SPGM vs. FZROX

Last updated Jun 3, 2026

SPGM (SPDR Portfolio MSCI Global Stock Market ETF) and FZROX (Fidelity ZERO Total Market Index Fund) are both funds - SPGM is a Global Equities fund tracking the MSCI AC World IMI, while FZROX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, SPGM returned 11.84%/yr vs 13.14%/yr for FZROX. Their correlation of 0.94 suggests significant overlap in exposure. SPGM charges 0.09%/yr vs 0.00%/yr for FZROX.

Performance

SPGM vs. FZROX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio MSCI Global Stock Market ETF (SPGM) and Fidelity ZERO Total Market Index Fund (FZROX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPGM achieves a 13.86% return, which is significantly higher than FZROX's 11.76% return.

SPGM

• 1D: 0.46%
• 1M: 5.38%
• YTD: 13.86%
• 6M: 15.08%
• 1Y: 33.29%
• 3Y*: 21.82%
• 5Y*: 11.84%
• 10Y*: 13.05%

FZROX

• 1D: 0.27%
• 1M: 5.13%
• YTD: 11.76%
• 6M: 12.13%
• 1Y: 29.74%
• 3Y*: 22.40%
• 5Y*: 13.14%
• 10Y*: —

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

SPGM vs. FZROX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPGM SPDR Portfolio MSCI Global Stock Market ETF	13.86%	23.62%	16.75%	21.34%	-17.53%	21.13%	15.28%	26.58%	-10.83%
FZROX Fidelity ZERO Total Market Index Fund	11.76%	17.23%	23.94%	26.20%	-19.21%	26.00%	20.51%	31.15%	-12.72%

Correlation

The correlation between SPGM and FZROX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 17, 2018	0.94

The correlation between SPGM and FZROX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

SPGM vs. FZROX — Risk / Return Rank

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

SPGM

SPGM Risk / Return Rank: 78
SPGM Sharpe Ratio Rank: 79
SPGM Sortino Ratio Rank: 78
SPGM Omega Ratio Rank: 78
SPGM Calmar Ratio Rank: 71
SPGM Martin Ratio Rank: 81

FZROX

FZROX Risk / Return Rank: 72
FZROX Sharpe Ratio Rank: 73
FZROX Sortino Ratio Rank: 65
FZROX Omega Ratio Rank: 65
FZROX Calmar Ratio Rank: 75
FZROX Martin Ratio Rank: 83

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.

SPGM vs. FZROX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio MSCI Global Stock Market ETF (SPGM) 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.

	SPGM	FZROX	Difference
Sharpe ratio Return per unit of total volatility	2.60	2.49	+0.12
Sortino ratio Return per unit of downside risk	3.55	3.38	+0.17
Omega ratio Gain probability vs. loss probability	1.47	1.45	+0.03
Calmar ratio Return relative to maximum drawdown	3.59	3.40	+0.19
Martin ratio Return relative to average drawdown	16.27	15.73	+0.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPGM vs. FZROX - Sharpe Ratio Comparison

The current SPGM Sharpe Ratio is 2.60, which is comparable to the FZROX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of SPGM and FZROX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPGM	FZROX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	2.49	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.76	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.73	-0.06

Drawdowns

SPGM vs. FZROX - Drawdown Comparison

The maximum SPGM drawdown since its inception was -33.97%, roughly equal to the maximum FZROX drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for SPGM and FZROX.

Drawdown Indicators

	SPGM	FZROX	Difference
Max Drawdown Largest peak-to-trough decline	-33.97%	-34.96%	+0.99%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-8.89%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	-19.38%	+2.48%
Max Drawdown (5Y) Largest decline over 5 years	-25.93%	-25.12%	-0.81%
Max Drawdown (10Y) Largest decline over 10 years	-33.97%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.81%	-5.51%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	1.92%	+0.18%

Volatility

SPGM vs. FZROX - Volatility Comparison

SPDR Portfolio MSCI Global Stock Market ETF (SPGM) has a higher volatility of 3.82% compared to Fidelity ZERO Total Market Index Fund (FZROX) at 2.99%. This indicates that SPGM'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.

Volatility by Period

	SPGM	FZROX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	2.99%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	10.31%	9.23%	+1.08%
Volatility (1Y) Calculated over the trailing 1-year period	12.85%	12.25%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.02%	17.44%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.58%	20.14%	-2.56%

SPGM vs. FZROX - Expense Ratio Comparison

SPGM has a 0.09% expense ratio, which is higher than FZROX's 0.00% 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%.

Dividends

SPGM vs. FZROX - Dividend Comparison

SPGM's dividend yield for the trailing twelve months is around 1.78%, more than FZROX's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZROX Fidelity ZERO Total Market Index Fund	0.92%	1.02%	1.16%	1.36%	1.57%	1.25%	1.27%	1.51%	0.00%	0.00%	0.00%	0.00%
SPGM SPDR Portfolio MSCI Global Stock Market ETF	1.78%	1.89%	1.98%	2.09%	2.37%	1.94%	1.45%	2.46%	1.89%	2.29%	1.87%	3.70%

Frequently Asked Questions

Can I hold both SPGM and FZROX in my portfolio?

With a correlation of 0.96, SPGM and FZROX 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, SPGM or FZROX?

SPGM has higher volatility (3.82%) compared to FZROX (2.99%). In terms of maximum drawdown, SPGM dropped -33.97% vs FZROX's -34.96%.

Which has better risk-adjusted returns?

SPGM currently has the higher Sharpe Ratio (2.60 vs 2.49), 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.