FZROX vs. FCFMX

Last updated Jun 4, 2026

FZROX (Fidelity ZERO Total Market Index Fund) and FCFMX (Fidelity Series Total Market Index Fund) are both Large Cap Blend Equities funds from Fidelity. Over the past 5 years, FZROX returned 13.30%/yr vs 13.16%/yr for FCFMX. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.00% expense ratio.

Performance

FZROX vs. FCFMX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with FZROX having a 12.01% return and FCFMX slightly higher at 12.09%.

FZROX

• 1D: 0.23%
• 1M: 5.79%
• YTD: 12.01%
• 6M: 11.92%
• 1Y: 29.16%
• 3Y*: 22.49%
• 5Y*: 13.30%
• 10Y*: —

FCFMX

• 1D: 0.24%
• 1M: 5.84%
• YTD: 12.09%
• 6M: 11.99%
• 1Y: 29.15%
• 3Y*: 22.56%
• 5Y*: 13.16%
• 10Y*: —

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

FZROX vs. FCFMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FZROX Fidelity ZERO Total Market Index Fund	12.01%	17.23%	23.94%	26.20%	-19.21%	26.00%	20.51%	10.82%
FCFMX Fidelity Series Total Market Index Fund	12.09%	17.43%	23.92%	26.15%	-19.53%	25.64%	20.81%	10.60%

Correlation

The correlation between FZROX and FCFMX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Apr 29, 2019	0.99

The correlation between FZROX and FCFMX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

FZROX vs. FCFMX — 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: 72
FZROX Sortino Ratio Rank: 65
FZROX Omega Ratio Rank: 63
FZROX Calmar Ratio Rank: 75
FZROX Martin Ratio Rank: 83

FCFMX

FCFMX Risk / Return Rank: 71
FCFMX Sharpe Ratio Rank: 71
FCFMX Sortino Ratio Rank: 64
FCFMX Omega Ratio Rank: 63
FCFMX Calmar Ratio Rank: 75
FCFMX Martin Ratio Rank: 82

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. FCFMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Total Market Index Fund (FZROX) and Fidelity Series Total Market Index Fund (FCFMX). 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	FCFMX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.46	+0.01
Sortino ratio: Return per unit of downside risk	3.36	3.34	+0.02
Omega ratio: Gain probability vs. loss probability	1.45	1.44	0.00
Calmar ratio: Return relative to maximum drawdown	3.39	3.39	0.00
Martin ratio: Return relative to average drawdown	15.66	15.56	+0.10
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. FCFMX - Sharpe Ratio Comparison

The current FZROX Sharpe Ratio is 2.47, which is comparable to the FCFMX Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of FZROX and FCFMX, 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	FCFMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.46	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.76	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.76	-0.04

Drawdowns

FZROX vs. FCFMX - Drawdown Comparison

The maximum FZROX drawdown since its inception was -34.96%, roughly equal to the maximum FCFMX drawdown of -34.99%. Use the drawdown chart below to compare losses from any high point for FZROX and FCFMX.

Drawdown Indicators

	FZROX	FCFMX	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-34.99%	+0.03%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-8.89%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-19.38%	-19.41%	+0.03%
Max Drawdown (5Y) Largest decline over 5 years	-25.12%	-25.34%	+0.22%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.51%	-5.57%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.93%	-0.01%

Volatility

FZROX vs. FCFMX - Volatility Comparison

Fidelity ZERO Total Market Index Fund (FZROX) and Fidelity Series Total Market Index Fund (FCFMX) have volatilities of 2.99% and 2.97%, 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	FCFMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	2.97%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	9.22%	9.23%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	12.22%	12.27%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	17.42%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.13%	20.41%	-0.28%

FZROX vs. FCFMX - Expense Ratio Comparison

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

FZROX's dividend yield for the trailing twelve months is around 0.91%, less than FCFMX's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FCFMX Fidelity Series Total Market Index Fund	1.00%	1.41%	1.27%	1.45%	1.78%	1.56%	1.88%	1.35%
FZROX Fidelity ZERO Total Market Index Fund	0.91%	1.02%	1.16%	1.36%	1.57%	1.25%	1.27%	1.51%

Frequently Asked Questions

Can I hold both FZROX and FCFMX in my portfolio?

With a correlation of 1.00, FZROX and FCFMX 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, FZROX or FCFMX?

FZROX has higher volatility (2.99%) compared to FCFMX (2.97%). In terms of maximum drawdown, FZROX dropped -34.96% vs FCFMX's -34.99%.

Which has better risk-adjusted returns?

FZROX currently has the higher Sharpe Ratio (2.47 vs 2.46), 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.