FBALX vs. TCAF

Last updated Jun 13, 2026

FBALX (Fidelity Balanced Fund) and TCAF (T. Rowe Price Capital Appreciation Equity ETF) are both funds - FBALX is a Diversified Portfolio fund actively managed by Fidelity, while TCAF is a Large Cap Blend Equities fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, FBALX returned 21.68% vs 16.10% for TCAF. Their correlation of 0.92 suggests significant overlap in exposure. FBALX charges 0.46%/yr vs 0.31%/yr for TCAF.

Performance

FBALX vs. TCAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Balanced Fund (FBALX) and T. Rowe Price Capital Appreciation Equity ETF (TCAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBALX achieves a 8.71% return, which is significantly higher than TCAF's 4.37% return.

FBALX

• 1D: 1.52%
• 1M: -0.11%
• YTD: 8.71%
• 6M: 9.51%
• 1Y: 21.68%
• 3Y*: 15.96%
• 5Y*: 8.88%
• 10Y*: 11.70%

TCAF

• 1D: 0.18%
• 1M: -0.77%
• YTD: 4.37%
• 6M: 5.06%
• 1Y: 16.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBALX vs. TCAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FBALX Fidelity Balanced Fund	8.71%	15.11%	16.09%	6.96%
TCAF T. Rowe Price Capital Appreciation Equity ETF	4.37%	15.45%	20.93%	9.71%

Correlation

The correlation between FBALX and TCAF is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.92

The correlation between FBALX and TCAF has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

FBALX vs. TCAF — Risk / Return Rank

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

FBALX

FBALX Risk / Return Rank: 87
FBALX Sharpe Ratio Rank: 87
FBALX Sortino Ratio Rank: 84
FBALX Omega Ratio Rank: 83
FBALX Calmar Ratio Rank: 86
FBALX Martin Ratio Rank: 93

TCAF

TCAF Risk / Return Rank: 41
TCAF Sharpe Ratio Rank: 44
TCAF Sortino Ratio Rank: 42
TCAF Omega Ratio Rank: 44
TCAF Calmar Ratio Rank: 33
TCAF Martin Ratio Rank: 40

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. TCAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Balanced Fund (FBALX) and T. Rowe Price Capital Appreciation Equity ETF (TCAF). 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.

	FBALX	TCAF	Difference
Sharpe ratio: Return per unit of total volatility	2.45	1.37	+1.08
Sortino ratio: Return per unit of downside risk	3.39	1.91	+1.49
Omega ratio: Gain probability vs. loss probability	1.47	1.25	+0.22
Calmar ratio: Return relative to maximum drawdown	3.44	1.43	+2.01
Martin ratio: Return relative to average drawdown	16.08	5.64	+10.44

FBALX vs. TCAF - Sharpe Ratio Comparison

The current FBALX Sharpe Ratio is 2.45, which is higher than the TCAF Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of FBALX and TCAF, 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

FBALX vs. TCAF - Drawdown Comparison

The maximum FBALX drawdown since its inception was -43.57%, which is greater than TCAF's maximum drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for FBALX and TCAF.

Drawdown Indicators

	FBALX	TCAF	Difference
Max Drawdown Largest peak-to-trough decline	-43.57%	-16.37%	-27.20%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-11.33%	+4.86%
Max Drawdown (3Y) Largest decline over 3 years	-12.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.89%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.68%	—	—
Current Drawdown Current decline from peak	-1.44%	-2.97%	+1.53%
Average Drawdown Average peak-to-trough decline	-4.37%	-2.07%	-2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	2.86%	-1.48%

Volatility

FBALX vs. TCAF - Volatility Comparison

Fidelity Balanced Fund (FBALX) and T. Rowe Price Capital Appreciation Equity ETF (TCAF) have volatilities of 3.69% and 3.60%, 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

	FBALX	TCAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	3.60%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	7.41%	9.20%	-1.79%
Volatility (1Y) Calculated over the trailing 1-year period	9.06%	11.77%	-2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.24%	13.98%	-1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.81%	13.98%	-1.17%

FBALX vs. TCAF - Expense Ratio Comparison

FBALX has a 0.46% expense ratio, which is higher than TCAF's 0.31% expense ratio.

Dividends

FBALX vs. TCAF - Dividend Comparison

FBALX's dividend yield for the trailing twelve months is around 5.22%, more than TCAF's 0.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBALX Fidelity Balanced Fund	5.22%	5.69%	5.67%	2.28%	8.06%	9.66%	5.90%	4.24%	10.99%	7.90%	3.07%	7.70%
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.48%	0.50%	0.43%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBALX and TCAF in my portfolio?

FBALX and TCAF have a correlation of 0.89, 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 TCAF?

FBALX has higher volatility (3.69%) compared to TCAF (3.60%). In terms of maximum drawdown, FBALX dropped -43.57% vs TCAF's -16.37%.

Which has better risk-adjusted returns?

FBALX currently has the higher Sharpe Ratio (2.45 vs 1.37), 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.