FBAL.NEO vs. FEQT.NEO

Last updated Jun 5, 2026

FBAL.NEO (Fidelity All-in-One Balanced ETF) and FEQT.NEO (Fidelity All-in-One Equity ETF Fund) are both Diversified Portfolio funds from Fidelity. Both are actively managed. Over the past year, FBAL.NEO returned 16.94% vs 26.09% for FEQT.NEO. With a 0.95 correlation, they move nearly in lockstep. FBAL.NEO charges 0.40%/yr vs 0.43%/yr for FEQT.NEO.

Performance

FBAL.NEO vs. FEQT.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity All-in-One Balanced ETF (FBAL.NEO) and Fidelity All-in-One Equity ETF Fund (FEQT.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBAL.NEO achieves a 7.17% return, which is significantly lower than FEQT.NEO's 10.90% return.

FBAL.NEO

• 1D: 0.26%
• 1M: 1.65%
• YTD: 7.17%
• 6M: 7.84%
• 1Y: 16.94%
• 3Y*: 16.34%
• 5Y*: 10.81%
• 10Y*: —

FEQT.NEO

• 1D: 0.54%
• 1M: 2.32%
• YTD: 10.90%
• 6M: 11.83%
• 1Y: 26.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBAL.NEO vs. FEQT.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBAL.NEO Fidelity All-in-One Balanced ETF	7.17%	12.92%	11.03%
FEQT.NEO Fidelity All-in-One Equity ETF Fund	10.90%	19.42%	14.08%

Correlation

The correlation between FBAL.NEO and FEQT.NEO 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 (All Time) Calculated using the full available price history since May 14, 2024	0.95

The correlation between FBAL.NEO and FEQT.NEO has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

FBAL.NEO vs. FEQT.NEO — Risk / Return Rank

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

FBAL.NEO

FBAL.NEO Risk / Return Rank: 67
FBAL.NEO Sharpe Ratio Rank: 69
FBAL.NEO Sortino Ratio Rank: 72
FBAL.NEO Omega Ratio Rank: 73
FBAL.NEO Calmar Ratio Rank: 57
FBAL.NEO Martin Ratio Rank: 65

FEQT.NEO

FEQT.NEO Risk / Return Rank: 72
FEQT.NEO Sharpe Ratio Rank: 74
FEQT.NEO Sortino Ratio Rank: 74
FEQT.NEO Omega Ratio Rank: 75
FEQT.NEO Calmar Ratio Rank: 64
FEQT.NEO Martin Ratio Rank: 73

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.

FBAL.NEO vs. FEQT.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity All-in-One Balanced ETF (FBAL.NEO) and Fidelity All-in-One Equity ETF Fund (FEQT.NEO). 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.

	FBAL.NEO	FEQT.NEO	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.36	-0.12
Sortino ratio: Return per unit of downside risk	3.20	3.30	-0.10
Omega ratio: Gain probability vs. loss probability	1.43	1.44	-0.01
Calmar ratio: Return relative to maximum drawdown	2.79	3.12	-0.33
Martin ratio: Return relative to average drawdown	11.65	13.53	-1.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBAL.NEO vs. FEQT.NEO - Sharpe Ratio Comparison

The current FBAL.NEO Sharpe Ratio is 2.23, which is comparable to the FEQT.NEO Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of FBAL.NEO and FEQT.NEO, 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

	FBAL.NEO	FEQT.NEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.36	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.23	1.79	-0.56

Drawdowns

FBAL.NEO vs. FEQT.NEO - Drawdown Comparison

The maximum FBAL.NEO drawdown since its inception was -13.83%, roughly equal to the maximum FEQT.NEO drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for FBAL.NEO and FEQT.NEO.

Drawdown Indicators

	FBAL.NEO	FEQT.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-13.83%	-13.24%	-0.59%
Max Drawdown (1Y) Largest decline over 1 year	-6.04%	-8.31%	+2.27%
Max Drawdown (3Y) Largest decline over 3 years	-8.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.83%	—	—
Current Drawdown Current decline from peak	-0.19%	-0.48%	+0.29%
Average Drawdown Average peak-to-trough decline	-2.43%	-1.45%	-0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	1.91%	-0.47%

Volatility

FBAL.NEO vs. FEQT.NEO - Volatility Comparison

The current volatility for Fidelity All-in-One Balanced ETF (FBAL.NEO) is 2.78%, while Fidelity All-in-One Equity ETF Fund (FEQT.NEO) has a volatility of 3.90%. This indicates that FBAL.NEO experiences smaller price fluctuations and is considered to be less risky than FEQT.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBAL.NEO	FEQT.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	3.90%	-1.12%
Volatility (6M) Calculated over the trailing 6-month period	6.08%	8.89%	-2.81%
Volatility (1Y) Calculated over the trailing 1-year period	7.54%	11.02%	-3.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.58%	12.44%	-3.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.57%	12.44%	-3.87%

FBAL.NEO vs. FEQT.NEO - Expense Ratio Comparison

FBAL.NEO has a 0.40% expense ratio, which is lower than FEQT.NEO's 0.43% expense ratio.

Dividends

FBAL.NEO vs. FEQT.NEO - Dividend Comparison

FBAL.NEO's dividend yield for the trailing twelve months is around 1.50%, more than FEQT.NEO's 0.82% yield.

Position	TTM	2025	2024	2023	2022	2021
FBAL.NEO Fidelity All-in-One Balanced ETF	1.50%	1.61%	1.42%	1.71%	4.48%	1.08%
FEQT.NEO Fidelity All-in-One Equity ETF Fund	0.82%	0.91%	0.91%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBAL.NEO and FEQT.NEO in my portfolio?

With a correlation of 0.97, FBAL.NEO and FEQT.NEO 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 ETF is better, FBAL.NEO or FEQT.NEO?

On fees, FBAL.NEO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FBAL.NEO or FEQT.NEO?

FBAL.NEO is cheaper with a 0.40% expense ratio, compared with 0.43% for FEQT.NEO.

What is the main difference between FBAL.NEO and FEQT.NEO?

Their fees differ too: 0.40% for FBAL.NEO and 0.43% for FEQT.NEO.