FZROX vs VTI: Returns, Drawdowns and Dividends Since 2018
FZROX (Fidelity ZERO Total Market Index Fund) and VTI (Vanguard Morningstar Total Stock Market ETF) moved almost in lockstep: their daily returns had a correlation of 0.999, where 1 would mean identical. FZROX came out ahead, returning 14.0% a year with dividends reinvested from August 2018 to November 2026, against 13.9% for VTI.
With returns this close, the practical difference is the wrapper: FZROX is a mutual fund that trades once a day at its closing price, while VTI is an ETF that trades all day. Both fell about 35% at their worst, in March 2020.
| Measure | FZROX | VTI |
|---|---|---|
| Annual return | 14.0% | 13.9% |
| $10,000 grew to | $29,427 | $29,237 |
| Worst decline | −35.0%Mar 2020 | −35.0%Mar 2020 |
| Volatility Volatility How much the fund's daily returns swing: their standard deviation over this period, annualized with the square root of 252 trading days. | 19.7% | 19.6% |
| Sharpe ratio Sharpe ratio Return above T-bills for each unit of risk: daily returns minus the T-bill ETF BIL, averaged, divided by their standard deviation and annualized. Higher is better. T-bill funds show none. Sharpe ratio calculator | 0.63 | 0.63 |
| 12-month yield 12-month yield Cash dividends with ex-dividend dates in the past 12 months, divided by the latest closing price. | 0.9% | 1.0% |
| Best year | +31.1%2019 | +30.7%2019 |
| Worst year | −19.2%2022 | −19.5%2022 |
| Correlation between them Correlation How closely the two funds' daily returns moved together over this period: 1 means identical every day, 0 means no relation. | 0.999 | |
FZROX: Fidelity ZERO Total Market Index FundVTI: Vanguard Morningstar Total Stock Market ETF
Aug 3, 2018 to Nov 4, 2026, dividends reinvested.
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Worst declines
FZROX fell 35.0% from Feb 19, 2020 to Mar 23, 2020 and was back at its high on Aug 12, 2020. VTI fell 35.0% from Feb 19, 2020 to Mar 23, 2020 and was back at its high on Aug 12, 2020.
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Year by year
FZROX was ahead in 7 of the 9 calendar years.
| Year | FZROX | VTI | Ahead (pts) |
|---|---|---|---|
| 2026 (to Nov 4) | +13.4% | +13.4% | Even |
| 2025 | +17.2% | +17.1% | FZROX+0.1 |
| 2024 | +23.9% | +23.8% | FZROX+0.1 |
| 2023 | +26.2% | +26.1% | FZROX+0.2 |
| 2022 | −19.2% | −19.5% | FZROX+0.3 |
| 2021 | +25.8% | +25.7% | FZROX+0.1 |
| 2020 | +20.5% | +21.0% | VTI+0.5 |
| 2019 | +31.1% | +30.7% | FZROX+0.5 |
| 2018 (from Aug 3) | −11.9% | −11.8% | VTI+0.1 |
Held for 1, 3 or 5 years: which came out ahead
Buy on any trading day from Aug 3, 2018, hold for a set time, and see which fund ended higher. The periods overlap, so they show how much the start date mattered, not separate results.
| Hold | Days tested | Ahead more often | Median lead (pts) |
|---|---|---|---|
| 1 year | 1,823 | FZROX80% | +0.1 |
| 3 years | 1,319 | FZROX92% | +0.6 |
| 5 years | 815 | FZROX100% | +1.3 |
Median lead is the typical gap in total return across all start dates, in percentage points. The latest 5-year hold starts on Oct 27, 2021.
Dividends
Over the past 12 months FZROX paid 0.9% of its price in dividends and VTI 1.0%. The returns above already include them, reinvested on each ex-dividend date.
Dividends per share by year
| Year | FZROX | VTI |
|---|---|---|
| 2026 (to Nov 4) | — | $3.00 3 payments |
| 2025 | $0.24 1 payment | $3.76 4 payments |
| 2024 | $0.24 1 payment | $3.67 4 payments |
| 2023 | $0.23 2 payments | $3.41 4 payments |
| 2022 | $0.21 1 payment | $3.18 4 payments |
| 2021 | $0.18 1 payment | $2.93 4 payments |
| 2020 | $0.17 1 payment | $2.77 4 payments |
| 2019 | $0.17 1 payment | $2.90 4 payments |
| 2018 (from Aug 3) | $0.07 2 payments | $1.44 2 payments |
Per share in today's shares (earlier amounts are restated for share splits), by ex-dividend date.
The two funds
- FZROX
- Fidelity ZERO Total Market Index Fund, a mutual fund launched Aug 3, 2018. FinLab prices start Aug 3, 2018.
- VTI
- Vanguard Morningstar Total Stock Market ETF, an ETF launched May 24, 2001. FinLab prices start Jan 4, 2016.
- VTI price and signal backtests
More comparisons
Source: FinLab U.S. fund prices, Aug 3, 2018 to Nov 4, 2026, the days both funds traded. Returns use prices adjusted for dividends and splits, before taxes; annual return is compounded.
For research and education. Past returns do not guarantee future results, and this is not investment advice.