VOO vs. FZROX

Last updated Jun 16, 2026

VOO (Vanguard S&P 500 ETF) and FZROX (Fidelity ZERO Total Market Index Fund) are both funds - VOO is a S&P 500 fund tracking the S&P 500 Index, while FZROX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, VOO returned 13.93%/yr vs 12.45%/yr for FZROX. With a 0.99 correlation, they move nearly in lockstep. VOO charges 0.03%/yr vs 0.00%/yr for FZROX.

Performance

VOO vs. FZROX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 ETF (VOO) 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, VOO achieves a 10.99% return, which is significantly higher than FZROX's 9.69% return.

VOO

• 1D: 1.74%
• 1M: 2.12%
• YTD: 10.99%
• 6M: 11.51%
• 1Y: 27.95%
• 3Y*: 21.25%
• 5Y*: 13.93%
• 10Y*: 15.72%

FZROX

• 1D: 0.50%
• 1M: 1.05%
• YTD: 9.69%
• 6M: 10.01%
• 1Y: 26.41%
• 3Y*: 20.73%
• 5Y*: 12.45%
• 10Y*: —

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

VOO vs. FZROX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VOO Vanguard S&P 500 ETF	10.99%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-10.35%
FZROX Fidelity ZERO Total Market Index Fund	9.69%	17.23%	23.94%	26.20%	-19.21%	26.00%	20.51%	31.15%	-12.72%

Correlation

The correlation between VOO and FZROX is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.99

The correlation between VOO and FZROX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

VOO vs. FZROX — Risk / Return Rank

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

VOO

VOO Risk / Return Rank: 78
VOO Sharpe Ratio Rank: 80
VOO Sortino Ratio Rank: 78
VOO Omega Ratio Rank: 79
VOO Calmar Ratio Rank: 69
VOO Martin Ratio Rank: 81

FZROX

FZROX Risk / Return Rank: 65
FZROX Sharpe Ratio Rank: 62
FZROX Sortino Ratio Rank: 56
FZROX Omega Ratio Rank: 58
FZROX Calmar Ratio Rank: 69
FZROX Martin Ratio Rank: 79

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.

VOO vs. FZROX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) 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.

	VOO	FZROX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.96	+0.32
Sortino ratio: Return per unit of downside risk	3.07	2.66	+0.40
Omega ratio: Gain probability vs. loss probability	1.42	1.35	+0.06
Calmar ratio: Return relative to maximum drawdown	3.15	2.81	+0.34
Martin ratio: Return relative to average drawdown	14.25	12.64	+1.61

VOO vs. FZROX - Sharpe Ratio Comparison

The current VOO Sharpe Ratio is 2.28, which is comparable to the FZROX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of VOO 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.

Drawdowns

VOO vs. FZROX - Drawdown Comparison

The maximum VOO drawdown since its inception was -33.99%, roughly equal to the maximum FZROX drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for VOO and FZROX.

Drawdown Indicators

	VOO	FZROX	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-34.96%	+0.97%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-8.89%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-19.38%	+0.69%
Max Drawdown (5Y) Largest decline over 5 years	-24.52%	-25.12%	+0.60%
Max Drawdown (10Y) Largest decline over 10 years	-33.99%	—	—
Current Drawdown Current decline from peak	-0.63%	-2.08%	+1.45%
Average Drawdown Average peak-to-trough decline	-3.68%	-5.49%	+1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.98%	-0.01%

Volatility

VOO vs. FZROX - Volatility Comparison

Vanguard S&P 500 ETF (VOO) and Fidelity ZERO Total Market Index Fund (FZROX) have volatilities of 4.61% and 4.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOO	FZROX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	4.66%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	9.72%	9.97%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	12.34%	12.77%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	17.51%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	20.13%	-2.08%

VOO vs. FZROX - Expense Ratio Comparison

VOO has a 0.03% 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

VOO vs. FZROX - Dividend Comparison

VOO's dividend yield for the trailing twelve months is around 1.03%, more than FZROX's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FZROX Fidelity ZERO Total Market Index Fund	0.93%	1.02%	1.16%	1.36%	1.57%	1.25%	1.27%	1.51%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both VOO and FZROX in my portfolio?

With a correlation of 0.99, VOO 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, VOO or FZROX?

FZROX has higher volatility (4.66%) compared to VOO (4.61%). In terms of maximum drawdown, VOO dropped -33.99% vs FZROX's -34.96%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.28 vs 1.96), 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.