FBKFX vs. FXAIX

Last updated Jun 24, 2026

FBKFX (Fidelity Balanced K6 Fund) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - FBKFX is a Diversified Portfolio fund managed by Fidelity, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, FBKFX returned 9.76%/yr vs 13.60%/yr for FXAIX. With a 0.97 correlation, they move nearly in lockstep. FBKFX charges 0.32%/yr vs 0.02%/yr for FXAIX.

Performance

FBKFX vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Balanced K6 Fund (FBKFX) 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 stocks are quite close, with FBKFX having a 10.06% return and FXAIX slightly lower at 9.79%.

FBKFX

• 1D: -0.37%
• 1M: 1.01%
• YTD: 10.06%
• 6M: 9.55%
• 1Y: 23.77%
• 3Y*: 17.03%
• 5Y*: 9.76%
• 10Y*: —

FXAIX

• 1D: -0.37%
• 1M: 0.10%
• YTD: 9.79%
• 6M: 8.79%
• 1Y: 25.51%
• 3Y*: 21.39%
• 5Y*: 13.60%
• 10Y*: 15.80%

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

FBKFX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FBKFX Fidelity Balanced K6 Fund	10.06%	15.68%	16.19%	21.93%	-17.87%	18.51%	22.38%	10.57%
FXAIX Fidelity 500 Index Fund	9.79%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	12.90%

Correlation

The correlation between FBKFX 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 (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 14, 2019	0.97

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

Return for Risk

FBKFX vs. FXAIX — Risk / Return Rank

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

FBKFX

FBKFX Risk / Return Rank: 86
FBKFX Sharpe Ratio Rank: 88
FBKFX Sortino Ratio Rank: 84
FBKFX Omega Ratio Rank: 83
FBKFX Calmar Ratio Rank: 84
FBKFX Martin Ratio Rank: 92

FXAIX

FXAIX Risk / Return Rank: 65
FXAIX Sharpe Ratio Rank: 64
FXAIX Sortino Ratio Rank: 57
FXAIX Omega Ratio Rank: 59
FXAIX Calmar Ratio Rank: 68
FXAIX 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.

FBKFX vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Balanced K6 Fund (FBKFX) 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.

	FBKFX	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.66	2.15	+0.51
Sortino ratio: Return per unit of downside risk	3.68	2.91	+0.77
Omega ratio: Gain probability vs. loss probability	1.51	1.39	+0.12
Calmar ratio: Return relative to maximum drawdown	3.76	3.02	+0.74
Martin ratio: Return relative to average drawdown	17.69	13.62	+4.07

FBKFX vs. FXAIX - Sharpe Ratio Comparison

The current FBKFX Sharpe Ratio is 2.66, which is comparable to the FXAIX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of FBKFX 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

FBKFX vs. FXAIX - Drawdown Comparison

The maximum FBKFX drawdown since its inception was -26.58%, smaller than the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FBKFX and FXAIX.

Drawdown Indicators

	FBKFX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-26.58%	-33.79%	+7.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.61%	-8.89%	+2.28%
Max Drawdown (3Y) Largest decline over 3 years	-12.88%	-18.76%	+5.88%
Max Drawdown (5Y) Largest decline over 5 years	-22.64%	-24.50%	+1.86%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-0.52%	-1.72%	+1.20%
Average Drawdown Average peak-to-trough decline	-4.52%	-3.79%	-0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	1.97%	-0.57%

Volatility

FBKFX vs. FXAIX - Volatility Comparison

The current volatility for Fidelity Balanced K6 Fund (FBKFX) is 3.72%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 4.68%. This indicates that FBKFX 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

	FBKFX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	4.68%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	7.71%	9.84%	-2.13%
Volatility (1Y) Calculated over the trailing 1-year period	9.36%	12.50%	-3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.34%	17.00%	-4.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.18%	18.12%	-3.94%

FBKFX vs. FXAIX - Expense Ratio Comparison

FBKFX has a 0.32% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

FBKFX vs. FXAIX - Dividend Comparison

FBKFX's dividend yield for the trailing twelve months is around 5.65%, more than FXAIX's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBKFX Fidelity Balanced K6 Fund	5.65%	6.23%	2.86%	1.79%	3.54%	4.14%	2.22%	0.51%	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 FBKFX and FXAIX in my portfolio?

With a correlation of 0.98, FBKFX 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, FBKFX or FXAIX?

FXAIX has higher volatility (4.68%) compared to FBKFX (3.72%). In terms of maximum drawdown, FBKFX dropped -26.58% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FBKFX currently has the higher Sharpe Ratio (2.66 vs 2.15), 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.