FZROX vs. BRK-B

Last updated Jun 5, 2026

FZROX (Fidelity ZERO Total Market Index Fund) is Large Cap Blend Equities fund managed by Fidelity, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 5 years, FZROX returned 12.93%/yr vs 10.35%/yr for BRK-B. A 0.59 correlation means they provide meaningful diversification when combined.

Performance

FZROX vs. BRK-B - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity ZERO Total Market Index Fund (FZROX) and Berkshire Hathaway Inc. (BRK-B). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZROX achieves a 11.17% return, which is significantly higher than BRK-B's -4.78% return.

FZROX

• 1D: -0.76%
• 1M: 4.12%
• YTD: 11.17%
• 6M: 10.89%
• 1Y: 28.18%
• 3Y*: 22.18%
• 5Y*: 12.93%
• 10Y*: —

BRK-B

• 1D: 0.69%
• 1M: 2.82%
• YTD: -4.78%
• 6M: -4.89%
• 1Y: -2.52%
• 3Y*: 13.36%
• 5Y*: 10.35%
• 10Y*: 12.93%

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

FZROX vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FZROX Fidelity ZERO Total Market Index Fund	11.17%	17.23%	23.94%	26.20%	-19.21%	26.00%	20.51%	31.15%	-12.72%
BRK-B Berkshire Hathaway Inc.	-4.78%	10.89%	27.09%	15.46%	3.31%	28.95%	2.37%	10.93%	-1.63%

Correlation

The correlation between FZROX and BRK-B is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Aug 17, 2018	0.59

Over the past year, the correlation between FZROX and BRK-B has dropped to 0.13 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

FZROX vs. BRK-B — Risk / Return Rank

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

FZROX

FZROX Risk / Return Rank: 64
FZROX Sharpe Ratio Rank: 61
FZROX Sortino Ratio Rank: 56
FZROX Omega Ratio Rank: 56
FZROX Calmar Ratio Rank: 68
FZROX Martin Ratio Rank: 78

BRK-B

BRK-B Risk / Return Rank: 31
BRK-B Sharpe Ratio Rank: 34
BRK-B Sortino Ratio Rank: 28
BRK-B Omega Ratio Rank: 27
BRK-B Calmar Ratio Rank: 33
BRK-B Martin Ratio Rank: 32

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. BRK-B - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Total Market Index Fund (FZROX) and Berkshire Hathaway Inc. (BRK-B). 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.

	FZROX	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	2.31	-0.18	+2.49
Sortino ratio: Return per unit of downside risk	3.17	-0.15	+3.31
Omega ratio: Gain probability vs. loss probability	1.42	0.98	+0.43
Calmar ratio: Return relative to maximum drawdown	3.18	-0.27	+3.45
Martin ratio: Return relative to average drawdown	14.69	-0.57	+15.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FZROX vs. BRK-B - Sharpe Ratio Comparison

The current FZROX Sharpe Ratio is 2.31, which is higher than the BRK-B Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of FZROX and BRK-B, 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

	FZROX	BRK-B	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	-0.18	+2.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.61	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.48	+0.24

Drawdowns

FZROX vs. BRK-B - Drawdown Comparison

The maximum FZROX drawdown since its inception was -34.96%, smaller than the maximum BRK-B drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for FZROX and BRK-B.

Drawdown Indicators

	FZROX	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-53.86%	+18.90%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-9.42%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-19.38%	-14.95%	-4.43%
Max Drawdown (5Y) Largest decline over 5 years	-25.12%	-26.58%	+1.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-29.57%	—
Current Drawdown Current decline from peak	-0.76%	-11.33%	+10.57%
Average Drawdown Average peak-to-trough decline	-5.51%	-11.07%	+5.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	4.46%	-2.54%

Volatility

FZROX vs. BRK-B - Volatility Comparison

The current volatility for Fidelity ZERO Total Market Index Fund (FZROX) is 3.09%, while Berkshire Hathaway Inc. (BRK-B) has a volatility of 3.72%. This indicates that FZROX experiences smaller price fluctuations and is considered to be less risky than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZROX	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.09%	3.72%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	9.23%	10.70%	-1.47%
Volatility (1Y) Calculated over the trailing 1-year period	12.25%	14.32%	-2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	17.11%	+0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.13%	19.43%	+0.70%

Dividends

FZROX vs. BRK-B - Dividend Comparison

FZROX's dividend yield for the trailing twelve months is around 0.92%, while BRK-B has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BRK-B Berkshire Hathaway Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FZROX Fidelity ZERO Total Market Index Fund	0.92%	1.02%	1.16%	1.36%	1.57%	1.25%	1.27%	1.51%

Frequently Asked Questions

Can I hold both FZROX and BRK-B in my portfolio?

FZROX and BRK-B have a correlation of 0.13, 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 BRK-B?

BRK-B has higher volatility (3.72%) compared to FZROX (3.09%). In terms of maximum drawdown, FZROX dropped -34.96% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

FZROX currently has the higher Sharpe Ratio (2.31 vs -0.18), 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.