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FZROX vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FZROX vs. SPY

Last updated Apr 11, 2026

FZROX (Fidelity ZERO Total Market Index Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds — FZROX is a Large Cap Blend Equities fund managed by Fidelity, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, FZROX returned 11.17%/yr vs 12.07%/yr for SPY. With a 0.99 correlation, they move nearly in lockstep. FZROX charges 0.00%/yr vs 0.09%/yr for SPY.

Performance

FZROX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity ZERO Total Market Index Fund (FZROX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FZROX achieves a 0.34% return, which is significantly higher than SPY's -0.09% return.

FZROX

1D
0.55%
1M
3.22%
YTD
0.34%
6M
4.90%
1Y
29.66%
3Y*
19.79%
5Y*
11.17%
10Y*
—

SPY

1D
-0.07%
1M
2.87%
YTD
-0.09%
6M
4.64%
1Y
28.71%
3Y*
19.89%
5Y*
12.07%
10Y*
14.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FZROX vs. SPY - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
FZROX
Fidelity ZERO Total Market Index Fund		0.34%17.23%23.94%26.20%-19.21%26.00%20.51%31.15%-12.72%
SPY
State Street SPDR S&P 500 ETF		-0.09%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-11.10%

Correlation

The correlation between FZROX and SPY is 0.99 — 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

0.99

Correlation (3Y)
Calculated over the trailing 3-year period

0.98

Correlation (5Y)
Calculated over the trailing 5-year period

0.99

Correlation (All Time)
Calculated using the full available price history since Aug 17, 2018

0.99

The correlation between FZROX and SPY has been stable across timeframes, ranging from 0.98 to 0.99 — a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity ZERO Total Market Index Fund

State Street SPDR S&P 500 ETF

Often compared with FZROX:
FZROX vs. FXAIXFZROX vs. VTIFZROX vs. FNILXFZROX vs. FSKAXFZROX vs. FZILXFZROX vs. VOOFZROX vs. FZIPX
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

FZROX vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FZROX
FZROX Risk / Return Rank: 5252
Overall Rank
FZROX Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
FZROX Sortino Ratio Rank: 2626
Sortino Ratio Rank
FZROX Omega Ratio Rank: 2727
Omega Ratio Rank
FZROX Calmar Ratio Rank: 8282
Calmar Ratio Rank
FZROX Martin Ratio Rank: 8888
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7070
Overall Rank
SPY Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6565
Sortino Ratio Rank
SPY Omega Ratio Rank: 6666
Omega Ratio Rank
SPY Calmar Ratio Rank: 7171
Calmar Ratio Rank
SPY Martin Ratio Rank: 8080
Martin Ratio Rank
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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Total Market Index Fund (FZROX) and State Street SPDR S&P 500 ETF (SPY). 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.

FZROXSPYDifference

Sharpe ratio

Return per unit of total volatility

1.95

2.35

-0.40

Sortino ratio

Return per unit of downside risk

2.67

3.26

-0.59

Omega ratio

Gain probability vs. loss probability

1.37

1.44

-0.07

Calmar ratio

Return relative to maximum drawdown

4.17

4.32

-0.15

Martin ratio

Return relative to average drawdown

18.46

18.78

-0.32

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. SPY - Sharpe Ratio Comparison

The current FZROX Sharpe Ratio is 1.95, which is comparable to the SPY Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of FZROX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FZROXSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.95

2.35

-0.40

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

0.71

-0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.81

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.66

0.57

+0.09

Drawdowns

FZROX vs. SPY - Drawdown Comparison

The maximum FZROX drawdown since its inception was -34.96%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FZROX and SPY.

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Drawdown Indicators

FZROXSPYDifference

Max Drawdown

Largest peak-to-trough decline

-34.96%

-55.19%

+20.23%

Max Drawdown (1Y)

Largest decline over 1 year

-8.89%

-8.88%

-0.01%

Max Drawdown (5Y)

Largest decline over 5 years

-25.12%

-24.50%

-0.62%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.72%

—

Current Drawdown

Current decline from peak

-1.94%

-2.04%

+0.10%

Average Drawdown

Average peak-to-trough decline

-5.61%

-9.09%

+3.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.01%

2.05%

-0.04%

Volatility

FZROX vs. SPY - Volatility Comparison

Fidelity ZERO Total Market Index Fund (FZROX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 5.85% and 5.74%, 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.

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Volatility by Period

FZROXSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.85%

5.74%

+0.11%

Volatility (6M)

Calculated over the trailing 6-month period

10.14%

9.82%

+0.32%

Volatility (1Y)

Calculated over the trailing 1-year period

17.02%

14.06%

+2.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.47%

17.08%

+0.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.27%

17.93%

+2.34%

FZROX vs. SPY - Expense Ratio Comparison

FZROX has a 0.00% expense ratio, which is lower than SPY's 0.09% 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. SPY - Dividend Comparison

FZROX's dividend yield for the trailing twelve months is around 1.02%, less than SPY's 1.09% yield.

TTM20252024202320222021202020192018201720162015
FZROX
Fidelity ZERO Total Market Index Fund		1.02%1.02%1.16%1.36%1.57%1.25%1.27%1.51%0.00%0.00%0.00%0.00%
SPY
State Street SPDR S&P 500 ETF		1.09%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%