Wealthy PotFSPSX vs FZILX: FZILX Adds Emerging Markets and Canada, and Charges Nothing
FSPSX and FZILX are both Fidelity international index funds, but they do not cover the same world. FSPSX tracks the MSCI EAFE Index, which its prospectus describes as "developed markets, excluding the U.S. & Canada." FZILX tracks Fidelity's own Global ex U.S. Index, covering "foreign developed and emerging stock markets." FZILX also charges 0.00% against FSPSX's 0.035%. Matching their SEC holdings filings, the overlap was 55.6%: nearly all of FSPSX (96.5%) sat inside FZILX, but 42% of FZILX was in companies FSPSX did not own, led by Taiwan Semiconductor, Samsung, SK hynix, Tencent and Canada's big banks. The catch on FZILX is the same as on every Fidelity ZERO fund: you can only buy it through a Fidelity account.
Table of Contents
The Short Answer
- Fees: 0.035% vs 0.00%. $3.50 against $0 a year on $10,000. FZILX's annual report shows a $0 advisory fee.
- Coverage: developed-only vs developed plus emerging. FSPSX's index excludes emerging markets and Canada by design. FZILX includes both.
- Overlap: 55.6%. 96.5% of FSPSX was in stocks FZILX held; only 55.6% of FZILX was in stocks FSPSX held. Our calculation from FSPSX's 31 May 2026 and FZILX's 31 July 2026 N-PORT filings.
- Holdings: 702 vs 2,177 in those filings.
- Returns to 30 September 2026: FZILX ahead by 5.10, 2.50 and 0.44 points a year over 1, 3 and 5 years. FZILX is too young for a 10-year figure; FSPSX returned 9.18% a year over ten.
- Access: FZILX is "available only to individual retail investors who purchase their shares through a Fidelity® brokerage account," per its prospectus. FSPSX has no such rule.
How Much of FZILX Is Already FSPSX
The overlap runs one way. FZILX contains almost everything FSPSX owns, plus a large block of markets FSPSX leaves out.
| Portfolios in the latest N-PORT filings | FSPSX (31 May 2026) | FZILX (31 Jul 2026) |
|---|---|---|
| Holdings in the filing | 702 | 2,177 |
| Held by both funds | 636 | 636 |
| Share of the fund in those shared holdings | 96.5% | 55.6% |
| Holdings the other fund did not own | 66 (2.2% of FSPSX) | 1,541 (42.2% of FZILX) |
| Top-10 weight | 13.5% | 14.4% |
| Overlap, sum of the smaller weight in each shared stock | 55.6% | |
What the 42% is. The largest FZILX holdings that FSPSX did not own were Taiwan Semiconductor (4.44% of FZILX), Samsung Electronics (2.10%), SK hynix (1.49%), Tencent (0.93%), Royal Bank of Canada (0.73%), Alibaba (0.73%), Toronto-Dominion Bank (0.50%) and MediaTek (0.43%). That is Taiwan, China, Canada and South Korea. FSPSX's prospectus rules out Canada and emerging markets in words. South Korea is our reading of the holdings: neither Samsung nor SK hynix appeared in FSPSX's filing.
Fidelity's annual reports give the country picture. FSPSX at 28 February 2026: Japan 22.9%, United Kingdom 11.0%, Germany 9.0%, France 8.5%, Australia 7.3%. FZILX at 31 October 2025: Japan 16.3%, China 7.7%, Canada 7.6%, United Kingdom 7.0%, Taiwan 6.6%. Same developed core, much bigger slice of Asia outside Japan in FZILX.
Where the funds do overlap, FSPSX holds each stock at a bigger weight, because it spreads its money over fewer markets: ASML was 2.82% of FSPSX and 1.59% of FZILX, HSBC 1.45% and 0.91%.
