FBAQX vs. FXAIX

Last updated Jun 23, 2026

FBAQX (Fidelity Advisor Balanced Fund Class M) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - FBAQX is a Allocation--50% to 70% Equity fund actively managed by Fidelity, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. FBAQX is actively managed, while FXAIX is passively managed. Over the past year, FBAQX returned 23.32% vs 27.18% for FXAIX. With a 0.96 correlation, they move nearly in lockstep. FBAQX charges 1.01%/yr vs 0.02%/yr for FXAIX.

Performance

FBAQX vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Balanced Fund Class M (FBAQX) and Fidelity 500 Index Fund (FXAIX). 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 FBAQX having a 9.93% return and FXAIX slightly higher at 10.19%.

FBAQX

• 1D: 0.97%
• 1M: 1.38%
• YTD: 9.93%
• 6M: 9.86%
• 1Y: 23.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FXAIX

• 1D: 1.09%
• 1M: 0.47%
• YTD: 10.19%
• 6M: 9.68%
• 1Y: 27.18%
• 3Y*: 20.98%
• 5Y*: 14.10%
• 10Y*: 15.58%

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

FBAQX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBAQX Fidelity Advisor Balanced Fund Class M	9.93%	14.51%	1.86%
FXAIX Fidelity 500 Index Fund	10.19%	17.84%	1.50%

Correlation

The correlation between FBAQX and FXAIX 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 (All Time) Calculated using the full available price history since Oct 25, 2024	0.96

The correlation between FBAQX and FXAIX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

FBAQX vs. FXAIX — Risk / Return Rank

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

FBAQX

FBAQX Risk / Return Rank: 84
FBAQX Sharpe Ratio Rank: 84
FBAQX Sortino Ratio Rank: 81
FBAQX Omega Ratio Rank: 81
FBAQX Calmar Ratio Rank: 82
FBAQX Martin Ratio Rank: 91

FXAIX

FXAIX Risk / Return Rank: 66
FXAIX Sharpe Ratio Rank: 64
FXAIX Sortino Ratio Rank: 59
FXAIX Omega Ratio Rank: 61
FXAIX Calmar Ratio Rank: 68
FXAIX Martin Ratio Rank: 79

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.

FBAQX vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Balanced Fund Class M (FBAQX) and Fidelity 500 Index Fund (FXAIX). 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.

	FBAQX	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.55	2.17	+0.38
Sortino ratio: Return per unit of downside risk	3.54	2.93	+0.61
Omega ratio: Gain probability vs. loss probability	1.48	1.39	+0.09
Calmar ratio: Return relative to maximum drawdown	3.59	3.04	+0.55
Martin ratio: Return relative to average drawdown	16.75	13.75	+3.00

FBAQX vs. FXAIX - Sharpe Ratio Comparison

The current FBAQX Sharpe Ratio is 2.55, which is comparable to the FXAIX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of FBAQX and FXAIX, 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

FBAQX vs. FXAIX - Drawdown Comparison

The maximum FBAQX drawdown since its inception was -12.64%, smaller than the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FBAQX and FXAIX.

Drawdown Indicators

	FBAQX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.64%	-33.79%	+21.15%
Max Drawdown (1Y) Largest decline over 1 year	-6.51%	-8.89%	+2.38%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-0.14%	-1.36%	+1.22%
Average Drawdown Average peak-to-trough decline	-1.53%	-3.79%	+2.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	1.96%	-0.57%

Volatility

FBAQX vs. FXAIX - Volatility Comparison

The current volatility for Fidelity Advisor Balanced Fund Class M (FBAQX) is 3.75%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 4.77%. This indicates that FBAQX experiences smaller price fluctuations and is considered to be less risky than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBAQX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	4.77%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	7.54%	9.91%	-2.37%
Volatility (1Y) Calculated over the trailing 1-year period	9.17%	12.47%	-3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.70%	17.01%	-5.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.70%	18.11%	-6.41%

FBAQX vs. FXAIX - Expense Ratio Comparison

FBAQX has a 1.01% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

FBAQX vs. FXAIX - Dividend Comparison

FBAQX's dividend yield for the trailing twelve months is around 4.65%, more than FXAIX's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBAQX Fidelity Advisor Balanced Fund Class M	4.65%	5.15%	2.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FXAIX Fidelity 500 Index Fund	1.04%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%

Frequently Asked Questions

Can I hold both FBAQX and FXAIX in my portfolio?

With a correlation of 0.98, FBAQX and FXAIX 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, FBAQX or FXAIX?

FXAIX has higher volatility (4.77%) compared to FBAQX (3.75%). In terms of maximum drawdown, FBAQX dropped -12.64% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FBAQX currently has the higher Sharpe Ratio (2.55 vs 2.17), 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.