FZROX vs VXUS
Fidelity ZERO Total Market Index Fund vs Vanguard Total International Stock ETF
Which is better, FZROX or VXUS?
Each has led over a different period.
FZROX has a lower expense ratio. FZROX led over 3Y, 5Y and the full window, VXUS over 1Y.
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 | FZROX | VXUS |
|---|---|---|
| Expense Ratio | 0.00%Best | 0.05% |
| AUM | $3.1B | $158.1B |
| Dividend Yield | 0.93% | 2.59% |
| Holdings | 2,689 | 8,747 |
| YTD Price Return | +13.71% | +15.51%Best |
| 1Y Price Return | +18.92% | +23.98%Best |
| 3Y Price Return (annualized) | +19.69%Best | +16.84% |
| 5Y Price Return (annualized) | +10.65%Best | +5.72% |
| Volatility (annualized) | 15.4% | 15.3%Best |
| Max Drawdown | -26.9%Best | -32.1% |
| $10,000 over 5 years | $16,587Best | $13,206 |
| Fund Family | Fidelity Investments (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Aug 2, 2018 | Jan 26, 2011 |
Not shown on this pair: Top 10 Weight.
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for FZROX. Both funds are measured the same way, so the comparison holds. FZROX yields 0.93% and VXUS 2.59% on top.
Volatility and max drawdown are measured over the window both funds cover: Sep 7, 2021 to Sep 4, 2026 (5 years).
FZROX vs VXUS 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.
FZROX vs VXUS Performance
Fidelity ZERO Total Market Index Fund (FZROX) is a mutual fund from Fidelity Investments (US) and Vanguard Total International Stock ETF (VXUS) is an ETF from Vanguard (US). Over the past year FZROX returned +18.92% while VXUS returned +23.98%. Year to date, FZROX is up 13.71% versus a gain of 15.51% for VXUS.
Over three years, FZROX compounded at +19.69% per year against +16.84% for VXUS; over five years the annualized figures are +10.65% and +5.72% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FZROX has been the more volatile fund, with annualized monthly volatility of 15.4% compared with 15.3% for VXUS. 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 -32.1% for VXUS. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FZROX charges 0.00% per year while VXUS charges 0.05%. On a $10,000 position that is $0 vs $5 annually, a gap of $5 per year that compounds over a long holding period. On income, FZROX currently yields 0.93% against 2.59% for VXUS.
Structure and taxes
FZROX is a mutual fund and VXUS 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
At least 0.8% of FZROX's money is in holdings VXUS also owns.
Stated as a floor: for VXUS, our book for it covers 87.5% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 61 days apart, FZROX as of Apr 30, 2026 and VXUS as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
23 positions in common, counted across the 2,671 positions we hold weights for in FZROX and 8,092 in VXUS, against full books of 2,689 and 8,747.
Top Shared Holdings
| Stock | Weight in FZROX | Weight in VXUS | Difference |
|---|---|---|---|
| ORCLOracle Corp. | 0.39% | 0.00% | 0.39% |
| SUNBSunbelt Rentals | 0.05% | 0.07% | 0.02% |
| UMG:ASUniversal Music Group N.V. Universal Music Group N V | 0.05% | 0.05% | 0.00% |
| AMRZ:SMAmrize Ag Shs | 0.04% | 0.06% | 0.02% |
| HBANHuntington Bancshares Inc./Oh | 0.05% | 0.04% | 0.01% |
| SRESempra | 0.09% | 0.00% | 0.09% |
| RBA:CARitchie Brothers Auctioneers, Inc. | 0.03% | 0.05% | 0.02% |
| HALHalliburton | 0.05% | 0.02% | 0.03% |
| MTX:SGMinerals Technologies Inc | 0.00% | 0.05% | 0.05% |
| FREG:MUFresenius Se & Company, Kgaa | 0.00% | 0.04% | 0.04% |
You are not choosing between two funds in isolation.
Whichever of FZROX and VXUS 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, FZROX or VXUS?
FZROX has an expense ratio of 0.00% while VXUS charges 0.05%. FZROX is the cheaper option, by $5 a year on a $10,000 investment.
Which performed better, FZROX or VXUS?
Over the past year FZROX returned +18.92% vs +23.98% for VXUS, so VXUS leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FZROX or VXUS?
FZROX has been the more volatile fund at 15.4% annualized versus 15.3% for VXUS. Worst drawdown: FZROX -26.9% vs VXUS -32.1%.
Should I hold both FZROX and VXUS?
FZROX and VXUS have a monthly-return correlation of 0.72, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, FZROX or VXUS?
FZROX yields 0.93% while VXUS yields 2.59%, so VXUS currently pays the higher dividend yield.
Is it better to hold FZROX or VXUS in a taxable account?
VXUS is an ETF and FZROX 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 VXUS better than FZROX?
FZROX has a lower expense ratio. FZROX led over 3Y, 5Y and the full window, VXUS over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.