FSPSX vs FZILX Side by Side
| FSPSX | FZILX | |
|---|---|---|
| Full name | Fidelity International Index Fund | Fidelity ZERO International Index Fund |
| Index | MSCI EAFE Index | Fidelity Global ex U.S. Index (Fidelity's own) |
| Covers | Developed markets, excluding the US and Canada | Developed and emerging markets outside the US, large and mid caps |
| Expense ratio | 0.035% | 0.00% |
| Cost on $10,000 over 10 years (prospectus example) | $45 | $0 |
| Holdings (N-PORT) | 702 (31 May 2026) | 2,177 (31 Jul 2026) |
| Largest sector | Financials 24.4% (28 Feb 2026) | Financials 24.6% (31 Oct 2025) |
| Information technology | 8.4% | 14.8% |
| Portfolio turnover, latest fiscal year | 4% | 3% |
| Fund size | $83.1 billion (28 Feb 2026) | $7.4 billion (31 Oct 2025) |
| Who can buy | Through Fidelity, a retirement account or an investment professional | Retail investors with a Fidelity brokerage account (plus some broker-dealers with Fidelity arrangements) |
| Minimum | None | None |
| Capital gain distributions, last five fiscal years | None | None |
The tech gap follows from coverage: Taiwan Semiconductor, Samsung and SK hynix are among the largest companies outside the US, and FSPSX's index owns none of them.
Returns: Emerging Markets Decided It
| Average annual return to 30 Sep 2026 | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| FSPSX | 15.20% | 18.63% | 9.55% | 9.18% |
| MSCI EAFE (net) | 16.00 | 18.70 | 9.58 | 9.31 |
| FZILX | 20.30% | 21.13% | 9.99% | n/a (launched 2018) |
| Fidelity Global ex U.S. Index (net) | 20.97 | 21.25 | 10.05 | n/a |
| FSPSX minus FZILX | -5.10 | -2.50 | -0.44 | n/a |
The fee difference is 0.035 points; the return gaps are far bigger, so this is about what each fund owns. Each fund trailed its own index by less than a point a year (and by about 0.1 point or less over three and five years), so most of the gap comes from the 42% of FZILX that FSPSX does not own. Over the latest year that slice lifted FZILX well ahead. Over five years the two were close.
It has not always gone FZILX's way. In the calendar years both prospectuses cover, FSPSX did better in 2019, 2021, 2022 and 2023 and worse in 2020 and 2024. In 2022 FSPSX lost 14.24% and FZILX 15.95%. Emerging markets add a different set of risks, which can help or hurt in a given year.
| Hypothetical $10,000 held 5 years | Ending value |
|---|---|
| At FSPSX's 5-year return (9.55%) | $15,778 |
| At FZILX's 5-year return (9.99%) | $16,098 |
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
The Catch: FZILX Is Fidelity-Only
FZILX's prospectus carries the same eligibility sentence as every Fidelity ZERO fund:
"Shares of the fund are available only to individual retail investors who purchase their shares through a Fidelity® brokerage account, including retail non-retirement accounts, retail retirement accounts (traditional, Roth and SEP Individual Retirement Accounts (IRAs)), health savings accounts (HSAs), Fidelity BrokerageLink® accounts, and stock plan services accounts. Shares also may be available to certain broker-dealers that have entered into arrangements with Fidelity."
What follows, in our reading: most other brokers are unlikely to accept FZILX shares, so moving your account away from Fidelity probably means selling first, which can realize a taxable gain in a taxable account. The prospectus does not say the fund "cannot be transferred in kind", and we do not attribute that phrase to Fidelity. Inside an IRA or HSA, selling costs no tax, so the restriction barely matters there.
FSPSX has no such rule. Its prospectus says you can buy "through a Fidelity® brokerage or mutual fund account, through a retirement account, or through an investment professional."
Which One Fits You
You want one fund for all non-US stocks, in a Fidelity IRA or HSA: FZILX. It covers developed and emerging markets for nothing, and the Fidelity-only rule costs nothing inside a retirement account.
