FZROX vs SPY
FZROX vs SPY
Fidelity ZERO Total Market Index Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
FZROX has a lower expense ratio. SPY delivered stronger 1-year returns. FZROX offers more diversification with 2515 holdings.
Side-by-Side Comparison
| Metric | FZROX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.00% | 0.09% | |
| AUM | $3.1B | $789.1B | |
| Dividend Yield | 0.92% | 1.01% | |
| Holdings | 2,533 | 505 | |
| YTD Return | +13.50% | +13.79% | |
| 1Y Return | +22.10% | +23.66% | |
| 3Y Return (annualized) | +19.39% | +21.40% | |
| 5Y Return (annualized) | +11.05% | +13.37% | |
| Volatility (annualized) | 15.6% | 15.3% | |
| Max Drawdown | -26.9% | -56.5% | |
| Fund Family | Fidelity Investments (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Aug 2, 2018 | Jan 22, 1993 |
FZROX vs SPY Performance
Fidelity ZERO Total Market Index Fund (FZROX) is a mutual fund from Fidelity Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FZROX returned +22.10% while SPY returned +23.66%. Year to date, FZROX is up 13.50% versus a gain of 13.79% for SPY.
Over three years, FZROX compounded at +19.39% per year against +21.40% for SPY; over five years the annualized figures are +11.05% and +13.37% respectively. Across the full 5-year window we track, FZROX has the edge at +11.05% annualized vs +8.85%. 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 15.3% for SPY. 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 SPY. 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 SPY charges 0.09%. On a $10,000 position that is $0 vs $9 annually, a gap of $9 per year that compounds over a long holding period. On income, FZROX currently yields 0.92% against 1.01% for SPY.
Holdings Overlap
FZROX and SPY share 493 holdings out of 2525 unique holdings combined, representing a 82.7% weight overlap.
High overlap means holding both may not provide much additional diversification.
Top Shared Holdings
| Stock | Weight in FZROX | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 6.93% | 7.31% | 0.38% |
| AAPL | 5.72% | 7.09% | 1.37% |
| MSFT | 4.77% | 4.43% | 0.34% |
| AMZN | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
| BRK.B | Pro | Pro | Pro |
| LLY | Pro | Pro | Pro |
See all 10 holdings FZROX shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, FZROX or SPY?
FZROX has an expense ratio of 0.00% while SPY charges 0.09%. FZROX is the cheaper option. On a $10,000 investment, that is $9 per year of difference.
Which performed better, FZROX or SPY?
Over the past year FZROX returned +22.10% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (5 years), FZROX annualized +11.05% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, FZROX or SPY?
FZROX has been the more volatile fund at 15.6% annualized versus 15.3% for SPY. Worst drawdown: FZROX -26.9% vs SPY -56.5%.
Should I hold both FZROX and SPY?
FZROX and SPY 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 SPY?
FZROX and SPY share 493 common holdings with a 82.7% weight overlap. Combined, they hold 2525 unique securities.
Which pays a higher dividend, FZROX or SPY?
FZROX yields 0.92% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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