FZROX vs. FAGIX

Last updated Jun 13, 2026

FZROX (Fidelity ZERO Total Market Index Fund) and FAGIX (Fidelity Capital & Income Fund) are both mutual funds - FZROX is a Large Cap Blend Equities fund managed by Fidelity, while FAGIX is a High Yield Bonds fund actively managed by Fidelity. Over the past 5 years, FZROX returned 12.34%/yr vs 6.75%/yr for FAGIX. Their correlation of 0.82 suggests significant overlap in exposure. FZROX charges 0.00%/yr vs 0.67%/yr for FAGIX.

Performance

FZROX vs. FAGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity ZERO Total Market Index Fund (FZROX) and Fidelity Capital & Income Fund (FAGIX). 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 higher than FAGIX's 7.40% return.

FZROX

• 1D: 1.90%
• 1M: 0.00%
• YTD: 9.14%
• 6M: 9.23%
• 1Y: 24.28%
• 3Y*: 20.84%
• 5Y*: 12.34%
• 10Y*: —

FAGIX

• 1D: 1.15%
• 1M: 0.25%
• YTD: 7.40%
• 6M: 7.95%
• 1Y: 16.73%
• 3Y*: 12.87%
• 5Y*: 6.75%
• 10Y*: 8.03%

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

FZROX vs. FAGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FZROX Fidelity ZERO Total Market Index Fund	9.14%	17.23%	23.94%	26.20%	-19.21%	26.00%	20.51%	31.15%	-12.72%
FAGIX Fidelity Capital & Income Fund	7.40%	12.38%	10.69%	13.02%	-11.50%	11.13%	9.95%	18.96%	-6.47%

Correlation

The correlation between FZROX and FAGIX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.82

The correlation between FZROX and FAGIX has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

Return for Risk

FZROX vs. FAGIX — 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

FAGIX

FAGIX Risk / Return Rank: 91
FAGIX Sharpe Ratio Rank: 91
FAGIX Sortino Ratio Rank: 88
FAGIX Omega Ratio Rank: 87
FAGIX Calmar Ratio Rank: 95
FAGIX Martin Ratio Rank: 96

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. FAGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Total Market Index Fund (FZROX) and Fidelity Capital & Income Fund (FAGIX). 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	FAGIX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.63	-0.69
Sortino ratio: Return per unit of downside risk	2.64	3.75	-1.12
Omega ratio: Gain probability vs. loss probability	1.35	1.52	-0.17
Calmar ratio: Return relative to maximum drawdown	2.78	4.85	-2.07
Martin ratio: Return relative to average drawdown	12.51	19.86	-7.35

FZROX vs. FAGIX - Sharpe Ratio Comparison

The current FZROX Sharpe Ratio is 1.94, which is comparable to the FAGIX Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of FZROX and FAGIX, 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. FAGIX - Drawdown Comparison

The maximum FZROX drawdown since its inception was -34.96%, smaller than the maximum FAGIX drawdown of -37.97%. Use the drawdown chart below to compare losses from any high point for FZROX and FAGIX.

Drawdown Indicators

	FZROX	FAGIX	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-37.97%	+3.01%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-3.49%	-5.40%
Max Drawdown (3Y) Largest decline over 3 years	-19.38%	-7.26%	-12.12%
Max Drawdown (5Y) Largest decline over 5 years	-25.12%	-15.42%	-9.70%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.45%	—
Current Drawdown Current decline from peak	-2.57%	-1.04%	-1.53%
Average Drawdown Average peak-to-trough decline	-5.50%	-6.98%	+1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	0.85%	+1.12%

Volatility

FZROX vs. FAGIX - Volatility Comparison

Fidelity ZERO Total Market Index Fund (FZROX) has a higher volatility of 4.66% compared to Fidelity Capital & Income Fund (FAGIX) at 2.71%. This indicates that FZROX's price experiences larger fluctuations and is considered to be riskier than FAGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZROX	FAGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	2.71%	+1.95%
Volatility (6M) Calculated over the trailing 6-month period	9.98%	5.30%	+4.68%
Volatility (1Y) Calculated over the trailing 1-year period	12.76%	6.42%	+6.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.51%	6.66%	+10.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.14%	7.84%	+12.30%

FZROX vs. FAGIX - Expense Ratio Comparison

FZROX has a 0.00% expense ratio, which is lower than FAGIX's 0.67% expense ratio.

Dividends

FZROX vs. FAGIX - Dividend Comparison

FZROX's dividend yield for the trailing twelve months is around 0.94%, less than FAGIX's 4.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAGIX Fidelity Capital & Income Fund	4.47%	4.74%	5.02%	5.28%	10.25%	6.08%	4.59%	5.00%	5.67%	5.05%	4.57%	4.51%
FZROX Fidelity ZERO Total Market Index Fund	0.94%	1.02%	1.16%	1.36%	1.57%	1.25%	1.27%	1.51%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FZROX and FAGIX in my portfolio?

FZROX and FAGIX have a correlation of 0.87, 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 FAGIX?

FZROX has higher volatility (4.66%) compared to FAGIX (2.71%). In terms of maximum drawdown, FZROX dropped -34.96% vs FAGIX's -37.97%.

Which has better risk-adjusted returns?

FAGIX currently has the higher Sharpe Ratio (2.63 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.