Your 401(k) offers FSPSX and not FZILX: FSPSX is a sound developed-markets fund. If you want emerging markets too, add a dedicated emerging-markets fund from the menu or hold that piece in an IRA. FSPSX vs FTIHX walks through filling the gap.
You deliberately want developed markets only: FSPSX. Some investors avoid emerging markets on purpose. FSPSX does that for you, at 0.035%.
Taxable account and you might leave Fidelity: think twice about FZILX. FSPSX avoids the ZERO restriction, though as a mutual fund it is still easiest to hold at Fidelity. A total-international ETF is the most portable option; see FZILX vs VXUS and FSPSX vs VXUS.
Holding both gives you developed markets twice and emerging markets at a below-market weight. Pick one, or pair FSPSX with an emerging-markets fund if you want to set that weight yourself.
Sources & Methodology
- FSPSX summary prospectus, 29 April 2026: fee table, index description, turnover, purchase rules, calendar returns.
- FZILX summary prospectus, 30 December 2025: fee table, index description, eligibility rule, calendar returns.
- Fidelity Concord Street Trust N-CSR, year ended 28 February 2026 (FSPSX) and N-CSR, year ended 31 October 2025 (FZILX): fund size, countries, sectors, distributions.
- FSPSX Form N-PORT, 31 May 2026 and FZILX Form N-PORT, 31 July 2026: holdings behind the overlap figures.
- Fidelity FSPSX performance page and Fidelity FZILX performance page: returns to 30 September 2026.
How the overlap was computed. For each stock both funds held we took the smaller of its two weights and summed them, using the N-PORT data behind the Portfolio Overlap Checker.
What we could not verify. We did not read MSCI's own country list; EAFE's scope is quoted from FSPSX's prospectus, and the South Korea point is inferred from holdings. No Fidelity filing says whether another broker will take FZILX shares in a transfer.
This article is for general education and is not investment, tax or legal advice. Past performance does not guarantee future results, and all investing carries the risk of loss. Figures were checked against the sources above on 5 October 2026; confirm current details with Fidelity before acting.
FAQ: FSPSX vs FZILX
Is FSPSX or FZILX better?
For one-fund international coverage at Fidelity, FZILX: it is free and includes emerging markets and Canada. FSPSX is better if you want developed markets only or your retirement plan offers it and not FZILX. FZILX returned 9.99% a year over five years to 30 September 2026 against 9.55% for FSPSX.
Does FSPSX include emerging markets?
No. It tracks MSCI EAFE, which its prospectus describes as developed markets excluding the US and Canada.
Does FZILX include emerging markets?
Yes. Its objective covers "foreign developed and emerging stock markets." Its largest holding at 31 October 2025 was Taiwan Semiconductor.
How much do FSPSX and FZILX overlap?
55.6% by weight in their May and July 2026 SEC filings. 96.5% of FSPSX was in stocks FZILX held, but 42% of FZILX was in stocks FSPSX did not own.
Should I hold both?
Usually not. FZILX already contains nearly all of FSPSX, so the combination mostly doubles up on developed markets.
Does FZILX include small caps?
No. Its index covers "large- and mid-capitalization" companies. If you also want small caps, Fidelity's FTIHX tracks a broader index; see FTIHX vs FZILX.
Can I buy FZILX outside Fidelity?
Generally no. Its prospectus limits it to retail investors buying through a Fidelity brokerage account, with an exception for certain broker-dealers that have arrangements with Fidelity.
Cite This Page
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"FSPSX vs FZILX: FZILX Adds Emerging Markets and Canada, and Charges Nothing." Wealthy Pot, 2026. https://wealthypot.com/fspsx-vs-fzilx/
Related comparisons: FSPSX vs FTIHX · FTIHX vs FZILX · FZILX vs VXUS · FTIHX vs VXUS · FSPSX vs VXUS · All ETF comparisons
