Wealthy PotFZILX vs FZROX: Not Rivals, the Two Halves of a Zero-Fee Portfolio
FZILX and FZROX are not competing for the same job. FZROX holds the U.S. stock market; FZILX holds stocks from the rest of the world. Both are Fidelity ZERO index funds with a 0.00% expense ratio. On our match of their 31 July 2026 holdings they have no companies in common, so the overlap is 0%. The real question is not which one to buy but whether you want international stocks at all, and how much. From 2019 to 2025 FZROX beat FZILX in five of seven calendar years; FZILX won in 2022 and by a wide margin in 2025. Both funds can only be bought through a Fidelity brokerage account.
Table of Contents
The Short Answer
- Different halves of the world. FZROX tracks the Fidelity U.S. Total Investable Market Index (large, mid and small U.S. companies). FZILX tracks the Fidelity Global ex U.S. Index (large and mid-size companies outside the U.S., in developed and emerging markets).
- Overlap: 0%. Not one company in common in either fund's 31 July 2026 holdings report. Our calculation from Fidelity's N-PORT filings.
- Fees: 0.00% and 0.00%. Both prospectuses show a $0 cost on $10,000 at every horizon.
- Returns to 30 September 2026: FZROX 12.80% a year over five years, FZILX 9.99%. FZILX led over the latest year (20.30% against 15.41%).
- Calendar years 2019 to 2025: FZROX ahead in five, FZILX in two (2022 and 2025, when it returned 33.54% against 17.24%).
- Fidelity-only. Both prospectuses limit shares to individual investors buying "through a Fidelity® brokerage account," plus certain broker-dealers with arrangements with Fidelity.
- Bottom line: hold FZROX alone for a U.S.-only portfolio, or hold both for global coverage. Choose the split before you buy, then stick to it.
Overlap: Zero Companies in Common
FZROX normally invests at least 80% of its assets in stocks in an index "designed to reflect the performance of the U.S. equity market, including large-, mid-, and small-capitalization stocks." FZILX's index is "designed to reflect the performance of stocks of non-U.S. large- and mid-capitalization companies." One is defined as the U.S., the other as everything else, so they are built not to overlap.
Our Portfolio Overlap Checker confirms it. Using both funds' Form N-PORT holdings reports dated 31 July 2026, it finds 0.0% overlap. The only line the tool pairs is each fund's small derivatives position, not a company.
| Largest holdings, 31 Jul 2026 | FZROX | FZILX | |
|---|---|---|---|
| 1 | NVIDIA 6.71% | Taiwan Semiconductor 4.44% | |
| 2 | Apple 6.26% | Samsung Electronics 2.10% | |
| 3 | Alphabet 5.21% | ASML 1.59% | |
| 4 | Microsoft 4.76% | SK hynix 1.49% | |
| 5 | Amazon 3.67% | Tencent 0.93% | |
| Ten largest combined | 34.7% | 14.4% |
FZILX is also far less top-heavy. Its ten largest companies were 14.4% of the fund against 34.7% for FZROX, because no single foreign company dominates the way the largest U.S. technology firms do.
FZILX vs FZROX Side by Side
| FZILX | FZROX | |
|---|---|---|
| Full name | Fidelity ZERO International Index Fund | Fidelity ZERO Total Market Index Fund |
| Index | Fidelity Global ex U.S. Index | Fidelity U.S. Total Investable Market Index |
| Company sizes | Large and mid | Large, mid and small |
| Expense ratio | 0.00% | 0.00% |
| Minimum | None | None |
| Who can buy | Fidelity brokerage accounts (and certain partner broker-dealers) | Same |
| Holdings | 2,177 (31 Jul 2026) | 2,606 (31 Jul 2026) |
| Largest countries | Japan 16.3%, China 7.7%, Canada 7.6%, UK 7.0%, Taiwan 6.6% | United States 99.6% |
| Information technology | 14.8% | 34.2% |
| Financials | 24.6% | 13.1% |
| Industrials | 15.3% | 9.5% |
| Fund size | $7.4 billion | $31.8 billion |
| Turnover | 3% | 3% |
| Inception | 2 Aug 2018 | 2 Aug 2018 |
Returns: The U.S. Led Most Years, Not Every Year
Both funds started on the same day in August 2018, so they share the same full calendar years, and Fidelity reports both to the same date.
| Calendar-year return | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FZROX (U.S.) | 31.15% | 20.50% | 26.01% | -19.19% | 26.21% | 23.94% | 17.24% |
| FZILX (international) | 21.67% | 11.05% | 8.21% | -15.95% | 16.30% | 5.33% | 33.54% |
| FZILX minus FZROX | -9.48 | -9.45 | -17.80 | +3.24 | -9.91 | -18.61 | +16.30 |
| Average annual return to 30 Sep 2026 | 1 year | 3 years | 5 years | Since Aug 2018 |
|---|---|---|---|---|
| FZILX | 20.30% | 21.13% | 9.99% | 9.10% |
| FZROX | 15.41% | 22.45% | 12.80% | 14.11% |
| FZILX, after taxes on distributions | 19.48 | 20.34 | 9.34 | 8.58 |
| FZROX, after taxes on distributions | 15.13 | 22.11 | 12.44 | 13.77 |
The longer view favored the U.S. Compounding the seven calendar years, $10,000 in FZROX at the start of 2019 grew to about $29,500 by the end of 2025, and the same in FZILX to about $20,100 (Wealthy Pot arithmetic, before any taxes). Most of that gap came from large U.S. technology companies, which FZILX does not own.
