FZROX vs. VFFVX

Last updated Jun 4, 2026

FZROX (Fidelity ZERO Total Market Index Fund) and VFFVX (Vanguard Target Retirement 2055 Fund) are both mutual funds - FZROX is a Large Cap Blend Equities fund managed by Fidelity, while VFFVX is a Target Retirement Date fund managed by Vanguard. Over the past 5 years, FZROX returned 13.30%/yr vs 10.39%/yr for VFFVX. With a 0.96 correlation, they move nearly in lockstep. FZROX charges 0.00%/yr vs 0.08%/yr for VFFVX.

Performance

FZROX vs. VFFVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity ZERO Total Market Index Fund (FZROX) and Vanguard Target Retirement 2055 Fund (VFFVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FZROX having a 12.01% return and VFFVX slightly higher at 12.17%.

FZROX

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

VFFVX

• 1D: 0.37%
• 1M: 5.19%
• YTD: 12.17%
• 6M: 13.09%
• 1Y: 28.26%
• 3Y*: 19.73%
• 5Y*: 10.39%
• 10Y*: 11.96%

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

FZROX vs. VFFVX - 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%
VFFVX Vanguard Target Retirement 2055 Fund	12.17%	21.44%	14.50%	20.39%	-17.48%	16.44%	16.33%	24.98%	-9.75%

Correlation

The correlation between FZROX and VFFVX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 17, 2018	0.96

The correlation between FZROX and VFFVX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

FZROX vs. VFFVX — 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

VFFVX

VFFVX Risk / Return Rank: 71
VFFVX Sharpe Ratio Rank: 75
VFFVX Sortino Ratio Rank: 69
VFFVX Omega Ratio Rank: 67
VFFVX Calmar Ratio Rank: 69
VFFVX Martin Ratio Rank: 75

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. VFFVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Total Market Index Fund (FZROX) and Vanguard Target Retirement 2055 Fund (VFFVX). 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	VFFVX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.51	-0.04
Sortino ratio: Return per unit of downside risk	3.36	3.46	-0.10
Omega ratio: Gain probability vs. loss probability	1.45	1.46	-0.01
Calmar ratio: Return relative to maximum drawdown	3.39	3.21	+0.19
Martin ratio: Return relative to average drawdown	15.66	14.23	+1.43
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. VFFVX - Sharpe Ratio Comparison

The current FZROX Sharpe Ratio is 2.47, which is comparable to the VFFVX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of FZROX and VFFVX, 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	VFFVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.51	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.74	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.77	-0.04

Drawdowns

FZROX vs. VFFVX - Drawdown Comparison

The maximum FZROX drawdown since its inception was -34.96%, which is greater than VFFVX's maximum drawdown of -31.40%. Use the drawdown chart below to compare losses from any high point for FZROX and VFFVX.

Drawdown Indicators

	FZROX	VFFVX	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-31.40%	-3.56%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-8.93%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-19.38%	-14.52%	-4.86%
Max Drawdown (5Y) Largest decline over 5 years	-25.12%	-25.39%	+0.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.40%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.51%	-4.14%	-1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	2.01%	-0.09%

Volatility

FZROX vs. VFFVX - Volatility Comparison

The current volatility for Fidelity ZERO Total Market Index Fund (FZROX) is 2.99%, while Vanguard Target Retirement 2055 Fund (VFFVX) has a volatility of 3.37%. This indicates that FZROX experiences smaller price fluctuations and is considered to be less risky than VFFVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FZROX	VFFVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	3.37%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	9.22%	9.08%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	12.22%	11.42%	+0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.44%	14.18%	+3.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.13%	15.10%	+5.03%

FZROX vs. VFFVX - Expense Ratio Comparison

FZROX has a 0.00% expense ratio, which is lower than VFFVX's 0.08% 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. VFFVX - Dividend Comparison

FZROX's dividend yield for the trailing twelve months is around 0.91%, less than VFFVX's 1.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VFFVX Vanguard Target Retirement 2055 Fund	1.85%	2.08%	2.31%	2.18%	2.19%	10.03%	1.82%	2.15%	2.35%	1.83%	1.99%	1.98%

Frequently Asked Questions

Can I hold both FZROX and VFFVX in my portfolio?

With a correlation of 0.96, FZROX and VFFVX 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 VFFVX?

VFFVX has higher volatility (3.37%) compared to FZROX (2.99%). In terms of maximum drawdown, FZROX dropped -34.96% vs VFFVX's -31.40%.

Which has better risk-adjusted returns?

VFFVX currently has the higher Sharpe Ratio (2.51 vs 2.47), 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.