IYW vs. FZROX
IYW (iShares U.S. Technology ETF) and FZROX (Fidelity ZERO Total Market Index Fund) are both funds - IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index, while FZROX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, IYW returned 21.19%/yr vs 12.34%/yr for FZROX. Their correlation of 0.88 suggests significant overlap in exposure. IYW charges 0.38%/yr vs 0.00%/yr for FZROX.
Performance
IYW vs. FZROX - Performance Comparison
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Returns By Period
In the year-to-date period, IYW achieves a 22.66% return, which is significantly higher than FZROX's 9.14% return.
IYW
- 1D
- 0.61%
- 1M
- 1.73%
- YTD
- 22.66%
- 6M
- 23.40%
- 1Y
- 47.94%
- 3Y*
- 32.06%
- 5Y*
- 21.19%
- 10Y*
- 25.63%
FZROX
- 1D
- 1.90%
- 1M
- 0.00%
- YTD
- 9.14%
- 6M
- 9.23%
- 1Y
- 24.28%
- 3Y*
- 20.84%
- 5Y*
- 12.34%
- 10Y*
- —
IYW vs. FZROX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 22.66% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -14.38% |
FZROX Fidelity ZERO Total Market Index Fund | 9.14% | 17.23% | 23.94% | 26.20% | -19.21% | 26.00% | 20.51% | 31.15% | -12.72% |
Correlation
The correlation between IYW and FZROX 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 | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018 | 0.88 |
The correlation between IYW and FZROX has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.
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Return for Risk
IYW vs. FZROX — Risk / Return Rank
IYW
FZROX
IYW vs. FZROX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Technology ETF (IYW) 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.
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.
| IYW | FZROX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.35 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 2.78 | -0.08 |
| Martin ratioReturn relative to average drawdown | 8.68 | 12.51 | -3.83 |
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Drawdowns
IYW vs. FZROX - Drawdown Comparison
The maximum IYW drawdown since its inception was -81.90%, which is greater than FZROX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for IYW and FZROX.
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Drawdown Indicators
| IYW | FZROX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.90% | -34.96% | -46.94% |
Max Drawdown (1Y)Largest decline over 1 year | -17.81% | -8.89% | -8.92% |
Max Drawdown (3Y)Largest decline over 3 years | -26.47% | -19.38% | -7.09% |
Max Drawdown (5Y)Largest decline over 5 years | -39.44% | -25.12% | -14.32% |
Max Drawdown (10Y)Largest decline over 10 years | -39.44% | — | — |
Current DrawdownCurrent decline from peak | -5.81% | -2.57% | -3.24% |
Average DrawdownAverage peak-to-trough decline | -34.62% | -5.50% | -29.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.54% | 1.97% | +3.57% |
Volatility
IYW vs. FZROX - Volatility Comparison
iShares U.S. Technology ETF (IYW) has a higher volatility of 9.41% compared to Fidelity ZERO Total Market Index Fund (FZROX) at 4.66%. This indicates that IYW's price experiences larger fluctuations and is considered to be riskier than FZROX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IYW | FZROX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.41% | 4.66% | +4.75% |
Volatility (6M)Calculated over the trailing 6-month period | 17.67% | 9.98% | +7.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.47% | 12.76% | +8.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.07% | 17.51% | +8.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.20% | 20.14% | +5.06% |
IYW vs. FZROX - Expense Ratio Comparison
IYW has a 0.38% expense ratio, which is higher than FZROX's 0.00% expense ratio.
Dividends
IYW vs. FZROX - Dividend Comparison
IYW's dividend yield for the trailing twelve months is around 0.11%, less than FZROX's 0.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FZROX Fidelity ZERO Total Market Index Fund | 0.94% | 1.02% | 1.16% | 1.36% | 1.57% | 1.25% | 1.27% | 1.51% | 0.00% | 0.00% | 0.00% | 0.00% |
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
Frequently Asked Questions
IYW and FZROX 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.
IYW has higher volatility (9.41%) compared to FZROX (4.66%). In terms of maximum drawdown, IYW dropped -81.90% vs FZROX's -34.96%.
IYW currently has the higher Sharpe Ratio (2.24 vs 1.94), 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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