FASMX vs. FBALX

Last updated Jun 23, 2026

FASMX (Fidelity Asset Manager 50% Fund) and FBALX (Fidelity Balanced Fund) are both Diversified Portfolio funds. Over the past 10 years, FASMX returned 7.83%/yr vs 11.86%/yr for FBALX. Their correlation of 0.93 suggests significant overlap in exposure. FASMX charges 0.62%/yr vs 0.46%/yr for FBALX.

Performance

FASMX vs. FBALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Asset Manager 50% Fund (FASMX) and Fidelity Balanced Fund (FBALX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FASMX achieves a 9.17% return, which is significantly lower than FBALX's 10.21% return. Over the past 10 years, FASMX has underperformed FBALX with an annualized return of 7.83%, while FBALX has yielded a comparatively higher 11.86% annualized return.

FASMX

• 1D: 0.98%
• 1M: 1.80%
• YTD: 9.17%
• 6M: 9.26%
• 1Y: 20.25%
• 3Y*: 12.59%
• 5Y*: 6.48%
• 10Y*: 7.83%

FBALX

• 1D: 0.94%
• 1M: 1.41%
• YTD: 10.21%
• 6M: 10.14%
• 1Y: 23.97%
• 3Y*: 16.11%
• 5Y*: 9.49%
• 10Y*: 11.86%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FASMX vs. FBALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FASMX Fidelity Asset Manager 50% Fund	9.17%	14.94%	8.46%	13.09%	-14.93%	9.86%	14.72%	18.25%	-5.51%	11.73%
FBALX Fidelity Balanced Fund	10.21%	15.11%	16.09%	20.31%	-18.29%	18.27%	22.45%	24.40%	-3.98%	16.52%

Correlation

The correlation between FASMX and FBALX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 28, 1988	0.93

The correlation between FASMX and FBALX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

FASMX vs. FBALX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FASMX

FASMX Risk / Return Rank: 77
FASMX Sharpe Ratio Rank: 78
FASMX Sortino Ratio Rank: 76
FASMX Omega Ratio Rank: 77
FASMX Calmar Ratio Rank: 75
FASMX Martin Ratio Rank: 80

FBALX

FBALX Risk / Return Rank: 86
FBALX Sharpe Ratio Rank: 87
FBALX Sortino Ratio Rank: 83
FBALX Omega Ratio Rank: 82
FBALX Calmar Ratio Rank: 84
FBALX Martin Ratio Rank: 91

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FASMX vs. FBALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Asset Manager 50% Fund (FASMX) and Fidelity Balanced Fund (FBALX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FASMX	FBALX	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.62	-0.26
Sortino ratio: Return per unit of downside risk	3.34	3.63	-0.30
Omega ratio: Gain probability vs. loss probability	1.46	1.50	-0.04
Calmar ratio: Return relative to maximum drawdown	3.25	3.71	-0.46
Martin ratio: Return relative to average drawdown	13.91	17.34	-3.43

FASMX vs. FBALX - Sharpe Ratio Comparison

The current FASMX Sharpe Ratio is 2.37, which is comparable to the FBALX Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of FASMX and FBALX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FASMX vs. FBALX - Drawdown Comparison

The maximum FASMX drawdown since its inception was -37.75%, smaller than the maximum FBALX drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for FASMX and FBALX.

Drawdown Indicators

	FASMX	FBALX	Difference
Max Drawdown Largest peak-to-trough decline	-37.75%	-43.57%	+5.82%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-6.47%	+0.28%
Max Drawdown (3Y) Largest decline over 3 years	-9.28%	-12.88%	+3.60%
Max Drawdown (5Y) Largest decline over 5 years	-20.54%	-22.89%	+2.35%
Max Drawdown (10Y) Largest decline over 10 years	-21.27%	-26.68%	+5.41%
Current Drawdown Current decline from peak	0.00%	-0.14%	+0.14%
Average Drawdown Average peak-to-trough decline	-4.11%	-4.37%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	1.38%	+0.06%

Volatility

FASMX vs. FBALX - Volatility Comparison

Fidelity Asset Manager 50% Fund (FASMX) and Fidelity Balanced Fund (FBALX) have volatilities of 3.64% and 3.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FASMX	FBALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.64%	3.74%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	7.21%	7.52%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	8.50%	9.16%	-0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.42%	12.26%	-2.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.36%	12.82%	-3.46%

FASMX vs. FBALX - Expense Ratio Comparison

FASMX has a 0.62% expense ratio, which is higher than FBALX's 0.46% expense ratio.

Dividends

FASMX vs. FBALX - Dividend Comparison

FASMX's dividend yield for the trailing twelve months is around 6.92%, more than FBALX's 5.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FASMX Fidelity Asset Manager 50% Fund	6.92%	7.58%	3.88%	2.18%	6.78%	2.91%	2.40%	4.21%	5.11%	2.24%	1.69%	5.77%
FBALX Fidelity Balanced Fund	5.14%	5.69%	5.67%	2.28%	8.06%	9.66%	5.90%	4.24%	10.99%	7.90%	3.07%	7.70%

Frequently Asked Questions

Can I hold both FASMX and FBALX in my portfolio?

With a correlation of 0.96, FASMX and FBALX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FASMX or FBALX?

FBALX has higher volatility (3.74%) compared to FASMX (3.64%). In terms of maximum drawdown, FASMX dropped -37.75% vs FBALX's -43.57%.

Which has better risk-adjusted returns?

FBALX currently has the higher Sharpe Ratio (2.62 vs 2.37), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.