# FZROX, FSKAX and FXAIX all returned 13.3% to 13.7% last year, and none costs more than $1.50 on $10,000 > FZROX vs FSKAX vs FXAIX: Fidelity's zero-fee total market fund, its 0.015% twin and its S&P 500 fund. Fees, NAVs, dividends and returns side by side, why FZROX can't leave Fidelity, and what the accounts we track say about the top holdings. By Maya Koeva · 2026-10-29 FZROX and FSKAX both hold the whole US stock market, and FXAIX holds the S&P 500. In the year to October 28, 2026, they returned 13.6%, 13.3% and 13.7% with dividends reinvested. FZROX charges 0%, the other two 0.015%, or $1.50 a year on $10,000. The catch with FZROX is portability: you can hold it only in a Fidelity brokerage account, so leaving Fidelity means selling it first. Fidelity ZERO total market fund, 0% fee, $0 minimum, 13.6% one-year return Fidelity total market fund, 0.015% fee, $0 minimum, 13.3% one-year return Fidelity S&P 500 fund, 0.015% fee, $0 minimum, 13.7% one-year return FZROX pays once a year, FSKAX twice, FXAIX four times FSKAX and FXAIX can move to another broker; FZROX has to be sold first  ## What is FZROX? **FZROX is the Fidelity ZERO Total Market Index Fund, a mutual fund that holds the whole US stock market for a 0% expense ratio and no minimum.** It launched on August 2, 2018, and tracks the Fidelity U.S. Total Investable Market Index, an index Fidelity built itself. | | | |---|---| | Full name | Fidelity ZERO Total Market Index Fund | | Index | Fidelity U.S. Total Investable Market Index | | Launched | August 2, 2018 | | Expense ratio | 0.00%, gross and net | | Minimum to invest | $0 | | Holdings | 2,631 (September 30, 2026) | | Fund size | $41.24 billion (September 30, 2026) | | Dividends | Paid once a year, in December | | NAV, October 28, 2026 | $26.98 | **The FZROX stock price is its NAV**, the value of one share, which Fidelity sets once a day after the 4 p.m. New York close. Every order placed that day fills at that price. On October 28, 2026, the NAV was $26.98, up 14.1% for the year so far and 12.4% over the past year before dividends. The fund holds about 2,600 stocks instead of every name in its index: Fidelity says it uses statistical sampling to match the index with fewer securities. In the year to September 30, 2026, FZROX returned 15.41% and its index 15.43%. ## What is FSKAX? **FSKAX is the Fidelity Total Market Index Fund, a mutual fund that tracks the Dow Jones U.S. Total Stock Market Index for 0.015% a year with no minimum.** It is the older of the two, launched in 1997, and the one you can take with you if you leave Fidelity. | | | |---|---| | Full name | Fidelity Total Market Index Fund | | Index | Dow Jones U.S. Total Stock Market Index | | Launched | November 5, 1997 (this share class September 8, 2011) | | Expense ratio | 0.015%, gross and net | | Minimum to invest | $0 | | Holdings | 3,791 (September 30, 2026) | | Fund size | $141.61 billion (September 30, 2026) | | Dividends | Paid in April and December | | NAV, October 28, 2026 | $212.82 | The **FSKAX stock price** works the same way: one NAV a day. It was $212.82 on October 28, 2026, up 13.9% for the year so far and 12.2% over the past year before dividends. The higher share price changes nothing about cost or return, because at Fidelity you buy a mutual fund in dollar amounts, not whole shares. ## FZROX vs FSKAX **FZROX and FSKAX hold the same US market with the same top ten companies, and their returns stayed within two points of each other over five years.** FZROX costs $1.50 less a year on $10,000. Two things separate them: the index each one follows and where you can hold it. | | FZROX | FSKAX | |---|---|---| | Index | Fidelity U.S. Total Investable Market | Dow Jones U.S. Total Stock Market | | Expense ratio | 0.00% | 0.015% | | Yearly cost on $10,000 | $0 | $1.50 | | Holdings | 2,631 | 3,791 | | Top 10 holdings, share of fund | 34.97% | 34.74% | | Where you can hold it | Fidelity brokerage accounts only | Fidelity, or any broker that offers it | | Dividends | December | April and December | **FZROX stays at Fidelity.