FZROX vs ITOT Stock Comparison: AI Score, Valuation, Performance and Upside
FZROX and ITOT both provide broad exposure to the total US stock market, but FZROX is a mutual fund offered exclusively through Fidelity with a zero expense ratio, while ITOT is an exchange-traded fund available through any brokerage with an ultra-low, but non-zero, expense ratio.
FZROX offers a truly zero-cost way to gain total US stock market exposure but requires a Fidelity brokerage account and lacks intraday trading flexibility, while ITOT offers ultra-low-cost exposure with the trading flexibility and broad brokerage availability of an ETF. The decision depends on your brokerage platform and preference for mutual fund versus ETF structure.
FZROX holds the edge across 2 of 5 key metrics in this comparison. FZROX has delivered stronger 1-year price return (+11.86% vs +11.65% for ITOT).
- Hold a Fidelity brokerage account and want a truly zero expense ratio total market fund
- Value eliminating ongoing cost drag entirely for long-term compounding
- Are comfortable with end-of-day mutual fund pricing rather than intraday ETF trading
- Want broad total US stock market coverage across company sizes
- Want an exchange-traded fund available through any brokerage account
- Value the ability to trade throughout the day rather than only at end-of-day pricing
- Are comfortable with an ultra-low, though non-zero, expense ratio
- Want broad total US stock market coverage across company sizes
| Metric | FZROX | ITOT |
|---|---|---|
| ETF scorei | 26.2 | 27.2 |
| Latest closei | $26.41 | $164.70 |
| 1M returni | -1.82% | -1.94% |
| 3M returni | -2.29% | -2.33% |
| 6M returni | +4.64% | +4.47% |
| 1Y returni | +11.86% | +11.65% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | FZROX | ITOT |
|---|---|---|
| 1Y ago | $11.3K (+13.0%) started 2025-11-03 | $11.29K (+12.9%) started 2025-11-03 |
| 5Y ago | $17.78K (+77.8%) started 2021-11-04 | $17.68K (+76.8%) started 2021-11-04 |
| 10Y ago | $32.18K (+221.8%) started 2018-08-03 | $48.2K (+382.0%) started 2016-11-04 |
Hypothetical — past performance does not guarantee future results.
| Metric | FZROX | ITOT |
|---|---|---|
| Expense ratioi | N/A | 0.03% |
| Total assets (AUM)i | N/A | $95.86B |
| Dividend yieldi | N/A | 1.01% |
| Trailing P/Ei | N/A | 23.42 |
| Betai | N/A | 1.03 |
| 52-week change | 11.86% | 11.65% |
| Metric | FZROX | ITOT |
|---|---|---|
| 1Y returni | +11.86% | +11.65% |
| 6M returni | +4.64% | +4.47% |
| 3M returni | -2.29% | -2.33% |
| 1M returni | -1.82% | -1.94% |
| 1Y Sharpe ratio | 0.58 | 0.57 |
| Betai | N/A | 1.03 |
| Dividend yieldi | N/A | 1.01% |
| 5Y CAGR | +10.75% | +10.51% |
Over the past year, FZROX and ITOT have moved strongly in the same direction (correlation of 1.00), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | FZROX | ITOT |
|---|---|---|---|
| 1Y | Growthi | +11.86% | +11.65% |
| CAGRi | +11.86% | +11.66% | |
| Volatilityi | 13.09% | 13.00% | |
| Sharpe ratioi | 0.58 | 0.57 | |
| Sortino ratioi | 0.83 | 0.82 | |
| Max drawdowni | 8.89% | 8.90% | |
| Current drawdowni | 3.15% | 3.25% | |
| Avg drawdowni | 1.49% | 1.52% | |
| Ulcer Indexi | 2.16% | 2.18% | |
| Max daily dropi | 2.73% | 2.71% | |
| Max wkly dropi | 3.65% | 3.71% | |
| 5Y | Growthi | +66.55% | +64.80% |
| CAGRi | +10.75% | +10.51% | |
| Volatilityi | 17.47% | 17.45% | |
| Sharpe ratioi | 0.42 | 0.41 | |
| Sortino ratioi | 0.59 | 0.58 | |
| Max drawdowni | 25.12% | 25.36% | |
| Current drawdowni | 3.15% | 3.25% | |
| Avg drawdowni | 6.11% | 6.23% | |
| Ulcer Indexi | 9.05% | 9.21% | |
| Max daily dropi | 5.85% | 5.87% | |
| Max wkly dropi | 11.76% | 11.69% | |
| 10Y | Growthi | +190.26% | +306.29% |
| CAGRi | +13.78% | +15.06% | |
| Volatilityi | 19.68% | 18.28% | |
| Sharpe ratioi | 0.53 | 0.62 | |
| Sortino ratioi | 0.74 | 0.86 | |
| Max drawdowni | 34.96% | 35.00% | |
| Current drawdowni | 3.15% | 3.25% | |
| Avg drawdowni | 5.26% | 4.68% | |
| Ulcer Indexi | 8.29% | 7.71% | |
| Max daily dropi | 12.34% | 11.57% | |
| Max wkly dropi | 18.68% | 18.60% |
| Category | FZROX | ITOT |
|---|---|---|
| Fund name | Fidelity ZERO Total Market Index | iShares Core S&P Total U.S. Stock Market ETF |
| Type | ETF | ETF |
| Expense ratioi | N/A | 0.03% |
| Total assets (AUM)i | N/A | $95.86B |
| Dividend yieldi | N/A | 1.01% |
- Zero expense ratio eliminates the ongoing cost drag that even ultra-low-cost index funds still carry, directly benefiting long-term compounding
- Broad total market coverage spans large, mid, and small-capitalization US companies for comprehensive domestic equity exposure
- Available without a trading commission directly through Fidelity brokerage accounts, simplifying regular investment
- Ultra-low expense ratio makes it one of the most cost-efficient ways to gain broad total US stock market exposure
- Broad total market coverage spans large, mid, small, and micro-capitalization US companies for comprehensive domestic equity exposure
- As an exchange-traded fund, it can be bought and sold throughout the trading day and is available through virtually any brokerage account
- As a mutual fund rather than an ETF, it can only be bought and sold at the end-of-day net asset value rather than throughout the trading day
- Only available to investors with a Fidelity brokerage account, unlike ETFs which can be purchased through most brokerages
- Tracks a proprietary Fidelity index rather than a widely recognized third-party benchmark, which some investors may weigh differently
- While ultra-low, its expense ratio is not zero, meaning it carries a small ongoing cost that a zero-fee alternative does not
- As a market-cap-weighted index fund, performance is influenced disproportionately by its largest holdings despite broad total market coverage
- Does not provide exposure to international markets or fixed income outside of its total US equity market focus
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