FBALX vs. FNDX

Last updated Jun 9, 2026

FBALX (Fidelity Balanced Fund) and FNDX (Schwab Fundamental U.S. Large Company Index ETF) are both funds - FBALX is a Diversified Portfolio fund actively managed by Fidelity, while FNDX is a Large Cap Value Equities fund tracking the RAFI Fundamental High Liquidity US Large Index. FBALX is actively managed, while FNDX is passively managed. Over the past 10 years, FBALX returned 11.48%/yr vs 14.16%/yr for FNDX. Their correlation of 0.88 suggests significant overlap in exposure. FBALX charges 0.46%/yr vs 0.25%/yr for FNDX.

Performance

FBALX vs. FNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Balanced Fund (FBALX) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBALX achieves a 7.96% return, which is significantly lower than FNDX's 13.72% return. Over the past 10 years, FBALX has underperformed FNDX with an annualized return of 11.48%, while FNDX has yielded a comparatively higher 14.16% annualized return.

FBALX

• 1D: -2.10%
• 1M: -0.35%
• YTD: 7.96%
• 6M: 8.36%
• 1Y: 21.65%
• 3Y*: 15.93%
• 5Y*: 8.87%
• 10Y*: 11.48%

FNDX

• 1D: 0.26%
• 1M: 1.45%
• YTD: 13.72%
• 6M: 14.45%
• 1Y: 30.74%
• 3Y*: 20.18%
• 5Y*: 12.71%
• 10Y*: 14.16%

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

FBALX vs. FNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBALX Fidelity Balanced Fund	7.96%	15.11%	16.09%	20.31%	-18.29%	18.27%	22.45%	24.40%	-3.98%	16.52%
FNDX Schwab Fundamental U.S. Large Company Index ETF	13.72%	16.94%	16.77%	18.23%	-6.92%	31.73%	9.12%	28.65%	-7.30%	17.12%

Correlation

The correlation between FBALX and FNDX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.88

The correlation between FBALX and FNDX shifts across timeframes, from 0.76 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FBALX vs. FNDX — Risk / Return Rank

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

FBALX

FBALX Risk / Return Rank: 79
FBALX Sharpe Ratio Rank: 79
FBALX Sortino Ratio Rank: 73
FBALX Omega Ratio Rank: 76
FBALX Calmar Ratio Rank: 79
FBALX Martin Ratio Rank: 88

FNDX

FNDX Risk / Return Rank: 91
FNDX Sharpe Ratio Rank: 92
FNDX Sortino Ratio Rank: 92
FNDX Omega Ratio Rank: 91
FNDX Calmar Ratio Rank: 90
FNDX 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.

FBALX vs. FNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Balanced Fund (FBALX) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). 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.

	FBALX	FNDX	Difference
Sharpe ratio: Return per unit of total volatility	2.52	3.00	-0.48
Sortino ratio: Return per unit of downside risk	3.48	4.15	-0.68
Omega ratio: Gain probability vs. loss probability	1.48	1.55	-0.07
Calmar ratio: Return relative to maximum drawdown	3.46	5.09	-1.64
Martin ratio: Return relative to average drawdown	16.47	19.86	-3.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBALX vs. FNDX - Sharpe Ratio Comparison

The current FBALX Sharpe Ratio is 2.52, which is comparable to the FNDX Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of FBALX and FNDX, 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

	FBALX	FNDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	3.00	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.84	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.81	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.79	+0.02

Drawdowns

FBALX vs. FNDX - Drawdown Comparison

The maximum FBALX drawdown since its inception was -43.57%, which is greater than FNDX's maximum drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for FBALX and FNDX.

Drawdown Indicators

	FBALX	FNDX	Difference
Max Drawdown Largest peak-to-trough decline	-43.57%	-37.72%	-5.85%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-6.06%	-0.41%
Max Drawdown (3Y) Largest decline over 3 years	-12.88%	-16.30%	+3.42%
Max Drawdown (5Y) Largest decline over 5 years	-22.89%	-19.06%	-3.83%
Max Drawdown (10Y) Largest decline over 10 years	-26.68%	-37.72%	+11.04%
Current Drawdown Current decline from peak	-2.12%	-1.41%	-0.71%
Average Drawdown Average peak-to-trough decline	-4.37%	-3.55%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	1.55%	-0.20%

Volatility

FBALX vs. FNDX - Volatility Comparison

Fidelity Balanced Fund (FBALX) has a higher volatility of 3.23% compared to Schwab Fundamental U.S. Large Company Index ETF (FNDX) at 2.62%. This indicates that FBALX's price experiences larger fluctuations and is considered to be riskier than FNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBALX	FNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	2.62%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	7.15%	7.46%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	8.87%	10.32%	-1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	15.20%	-2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.79%	17.51%	-4.72%

FBALX vs. FNDX - Expense Ratio Comparison

FBALX has a 0.46% expense ratio, which is higher than FNDX's 0.25% expense ratio.

Dividends

FBALX vs. FNDX - Dividend Comparison

FBALX's dividend yield for the trailing twelve months is around 5.25%, more than FNDX's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBALX Fidelity Balanced Fund	5.25%	5.69%	5.67%	2.28%	8.06%	9.66%	5.90%	4.24%	10.99%	7.90%	3.07%	7.70%
FNDX Schwab Fundamental U.S. Large Company Index ETF	1.46%	1.63%	1.76%	1.82%	2.07%	1.64%	2.29%	2.23%	2.40%	1.86%	2.01%	2.01%

Frequently Asked Questions

Can I hold both FBALX and FNDX in my portfolio?

FBALX and FNDX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBALX or FNDX?

FBALX has higher volatility (3.23%) compared to FNDX (2.62%). In terms of maximum drawdown, FBALX dropped -43.57% vs FNDX's -37.72%.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (3.00 vs 2.52), 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.