But the lead flips. International stocks fell less in 2022 and beat U.S. stocks by more than 16 points in 2025. In the year to 30 September 2026 FZILX was ahead again. Nobody knows which side leads next, which is the usual argument for holding both.
Both have dropped hard. In the quarter to 31 March 2020, FZILX fell 23.70% and FZROX 21.08%, the worst quarter for each in its prospectus window.
Taxes in a brokerage account. FZILX paid out more of its return as taxable distributions: after taxes on distributions it gave up about 0.65 points a year over five years, against 0.36 for FZROX.
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
Using Them Together
Because the two funds do not overlap, holding both gives you nearly the whole investable stock market at Fidelity for 0.00%. Two gaps are worth knowing. FZILX's index covers large and mid-size foreign companies, so foreign small caps are left out; FZROX does include U.S. small caps. And both track indexes that Fidelity builds itself, so their benchmarks will not match those of other providers' funds, which matters only if you compare them side by side.
Choose your split once. There is no single correct share for international stocks. Some investors hold none; others hold a large share to spread out the risk that one country lags for a decade. Decide what share of your stocks you want in FZILX, set your automatic contributions to match, and rebalance once a year or when the mix drifts well away from your target.
A one-fund alternative. If you would rather not manage two funds, a total world fund holds both halves in one; see VT vs VXUS for how that compares with holding the pieces separately.
Which Setup Fits You
You want a U.S.-only portfolio: FZROX alone. It holds about 2,600 U.S. companies of every size.
You want global stocks at Fidelity for nothing: FZROX plus FZILX, at a split you choose.
Your IRA or HSA is at Fidelity: both funds fit well. Their prospectuses name traditional, Roth and SEP IRAs and HSAs as eligible accounts, and taxes on distributions do not apply inside them.
You might change brokers later: the eligibility rule is the catch. The prospectus says shares are available "through a Fidelity® brokerage account," with an exception for certain broker-dealers that have arrangements with Fidelity. In practice, expect that you may have to sell before moving the account elsewhere; that is our reading, so confirm with Fidelity and the receiving broker. In a taxable account a sale could mean a tax bill. Widely available ETFs avoid this; compare FZILX vs VXUS and FZROX vs VOO.
You want only large U.S. companies: look at FNILX vs FZROX, Fidelity's other zero-fee U.S. option.
Sources & Methodology
- Fidelity ZERO International Index Fund Summary Prospectus, 30 December 2025: the 0.00% fee table, index, eligibility rule, calendar returns and best and worst quarters.
- Fidelity ZERO Total Market Index Fund Summary Prospectus, 30 December 2025: the same items for FZROX.
- Fidelity Concord Street Trust, Form N-CSR for the year ended 31 October 2025: fund sizes, holdings, sector and country weights for both funds.
- Fidelity's FZILX performance page and FZROX performance page: returns and calendar years to 30 September 2026.
- FZILX Form N-PORT for 31 July 2026 and FZROX Form N-PORT for 31 July 2026: the holdings behind the overlap and top-ten figures.
How the overlap was computed. The Portfolio Overlap Checker sums the smaller of the two weights for each company held by both funds. Both filings are dated 31 July 2026. The growth of $10,000 compounds each fund's published calendar-year returns, our arithmetic. Tax drag is the before-tax return minus the after-tax-on-distributions return.
What we could not verify. We found no Fidelity filing that addresses moving ZERO fund shares to another broker, so the "may have to sell" point is our inference from the eligibility rule. We did not pull a source for the U.S. share of world stock markets, so this page does not suggest a particular split.
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; verify current figures with Fidelity before acting.
FAQ: FZILX vs FZROX
Should I choose FZILX or FZROX?
They do different jobs. FZROX holds U.S. stocks and FZILX holds foreign stocks, with no overlap. You can hold either alone or both together; the real choice is how much of each.
Do FZILX and FZROX overlap?
No. On their 31 July 2026 holdings reports they had no companies in common, a 0% overlap.
Are FZILX and FZROX really free?
Both prospectuses show a 0.00% management fee, 0.00% other expenses and a $0 cost on $10,000 over ten years. Fidelity's annual report shows a total advisory fee of $0 for each.
Which has done better?
FZROX over most periods: 12.80% a year over five years to 30 September 2026 against 9.99% for FZILX, and five of seven calendar years from 2019. FZILX won in 2022 and 2025 and over the latest year.
Does FZILX include emerging markets?
Yes. Its objective covers "foreign developed and emerging stock markets." Its largest holdings include Taiwan Semiconductor, Samsung Electronics and Tencent, and China and Taiwan were among its largest countries in the 31 October 2025 annual report. Canada is included too. It leaves out small companies.
Can I hold FZILX and FZROX outside Fidelity?
The prospectuses make them available through Fidelity brokerage accounts and certain broker-dealers with arrangements with Fidelity. If you expect to move brokers, a widely traded ETF is the more portable choice.
Is FZROX plus FZILX a complete portfolio?
For stocks, it covers U.S. companies of every size and large and mid-size foreign companies. It holds no bonds, so most investors add a bond or cash holding as they near the date they need the money.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"FZILX vs FZROX: Not Rivals, the Two Halves of a Zero-Fee Portfolio." Wealthy Pot, 2026. https://wealthypot.com/fzilx-vs-fzrox/
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