FZROX vs. FXNAX

Last updated Jun 4, 2026

FZROX (Fidelity ZERO Total Market Index Fund) and FXNAX (Fidelity U.S. Bond Index Fund) are both mutual funds - FZROX is a Large Cap Blend Equities fund managed by Fidelity, while FXNAX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Over the past 5 years, FZROX returned 13.30%/yr vs 0.12%/yr for FXNAX. At a 0.03 correlation, their price movements are largely independent. FZROX charges 0.00%/yr vs 0.03%/yr for FXNAX.

Performance

FZROX vs. FXNAX - Performance Comparison

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

Returns By Period

In the year-to-date period, FZROX achieves a 12.01% return, which is significantly higher than FXNAX's 0.40% return.

FZROX

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

FXNAX

• 1D: 0.00%
• 1M: 0.51%
• YTD: 0.40%
• 6M: 0.34%
• 1Y: 5.37%
• 3Y*: 4.02%
• 5Y*: 0.12%
• 10Y*: 1.51%

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

FZROX vs. FXNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FZROX Fidelity ZERO Total Market Index Fund	12.01%	17.23%	23.94%	26.20%	-19.21%	26.00%	20.51%	31.15%	-12.72%
FXNAX Fidelity U.S. Bond Index Fund	0.40%	7.14%	1.35%	5.82%	-13.55%	-2.10%	7.63%	8.50%	1.28%

Correlation

The correlation between FZROX and FXNAX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Aug 17, 2018	0.03

Over the past year, FZROX and FXNAX have become more correlated (0.24) than their long-term average of 0.03, meaning their price movements have been converging.

Return for Risk

FZROX vs. FXNAX — 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

FXNAX

FXNAX Risk / Return Rank: 23
FXNAX Sharpe Ratio Rank: 23
FXNAX Sortino Ratio Rank: 24
FXNAX Omega Ratio Rank: 22
FXNAX Calmar Ratio Rank: 24
FXNAX Martin Ratio Rank: 21

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. FXNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Total Market Index Fund (FZROX) and Fidelity U.S. Bond Index Fund (FXNAX). 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	FXNAX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	1.36	+1.11
Sortino ratio: Return per unit of downside risk	3.36	2.06	+1.30
Omega ratio: Gain probability vs. loss probability	1.45	1.24	+0.20
Calmar ratio: Return relative to maximum drawdown	3.39	1.83	+1.56
Martin ratio: Return relative to average drawdown	15.66	5.61	+10.05
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. FXNAX - Sharpe Ratio Comparison

The current FZROX Sharpe Ratio is 2.47, which is higher than the FXNAX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of FZROX and FXNAX, 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	FXNAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	1.36	+1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.02	+0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.30	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.45	+0.27

Drawdowns

FZROX vs. FXNAX - Drawdown Comparison

The maximum FZROX drawdown since its inception was -34.96%, which is greater than FXNAX's maximum drawdown of -19.51%. Use the drawdown chart below to compare losses from any high point for FZROX and FXNAX.

Drawdown Indicators

	FZROX	FXNAX	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-19.51%	-15.45%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-2.94%	-5.95%
Max Drawdown (3Y) Largest decline over 3 years	-19.38%	-6.16%	-13.22%
Max Drawdown (5Y) Largest decline over 5 years	-25.12%	-18.54%	-6.58%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.51%	—
Current Drawdown Current decline from peak	0.00%	-2.89%	+2.89%
Average Drawdown Average peak-to-trough decline	-5.51%	-3.87%	-1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	0.96%	+0.96%

Volatility

FZROX vs. FXNAX - Volatility Comparison

Fidelity ZERO Total Market Index Fund (FZROX) has a higher volatility of 2.99% compared to Fidelity U.S. Bond Index Fund (FXNAX) at 1.41%. This indicates that FZROX's price experiences larger fluctuations and is considered to be riskier than FXNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZROX	FXNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	1.41%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	9.22%	2.82%	+6.40%
Volatility (1Y) Calculated over the trailing 1-year period	12.22%	3.97%	+8.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	6.07%	+11.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.13%	5.01%	+15.12%

FZROX vs. FXNAX - Expense Ratio Comparison

FZROX has a 0.00% expense ratio, which is lower than FXNAX's 0.03% 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. FXNAX - Dividend Comparison

FZROX's dividend yield for the trailing twelve months is around 0.91%, less than FXNAX's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXNAX Fidelity U.S. Bond Index Fund	3.71%	3.58%	3.40%	3.15%	1.81%	1.74%	2.92%	2.68%	2.74%	2.57%	2.76%	2.52%
FZROX Fidelity ZERO Total Market Index Fund	0.91%	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 FXNAX in my portfolio?

FZROX and FXNAX have a correlation of 0.24, 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 FXNAX?

FZROX has higher volatility (2.99%) compared to FXNAX (1.41%). In terms of maximum drawdown, FZROX dropped -34.96% vs FXNAX's -19.51%.

Which has better risk-adjusted returns?

FZROX currently has the higher Sharpe Ratio (2.47 vs 1.36), 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.