US Small Cap Value ETF	22.73%	7.44%	9.28%	22.82%	-4.91%	42.20%	6.43%	8.54%

Correlation

The correlation between FZROX and AVUV is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.76

The correlation between FZROX and AVUV has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.

Return for Risk

FZROX vs. AVUV — Risk / Return Rank

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

FZROX

FZROX Risk / Return Rank: 72
FZROX Sharpe Ratio Rank: 71
FZROX Sortino Ratio Rank: 66
FZROX Omega Ratio Rank: 66
FZROX Calmar Ratio Rank: 75
FZROX Martin Ratio Rank: 84

AVUV

AVUV Risk / Return Rank: 84
AVUV Sharpe Ratio Rank: 83
AVUV Sortino Ratio Rank: 84
AVUV Omega Ratio Rank: 77
AVUV Calmar Ratio Rank: 91
AVUV Martin Ratio Rank: 85

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.

FZROX vs. AVUV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Total Market Index Fund (FZROX) and Avantis US Small Cap Value ETF (AVUV). 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.

	FZROX	AVUV	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.28	-0.35
Sortino ratio: Return per unit of downside risk	2.64	3.24	-0.61
Omega ratio: Gain probability vs. loss probability	1.35	1.39	-0.04
Calmar ratio: Return relative to maximum drawdown	2.78	5.06	-2.28
Martin ratio: Return relative to average drawdown	12.51	15.09	-2.58

FZROX vs. AVUV - Sharpe Ratio Comparison

The current FZROX Sharpe Ratio is 1.94, which is comparable to the AVUV Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of FZROX and AVUV, 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

FZROX vs. AVUV - Drawdown Comparison

The maximum FZROX drawdown since its inception was -34.96%, smaller than the maximum AVUV drawdown of -49.42%. Use the drawdown chart below to compare losses from any high point for FZROX and AVUV.

Drawdown Indicators

	FZROX	AVUV	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-49.42%	+14.46%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-7.95%	-0.94%
Max Drawdown (3Y) Largest decline over 3 years	-19.38%	-28.79%	+9.41%
Max Drawdown (5Y) Largest decline over 5 years	-25.12%	-28.79%	+3.67%
Current Drawdown Current decline from peak	-2.57%	0.00%	-2.57%
Average Drawdown Average peak-to-trough decline	-5.50%	-7.91%	+2.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	2.67%	-0.70%

Volatility

FZROX vs. AVUV - Volatility Comparison

Fidelity ZERO Total Market Index Fund (FZROX) and Avantis US Small Cap Value ETF (AVUV) have volatilities of 4.66% and 4.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZROX	AVUV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	4.53%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	9.98%	11.34%	-1.36%
Volatility (1Y) Calculated over the trailing 1-year period	12.76%	17.63%	-4.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.51%	22.75%	-5.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.14%	28.26%	-8.12%

FZROX vs. AVUV - Expense Ratio Comparison

FZROX has a 0.00% expense ratio, which is lower than AVUV's 0.25% 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

FZROX vs. AVUV - Dividend Comparison

FZROX's dividend yield for the trailing twelve months is around 0.94%, less than AVUV's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AVUV Avantis US Small Cap Value ETF	1.61%	1.58%	1.61%	1.65%	1.74%	1.28%	1.21%	0.38%
FZROX Fidelity ZERO Total Market Index Fund	0.94%	1.02%	1.16%	1.36%	1.57%	1.25%	1.27%	1.51%

Frequently Asked Questions

Can I hold both FZROX and AVUV in my portfolio?

FZROX and AVUV have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FZROX or AVUV?

FZROX has higher volatility (4.66%) compared to AVUV (4.53%). In terms of maximum drawdown, FZROX dropped -34.96% vs AVUV's -49.42%.

Which has better risk-adjusted returns?

AVUV currently has the higher Sharpe Ratio (2.28 vs 1.94), 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.