NZAC vs. FSST

Last updated Jul 17, 2026

NZAC (SPDR MSCI ACWI Climate Paris Aligned ETF) and FSST (Fidelity Sustainability U.S. Equity ETF) are both exchange-traded funds - NZAC is a Global Equities fund tracking the MSCI ACWI Climate Paris Aligned Index, while FSST is a Sustainable fund tracking the Russell 3000. Both are passively managed. Their correlation of 0.83 suggests significant overlap in exposure. NZAC charges 0.12%/yr vs 0.59%/yr for FSST.

Performance

NZAC vs. FSST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) and Fidelity Sustainability U.S. Equity ETF (FSST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NZAC

• 1D: -0.76%
• 1M: -0.61%
• 6M: 6.08%
• YTD: 7.28%
• 1Y: 18.06%
• 3Y*: 16.58%
• 5Y*: 9.54%
• 10Y*: 11.76%

FSST

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NZAC vs. FSST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF	7.28%	20.55%	16.67%	23.22%	-19.77%	6.12%
FSST Fidelity Sustainability U.S. Equity ETF	0.00%	15.40%	21.40%	25.49%	-18.30%	12.52%

Correlation

The correlation between NZAC and FSST is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jun 17, 2021	0.83

Over the past year, the correlation between NZAC and FSST has dropped to 0.38 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

Return for Risk

NZAC vs. FSST — Risk / Return Rank

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

NZAC

NZAC Risk / Return Rank: 47
NZAC Sharpe Ratio Rank: 46
NZAC Sortino Ratio Rank: 45
NZAC Omega Ratio Rank: 44
NZAC Calmar Ratio Rank: 43
NZAC Martin Ratio Rank: 54

FSST

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

NZAC vs. FSST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) and Fidelity Sustainability U.S. Equity ETF (FSST). 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.

	NZAC	FSST	Difference
Sharpe ratio: Return per unit of total volatility	1.32	—	—
Sortino ratio: Return per unit of downside risk	1.88	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	1.80	—	—
Martin ratio: Return relative to average drawdown	7.32	—	—

Drawdowns

Drawdown Indicators

	NZAC	FSST	Difference
Max Drawdown Largest peak-to-trough decline	-33.72%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.19%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.31%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	—	—
Current Drawdown Current decline from peak	-2.23%	—	—
Average Drawdown Average peak-to-trough decline	-5.29%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	—	—

Volatility

Volatility by Period

	NZAC	FSST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.75%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	—	—

NZAC vs. FSST - Expense Ratio Comparison

NZAC has a 0.12% expense ratio, which is lower than FSST's 0.59% expense ratio.

Dividends

NZAC vs. FSST - Dividend Comparison

NZAC's dividend yield for the trailing twelve months is around 2.07%, while FSST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSST Fidelity Sustainability U.S. Equity ETF	0.10%	0.19%	2.01%	0.68%	1.00%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF	2.07%	1.90%	1.88%	1.65%	1.81%	1.62%	1.59%	2.17%	2.53%	2.20%	2.00%	2.40%

Frequently Asked Questions

Can I hold both NZAC and FSST in my portfolio?

NZAC and FSST have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NZAC or FSST?

On fees, NZAC is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NZAC or FSST?

NZAC is cheaper with a 0.12% expense ratio, compared with 0.59% for FSST.

Which ETF pays a higher dividend yield, NZAC or FSST?

NZAC has the higher dividend yield at 2.07%, compared with 0.10% for FSST.

What is the main difference between NZAC and FSST?

NZAC is categorized as Global Equities, while FSST is Sustainable. NZAC tracks MSCI ACWI Climate Paris Aligned Index, while FSST tracks Russell 3000. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.12% for NZAC and 0.59% for FSST.