FZROX vs. IEI
FZROX (Fidelity ZERO Total Market Index Fund) and IEI (iShares 3-7 Year Treasury Bond ETF) are both funds - FZROX is a Large Cap Blend Equities fund managed by Fidelity, while IEI is a Government Bonds fund tracking the ICE U.S. Treasury 3-7 Year Bond Index. Over the past 5 years, FZROX returned 12.34%/yr vs 0.21%/yr for IEI. At a correlation of -0.04, they often move in opposite directions. FZROX charges 0.00%/yr vs 0.15%/yr for IEI.
Performance
FZROX vs. IEI - Performance Comparison
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Returns By Period
In the year-to-date period, FZROX achieves a 9.14% return, which is significantly higher than IEI's -0.30% return.
FZROX
- 1D
- 1.90%
- 1M
- 0.00%
- YTD
- 9.14%
- 6M
- 9.23%
- 1Y
- 24.28%
- 3Y*
- 20.84%
- 5Y*
- 12.34%
- 10Y*
- —
IEI
- 1D
- -0.12%
- 1M
- -0.00%
- YTD
- -0.30%
- 6M
- -0.00%
- 1Y
- 2.97%
- 3Y*
- 3.77%
- 5Y*
- 0.21%
- 10Y*
- 1.24%
FZROX vs. IEI - 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% |
IEI iShares 3-7 Year Treasury Bond ETF | -0.30% | 6.96% | 1.81% | 4.42% | -9.51% | -2.54% | 6.95% | 5.71% | 2.08% |
Correlation
The correlation between FZROX and IEI is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018 | -0.04 |
The correlation between FZROX and IEI shifts across timeframes, from -0.04 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FZROX vs. IEI — Risk / Return Rank
FZROX
IEI
FZROX vs. IEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Total Market Index Fund (FZROX) and iShares 3-7 Year Treasury Bond ETF (IEI). 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 | IEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.17 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | 1.19 | +1.59 |
| Martin ratioReturn relative to average drawdown | 12.51 | 3.35 | +9.16 |
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Drawdowns
FZROX vs. IEI - Drawdown Comparison
The maximum FZROX drawdown since its inception was -34.96%, which is greater than IEI's maximum drawdown of -14.60%. Use the drawdown chart below to compare losses from any high point for FZROX and IEI.
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Drawdown Indicators
| FZROX | IEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -14.60% | -20.36% |
Max Drawdown (1Y)Largest decline over 1 year | -8.89% | -2.50% | -6.39% |
Max Drawdown (3Y)Largest decline over 3 years | -19.38% | -3.66% | -15.72% |
Max Drawdown (5Y)Largest decline over 5 years | -25.12% | -13.88% | -11.24% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.60% | — |
Current DrawdownCurrent decline from peak | -2.57% | -1.74% | -0.83% |
Average DrawdownAverage peak-to-trough decline | -5.50% | -2.67% | -2.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 0.89% | +1.08% |
Volatility
FZROX vs. IEI - Volatility Comparison
Fidelity ZERO Total Market Index Fund (FZROX) has a higher volatility of 4.66% compared to iShares 3-7 Year Treasury Bond ETF (IEI) at 0.98%. This indicates that FZROX's price experiences larger fluctuations and is considered to be riskier than IEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FZROX | IEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.66% | 0.98% | +3.68% |
Volatility (6M)Calculated over the trailing 6-month period | 9.98% | 2.18% | +7.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.76% | 3.00% | +9.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.51% | 4.78% | +12.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.14% | 3.93% | +16.21% |
FZROX vs. IEI - Expense Ratio Comparison
FZROX has a 0.00% expense ratio, which is lower than IEI's 0.15% 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. IEI - Dividend Comparison
FZROX's dividend yield for the trailing twelve months is around 0.94%, less than IEI's 3.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IEI iShares 3-7 Year Treasury Bond ETF | 3.64% | 3.48% | 3.18% | 2.36% | 1.37% | 0.73% | 1.12% | 2.01% | 1.95% | 1.51% | 1.33% | 1.39% |
Frequently Asked Questions
FZROX and IEI have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FZROX has higher volatility (4.66%) compared to IEI (0.98%). In terms of maximum drawdown, FZROX dropped -34.96% vs IEI's -14.60%.
FZROX currently has the higher Sharpe Ratio (1.94 vs 1.00), 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.
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