FBAKX vs. VWELX

Last updated Jun 4, 2026

FBAKX (Fidelity Balanced Fund Class K) and VWELX (Vanguard Wellington Fund Investor Shares) are both Diversified Portfolio funds. Over the past 10 years, FBAKX returned 11.81%/yr vs 10.20%/yr for VWELX. With a 0.95 correlation, they move nearly in lockstep. FBAKX charges 0.45%/yr vs 0.24%/yr for VWELX.

Performance

FBAKX vs. VWELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Balanced Fund Class K (FBAKX) and Vanguard Wellington Fund Investor Shares (VWELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBAKX achieves a 10.34% return, which is significantly higher than VWELX's 7.11% return. Over the past 10 years, FBAKX has outperformed VWELX with an annualized return of 11.81%, while VWELX has yielded a comparatively lower 10.20% 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%

VWELX

• 1D: 0.06%
• 1M: 3.86%
• YTD: 7.11%
• 6M: 7.36%
• 1Y: 21.02%
• 3Y*: 15.61%
• 5Y*: 8.97%
• 10Y*: 10.20%

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

FBAKX vs. VWELX - 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%
VWELX Vanguard Wellington Fund Investor Shares	7.11%	16.54%	14.73%	14.29%	-14.36%	18.99%	10.57%	22.51%	-3.43%	13.98%

Correlation

The correlation between FBAKX and VWELX is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 16, 2008	0.95

The correlation between FBAKX and VWELX has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

FBAKX vs. VWELX — 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

VWELX

VWELX Risk / Return Rank: 74
VWELX Sharpe Ratio Rank: 78
VWELX Sortino Ratio Rank: 75
VWELX Omega Ratio Rank: 73
VWELX Calmar Ratio Rank: 68
VWELX Martin Ratio Rank: 78

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. VWELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Balanced Fund Class K (FBAKX) and Vanguard Wellington Fund Investor Shares (VWELX). 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	VWELX	Difference
Sharpe ratio: Return per unit of total volatility	2.99	2.56	+0.42
Sortino ratio: Return per unit of downside risk	4.20	3.60	+0.60
Omega ratio: Gain probability vs. loss probability	1.57	1.48	+0.09
Calmar ratio: Return relative to maximum drawdown	3.97	3.17	+0.80
Martin ratio: Return relative to average drawdown	19.03	14.69	+4.34
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. VWELX - Sharpe Ratio Comparison

The current FBAKX Sharpe Ratio is 2.99, which is comparable to the VWELX Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of FBAKX and VWELX, 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	VWELX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	2.56	+0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.81	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.93	0.89	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.84	-0.16

Drawdowns

FBAKX vs. VWELX - Drawdown Comparison

The maximum FBAKX drawdown since its inception was -41.40%, which is greater than VWELX's maximum drawdown of -36.12%. Use the drawdown chart below to compare losses from any high point for FBAKX and VWELX.

Drawdown Indicators

	FBAKX	VWELX	Difference
Max Drawdown Largest peak-to-trough decline	-41.40%	-36.12%	-5.28%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-6.78%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-12.85%	-11.98%	-0.87%
Max Drawdown (5Y) Largest decline over 5 years	-22.84%	-20.88%	-1.96%
Max Drawdown (10Y) Largest decline over 10 years	-26.68%	-25.33%	-1.35%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.14%	-3.92%	-1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	1.46%	-0.12%

Volatility

FBAKX vs. VWELX - Volatility Comparison

Fidelity Balanced Fund Class K (FBAKX) and Vanguard Wellington Fund Investor Shares (VWELX) have volatilities of 2.57% and 2.52%, 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

	FBAKX	VWELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	2.52%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	6.80%	6.67%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	8.59%	8.38%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.18%	11.13%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.78%	11.53%	+1.25%

FBAKX vs. VWELX - Expense Ratio Comparison

FBAKX has a 0.45% expense ratio, which is higher than VWELX's 0.24% expense ratio.

Dividends

FBAKX vs. VWELX - Dividend Comparison

FBAKX's dividend yield for the trailing twelve months is around 5.17%, less than VWELX's 10.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBAKX Fidelity Balanced Fund Class K	5.17%	5.72%	5.74%	2.35%	8.15%	9.74%	5.97%	3.87%	11.09%	7.98%	3.16%	7.79%
VWELX Vanguard Wellington Fund Investor Shares	10.76%	11.46%	10.76%	6.01%	8.19%	8.64%	7.77%	4.67%	9.49%	5.82%	4.44%	7.03%

Frequently Asked Questions

Can I hold both FBAKX and VWELX in my portfolio?

With a correlation of 0.98, FBAKX and VWELX 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 VWELX?

FBAKX has higher volatility (2.57%) compared to VWELX (2.52%). In terms of maximum drawdown, FBAKX dropped -41.40% vs VWELX's -36.12%.

Which has better risk-adjusted returns?

FBAKX currently has the higher Sharpe Ratio (2.99 vs 2.56), 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.