FZROX vs SWTSX
Fidelity ZERO Total Market Index Fund vs Schwab Total Stock Market Index Fund
Which is better, FZROX or SWTSX?
FZROX has been ahead.
FZROX has a lower expense ratio. FZROX led over 1Y, 3Y, 5Y and the full window. FZROX is less concentrated, with 32.1% of the fund in its ten largest positions against 33.5%.
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 | SWTSX |
|---|---|---|
| Expense Ratio | 0.00%Best | 0.03% |
| AUM | $3.1B | $45.1B |
| Dividend Yield | 0.90% | 0.97% |
| Holdings | 2,670 | 2,987 |
| YTD Price Return | +14.51%Best | +14.42% |
| 1Y Price Return | +16.98%Best | +16.69% |
| 3Y Price Return (annualized) | +21.67%Best | -36.53% |
| 5Y Price Return (annualized) | +11.10%Best | -24.98% |
| Volatility (annualized) | 15.2%Best | 41.5% |
| Max Drawdown | -26.9%Best | -86.0% |
| $10,000 over 5 years | $16,927Best | $2,376 |
| Top 10 Weight | 32.1%Best | 33.5% |
| Fund Family | Fidelity Investments (US) | Charles Schwab Asset Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Aug 2, 2018 | Jun 1, 1999 |
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for FZROX or SWTSX. Both funds are measured the same way, so the comparison holds. FZROX yields 0.90% and SWTSX 0.97% on top.
Volatility and max drawdown are measured over the window both funds cover: Oct 14, 2021 to Oct 12, 2026 (5 years).
FZROX vs SWTSX 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 SWTSX Performance
Fidelity ZERO Total Market Index Fund (FZROX) is a mutual fund from Fidelity Investments (US) and Schwab Total Stock Market Index Fund (SWTSX) is a mutual fund from Charles Schwab Asset Management. Over the past year FZROX returned +16.98% while SWTSX returned +16.69%. Year to date, FZROX is up 14.51% versus a gain of 14.42% for SWTSX.
Over three years, FZROX compounded at +21.67% per year against -36.53% for SWTSX; over five years the annualized figures are +11.10% and -24.98% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SWTSX has been the more volatile fund, with annualized monthly volatility of 41.5% 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 -86.0% for SWTSX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.33. They move together some of the time, and apart the rest.
Fees and Cost Over Time
FZROX charges 0.00% per year while SWTSX 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 0.90% against 0.97% for SWTSX.
Holdings Overlap
97.8% of FZROX's money is in holdings SWTSX also owns. 97.3% of SWTSX's money is in holdings FZROX also owns.
Most of FZROX is already inside SWTSX. Owning both mostly buys the same companies twice.
The two holdings books were reported 62 days apart, FZROX as of Jun 30, 2026 and SWTSX as of Aug 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
2,515 positions in common, counted across the 2,651 positions we hold weights for in FZROX and 2,868 in SWTSX, against full books of 2,670 and 2,987.
What only one of them owns
Our book lists 6 positions for SWTSX that do not appear in our book for FZROX (0.2% of the fund), and 10 for FZROX that do not appear in SWTSX (0.7%).
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 SWTSX | Difference |
|---|---|---|---|
| NVDANvidia Corp | 6.67% | 7.16% | 0.49% |
| AAPLApple, Inc | 5.82% | 6.23% | 0.41% |
| MSFTMicrosoft Corp | 3.80% | 5.05% | 1.25% |
| AMZNAmazon.Com Inc | 3.19% | 3.40% | 0.21% |
| GOOGLAlphabet Inc,class A | 2.85% | 2.66% | 0.19% |
| AVGOBroadcom Inc | 2.46% | 2.35% | 0.11% |
| GOOGAlphabet Inc. C | 2.27% | 2.12% | 0.15% |
| METAMeta Platforms Inc | 1.69% | 1.68% | 0.01% |
| MUMicron Technology, Inc. | 1.78% | 1.45% | 0.33% |
| TSLATesla Inc | 1.62% | 1.39% | 0.23% |
97.8% of FZROX is already inside SWTSX.
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 SWTSX?
FZROX has an expense ratio of 0.00% while SWTSX charges 0.03%. FZROX is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, FZROX or SWTSX?
Over the past year FZROX returned +16.98% vs +16.69% for SWTSX, 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 SWTSX?
SWTSX has been the more volatile fund at 41.5% annualized versus 15.2% for FZROX. Worst drawdown: FZROX -26.9% vs SWTSX -86.0%.
Should I hold both FZROX and SWTSX?
FZROX and SWTSX have a monthly-return correlation of 0.33, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between FZROX and SWTSX?
97.8% of FZROX's money is in holdings SWTSX also owns. 97.3% of SWTSX's is in holdings FZROX also owns. They hold 2,515 positions in common, counted across the 2,651 positions we hold weights for in FZROX and 2,868 in SWTSX.
Which pays a higher dividend, FZROX or SWTSX?
FZROX yields 0.90% while SWTSX yields 0.97%, so SWTSX currently pays the higher dividend yield.
Is SWTSX better than FZROX?
FZROX has a lower expense ratio. FZROX led over 1Y, 3Y, 5Y and the full window. FZROX is less concentrated, with 32.1% of the fund in its ten largest positions against 33.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.