NZAC vs. FXAIX

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) and Fidelity 500 Index Fund (FXAIX).

NZAC is a passively managed fund by State Street that tracks the performance of the MSCI ACWI Climate Paris Aligned Index. It was launched on Nov 25, 2014. FXAIX is a passively managed fund by Fidelity that tracks the performance of the S&P 500 Index. It was launched on Feb 17, 1988. Both NZAC and FXAIX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

NZAC vs. FXAIX - 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 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

NZAC vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF	-4.15%	20.55%	16.67%	23.22%	-19.77%	18.35%	17.21%	28.24%	-9.80%	22.93%
FXAIX Fidelity 500 Index Fund	-4.34%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%

Returns By Period

The year-to-date returns for both stocks are quite close, with NZAC having a -4.15% return and FXAIX slightly lower at -4.34%. Over the past 10 years, NZAC has underperformed FXAIX with an annualized return of 10.95%, while FXAIX has yielded a comparatively higher 14.08% annualized return.

NZAC

• 1D: 1.14%
• 1M: -4.38%
• YTD: -4.15%
• 6M: -2.11%
• 1Y: 18.02%
• 3Y*: 15.48%
• 5Y*: 8.30%
• 10Y*: 10.95%

FXAIX

• 1D: 2.92%
• 1M: -5.02%
• YTD: -4.34%
• 6M: -2.14%
• 1Y: 17.32%
• 3Y*: 18.30%
• 5Y*: 11.79%
• 10Y*: 14.08%

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

NZAC vs. FXAIX - Expense Ratio Comparison

NZAC has a 0.12% expense ratio, which is higher than FXAIX's 0.02% 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%.

NZAC

SPDR MSCI ACWI Climate Paris Aligned ETF

FXAIX

Fidelity 500 Index Fund

Return for Risk

NZAC vs. FXAIX — Risk / Return Rank

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

NZAC

NZAC Risk / Return Rank: 60
NZAC Sharpe Ratio Rank: 54
NZAC Sortino Ratio Rank: 59
NZAC Omega Ratio Rank: 58
NZAC Calmar Ratio Rank: 63
NZAC Martin Ratio Rank: 66

FXAIX

FXAIX Risk / Return Rank: 60
FXAIX Sharpe Ratio Rank: 48
FXAIX Sortino Ratio Rank: 53
FXAIX Omega Ratio Rank: 56
FXAIX Calmar Ratio Rank: 64
FXAIX Martin Ratio Rank: 76

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. FXAIX - 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 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.

	NZAC	FXAIX	Difference
Sharpe ratio Return per unit of total volatility	1.01	0.97	+0.03
Sortino ratio Return per unit of downside risk	1.57	1.49	+0.08
Omega ratio Gain probability vs. loss probability	1.23	1.23	0.00
Calmar ratio Return relative to maximum drawdown	1.71	1.52	+0.19
Martin ratio Return relative to average drawdown	7.14	7.30	-0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NZAC vs. FXAIX - Sharpe Ratio Comparison

The current NZAC Sharpe Ratio is 1.01, which is comparable to the FXAIX Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of NZAC and FXAIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NZAC	FXAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	0.97	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.70	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.78	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.76	-0.21

Correlation

The correlation between NZAC and FXAIX is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

NZAC vs. FXAIX - Dividend Comparison

NZAC's dividend yield for the trailing twelve months is around 1.98%, more than FXAIX's 1.16% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF	1.98%	1.90%	1.88%	1.65%	1.81%	1.62%	1.59%	2.17%	2.53%	2.20%	2.00%	2.40%
FXAIX Fidelity 500 Index Fund	1.16%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%

Drawdowns

NZAC vs. FXAIX - Drawdown Comparison

The maximum NZAC drawdown since its inception was -33.72%, roughly equal to the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for NZAC and FXAIX.

Drawdown Indicators

	NZAC	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.72%	-33.79%	+0.07%
Max Drawdown (1Y) Largest decline over 1 year	-10.85%	-12.13%	+1.28%
Max Drawdown (5Y) Largest decline over 5 years	-28.31%	-24.50%	-3.81%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-33.79%	+0.07%
Current Drawdown Current decline from peak	-6.21%	-6.23%	+0.02%
Average Drawdown Average peak-to-trough decline	-5.39%	-3.83%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.53%	+0.07%

Volatility

NZAC vs. FXAIX - Volatility Comparison

SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) has a higher volatility of 6.20% compared to Fidelity 500 Index Fund (FXAIX) at 5.34%. This indicates that NZAC's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NZAC	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	5.34%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	10.12%	9.53%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	17.94%	18.32%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	16.92%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.09%	18.05%	-0.96%