** Fidelity sells its ZERO funds only to individual investors who buy through a Fidelity brokerage account, so another broker can't hold your shares. To move the money, you sell FZROX first and transfer the cash. In an IRA or other retirement account you owe no tax on that sale. In a taxable account, selling at a gain means a capital gains tax bill. FSKAX can move to another broker as shares, as long as that broker offers the fund. Both indexes weight companies by market value, so the same [megacaps](/learn/what-is-a-megacap) lead both funds at almost the same weights: Nvidia was 7.51% of FZROX and 7.46% of FSKAX on September 30. Over five years to October 28, FZROX returned 73.5% and FSKAX 71.9%. Fidelity's own figures to September 30 put their five-year averages at 12.80% and 12.59% a year. ## FZROX vs FXAIX and FSKAX vs FXAIX **FXAIX holds the S&P 500's roughly 500 large companies. FZROX and FSKAX hold those plus about 2,100 to 3,300 mid-sized and small ones.** Over the past year all three landed within half a point of each other. Over five years FXAIX came out seven to nine points ahead: the large companies did better than the smaller ones over that stretch. | | FZROX | FSKAX | FXAIX | |---|---|---|---| | Issuer | Fidelity | Fidelity | Fidelity | | Type | Mutual fund | Mutual fund | Mutual fund | | Index | Fidelity U.S. Total Investable Market | Dow Jones U.S. Total Stock Market | S&P 500 | | Expense ratio | 0.00% | 0.015% | 0.015% | | Yearly cost on $10,000 | $0 | $1.50 | $1.50 | | Minimum | $0 | $0 | $0 | | Holdings | 2,631 | 3,791 | 508 | | Fund size | $41.24 billion | $141.61 billion | $857.59 billion | | NAV, October 28, 2026 | $26.98 | $212.82 | $269.18 | | Paid in the last 12 months | $0.24 a share, 0.90% | $1.95 a share, 0.92% | $2.80 a share, 1.04% | | Launched | 2018 | 1997 (share class 2011) | 1988 (share class 2011) | Holdings and fund size are as of September 30, 2026. Because both kinds of index weight by market value, the overlap is heavy: the ten largest holdings are about 35% of FZROX and FSKAX and 39% of FXAIX. Choosing a total market fund adds the smaller companies on top. Choosing FXAIX leaves them out. For FXAIX against Vanguard's VOO, VTSAX and VTI, start with **[FXAIX vs VOO](/blog/fxaix-vs-voo)**. ## Returns to October 28, 2026 **With dividends reinvested, the three funds returned between 13.3% and 13.7% over the past year and between 71.9% and 80.8% over five.** | Total return, dividends reinvested | FZROX | FSKAX | FXAIX | |---|---:|---:|---:| | 2026 so far | +14.1% | +14.0% | +14.2% | | One year | +13.6% | +13.3% | +13.7% | | Five years | +73.5% | +71.9% | +80.8% | | Since August 3, 2018 | +196.5% | +193.4% | +210.1% | Returns are from Yahoo Finance's dividend-adjusted closes to October 28, 2026. The one-year window starts at the October 28, 2025 close, the five-year window at October 28, 2021, and the last row at FZROX's first close. The S&P 500's five-year lead covers one stretch of the market, and over a [long horizon](/learn/long-term-investing-and-market-sentiment#time-in-the-market-vs-timing-the-market) the years you stay invested move your result more than the index you pick. ## FZROX, FSKAX and FXAIX dividends **FZROX paid $0.242 a share in the past 12 months, FSKAX $1.95 and FXAIX $2.80, which works out to 0.90%, 0.92% and 1.04% of each NAV.** You can take the payout as cash or reinvest it. In a taxable account you owe tax on it in the year it is paid, reinvested or not. | FZROX | Per share | Reinvested at | |---|---:|---:| | December 12, 2025 | $0.242 | $23.62 | | December 13, 2024 | $0.236 | $21.01 | | December 27, 2023 | $0.004 | $16.69 | | December 15, 2023 | $0.222 | $16.43 | | FSKAX | Per share | Reinvested at | |---|---:|---:| | April 10, 2026 | $0.164 | $187.12 | | December 19, 2025 | $1.786 | $186.86 | | April 11, 2025 | $0.108 | $146.14 | | December 20, 2024 | $1.652 | $162.65 | | FXAIX | Per share | Reinvested at | |---|---:|---:| | October 2, 2026 | $0.713 | $268.32 | | July 10, 2026 | $0.695 | $263.26 | | April 10, 2026 | $0.668 | $236.87 | | December 19, 2025 | $0.725 | $237.27 | Fidelity's schedule puts the next payment for all three in December. None of the three has paid a capital gains distribution since 2021: FZROX's last was $0.028 a share in December 2021, and FSKAX and FXAIX last paid one in April 2019. ## Which one for a Fidelity account? **At these fees, your account type matters more than the cost.