FNILX vs SCHD
Fidelity ZERO Large Cap Index Fund vs Schwab US Dividend Equity ETF
Which is better, FNILX or SCHD?
Large Cap Growth against Large Cap Value.
FNILX has a lower expense ratio. FNILX led over 3Y, 5Y and the full window, SCHD over 1Y. FNILX is less concentrated, with 35.6% of the fund in its ten largest positions against 41.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FNILX | SCHD |
|---|---|---|
| Expense Ratio | 0.00%Best | 0.06% |
| AUM | - | $112.1B |
| Dividend Yield | 0.90% | 3.00% |
| Holdings | 508 | 103 |
| YTD Price Return | +12.02% | +21.46%Best |
| 1Y Price Return | +15.42% | +22.70%Best |
| 3Y Price Return (annualized) | +20.07%Best | +11.23% |
| 5Y Price Return (annualized) | +11.85%Best | +6.29% |
| Volatility (annualized) | 15.2%Tie | 15.2%Tie |
| Max Drawdown | -26.6% | -18.9%Best |
| $10,000 over 5 years | $17,506Best | $13,566 |
| Top 10 Weight | 35.6%Best | 41.8% |
| Fund Family | Fidelity Investments (US) | Charles Schwab Asset Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Value |
| Inception | Sep 13, 2018 | Oct 20, 2011 |
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for FNILX. Both funds are measured the same way, so the comparison holds. FNILX yields 0.90% and SCHD 3.00% on top.
Volatility and max drawdown are measured over the window both funds cover: Sep 20, 2021 to Sep 17, 2026 (5 years).
FNILX vs SCHD growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 5 years both funds cover. Prices exclude distributions, on both funds alike.
FNILX vs SCHD Performance
Fidelity ZERO Large Cap Index Fund (FNILX) is a mutual fund from Fidelity Investments (US) and Schwab US Dividend Equity ETF (SCHD) is an ETF from Charles Schwab Asset Management. Over the past year FNILX returned +15.42% while SCHD returned +22.70%. Year to date, FNILX is up 12.02% versus a gain of 21.46% for SCHD.
Over three years, FNILX compounded at +20.07% per year against +11.23% for SCHD; over five years the annualized figures are +11.85% and +6.29% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FNILX and SCHD have been equally volatile, both at 15.2% annualized.
The deepest peak-to-trough decline in our data was -26.6% for FNILX and -18.9% for SCHD. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.64. They move together some of the time, and apart the rest.
Fees and Cost Over Time
FNILX charges 0.00% per year while SCHD charges 0.06%. On a $10,000 position that is $0 vs $6 annually, a gap of $6 per year that compounds over a long holding period. On income, FNILX currently yields 0.90% against 3.00% for SCHD.
Structure and taxes
FNILX is a mutual fund and SCHD is an ETF. A mutual fund prices once a day at net asset value and may carry a purchase minimum. An ETF trades through the day at whatever the market pays for it.
In a taxable account the difference that usually matters is distributions. An ETF can meet redemptions in kind, so it rarely has to sell holdings and rarely passes a capital gain to the people who held it; a mutual fund that sells holdings to meet redemptions can distribute a realised gain at year end to everyone still in the fund, whether or not they sold anything themselves. In a tax-deferred account that difference largely disappears. Both are descriptions of how the two wrappers work, not a recommendation.
Tax-loss harvesting works on either wrapper.
Holdings Overlap
7.4% of FNILX's money is in holdings SCHD also owns. 94.3% of SCHD's money is in holdings FNILX also owns.
Most of SCHD is already inside FNILX. Owning both mostly buys the same companies twice.
The two holdings books were reported 62 days apart, FNILX as of Jun 30, 2026 and SCHD as of Aug 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
44 positions in common, counted across the 506 positions we hold weights for in FNILX and 100 in SCHD, against full books of 508 and 103.
What only one of them owns
Our book lists 55 positions for SCHD that do not appear in our book for FNILX (5.6% of the fund), and 445 for FNILX that do not appear in SCHD (91.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in FNILX | Weight in SCHD | Difference |
|---|---|---|---|
| MRKMerck & Company Inc | 0.48% | 4.77% | 4.29% |
| AMGNAmgen Inc. | 0.30% | 4.70% | 4.40% |
| ABTAbbott Laboratories | 0.24% | 4.69% | 4.45% |
| KOCoca Cola Co. | 0.48% | 4.17% | 3.69% |
| CVXChevron Corp | 0.47% | 4.02% | 3.55% |
| HDHome Depot Inc/The | 0.53% | 3.88% | 3.35% |
| UNHUnitedhealth Group Incorporated | 0.57% | 3.82% | 3.25% |
| PGProcter & Gamble Company | 0.52% | 3.83% | 3.31% |
| VZVerizon Communic | 0.27% | 3.97% | 3.70% |
| COPConocophillips Common Stock USD 0.01 | 0.19% | 3.94% | 3.75% |
94.3% of SCHD is already inside FNILX.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FNILX or SCHD?
FNILX has an expense ratio of 0.00% while SCHD charges 0.06%. FNILX is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, FNILX or SCHD?
Over the past year FNILX returned +15.42% vs +22.70% for SCHD, so SCHD leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FNILX or SCHD?
FNILX and SCHD have been equally volatile, both at 15.2% annualized. Worst drawdown: FNILX -26.6% vs SCHD -18.9%.
Should I hold both FNILX and SCHD?
FNILX and SCHD have a monthly-return correlation of 0.64, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between FNILX and SCHD?
94.3% of SCHD's money is in holdings FNILX also owns. 94.3% of SCHD's is in holdings FNILX also owns. They hold 44 positions in common, counted across the 506 positions we hold weights for in FNILX and 100 in SCHD.
Which pays a higher dividend, FNILX or SCHD?
FNILX yields 0.90% while SCHD yields 3.00%, so SCHD currently pays the higher dividend yield.
Is it better to hold FNILX or SCHD in a taxable account?
SCHD is an ETF and FNILX is a mutual fund. An ETF can meet redemptions in kind, so it rarely distributes a capital gain to the people holding it. A mutual fund that sells holdings to meet redemptions can pass a realised gain to every holder at year end. In a tax-deferred account that difference largely disappears. This is information, not a recommendation.
Is SCHD better than FNILX?
FNILX has a lower expense ratio. FNILX led over 3Y, 5Y and the full window, SCHD over 1Y. FNILX is less concentrated, with 35.6% of the fund in its ten largest positions against 41.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.