FZROX vs VOO
Fidelity ZERO Total Market Index Fund vs Vanguard S&P 500 ETF
Which is better, FZROX or VOO?
Nearly the same fund. FZROX costs less.
FZROX has a lower expense ratio. FZROX led over 3Y, VOO over 1Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.95. FZROX is less concentrated, with 32.1% of the fund in its ten largest positions against 37.9%.
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 | VOO |
|---|---|---|
| Expense Ratio | 0.00%Best | 0.03% |
| AUM | $3.1B | $1.0T |
| Dividend Yield | 0.90% | 1.06% |
| Holdings | 2,670 | 506 |
| YTD Price Return | +14.51%Best | +13.83% |
| 1Y Price Return | +16.98% | +17.32%Best |
| 3Y Price Return (annualized) | +21.67%Best | +21.37% |
| 5Y Price Return (annualized) | +11.10% | +12.32%Best |
| Volatility (annualized) | 15.2%Best | 15.6% |
| Max Drawdown | -26.9% | -25.4%Best |
| $10,000 over 5 years | $16,927 | $17,877Best |
| Top 10 Weight | 32.1%Best | 37.9% |
| Fund Family | Fidelity Investments (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Aug 2, 2018 | Sep 7, 2010 |
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 0.90% and VOO 1.06% 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 VOO 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 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 an ETF from Vanguard (US). Over the past year FZROX returned +16.98% while VOO returned +17.32%. Year to date, FZROX is up 14.51% versus a gain of 13.83% for VOO.
Over three years, FZROX compounded at +21.67% per year against +21.37% for VOO; over five years the annualized figures are +11.10% and +12.32% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO 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 VOO. 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 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 0.90% against 1.06% for VOO.
Structure and taxes
FZROX is a mutual fund and VOO 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
87.9% of FZROX's money is in holdings VOO also owns. 99.5% of VOO's money is in holdings FZROX also owns.
Most of VOO is already inside FZROX. Owning both mostly buys the same companies twice.
The two holdings books were reported 62 days apart, FZROX as of Jun 30, 2026 and VOO as of Aug 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
498 positions in common, counted across the 2,651 positions we hold weights for in FZROX and 504 in VOO, against full books of 2,670 and 506.
What only one of them owns
Our book lists 4 positions for VOO that do not appear in our book for FZROX (0.5% of the fund), and 668 for FZROX that do not appear in VOO (10.1%).
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 VOO | Difference |
|---|---|---|---|
| NVDANvidia Corp | 6.67% | 8.09% | 1.42% |
| AAPLApple, Inc | 5.82% | 7.04% | 1.22% |
| MSFTMicrosoft Corp | 3.80% | 5.70% | 1.90% |
| AMZNAmazon.Com Inc | 3.19% | 3.85% | 0.66% |
| GOOGLAlphabet Inc | 2.85% | 3.01% | 0.16% |
| AVGOBroadcom Inc | 2.46% | 2.65% | 0.19% |
| GOOGAlphabet Inc. C | 2.27% | 2.40% | 0.13% |
| METAMeta Platforms Inc | 1.69% | 1.90% | 0.21% |
| MUMicron Technology, Inc. | 1.78% | 1.64% | 0.14% |
| TSLATesla Inc | 1.62% | 1.57% | 0.05% |
99.5% of VOO 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 VOO?
FZROX has an expense ratio of 0.00% while VOO charges 0.03%. FZROX is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, FZROX or VOO?
Over the past year FZROX returned +16.98% vs +17.32% for VOO, so VOO leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FZROX or VOO?
VOO has been the more volatile fund at 15.6% annualized versus 15.2% for FZROX. Worst drawdown: FZROX -26.9% vs VOO -25.4%.
Should I hold both FZROX and VOO?
FZROX and VOO 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 VOO?
99.5% of VOO's money is in holdings FZROX also owns. 99.5% of VOO's is in holdings FZROX also owns. They hold 498 positions in common, counted across the 2,651 positions we hold weights for in FZROX and 504 in VOO.
Which pays a higher dividend, FZROX or VOO?
FZROX yields 0.90% while VOO yields 1.06%, so VOO currently pays the higher dividend yield.
Is it better to hold FZROX or VOO in a taxable account?
VOO 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 VOO better than FZROX?
FZROX has a lower expense ratio. FZROX led over 3Y, VOO over 1Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.95. FZROX is less concentrated, with 32.1% of the fund in its ten largest positions against 37.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.