INDEX vs. FZROX

Last updated Jun 4, 2026

INDEX (Index Funds S&P 500 Equal Weight) and FZROX (Fidelity ZERO Total Market Index Fund) are both Large Cap Blend Equities funds from Fidelity. Over the past 5 years, INDEX returned 11.61%/yr vs 13.30%/yr for FZROX. Their correlation of 0.95 suggests significant overlap in exposure. INDEX charges 0.25%/yr vs 0.00%/yr for FZROX.

Performance

INDEX vs. FZROX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Index Funds S&P 500 Equal Weight (INDEX) and Fidelity ZERO Total Market Index Fund (FZROX). 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 INDEX having a 11.54% return and FZROX slightly higher at 12.01%.

INDEX

• 1D: 0.14%
• 1M: 5.79%
• YTD: 11.54%
• 6M: 11.59%
• 1Y: 28.87%
• 3Y*: 21.01%
• 5Y*: 11.61%
• 10Y*: 13.13%

FZROX

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

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

INDEX vs. FZROX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
INDEX Index Funds S&P 500 Equal Weight	11.54%	17.77%	24.73%	10.58%	-11.84%	29.10%	12.75%	28.98%	-12.22%
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%

Correlation

The correlation between INDEX and FZROX 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	0.96
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	0.95

The correlation between INDEX and FZROX has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.

Return for Risk

INDEX vs. FZROX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

INDEX

INDEX Risk / Return Rank: 73
INDEX Sharpe Ratio Rank: 76
INDEX Sortino Ratio Rank: 68
INDEX Omega Ratio Rank: 67
INDEX Calmar Ratio Rank: 73
INDEX Martin Ratio Rank: 83

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

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.

INDEX vs. FZROX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Index Funds S&P 500 Equal Weight (INDEX) and Fidelity ZERO Total Market Index Fund (FZROX). 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.

	INDEX	FZROX	Difference
Sharpe ratio: Return per unit of total volatility	2.52	2.47	+0.05
Sortino ratio: Return per unit of downside risk	3.43	3.36	+0.07
Omega ratio: Gain probability vs. loss probability	1.46	1.45	+0.01
Calmar ratio: Return relative to maximum drawdown	3.33	3.39	-0.06
Martin ratio: Return relative to average drawdown	15.62	15.66	-0.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INDEX vs. FZROX - Sharpe Ratio Comparison

The current INDEX Sharpe Ratio is 2.52, which is comparable to the FZROX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of INDEX and FZROX, 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

	INDEX	FZROX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	2.47	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.77	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.73	-0.10

Drawdowns

INDEX vs. FZROX - Drawdown Comparison

The maximum INDEX drawdown since its inception was -38.82%, which is greater than FZROX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for INDEX and FZROX.

Drawdown Indicators

	INDEX	FZROX	Difference
Max Drawdown Largest peak-to-trough decline	-38.82%	-34.96%	-3.86%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-8.89%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-19.38%	+0.63%
Max Drawdown (5Y) Largest decline over 5 years	-21.52%	-25.12%	+3.60%
Max Drawdown (10Y) Largest decline over 10 years	-38.82%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.63%	-5.51%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.92%	-0.02%

Volatility

INDEX vs. FZROX - Volatility Comparison

The current volatility for Index Funds S&P 500 Equal Weight (INDEX) is 2.83%, while Fidelity ZERO Total Market Index Fund (FZROX) has a volatility of 2.99%. This indicates that INDEX experiences smaller price fluctuations and is considered to be less risky than FZROX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDEX	FZROX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	2.99%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	8.96%	9.22%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	11.81%	12.22%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.76%	17.44%	-0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.65%	20.13%	-1.48%

INDEX vs. FZROX - Expense Ratio Comparison

INDEX has a 0.25% expense ratio, which is higher than FZROX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

INDEX vs. FZROX - Dividend Comparison

INDEX's dividend yield for the trailing twelve months is around 0.93%, more than FZROX's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
INDEX Index Funds S&P 500 Equal Weight	0.93%	1.04%	1.97%	1.56%	3.25%	1.81%	1.53%	1.61%	3.09%	1.15%

Frequently Asked Questions

Can I hold both INDEX and FZROX in my portfolio?

With a correlation of 0.99, INDEX and FZROX 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, INDEX or FZROX?

FZROX has higher volatility (2.99%) compared to INDEX (2.83%). In terms of maximum drawdown, INDEX dropped -38.82% vs FZROX's -34.96%.

Which has better risk-adjusted returns?

INDEX currently has the higher Sharpe Ratio (2.52 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.