FFNOX vs. DIVO

Last updated Jun 13, 2026

FFNOX (Fidelity Multi-Asset Index Fund) and DIVO (Amplify CWP Enhanced Dividend Income ETF) are both funds - FFNOX is a Diversified Portfolio fund actively managed by Fidelity, while DIVO is a Derivative Income fund actively managed by Amplify. Both are actively managed. Over the past 5 years, FFNOX returned 8.95%/yr vs 10.91%/yr for DIVO. A 0.77 correlation means they provide meaningful diversification when combined. FFNOX charges 0.11%/yr vs 0.56%/yr for DIVO.

Performance

FFNOX vs. DIVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Multi-Asset Index Fund (FFNOX) and Amplify CWP Enhanced Dividend Income ETF (DIVO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFNOX achieves a 9.53% return, which is significantly higher than DIVO's 6.43% return.

FFNOX

• 1D: 2.29%
• 1M: 0.19%
• YTD: 9.53%
• 6M: 10.17%
• 1Y: 23.58%
• 3Y*: 17.14%
• 5Y*: 8.95%
• 10Y*: 11.23%

DIVO

• 1D: 0.72%
• 1M: 2.16%
• YTD: 6.43%
• 6M: 5.62%
• 1Y: 19.84%
• 3Y*: 15.47%
• 5Y*: 10.91%
• 10Y*: —

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

FFNOX vs. DIVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FFNOX Fidelity Multi-Asset Index Fund	9.53%	20.18%	13.05%	19.29%	-18.02%	17.05%	16.30%	25.09%	-6.58%	17.09%
DIVO Amplify CWP Enhanced Dividend Income ETF	6.43%	17.40%	16.22%	6.95%	-1.46%	22.87%	12.40%	24.90%	-3.18%	21.41%

Correlation

The correlation between FFNOX and DIVO is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Dec 14, 2016	0.77

The correlation between FFNOX and DIVO has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

Return for Risk

FFNOX vs. DIVO — Risk / Return Rank

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

FFNOX

FFNOX Risk / Return Rank: 70
FFNOX Sharpe Ratio Rank: 69
FFNOX Sortino Ratio Rank: 67
FFNOX Omega Ratio Rank: 68
FFNOX Calmar Ratio Rank: 70
FFNOX Martin Ratio Rank: 77

DIVO

DIVO Risk / Return Rank: 72
DIVO Sharpe Ratio Rank: 72
DIVO Sortino Ratio Rank: 78
DIVO Omega Ratio Rank: 69
DIVO Calmar Ratio Rank: 71
DIVO Martin Ratio Rank: 70

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.

FFNOX vs. DIVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Multi-Asset Index Fund (FFNOX) and Amplify CWP Enhanced Dividend Income ETF (DIVO). 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.

	FFNOX	DIVO	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.02	-0.10
Sortino ratio: Return per unit of downside risk	2.67	2.99	-0.32
Omega ratio: Gain probability vs. loss probability	1.36	1.35	0.00
Calmar ratio: Return relative to maximum drawdown	2.64	3.12	-0.48
Martin ratio: Return relative to average drawdown	11.26	11.23	+0.03

FFNOX vs. DIVO - Sharpe Ratio Comparison

The current FFNOX Sharpe Ratio is 1.92, which is comparable to the DIVO Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of FFNOX and DIVO, 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

FFNOX vs. DIVO - Drawdown Comparison

The maximum FFNOX drawdown since its inception was -49.84%, which is greater than DIVO's maximum drawdown of -30.04%. Use the drawdown chart below to compare losses from any high point for FFNOX and DIVO.

Drawdown Indicators

	FFNOX	DIVO	Difference
Max Drawdown Largest peak-to-trough decline	-49.84%	-30.04%	-19.80%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-5.95%	-2.65%
Max Drawdown (3Y) Largest decline over 3 years	-14.10%	-12.12%	-1.98%
Max Drawdown (5Y) Largest decline over 5 years	-26.04%	-13.72%	-12.32%
Max Drawdown (10Y) Largest decline over 10 years	-29.93%	—	—
Current Drawdown Current decline from peak	-1.83%	-0.19%	-1.64%
Average Drawdown Average peak-to-trough decline	-8.69%	-2.61%	-6.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	1.65%	+0.36%

Volatility

FFNOX vs. DIVO - Volatility Comparison

Fidelity Multi-Asset Index Fund (FFNOX) has a higher volatility of 4.83% compared to Amplify CWP Enhanced Dividend Income ETF (DIVO) at 2.71%. This indicates that FFNOX's price experiences larger fluctuations and is considered to be riskier than DIVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFNOX	DIVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.83%	2.71%	+2.12%
Volatility (6M) Calculated over the trailing 6-month period	9.79%	7.13%	+2.66%
Volatility (1Y) Calculated over the trailing 1-year period	11.81%	9.20%	+2.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.86%	11.97%	+1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.61%	14.83%	-0.22%

FFNOX vs. DIVO - Expense Ratio Comparison

FFNOX has a 0.11% expense ratio, which is lower than DIVO's 0.56% expense ratio.

Dividends

FFNOX vs. DIVO - Dividend Comparison

FFNOX's dividend yield for the trailing twelve months is around 2.35%, less than DIVO's 6.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIVO Amplify CWP Enhanced Dividend Income ETF	6.36%	6.44%	4.70%	4.67%	4.76%	4.79%	4.91%	8.16%	5.27%	3.83%	0.00%	0.00%
FFNOX Fidelity Multi-Asset Index Fund	2.35%	3.68%	6.43%	3.18%	7.14%	5.71%	2.87%	2.96%	2.90%	0.64%	2.50%	0.70%

Frequently Asked Questions

Can I hold both FFNOX and DIVO in my portfolio?

FFNOX and DIVO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFNOX or DIVO?

FFNOX has higher volatility (4.83%) compared to DIVO (2.71%). In terms of maximum drawdown, FFNOX dropped -49.84% vs DIVO's -30.04%.

Which has better risk-adjusted returns?

DIVO currently has the higher Sharpe Ratio (2.02 vs 1.92), 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.