IVV vs. FZROX
IVV (iShares Core S&P 500 ETF) and FZROX (Fidelity ZERO Total Market Index Fund) are both funds - IVV is a S&P 500 fund tracking the S&P 500 Index, while FZROX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, IVV returned 13.88%/yr vs 13.30%/yr for FZROX. With a 0.99 correlation, they move nearly in lockstep. IVV charges 0.03%/yr vs 0.00%/yr for FZROX.
Performance
IVV vs. FZROX - Performance Comparison
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Returns By Period
In the year-to-date period, IVV achieves a 10.85% return, which is significantly lower than FZROX's 12.01% return.
IVV
- 1D
- -0.76%
- 1M
- 4.97%
- YTD
- 10.85%
- 6M
- 10.87%
- 1Y
- 28.00%
- 3Y*
- 22.43%
- 5Y*
- 13.88%
- 10Y*
- 15.54%
FZROX
- 1D
- 0.23%
- 1M
- 5.79%
- YTD
- 12.01%
- 6M
- 11.92%
- 1Y
- 29.16%
- 3Y*
- 22.49%
- 5Y*
- 13.30%
- 10Y*
- —
IVV vs. FZROX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IVV iShares Core S&P 500 ETF | 10.85% | 17.85% | 24.93% | 26.31% | -18.16% | 28.76% | 18.40% | 31.07% | -11.07% |
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 IVV 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 | 0.98 |
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 IVV and FZROX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
IVV vs. FZROX — Risk / Return Rank
IVV
FZROX
IVV vs. FZROX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 ETF (IVV) 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.
| IVV | FZROX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.45 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.17 | 3.39 | -0.23 |
| Martin ratioReturn relative to average drawdown | 14.71 | 15.66 | -0.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IVV | FZROX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.39 | 2.47 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.83 | 0.77 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.86 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.73 | -0.27 |
Drawdowns
IVV vs. FZROX - Drawdown Comparison
The maximum IVV drawdown since its inception was -55.25%, which is greater than FZROX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for IVV and FZROX.
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Drawdown Indicators
| IVV | FZROX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.25% | -34.96% | -20.29% |
Max Drawdown (1Y)Largest decline over 1 year | -8.89% | -8.89% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -18.75% | -19.38% | +0.63% |
Max Drawdown (5Y)Largest decline over 5 years | -24.53% | -25.12% | +0.59% |
Max Drawdown (10Y)Largest decline over 10 years | -33.90% | — | — |
Current DrawdownCurrent decline from peak | -0.76% | 0.00% | -0.76% |
Average DrawdownAverage peak-to-trough decline | -10.78% | -5.51% | -5.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.91% | 1.92% | -0.01% |
Volatility
IVV vs. FZROX - Volatility Comparison
iShares Core S&P 500 ETF (IVV) and Fidelity ZERO Total Market Index Fund (FZROX) have volatilities of 2.87% and 2.99%, 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
| IVV | FZROX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 2.99% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 8.90% | 9.22% | -0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.80% | 12.22% | -0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.88% | 17.44% | -0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.05% | 20.13% | -2.08% |
IVV vs. FZROX - Expense Ratio Comparison
IVV has a 0.03% 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
IVV vs. FZROX - Dividend Comparison
IVV's dividend yield for the trailing twelve months is around 1.06%, more than FZROX's 0.91% 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% |
IVV iShares Core S&P 500 ETF | 1.06% | 1.17% | 1.30% | 1.44% | 1.66% | 1.20% | 1.57% | 1.85% | 2.21% | 1.75% | 2.01% | 2.27% |
Frequently Asked Questions
With a correlation of 0.99, IVV 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.
FZROX has higher volatility (2.99%) compared to IVV (2.87%). In terms of maximum drawdown, IVV dropped -55.25% vs FZROX's -34.96%.
FZROX currently has the higher Sharpe Ratio (2.47 vs 2.39), 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.
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