FBAKX vs. ^GSPC

Last updated Jun 4, 2026

FBAKX (Fidelity Balanced Fund Class K) is Diversified Portfolio fund managed by Fidelity, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, FBAKX returned 11.81%/yr vs 13.66%/yr for ^GSPC. With a 0.97 correlation, they move nearly in lockstep.

Performance

FBAKX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Balanced Fund Class K (FBAKX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FBAKX having a 10.34% return and ^GSPC slightly higher at 10.35%. Over the past 10 years, FBAKX has underperformed ^GSPC with an annualized return of 11.81%, while ^GSPC has yielded a comparatively higher 13.66% annualized return.

FBAKX

• 1D: 0.23%
• 1M: 4.06%
• YTD: 10.34%
• 6M: 10.56%
• 1Y: 25.07%
• 3Y*: 16.87%
• 5Y*: 9.59%
• 10Y*: 11.81%

^GSPC

• 1D: -0.74%
• 1M: 4.90%
• YTD: 10.35%
• 6M: 10.28%
• 1Y: 26.52%
• 3Y*: 20.83%
• 5Y*: 12.30%
• 10Y*: 13.66%

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

FBAKX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBAKX Fidelity Balanced Fund Class K	10.34%	15.19%	16.17%	20.40%	-18.22%	18.40%	22.51%	23.94%	-3.89%	16.62%
^GSPC S&P 500 Index	10.35%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Correlation

The correlation between FBAKX and ^GSPC is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 16, 2008	0.97

The correlation between FBAKX and ^GSPC has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

FBAKX vs. ^GSPC — Risk / Return Rank

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

FBAKX

FBAKX Risk / Return Rank: 88
FBAKX Sharpe Ratio Rank: 90
FBAKX Sortino Ratio Rank: 88
FBAKX Omega Ratio Rank: 85
FBAKX Calmar Ratio Rank: 84
FBAKX Martin Ratio Rank: 91

^GSPC

^GSPC Risk / Return Rank: 73
^GSPC Sharpe Ratio Rank: 71
^GSPC Sortino Ratio Rank: 71
^GSPC Omega Ratio Rank: 72
^GSPC Calmar Ratio Rank: 67
^GSPC Martin Ratio Rank: 81

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.

FBAKX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Balanced Fund Class K (FBAKX) and S&P 500 Index (^GSPC). 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.

	FBAKX	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	2.99	2.24	+0.75
Sortino ratio: Return per unit of downside risk	4.20	3.07	+1.13
Omega ratio: Gain probability vs. loss probability	1.57	1.41	+0.16
Calmar ratio: Return relative to maximum drawdown	3.97	2.93	+1.04
Martin ratio: Return relative to average drawdown	19.03	13.52	+5.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBAKX vs. ^GSPC - Sharpe Ratio Comparison

The current FBAKX Sharpe Ratio is 2.99, which is higher than the ^GSPC Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of FBAKX and ^GSPC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FBAKX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	2.24	+0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.73	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.93	0.76	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.47	+0.21

Drawdowns

FBAKX vs. ^GSPC - Drawdown Comparison

The maximum FBAKX drawdown since its inception was -41.40%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for FBAKX and ^GSPC.

Drawdown Indicators

	FBAKX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-41.40%	-56.78%	+15.38%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-9.10%	+2.63%
Max Drawdown (3Y) Largest decline over 3 years	-12.85%	-18.90%	+6.05%
Max Drawdown (5Y) Largest decline over 5 years	-22.84%	-25.43%	+2.59%
Max Drawdown (10Y) Largest decline over 10 years	-26.68%	-33.92%	+7.24%
Current Drawdown Current decline from peak	0.00%	-0.74%	+0.74%
Average Drawdown Average peak-to-trough decline	-5.14%	-10.72%	+5.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	1.97%	-0.63%

Volatility

FBAKX vs. ^GSPC - Volatility Comparison

The current volatility for Fidelity Balanced Fund Class K (FBAKX) is 2.57%, while S&P 500 Index (^GSPC) has a volatility of 2.93%. This indicates that FBAKX experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBAKX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	2.93%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	6.80%	8.99%	-2.19%
Volatility (1Y) Calculated over the trailing 1-year period	8.59%	11.89%	-3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.18%	16.90%	-4.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.78%	18.06%	-5.28%

Frequently Asked Questions

Can I hold both FBAKX and ^GSPC in my portfolio?

With a correlation of 0.97, FBAKX and ^GSPC 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, FBAKX or ^GSPC?

^GSPC has higher volatility (2.93%) compared to FBAKX (2.57%). In terms of maximum drawdown, FBAKX dropped -41.40% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

FBAKX currently has the higher Sharpe Ratio (2.99 vs 2.24), 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.