FZROX vs VOO
Fidelity ZERO Total Market Index Fund vs Vanguard S&P 500 ETF
Quick Verdict
FZROX has a lower expense ratio. VOO delivered stronger 1-year returns. FZROX offers more diversification with 2,533 holdings.
Side-by-Side Comparison
| Metric | FZROX | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 0.00% | 0.03% | |
| AUM | $3.1B | $997.4B | |
| Dividend Yield | 0.93% | 1.08% | |
| Holdings | 2,533 | 509 | |
| YTD Return | +12.86% | +12.73% | |
| 1Y Return | +19.30% | +20.59% | |
| 3Y Return (annualized) | +20.26% | +21.70% | |
| 5Y Return (annualized) | +10.75% | +12.87% | |
| Volatility (annualized) | 15.6% | 14.1% | |
| Max Drawdown | -26.9% | -34.3% | |
| Fund Family | Fidelity Investments (US) | Vanguard (US) | |
| Category | Equity | Equity | |
| Inception | Aug 2, 2018 | Sep 7, 2010 |
FZROX vs VOO Performance
Fidelity ZERO Total Market Index Fund (FZROX) is a mutual fund from Fidelity Investments (US) and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year FZROX returned +19.30% while VOO returned +20.59%. Year to date, FZROX is up 12.86% versus a gain of 12.73% for VOO.
Over three years, FZROX compounded at +20.26% per year against +21.70% for VOO; over five years the annualized figures are +10.75% and +12.87% respectively. Across the full 5-year window we track, VOO has the edge at +13.47% annualized vs +10.75%. 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 14.1% for VOO. 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 -34.3% for VOO. 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 VOO 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 1.08% for VOO.
Holdings Overlap
FZROX and VOO share 498 holdings out of 2521 unique holdings combined, representing a 82.0% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, FZROX or VOO?
FZROX has an expense ratio of 0.00% while VOO 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 VOO?
Over the past year FZROX returned +19.30% vs +20.59% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (5 years), FZROX annualized +10.75% vs +13.47% for VOO. Past performance does not guarantee future results.
Which is riskier, FZROX or VOO?
FZROX has been the more volatile fund at 15.6% annualized versus 14.1% for VOO. Worst drawdown: FZROX -26.9% vs VOO -34.3%.
Should I hold both FZROX and VOO?
FZROX and VOO 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 VOO?
FZROX and VOO share 498 common holdings with a 82.0% weight overlap. Combined, they hold 2521 unique securities.
Which pays a higher dividend, FZROX or VOO?
FZROX yields 0.93% while VOO yields 1.08%, so VOO currently pays the higher dividend yield.
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