FZROX vs. DFAI

Last updated Jun 13, 2026

FZROX (Fidelity ZERO Total Market Index Fund) and DFAI (Dimensional International Core Equity Market ETF) are both funds - FZROX is a Large Cap Blend Equities fund managed by Fidelity, while DFAI is a Foreign Large Cap Equities fund actively managed by Dimensional. Over the past 5 years, FZROX returned 12.34%/yr vs 9.46%/yr for DFAI. A 0.77 correlation means they provide meaningful diversification when combined. FZROX charges 0.00%/yr vs 0.18%/yr for DFAI.

Performance

FZROX vs. DFAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity ZERO Total Market Index Fund (FZROX) and Dimensional International Core Equity Market ETF (DFAI). 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 DFAI's 10.05% return.

FZROX

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

DFAI

• 1D: 0.43%
• 1M: 2.45%
• YTD: 10.05%
• 6M: 11.52%
• 1Y: 25.01%
• 3Y*: 17.84%
• 5Y*: 9.46%
• 10Y*: —

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

FZROX vs. DFAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FZROX Fidelity ZERO Total Market Index Fund	9.14%	17.23%	23.94%	26.20%	-19.21%	26.00%	5.61%
DFAI Dimensional International Core Equity Market ETF	10.05%	34.04%	4.68%	17.60%	-12.95%	13.86%	5.34%

Correlation

The correlation between FZROX and DFAI is 0.77, 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	0.77
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 Nov 18, 2020	0.77

The correlation between FZROX and DFAI has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

Return for Risk

FZROX vs. DFAI — 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

DFAI

DFAI Risk / Return Rank: 54
DFAI Sharpe Ratio Rank: 55
DFAI Sortino Ratio Rank: 55
DFAI Omega Ratio Rank: 54
DFAI Calmar Ratio Rank: 49
DFAI Martin Ratio Rank: 55

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. DFAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Total Market Index Fund (FZROX) and Dimensional International Core Equity Market ETF (DFAI). 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	DFAI	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.63	+0.31
Sortino ratio: Return per unit of downside risk	2.64	2.32	+0.32
Omega ratio: Gain probability vs. loss probability	1.35	1.29	+0.06
Calmar ratio: Return relative to maximum drawdown	2.78	2.18	+0.61
Martin ratio: Return relative to average drawdown	12.51	8.47	+4.04

FZROX vs. DFAI - Sharpe Ratio Comparison

The current FZROX Sharpe Ratio is 1.94, which is comparable to the DFAI Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of FZROX and DFAI, 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. DFAI - Drawdown Comparison

The maximum FZROX drawdown since its inception was -34.96%, which is greater than DFAI's maximum drawdown of -27.44%. Use the drawdown chart below to compare losses from any high point for FZROX and DFAI.

Drawdown Indicators

	FZROX	DFAI	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-27.44%	-7.52%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-10.95%	+2.06%
Max Drawdown (3Y) Largest decline over 3 years	-19.38%	-13.25%	-6.13%
Max Drawdown (5Y) Largest decline over 5 years	-25.12%	-27.44%	+2.32%
Current Drawdown Current decline from peak	-2.57%	-0.80%	-1.77%
Average Drawdown Average peak-to-trough decline	-5.50%	-5.11%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	2.82%	-0.85%

Volatility

FZROX vs. DFAI - Volatility Comparison

The current volatility for Fidelity ZERO Total Market Index Fund (FZROX) is 4.66%, while Dimensional International Core Equity Market ETF (DFAI) has a volatility of 5.12%. This indicates that FZROX experiences smaller price fluctuations and is considered to be less risky than DFAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZROX	DFAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	5.12%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	9.98%	12.29%	-2.31%
Volatility (1Y) Calculated over the trailing 1-year period	12.76%	14.60%	-1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.51%	16.01%	+1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.14%	15.75%	+4.39%

FZROX vs. DFAI - Expense Ratio Comparison

FZROX has a 0.00% expense ratio, which is lower than DFAI's 0.18% 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. DFAI - Dividend Comparison

FZROX's dividend yield for the trailing twelve months is around 0.94%, less than DFAI's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DFAI Dimensional International Core Equity Market ETF	2.24%	2.45%	2.72%	2.64%	2.72%	2.06%	0.09%	0.00%
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 DFAI in my portfolio?

FZROX and DFAI have a correlation of 0.77, 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 DFAI?

DFAI has higher volatility (5.12%) compared to FZROX (4.66%). In terms of maximum drawdown, FZROX dropped -34.96% vs DFAI's -27.44%.

Which has better risk-adjusted returns?

FZROX currently has the higher Sharpe Ratio (1.94 vs 1.63), 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.