IVVM vs. FXAIX

Last updated Aug 2, 2026

IVVM (iShares Large Cap Moderate Buffer ETF) and FXAIX (Fidelity 500 Index Fund) are both funds - IVVM is a Options Trading fund actively managed by iShares, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. IVVM is actively managed, while FXAIX is passively managed. Over the past 3 years, IVVM returned 13.47%/yr vs 19.03%/yr for FXAIX. Their correlation of 0.94 means they have usually moved in the same direction. IVVM charges 0.50%/yr vs 0.02%/yr for FXAIX.

Performance

IVVM vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Moderate Buffer ETF (IVVM) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVVM achieves a 6.70% return, which is significantly lower than FXAIX's 9.35% return.

IVVM

• 1D: 0.57%
• 1M: 0.51%
• 6M: 5.79%
• YTD: 6.70%
• 1Y: 14.40%
• 3Y*: 13.47%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.75%

FXAIX

• 1D: 1.66%
• 1M: -0.56%
• 6M: 7.79%
• YTD: 9.35%
• 1Y: 20.63%
• 3Y*: 19.03%
• 5Y*: 12.68%
• 10Y*: 15.00%
• ALL TIME*: 13.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FXAIX Fidelity 500 Index Fund	$0.00	$0.00	$0.00
IVVM iShares Large Cap Moderate Buffer ETF	$740.71K	$781.13K	$703.06K

IVVM vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IVVM iShares Large Cap Moderate Buffer ETF	6.70%	14.24%	16.08%	5.17%
FXAIX Fidelity 500 Index Fund	9.35%	17.84%	25.01%	9.37%

Correlation

The correlation between IVVM and FXAIX is 0.95, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023	0.94

The correlation between IVVM and FXAIX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

IVVM vs. FXAIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IVVM

IVVM Risk / Return Rank: 79
IVVM Sharpe Ratio Rank: 78
IVVM Sortino Ratio Rank: 79
IVVM Omega Ratio Rank: 82
IVVM Calmar Ratio Rank: 71
IVVM Martin Ratio Rank: 85

FXAIX

FXAIX Risk / Return Rank: 64
FXAIX Sharpe Ratio Rank: 61
FXAIX Sortino Ratio Rank: 58
FXAIX Omega Ratio Rank: 59
FXAIX Calmar Ratio Rank: 65
FXAIX Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IVVM vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Moderate Buffer ETF (IVVM) and Fidelity 500 Index Fund (FXAIX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IVVM	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.43	+0.35
Sortino ratio: Return per unit of downside risk	2.55	2.00	+0.55
Omega ratio: Gain probability vs. loss probability	1.35	1.26	+0.09
Calmar ratio: Return relative to maximum drawdown	2.49	2.06	+0.42
Martin ratio: Return relative to average drawdown	12.04	8.86	+3.18

IVVM vs. FXAIX - Sharpe Ratio Comparison

The current IVVM Sharpe Ratio is 1.78, which is comparable to the FXAIX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of IVVM and FXAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IVVM vs. FXAIX - Drawdown Comparison

The maximum IVVM drawdown since its inception was -11.62%, smaller than the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for IVVM and FXAIX.

Drawdown Indicators

	IVVM	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-11.62%	-33.79%	+22.17%
Max Drawdown (1Y) Largest decline over 1 year	-5.31%	-8.89%	+3.58%
Max Drawdown (3Y) Largest decline over 3 years	-11.62%	-18.76%	+7.14%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-0.40%	-2.11%	+1.71%
Average Drawdown Average peak-to-trough decline	-0.90%	-3.77%	+2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	2.07%	-0.97%

Volatility

IVVM vs. FXAIX - Volatility Comparison

The current volatility for iShares Large Cap Moderate Buffer ETF (IVVM) is 2.14%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 3.44%. This indicates that IVVM experiences smaller price fluctuations and is considered to be less risky than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVVM	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	3.44%	-1.30%
Volatility (6M) Calculated over the trailing 6-month period	5.77%	10.09%	-4.32%
Volatility (1Y) Calculated over the trailing 1-year period	7.42%	12.86%	-5.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.50%	17.03%	-7.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.50%	18.07%	-8.57%

IVVM vs. FXAIX - Expense Ratio Comparison

IVVM has a 0.50% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

IVVM vs. FXAIX - Dividend Comparison

IVVM's dividend yield for the trailing twelve months is around 0.64%, less than FXAIX's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.07%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
IVVM iShares Large Cap Moderate Buffer ETF	0.64%	0.68%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVVM and FXAIX in my portfolio?

With a correlation of 0.95, IVVM and FXAIX 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, IVVM or FXAIX?

FXAIX has higher volatility (3.44%) compared to IVVM (2.14%). In terms of maximum drawdown, IVVM dropped -11.62% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

IVVM currently has the higher Sharpe Ratio (1.78 vs 1.43), 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.