FZROX vs IVV
Fidelity ZERO Total Market Index Fund vs iShares Core S&P 500 ETF
Quick Verdict
FZROX has a lower expense ratio. IVV delivered stronger 1-year returns. FZROX offers more diversification with 2,533 holdings.
Side-by-Side Comparison
| Metric | FZROX | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 0.00% | 0.03% | |
| AUM | $3.1B | $907.0B | |
| Dividend Yield | 0.93% | 1.10% | |
| Holdings | 2,533 | 508 | |
| YTD Return | +13.41% | +13.22% | |
| 1Y Return | +19.94% | +21.62% | |
| 3Y Return (annualized) | +20.55% | +22.17% | |
| 5Y Return (annualized) | +11.05% | +13.42% | |
| Volatility (annualized) | 15.6% | 15.1% | |
| Max Drawdown | -26.9% | -56.5% | |
| Fund Family | Fidelity Investments (US) | iShares by BlackRock (US) | |
| Category | Equity | Equity | |
| Inception | Aug 2, 2018 | May 15, 2000 |
FZROX vs IVV Performance
Fidelity ZERO Total Market Index Fund (FZROX) is a mutual fund from Fidelity Investments (US) and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year FZROX returned +19.94% while IVV returned +21.62%. Year to date, FZROX is up 13.41% versus a gain of 13.22% for IVV.
Over three years, FZROX compounded at +20.55% per year against +22.17% for IVV; over five years the annualized figures are +11.05% and +13.42% respectively. Across the full 5-year window we track, FZROX has the edge at +11.05% annualized vs +7.02%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FZROX has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 15.1% for IVV. 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 -26.9% for FZROX and -56.5% for IVV. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.95. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FZROX charges 0.00% per year while IVV charges 0.03%. On a $10,000 position that is $0 vs $3 annually, a gap of $3 per year that compounds over a long holding period. On income, FZROX currently yields 0.93% against 1.10% for IVV.
Holdings Overlap
FZROX and IVV share 495 holdings out of 2524 unique holdings combined, representing a 81.7% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, FZROX or IVV?
FZROX has an expense ratio of 0.00% while IVV charges 0.03%. FZROX is the cheaper option. On a $10,000 investment, that is $3 per year of difference.
Which performed better, FZROX or IVV?
Over the past year FZROX returned +19.94% vs +21.62% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (5 years), FZROX annualized +11.05% vs +7.02% for IVV. Past performance does not guarantee future results.
Which is riskier, FZROX or IVV?
FZROX has been the more volatile fund at 15.6% annualized versus 15.1% for IVV. Worst drawdown: FZROX -26.9% vs IVV -56.5%.
Should I hold both FZROX and IVV?
FZROX and IVV have a monthly-return correlation of 0.95, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between FZROX and IVV?
FZROX and IVV share 495 common holdings with a 81.7% weight overlap. Combined, they hold 2524 unique securities.
Which pays a higher dividend, FZROX or IVV?
FZROX yields 0.93% while IVV yields 1.10%, so IVV currently pays the higher dividend yield.
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