IUS vs. FNILX

Last updated Jun 4, 2026

IUS (Invesco RAFI Strategic US ETF) and FNILX (Fidelity ZERO Large Cap Index Fund) are both Large Cap Blend Equities funds. Over the past 5 years, IUS returned 13.61%/yr vs 14.13%/yr for FNILX. Their correlation of 0.85 suggests significant overlap in exposure. IUS charges 0.19%/yr vs 0.00%/yr for FNILX.

Performance

IUS vs. FNILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco RAFI Strategic US ETF (IUS) and Fidelity ZERO Large Cap Index Fund (FNILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IUS achieves a 15.71% return, which is significantly higher than FNILX's 11.56% return.

IUS

• 1D: -0.07%
• 1M: 4.89%
• YTD: 15.71%
• 6M: 15.69%
• 1Y: 33.27%
• 3Y*: 20.93%
• 5Y*: 13.61%
• 10Y*: —

FNILX

• 1D: 0.26%
• 1M: 6.04%
• YTD: 11.56%
• 6M: 11.44%
• 1Y: 28.65%
• 3Y*: 23.01%
• 5Y*: 14.13%
• 10Y*: —

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

IUS vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IUS Invesco RAFI Strategic US ETF	15.71%	16.94%	16.51%	20.79%	-8.34%	32.17%	15.09%	29.34%	-13.42%
FNILX Fidelity ZERO Large Cap Index Fund	11.56%	17.81%	25.47%	27.45%	-19.37%	26.67%	21.13%	31.79%	-13.60%

Correlation

The correlation between IUS and FNILX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018	0.85

The correlation between IUS and FNILX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

IUS vs. FNILX — Risk / Return Rank

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

IUS

IUS Risk / Return Rank: 91
IUS Sharpe Ratio Rank: 91
IUS Sortino Ratio Rank: 92
IUS Omega Ratio Rank: 90
IUS Calmar Ratio Rank: 89
IUS Martin Ratio Rank: 92

FNILX

FNILX Risk / Return Rank: 71
FNILX Sharpe Ratio Rank: 73
FNILX Sortino Ratio Rank: 65
FNILX Omega Ratio Rank: 64
FNILX Calmar Ratio Rank: 72
FNILX Martin Ratio Rank: 80

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.

IUS vs. FNILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco RAFI Strategic US ETF (IUS) and Fidelity ZERO Large Cap Index Fund (FNILX). 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.

	IUS	FNILX	Difference
Sharpe ratio: Return per unit of total volatility	3.26	2.48	+0.78
Sortino ratio: Return per unit of downside risk	4.53	3.36	+1.17
Omega ratio: Gain probability vs. loss probability	1.60	1.45	+0.15
Calmar ratio: Return relative to maximum drawdown	5.44	3.28	+2.15
Martin ratio: Return relative to average drawdown	23.27	15.01	+8.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IUS vs. FNILX - Sharpe Ratio Comparison

The current IUS Sharpe Ratio is 3.26, which is higher than the FNILX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of IUS and FNILX, 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

	IUS	FNILX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.26	2.48	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.82	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.76	+0.09

Drawdowns

IUS vs. FNILX - Drawdown Comparison

The maximum IUS drawdown since its inception was -34.67%, roughly equal to the maximum FNILX drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for IUS and FNILX.

Drawdown Indicators

	IUS	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-34.67%	-33.76%	-0.91%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-9.01%	+2.86%
Max Drawdown (3Y) Largest decline over 3 years	-15.61%	-19.08%	+3.47%
Max Drawdown (5Y) Largest decline over 5 years	-18.72%	-25.40%	+6.68%
Current Drawdown Current decline from peak	-0.07%	0.00%	-0.07%
Average Drawdown Average peak-to-trough decline	-3.86%	-5.37%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.43%	1.97%	-0.54%

Volatility

IUS vs. FNILX - Volatility Comparison

The current volatility for Invesco RAFI Strategic US ETF (IUS) is 2.50%, while Fidelity ZERO Large Cap Index Fund (FNILX) has a volatility of 2.88%. This indicates that IUS experiences smaller price fluctuations and is considered to be less risky than FNILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IUS	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	2.88%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	7.41%	8.99%	-1.58%
Volatility (1Y) Calculated over the trailing 1-year period	10.26%	11.93%	-1.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.00%	17.25%	-2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	20.04%	-2.00%

IUS vs. FNILX - Expense Ratio Comparison

IUS has a 0.19% expense ratio, which is higher than FNILX'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

IUS vs. FNILX - Dividend Comparison

IUS's dividend yield for the trailing twelve months is around 1.28%, more than FNILX's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FNILX Fidelity ZERO Large Cap Index Fund	0.91%	1.01%	1.09%	1.34%	1.53%	0.95%	1.20%	1.17%	0.53%
IUS Invesco RAFI Strategic US ETF	1.28%	1.48%	1.52%	1.72%	1.78%	1.46%	1.74%	1.77%	0.73%

Frequently Asked Questions

Can I hold both IUS and FNILX in my portfolio?

IUS and FNILX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IUS or FNILX?

FNILX has higher volatility (2.88%) compared to IUS (2.50%). In terms of maximum drawdown, IUS dropped -34.67% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

IUS currently has the higher Sharpe Ratio (3.26 vs 2.48), 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.