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 +23.11% while SWTSX returned -82.46%. Year to date, FZROX is up 13.71% versus a gain of 13.63% for SWTSX.

Over three years, FZROX compounded at +19.48% per year against -37.49% for SWTSX; over five years the annualized figures are +11.10% and -25.02% respectively. Across the full 5-year window we track, FZROX has the edge at +11.10% annualized vs -25.02%. Past performance does not guarantee future results.

SWTSX has been the more volatile fund, with annualized monthly volatility of 41.7% compared with 15.6% 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 worth weighing if you expect to sell during market stress rather than ride it out.

The two funds' monthly returns correlate at 0.34. They move independently enough that combining them can meaningfully diversify a portfolio.

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 0.92% against 0.99% for SWTSX.