FZROX vs IVV
Fidelity ZERO Total Market Index Fund vs iShares Core S&P 500 ETF
Which is better, FZROX or IVV?
Nearly the same fund. FZROX costs less.
FZROX has a lower expense ratio. FZROX led over 1Y and 3Y, IVV over 5Y and the full window. The two have moved almost in lockstep, correlation 0.95. FZROX is less concentrated, with 33.4% of the fund in its ten largest positions against 38.9%.
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 | IVV |
|---|---|---|
| Expense Ratio | 0.00%Best | 0.03% |
| AUM | $3.1B | $896.5B |
| Dividend Yield | 0.91% | 1.10% |
| Holdings | 2,670 | 508 |
| YTD Price Return | +14.47%Best | +12.66% |
| 1Y Price Return | +16.93%Best | +16.17% |
| 3Y Price Return (annualized) | +21.19%Best | +20.90% |
| 5Y Price Return (annualized) | +10.95% | +11.72%Best |
| Volatility (annualized) | 15.2%Best | 15.6% |
| Max Drawdown | -26.9% | -25.4%Best |
| $10,000 over 5 years | $16,813 | $17,404Best |
| Top 10 Weight | 33.4%Best | 38.9% |
| Fund Family | Fidelity Investments (US) | iShares by BlackRock (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Aug 2, 2018 | May 15, 2000 |
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 0.91% and IVV 1.10% on top.
Volatility and max drawdown are measured over the window both funds cover: Oct 15, 2021 to Oct 13, 2026 (5 years).
FZROX vs IVV 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 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 an ETF from iShares by BlackRock (US). Over the past year FZROX returned +16.93% while IVV returned +16.17%. Year to date, FZROX is up 14.47% versus a gain of 12.66% for IVV.
Over three years, FZROX compounded at +21.19% per year against +20.90% for IVV; over five years the annualized figures are +10.95% and +11.72% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 15.2% for FZROX. 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 -25.4% for IVV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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 0.91% against 1.10% for IVV.
Structure and taxes
FZROX is a mutual fund and IVV 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
88.4% of FZROX's money is in holdings IVV also owns. 99.1% of IVV's money is in holdings FZROX also owns.
Most of IVV is already inside FZROX. Owning both mostly buys the same companies twice.
The two holdings books were reported 62 days apart, FZROX as of Jul 31, 2026 and IVV as of Oct 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
493 positions in common, counted across the 2,127 positions we hold weights for in FZROX and 506 in IVV, against full books of 2,670 and 508.
What only one of them owns
Our book lists 8 positions for IVV that do not appear in our book for FZROX (0.4% of the fund), and 685 for FZROX that do not appear in IVV (9.7%).
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.
Top Shared Holdings
| Stock | Weight in FZROX | Weight in IVV | Difference |
|---|---|---|---|
| NVDANvidia Corp | 6.71% | 8.44% | 1.73% |
| AAPLApple, Inc | 6.26% | 7.29% | 1.03% |
| MSFTMicrosoft Corp | 4.76% | 5.76% | 1.00% |
| AMZNAmazon.Com Inc | 3.67% | 3.68% | 0.01% |
| GOOGLAlphabet Inc | 2.88% | 3.00% | 0.12% |
| AVGOBroadcom Inc | 2.54% | 2.47% | 0.07% |
| GOOGAlphabet Inc. C | 2.32% | 2.41% | 0.09% |
| METAMeta Platforms Inc | 1.69% | 2.42% | 0.73% |
| MUMicron Technology, Inc. | 1.28% | 1.87% | 0.59% |
| TSLATesla Inc | 1.21% | 1.51% | 0.30% |
99.1% of IVV is already inside FZROX.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
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, by $3 a year on a $10,000 investment.
Which performed better, FZROX or IVV?
Over the past year FZROX returned +16.93% vs +16.17% for IVV, so FZROX leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FZROX or IVV?
IVV has been the more volatile fund at 15.6% annualized versus 15.2% for FZROX. Worst drawdown: FZROX -26.9% vs IVV -25.4%.
Should I hold both FZROX and IVV?
FZROX and IVV have a monthly-return correlation of 0.95, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between FZROX and IVV?
99.1% of IVV's money is in holdings FZROX also owns. 99.1% of IVV's is in holdings FZROX also owns. They hold 493 positions in common, counted across the 2,127 positions we hold weights for in FZROX and 506 in IVV.
Which pays a higher dividend, FZROX or IVV?
FZROX yields 0.91% while IVV yields 1.10%, so IVV currently pays the higher dividend yield.
Is it better to hold FZROX or IVV in a taxable account?
IVV 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 IVV better than FZROX?
FZROX has a lower expense ratio. FZROX led over 1Y and 3Y, IVV over 5Y and the full window. The two have moved almost in lockstep, correlation 0.95. FZROX is less concentrated, with 33.4% of the fund in its ten largest positions against 38.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.