FZROX vs. QQQM

Last updated Aug 5, 2026

FZROX (Fidelity ZERO Total Market Index Fund) and QQQM (Invesco NASDAQ 100 ETF) are both funds - FZROX is a Large Cap Blend Equities fund managed by Fidelity, while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 5 years, FZROX returned 12.28%/yr vs 15.15%/yr for QQQM. Their correlation of 0.91 means they have usually moved in the same direction. FZROX charges 0.00%/yr vs 0.15%/yr for QQQM.

Performance

FZROX vs. QQQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity ZERO Total Market Index Fund (FZROX) and Invesco NASDAQ 100 ETF (QQQM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FZROX achieves a 12.27% return, which is significantly lower than QQQM's 18.13% return.

FZROX

• 1D: 1.53%
• 1M: 1.38%
• 6M: 10.81%
• YTD: 12.27%
• 1Y: 21.86%
• 3Y*: 20.54%
• 5Y*: 12.28%
• 10Y*: —
• ALL TIME*: 14.26%

QQQM

• 1D: 3.39%
• 1M: 1.57%
• 6M: 17.72%
• YTD: 18.13%
• 1Y: 28.99%
• 3Y*: 25.64%
• 5Y*: 15.15%
• 10Y*: —
• ALL TIME*: 17.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FZROX Fidelity ZERO Total Market Index Fund	$0.00	$0.00	$0.00
QQQM Invesco NASDAQ 100 ETF	$1.11B	$953.12M	$1.21B

FZROX vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FZROX Fidelity ZERO Total Market Index Fund	12.27%	17.23%	23.94%	26.20%	-19.21%	26.00%	8.55%
QQQM Invesco NASDAQ 100 ETF	18.13%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.64%

Correlation

The correlation between FZROX and QQQM is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (All Time) Calculated using the full available price history since Oct 13, 2020	0.91

The correlation between FZROX and QQQM has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

FZROX vs. QQQM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FZROX

FZROX Risk / Return Rank: 76
FZROX Sharpe Ratio Rank: 74
FZROX Sortino Ratio Rank: 70
FZROX Omega Ratio Rank: 69
FZROX Calmar Ratio Rank: 78
FZROX Martin Ratio Rank: 86

QQQM

QQQM Risk / Return Rank: 56
QQQM Sharpe Ratio Rank: 55
QQQM Sortino Ratio Rank: 52
QQQM Omega Ratio Rank: 52
QQQM Calmar Ratio Rank: 62
QQQM Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FZROX vs. QQQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Total Market Index Fund (FZROX) and Invesco NASDAQ 100 ETF (QQQM). 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	QQQM	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.50	+0.31
Sortino ratio: Return per unit of downside risk	2.50	2.08	+0.43
Omega ratio: Gain probability vs. loss probability	1.32	1.26	+0.06
Calmar ratio: Return relative to maximum drawdown	2.69	2.43	+0.25
Martin ratio: Return relative to average drawdown	11.61	7.72	+3.89

FZROX vs. QQQM - Sharpe Ratio Comparison

The current FZROX Sharpe Ratio is 1.81, which is comparable to the QQQM Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of FZROX and QQQM, 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. QQQM - Drawdown Comparison

The maximum FZROX drawdown since its inception was -34.96%, roughly equal to the maximum QQQM drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for FZROX and QQQM.

Drawdown Indicators

	FZROX	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-35.04%	+0.08%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-11.96%	+3.07%
Max Drawdown (3Y) Largest decline over 3 years	-19.38%	-22.70%	+3.32%
Max Drawdown (5Y) Largest decline over 5 years	-25.12%	-35.04%	+9.92%
Current Drawdown Current decline from peak	0.00%	-2.88%	+2.88%
Average Drawdown Average peak-to-trough decline	-5.43%	-8.14%	+2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	3.76%	-1.71%

Volatility

FZROX vs. QQQM - Volatility Comparison

The current volatility for Fidelity ZERO Total Market Index Fund (FZROX) is 3.80%, while Invesco NASDAQ 100 ETF (QQQM) has a volatility of 7.59%. This indicates that FZROX experiences smaller price fluctuations and is considered to be less risky than QQQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZROX	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	7.59%	-3.79%
Volatility (6M) Calculated over the trailing 6-month period	10.43%	16.26%	-5.83%
Volatility (1Y) Calculated over the trailing 1-year period	13.18%	19.47%	-6.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.56%	22.81%	-5.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.03%	22.36%	-2.33%

FZROX vs. QQQM - Expense Ratio Comparison

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

FZROX's dividend yield for the trailing twelve months is around 0.91%, more than QQQM's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FZROX Fidelity ZERO Total Market Index Fund	0.91%	1.02%	1.16%	1.36%	1.57%	1.25%	1.27%	1.51%
QQQM Invesco NASDAQ 100 ETF	0.44%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%	0.00%

Frequently Asked Questions

Can I hold both FZROX and QQQM in my portfolio?

With a correlation of 0.91, FZROX and QQQM 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 QQQM?

QQQM has higher volatility (7.59%) compared to FZROX (3.80%). In terms of maximum drawdown, FZROX dropped -34.96% vs QQQM's -35.04%.

Which has better risk-adjusted returns?

FZROX currently has the higher Sharpe Ratio (1.81 vs 1.50), 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.