** If the money will stay at Fidelity, in an IRA say, FZROX costs nothing, and moving away later means a sale inside the account that you owe no tax on. In a taxable account you might move one day, FSKAX keeps that door open for $1.50 a year on $10,000. FXAIX holds only the S&P 500's large companies, for the same fee. All three have a $0 minimum and take exact dollar amounts, which suits a fixed monthly contribution or [dollar-cost averaging](/learn/what-is-dollar-cost-averaging). If you are opening your first account, start with **[how to invest in stocks](/learn/how-to-invest-in-stocks)**. ## What the accounts we track say about the top holdings FZROX, FSKAX and FXAIX share the same top holdings, so the crowd read from our **[FXAIX vs VOO comparison](/blog/fxaix-vs-voo)** applies here. Mentions cover the 30 days from September 27 to October 26, 2026, across the accounts we track. The last column is the share of those mentions from accounts with a strong [graded track record](/learn/how-a-track-record-is-graded): Quantral grades every call it tracks, losers included. Weights are Fidelity's, as of September 30, 2026. | Holding | Weight in
FZROX | Weight in
FSKAX | Mentions,
30 days | From accounts
with a strong record | |---|---:|---:|---|---:| | Nvidia (NVDA) | 7.51% | 7.46% | 810 (bull 72% / bear 20%) | 20% | | Apple (AAPL) | 6.64% | 6.56% | 248 (bull 54% / bear 39%) | 17% | | Microsoft (MSFT) | 5.17% | 5.14% | 192 (bull 57% / bear 29%) | 16% | | Alphabet (GOOGL, GOOG) | 4.93% | 4.91% | 408 (bull 67% / bear 25%) | 20% | | Amazon (AMZN) | 3.31% | 3.30% | 219 (bull 68% / bear 22%) | 24% | | Broadcom (AVGO) | 2.26% | 2.25% | 183 (bull 70% / bear 26%) | 22% | | Meta (META) | 2.16% | 2.16% | 630 (bull 53% / bear 34%) | 18% | | Micron (MU) | 1.63% | 1.62% | 1,073 (bull 63% / bear 25%) | 27% | | Tesla (TSLA) | 1.36% | 1.35% | 629 (bull 38% / bear 51%) | 14% | Micron is 1.63% of FZROX and drew 1,073 of the 4,392 mentions, more than any other holding. It also had the largest share from accounts with a strong record, 27%, against 24% across every stock the accounts we track discussed in those 30 days. Apple and Microsoft, nearly 12% of the fund together, drew 440. Tesla was the one holding where bearish mentions outnumbered bullish ones, 51% to 38%. You hold all of them at market weight either way, and a month of Micron chatter leaves it at 1.63% of your fund. Micron's run this year, and how the accounts with a graded record called it before the crowd arrived, is in **[our Micron signal autopsy](/blog/signal-autopsy-micron)**. ## Common questions ### Is FZROX really free? Yes on fees. Fidelity lists its expense ratio at 0.00%, gross and net, as of December 30, 2025, with no 12b-1 fee and a $0 minimum. The fund also lends out securities to earn income for itself, per Fidelity. You still pay tax on its dividends in a taxable account. ### What is the FZROX stock price? FZROX is a mutual fund, so its price is the NAV Fidelity sets once a day after the close. It was $26.98 on October 28, 2026. Over the 12 months to September 30, 2026, it ranged from $22.04 to $27.27. ### Can I move FZROX to another broker? Only as cash. A Fidelity brokerage account is the only place FZROX can sit, so you sell it and move the money. Inside an IRA you owe no tax on that sale. In a taxable account, you owe tax on any gain. ### FZROX or FSKAX: which is better? We don't give buy or sell advice. Both hold the whole US market. FZROX charges 0% and stays at Fidelity; FSKAX charges 0.015% and can move to another broker. They returned 13.6% and 13.3% over the year to October 28, 2026. ### FSKAX or FXAIX? FSKAX holds 3,791 US stocks of every size, FXAIX the 508 lines of the S&P 500. Both charge 0.015% with no minimum. They returned 13.3% and 13.7% over the past year, and FXAIX was about nine points ahead over five years. ### Does FSKAX pay a dividend? Yes, twice a year, in April and December. It paid $1.95 a share over the past 12 months, about 0.92% of its October 28, 2026 NAV. ## Try it Your fund's ten largest holdings are about a third of your money. Open any of them in the app, on the web at [app.quantral.com](https://app.quantral.com), on iOS or on Android, to see its score and the graded calls behind it. The yearly plan starts with a 7-day free trial. Fund facts, holdings and distributions are from Fidelity's FZROX, FSKAX and FXAIX pages, checked on October 29, 2026. Prices and total returns are from the Yahoo chart API through the October 28 close. Mentions cover September 27 to October 26, 2026, New York time, as published in our FXAIX vs VOO comparison. --- *Quantral surfaces signals and context from public sources to support your own research. Nothing here is financial advice or a recommendation to buy or sell. Past signals are not indicative of future results.*