FZILX vs QQQ
Fidelity ZERO International Index Fund vs Invesco QQQ Trust, Series 1
Which is better, FZILX or QQQ?
Large Cap Blend against Large Cap Growth.
FZILX has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. FZILX is less concentrated, with 14.9% of the fund in its ten largest positions against 47.2%.
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 | FZILX | QQQ |
|---|---|---|
| Expense Ratio | 0.00%Best | 0.18% |
| AUM | $13.0B | $498.6B |
| Dividend Yield | 2.27% | 0.42% |
| Holdings | 2,172 | 321 |
| YTD Price Return | +12.73% | +22.26%Best |
| 1Y Price Return | +15.84% | +23.75%Best |
| 3Y Price Return (annualized) | +17.66% | +28.32%Best |
| 5Y Price Return (annualized) | +7.07% | +16.30%Best |
| Volatility (annualized) | 15.3%Best | 20.7% |
| Max Drawdown | -32.3%Best | -35.6% |
| $10,000 over 5 years | $14,071 | $21,276Best |
| Top 10 Weight | 14.9%Best | 47.2% |
| Fund Family | Fidelity Investments (US) | Invesco (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Growth |
| Inception | Aug 2, 2018 | Mar 10, 1999 |
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for FZILX. Both funds are measured the same way, so the comparison holds. FZILX yields 2.27% and QQQ 0.42% on top.
Volatility and max drawdown are measured over the window both funds cover: Oct 4, 2021 to Oct 1, 2026 (5 years).
FZILX vs QQQ 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.
FZILX vs QQQ Performance
Fidelity ZERO International Index Fund (FZILX) is a mutual fund from Fidelity Investments (US) and Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US). Over the past year FZILX returned +15.84% while QQQ returned +23.75%. Year to date, FZILX is up 12.73% versus a gain of 22.26% for QQQ.
Over three years, FZILX compounded at +17.66% per year against +28.32% for QQQ; over five years the annualized figures are +7.07% and +16.30% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 20.7% compared with 15.3% for FZILX. 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 -32.3% for FZILX and -35.6% for QQQ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.66. They move together some of the time, and apart the rest.
Fees and Cost Over Time
FZILX charges 0.00% per year while QQQ charges 0.18%. On a $10,000 position that is $0 vs $18 annually, a gap of $18 per year that compounds over a long holding period. On income, FZILX currently yields 2.27% against 0.42% for QQQ.
Structure and taxes
FZILX is a mutual fund and QQQ 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
2.3% of FZILX's money is in holdings QQQ also owns. 1.9% of QQQ's money is in holdings FZILX also owns.
FZILX and QQQ share little of their money.
The two holdings books were reported 227 days apart, FZILX as of Jan 31, 2026 and QQQ as of Sep 15, 2026, so some of the difference between them is the time between the two reports rather than the funds.
5 positions in common, counted across the 2,139 positions we hold weights for in FZILX and 102 in QQQ, against full books of 2,172 and 321.
What only one of them owns
Our book lists 95 positions for QQQ that do not appear in our book for FZILX (97.5% of the fund), and 48 for FZILX that do not appear in QQQ (5.7%).
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.
You are not choosing between two funds in isolation.
Whichever of FZILX and QQQ you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FZILX or QQQ?
FZILX has an expense ratio of 0.00% while QQQ charges 0.18%. FZILX is the cheaper option, by $18 a year on a $10,000 investment.
Which performed better, FZILX or QQQ?
Over the past year FZILX returned +15.84% vs +23.75% for QQQ, so QQQ leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FZILX or QQQ?
QQQ has been the more volatile fund at 20.7% annualized versus 15.3% for FZILX. Worst drawdown: FZILX -32.3% vs QQQ -35.6%.
Should I hold both FZILX and QQQ?
FZILX and QQQ have a monthly-return correlation of 0.66, 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 FZILX and QQQ?
2.3% of FZILX's money is in holdings QQQ also owns. 1.9% of QQQ's is in holdings FZILX also owns. They hold 5 positions in common, counted across the 2,139 positions we hold weights for in FZILX and 102 in QQQ.
Which pays a higher dividend, FZILX or QQQ?
FZILX yields 2.27% while QQQ yields 0.42%, so FZILX currently pays the higher dividend yield.
Is it better to hold FZILX or QQQ in a taxable account?
QQQ is an ETF and FZILX 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 QQQ better than FZILX?
FZILX has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. FZILX is less concentrated, with 14.9% of the fund in its ten largest positions against 47.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.