FZROX vs. FNCMX

Last updated Jun 13, 2026

FZROX (Fidelity ZERO Total Market Index Fund) and FNCMX (Fidelity NASDAQ Composite Index Fund) are both mutual funds - FZROX is a Large Cap Blend Equities fund managed by Fidelity, while FNCMX is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Over the past 5 years, FZROX returned 12.34%/yr vs 13.84%/yr for FNCMX. Their correlation of 0.93 suggests significant overlap in exposure. FZROX charges 0.00%/yr vs 0.29%/yr for FNCMX.

Performance

FZROX vs. FNCMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity ZERO Total Market Index Fund (FZROX) and Fidelity NASDAQ Composite Index Fund (FNCMX). 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 FNCMX's 11.32% return.

FZROX

• 1D: 1.90%
• 1M: -0.77%
• YTD: 9.14%
• 6M: 9.23%
• 1Y: 25.78%
• 3Y*: 20.84%
• 5Y*: 12.34%
• 10Y*: —

FNCMX

• 1D: 2.55%
• 1M: -3.02%
• YTD: 11.32%
• 6M: 11.57%
• 1Y: 33.78%
• 3Y*: 25.17%
• 5Y*: 13.84%
• 10Y*: 19.10%

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

FZROX vs. FNCMX - 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%
FNCMX Fidelity NASDAQ Composite Index Fund	11.32%	21.11%	29.48%	45.13%	-32.40%	22.21%	44.57%	36.63%	-14.32%

Correlation

The correlation between FZROX and FNCMX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.93

The correlation between FZROX and FNCMX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

FZROX vs. FNCMX — 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

FNCMX

FNCMX Risk / Return Rank: 63
FNCMX Sharpe Ratio Rank: 69
FNCMX Sortino Ratio Rank: 61
FNCMX Omega Ratio Rank: 61
FNCMX Calmar Ratio Rank: 65
FNCMX Martin Ratio Rank: 61

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. FNCMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Total Market Index Fund (FZROX) and Fidelity NASDAQ Composite Index Fund (FNCMX). 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	FNCMX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.90	+0.03
Sortino ratio: Return per unit of downside risk	2.64	2.51	+0.13
Omega ratio: Gain probability vs. loss probability	1.35	1.33	+0.02
Calmar ratio: Return relative to maximum drawdown	2.78	2.50	+0.28
Martin ratio: Return relative to average drawdown	12.51	9.59	+2.93

FZROX vs. FNCMX - Sharpe Ratio Comparison

The current FZROX Sharpe Ratio is 1.94, which is comparable to the FNCMX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of FZROX and FNCMX, 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. FNCMX - Drawdown Comparison

The maximum FZROX drawdown since its inception was -34.96%, smaller than the maximum FNCMX drawdown of -55.08%. Use the drawdown chart below to compare losses from any high point for FZROX and FNCMX.

Drawdown Indicators

	FZROX	FNCMX	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-55.08%	+20.12%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-13.01%	+4.12%
Max Drawdown (3Y) Largest decline over 3 years	-19.38%	-24.20%	+4.82%
Max Drawdown (5Y) Largest decline over 5 years	-25.12%	-35.64%	+10.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.64%	—
Current Drawdown Current decline from peak	-2.57%	-4.71%	+2.14%
Average Drawdown Average peak-to-trough decline	-5.50%	-7.86%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	3.39%	-1.42%

Volatility

FZROX vs. FNCMX - Volatility Comparison

The current volatility for Fidelity ZERO Total Market Index Fund (FZROX) is 4.66%, while Fidelity NASDAQ Composite Index Fund (FNCMX) has a volatility of 6.59%. This indicates that FZROX experiences smaller price fluctuations and is considered to be less risky than FNCMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZROX	FNCMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	6.59%	-1.93%
Volatility (6M) Calculated over the trailing 6-month period	9.98%	13.35%	-3.37%
Volatility (1Y) Calculated over the trailing 1-year period	12.76%	17.08%	-4.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.51%	22.58%	-5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.14%	22.10%	-1.96%

FZROX vs. FNCMX - Expense Ratio Comparison

FZROX has a 0.00% expense ratio, which is lower than FNCMX's 0.29% expense ratio.

Dividends

FZROX vs. FNCMX - Dividend Comparison

FZROX's dividend yield for the trailing twelve months is around 0.94%, more than FNCMX's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNCMX Fidelity NASDAQ Composite Index Fund	0.46%	0.51%	0.61%	0.67%	0.88%	0.47%	0.67%	4.41%	1.93%	0.03%	1.01%	1.50%
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 FNCMX in my portfolio?

With a correlation of 0.94, FZROX and FNCMX 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 FNCMX?

FNCMX has higher volatility (6.59%) compared to FZROX (4.66%). In terms of maximum drawdown, FZROX dropped -34.96% vs FNCMX's -55.08%.

Which has better risk-adjusted returns?

FZROX currently has the higher Sharpe Ratio (1.94 vs 1.90), 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.