FXAIX vs FZROX
Fidelity 500 Index Fund vs Fidelity ZERO Total Market Index Fund
Which is better, FXAIX or FZROX?
Nearly the same fund. FZROX costs less.
FZROX has a lower expense ratio. FXAIX led over 3Y, 5Y and the full window, FZROX over 1Y. The two have moved almost in lockstep, correlation 0.97. FZROX is less concentrated, with 34.0% of the fund in its ten largest positions against 36.4%.
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 | FXAIX | FZROX |
|---|---|---|
| Expense Ratio | 0.02% | 0.00%Best |
| AUM | $594.0B | $3.1B |
| Dividend Yield | 1.06% | 0.93% |
| Holdings | 507 | 2,689 |
| YTD Price Return | +12.78% | +13.71%Best |
| 1Y Price Return | +18.73% | +18.92%Best |
| 3Y Price Return (annualized) | +19.76%Best | +19.69% |
| 5Y Price Return (annualized) | +11.33%Best | +10.65% |
| Volatility (annualized) | 15.4%Tie | 15.4%Tie |
| Max Drawdown | -25.4%Best | -26.9% |
| $10,000 over 5 years | $17,103Best | $16,587 |
| Top 10 Weight | 36.4% | 34.0%Best |
| Fund Family | Fidelity Investments (US) | Fidelity Investments (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | May 4, 2011 | Aug 2, 2018 |
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for FXAIX or FZROX. Both funds are measured the same way, so the comparison holds. FXAIX yields 1.06% and FZROX 0.93% on top.
Volatility and max drawdown are measured over the window both funds cover: Sep 7, 2021 to Sep 4, 2026 (5 years).
FXAIX 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.
FXAIX vs FZROX Performance
Fidelity 500 Index Fund (FXAIX) 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 FXAIX returned +18.73% while FZROX returned +18.92%. Year to date, FXAIX is up 12.78% versus a gain of 13.71% for FZROX.
Over three years, FXAIX compounded at +19.76% per year against +19.69% for FZROX; over five years the annualized figures are +11.33% and +10.65% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FXAIX and FZROX have been equally volatile, both at 15.4% annualized.
The deepest peak-to-trough decline in our data was -25.4% for FXAIX 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
FXAIX 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, FXAIX currently yields 1.06% against 0.93% for FZROX.
Holdings Overlap
98.5% of FXAIX's money is in holdings FZROX also owns. 86.9% of FZROX's money is in holdings FXAIX also owns.
Most of FXAIX is already inside FZROX. Owning both mostly buys the same companies twice.
The two holdings books were reported 61 days apart, FXAIX as of Jun 30, 2026 and FZROX as of Apr 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
496 positions in common, counted across the 507 positions we hold weights for in FXAIX and 2,672 in FZROX, against full books of 507 and 2,689.
What only one of them owns
Our book lists 661 positions for FZROX that do not appear in our book for FXAIX (11.2% of the fund), and 7 for FXAIX 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 FXAIX | Weight in FZROX | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.51% | 6.94% | 0.57% |
| AAPLApple, Inc | 6.59% | 5.70% | 0.89% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 4.30% | 4.33% | 0.03% |
| AMZNAmazon.Com Inc | 3.62% | 3.71% | 0.09% |
| GOOGLAlphabet Inc.Class A | 3.25% | 3.21% | 0.04% |
| AVGOBroadcom Inc | 2.77% | 2.83% | 0.06% |
| GOOGAlphabet Inc. C | 2.59% | 2.55% | 0.04% |
| METAMeta Platform Inc | 1.92% | 1.92% | 0.00% |
| TSLATesla Motors Inc | 1.84% | 1.54% | 0.30% |
| MUMicron Technology, Inc. | 2.02% | 0.83% | 1.19% |
98.5% of FXAIX 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, FXAIX or FZROX?
FXAIX 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, FXAIX or FZROX?
Over the past year FXAIX returned +18.73% vs +18.92% 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, FXAIX or FZROX?
FXAIX and FZROX have been equally volatile, both at 15.4% annualized. Worst drawdown: FXAIX -25.4% vs FZROX -26.9%.
Should I hold both FXAIX and FZROX?
FXAIX 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 FXAIX and FZROX?
98.5% of FXAIX's money is in holdings FZROX also owns. 86.9% of FZROX's is in holdings FXAIX also owns. They hold 496 positions in common, counted across the 507 positions we hold weights for in FXAIX and 2,672 in FZROX.
Which pays a higher dividend, FXAIX or FZROX?
FXAIX yields 1.06% while FZROX yields 0.93%, so FXAIX currently pays the higher dividend yield.
Is FZROX better than FXAIX?
FZROX has a lower expense ratio. FXAIX led over 3Y, 5Y and the full window, FZROX over 1Y. The two have moved almost in lockstep, correlation 0.97. FZROX is less concentrated, with 34.0% of the fund in its ten largest positions against 36.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.