IWL vs. FZALX
IWL (iShares Russell Top 200 ETF) and FZALX (Fidelity Advisor Mega Cap Stock Fund Class Z) are both funds - IWL is a Large Cap Growth Equities fund tracking the Russell Top 200 Index, while FZALX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 10 years, IWL returned 16.38%/yr vs 16.71%/yr for FZALX. Their correlation of 0.91 suggests significant overlap in exposure. IWL charges 0.15%/yr vs 0.51%/yr for FZALX.
Performance
IWL vs. FZALX - Performance Comparison
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Returns By Period
In the year-to-date period, IWL achieves a 10.03% return, which is significantly lower than FZALX's 10.54% return. Both investments have delivered pretty close results over the past 10 years, with IWL having a 16.38% annualized return and FZALX not far ahead at 16.71%.
IWL
- 1D
- -0.83%
- 1M
- 5.18%
- YTD
- 10.03%
- 6M
- 10.03%
- 1Y
- 28.50%
- 3Y*
- 23.42%
- 5Y*
- 14.59%
- 10Y*
- 16.38%
FZALX
- 1D
- -0.32%
- 1M
- 3.44%
- YTD
- 10.54%
- 6M
- 12.47%
- 1Y
- 31.53%
- 3Y*
- 25.73%
- 5Y*
- 16.44%
- 10Y*
- 16.71%
IWL vs. FZALX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWL iShares Russell Top 200 ETF | 10.03% | 19.09% | 27.12% | 29.77% | -19.89% | 27.79% | 22.10% | 31.42% | -3.30% | 22.90% |
FZALX Fidelity Advisor Mega Cap Stock Fund Class Z | 10.54% | 27.07% | 26.13% | 26.63% | -8.89% | 26.44% | 13.06% | 31.25% | -7.31% | 18.01% |
Correlation
The correlation between IWL and FZALX is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 2013 | 0.91 |
The correlation between IWL and FZALX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
IWL vs. FZALX — Risk / Return Rank
IWL
FZALX
IWL vs. FZALX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 ETF (IWL) and Fidelity Advisor Mega Cap Stock Fund Class Z (FZALX). 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.
| IWL | FZALX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.49 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 3.61 | -0.70 |
| Martin ratioReturn relative to average drawdown | 12.92 | 16.39 | -3.46 |
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
| IWL | FZALX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.35 | 2.71 | -0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.85 | 0.99 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.91 | 0.92 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.88 | 0.86 | +0.02 |
Drawdowns
IWL vs. FZALX - Drawdown Comparison
The maximum IWL drawdown since its inception was -32.71%, smaller than the maximum FZALX drawdown of -35.23%. Use the drawdown chart below to compare losses from any high point for IWL and FZALX.
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Drawdown Indicators
| IWL | FZALX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.71% | -35.23% | +2.52% |
Max Drawdown (1Y)Largest decline over 1 year | -9.83% | -8.99% | -0.84% |
Max Drawdown (3Y)Largest decline over 3 years | -19.15% | -18.49% | -0.66% |
Max Drawdown (5Y)Largest decline over 5 years | -25.65% | -23.25% | -2.40% |
Max Drawdown (10Y)Largest decline over 10 years | -32.71% | -35.23% | +2.52% |
Current DrawdownCurrent decline from peak | -0.83% | -0.32% | -0.51% |
Average DrawdownAverage peak-to-trough decline | -3.88% | -3.78% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 1.98% | +0.23% |
Volatility
IWL vs. FZALX - Volatility Comparison
iShares Russell Top 200 ETF (IWL) has a higher volatility of 2.98% compared to Fidelity Advisor Mega Cap Stock Fund Class Z (FZALX) at 2.73%. This indicates that IWL's price experiences larger fluctuations and is considered to be riskier than FZALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWL | FZALX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.98% | 2.73% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 9.15% | 9.06% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.19% | 11.98% | +0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.17% | 16.70% | +0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.08% | 18.14% | -0.06% |
IWL vs. FZALX - Expense Ratio Comparison
IWL has a 0.15% expense ratio, which is lower than FZALX's 0.51% expense ratio.
Dividends
IWL vs. FZALX - Dividend Comparison
IWL's dividend yield for the trailing twelve months is around 0.82%, less than FZALX's 3.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FZALX Fidelity Advisor Mega Cap Stock Fund Class Z | 3.65% | 4.04% | 2.83% | 2.17% | 4.51% | 4.92% | 8.14% | 13.19% | 21.94% | 16.56% | 2.12% | 4.33% |
IWL iShares Russell Top 200 ETF | 0.82% | 0.90% | 1.04% | 1.30% | 1.54% | 1.12% | 1.30% | 1.96% | 1.93% | 1.69% | 1.96% | 2.14% |
Frequently Asked Questions
With a correlation of 0.94, IWL and FZALX 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.
IWL has higher volatility (2.98%) compared to FZALX (2.73%). In terms of maximum drawdown, IWL dropped -32.71% vs FZALX's -35.23%.
FZALX currently has the higher Sharpe Ratio (2.71 vs 2.35), 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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