FSKAX vs FZROX
Fidelity Total Market Index Fund vs Fidelity ZERO Total Market Index Fund
Which is better, FSKAX or FZROX?
Nearly the same fund. FZROX costs less.
FZROX has a lower expense ratio. FSKAX led over 3Y, FZROX over 1Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.97. FSKAX is less concentrated, with 31.2% of the fund in its ten largest positions against 32.1%.
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 | FSKAX | FZROX |
|---|---|---|
| Expense Ratio | 0.02% | 0.00%Best |
| AUM | $99.4B | $3.1B |
| Dividend Yield | 0.92% | 0.90% |
| Holdings | 3,773 | 2,670 |
| YTD Price Return | +14.25% | +14.42%Best |
| 1Y Price Return | +15.73% | +15.94%Best |
| 3Y Price Return (annualized) | +21.34%Best | +21.31% |
| 5Y Price Return (annualized) | +11.34% | +11.53%Best |
| Volatility (annualized) | 15.8% | 15.2%Best |
| Max Drawdown | -26.0%Best | -26.9% |
| $10,000 over 5 years | $17,110 | $17,257Best |
| Top 10 Weight | 31.2%Best | 32.1% |
| Fund Family | Fidelity Investments (US) | Fidelity Investments (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 8, 2011 | Aug 2, 2018 |
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for FSKAX or FZROX. Both funds are measured the same way, so the comparison holds. FSKAX yields 0.92% and FZROX 0.90% on top.
Volatility and max drawdown are measured over the window both funds cover: Oct 11, 2021 to Oct 7, 2026 (5 years).
FSKAX vs FZROX 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.
FSKAX vs FZROX Performance
Fidelity Total Market Index Fund (FSKAX) is a mutual fund from Fidelity Investments (US) and Fidelity ZERO Total Market Index Fund (FZROX) is a mutual fund from Fidelity Investments (US). Over the past year FSKAX returned +15.73% while FZROX returned +15.94%. Year to date, FSKAX is up 14.25% versus a gain of 14.42% for FZROX.
Over three years, FSKAX compounded at +21.34% per year against +21.31% for FZROX; over five years the annualized figures are +11.34% and +11.53% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FSKAX has been the more volatile fund, with annualized monthly volatility of 15.8% compared with 15.2% for FZROX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -26.0% for FSKAX and -26.9% for FZROX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FSKAX charges 0.02% per year while FZROX charges 0.00%. On a $10,000 position that is $2 vs $0 annually, a gap of $2 per year that compounds over a long holding period. On income, FSKAX currently yields 0.92% against 0.90% for FZROX.
Holdings Overlap
95.6% of FSKAX's money is in holdings FZROX also owns. 95.2% of FZROX's money is in holdings FSKAX also owns.
Most of FSKAX is already inside FZROX. Owning both mostly buys the same companies twice.
The two holdings books were reported 122 days apart, FSKAX as of Feb 28, 2026 and FZROX as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
2,605 positions in common, counted across the 3,694 positions we hold weights for in FSKAX and 2,651 in FZROX, against full books of 3,773 and 2,670.
What only one of them owns
Our book lists 6 positions for FZROX that do not appear in our book for FSKAX (3.2% of the fund), and 16 for FSKAX that do not appear in FZROX (0.9%).
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 FSKAX | Weight in FZROX | Difference |
|---|---|---|---|
| NVDANvidia Corp | 6.46% | 6.67% | 0.21% |
| AAPLApple, Inc | 5.85% | 5.82% | 0.03% |
| MSFTMicrosoft Corp | 4.38% | 3.80% | 0.58% |
| AMZNAmazon.Com Inc | 3.06% | 3.19% | 0.13% |
| GOOGAlphabet Inc. C | 2.72% | 2.27% | 0.45% |
| AVGOBroadcom Inc | 2.26% | 2.46% | 0.20% |
| METAMeta Platforms Inc | 2.12% | 1.69% | 0.43% |
| TSLATesla Inc | 1.70% | 1.62% | 0.08% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 1.39% | 1.26% | 0.13% |
| LLYEli Lilly & Co. | 1.25% | 1.30% | 0.05% |
95.6% of FSKAX is already inside FZROX.
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, FSKAX or FZROX?
FSKAX has an expense ratio of 0.02% while FZROX charges 0.00%. FZROX is the cheaper option, by $2 a year on a $10,000 investment.
Which performed better, FSKAX or FZROX?
Over the past year FSKAX returned +15.73% vs +15.94% for FZROX, so FZROX leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FSKAX or FZROX?
FSKAX has been the more volatile fund at 15.8% annualized versus 15.2% for FZROX. Worst drawdown: FSKAX -26.0% vs FZROX -26.9%.
Should I hold both FSKAX and FZROX?
FSKAX and FZROX have a monthly-return correlation of 0.97, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between FSKAX and FZROX?
95.6% of FSKAX's money is in holdings FZROX also owns. 95.2% of FZROX's is in holdings FSKAX also owns. They hold 2,605 positions in common, counted across the 3,694 positions we hold weights for in FSKAX and 2,651 in FZROX.
Which pays a higher dividend, FSKAX or FZROX?
FSKAX yields 0.92% while FZROX yields 0.90%, so FSKAX currently pays the higher dividend yield.
Is FZROX better than FSKAX?
FZROX has a lower expense ratio. FSKAX led over 3Y, FZROX over 1Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.97. FSKAX is less concentrated, with 31.2% of the fund in its ten largest positions against 32.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.