FFNOX vs. FXAIX
FFNOX (Fidelity Multi-Asset Index Fund) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - FFNOX is a Diversified Portfolio fund actively managed by Fidelity, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. FFNOX is actively managed, while FXAIX is passively managed. Over the past 10 years, FFNOX returned 11.42%/yr vs 15.63%/yr for FXAIX. With a 0.96 correlation, they move nearly in lockstep. FFNOX charges 0.11%/yr vs 0.02%/yr for FXAIX.
Performance
FFNOX vs. FXAIX - Performance Comparison
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Returns By Period
In the year-to-date period, FFNOX achieves a 9.33% return, which is significantly higher than FXAIX's 8.21% return. Over the past 10 years, FFNOX has underperformed FXAIX with an annualized return of 11.42%, while FXAIX has yielded a comparatively higher 15.63% annualized return.
FFNOX
- 1D
- -1.64%
- 1M
- 0.21%
- YTD
- 9.33%
- 6M
- 8.52%
- 1Y
- 21.47%
- 3Y*
- 17.24%
- 5Y*
- 8.91%
- 10Y*
- 11.42%
FXAIX
- 1D
- -1.43%
- 1M
- -1.34%
- YTD
- 8.21%
- 6M
- 6.88%
- 1Y
- 22.35%
- 3Y*
- 20.81%
- 5Y*
- 13.14%
- 10Y*
- 15.63%
FFNOX vs. FXAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FFNOX Fidelity Multi-Asset Index Fund | 9.33% | 20.18% | 13.05% | 19.29% | -18.02% | 17.05% | 16.30% | 25.09% | -6.58% | 17.09% |
FXAIX Fidelity 500 Index Fund | 8.21% | 17.84% | 25.01% | 26.29% | -18.14% | 28.71% | 18.42% | 31.48% | -4.43% | 21.82% |
Correlation
The correlation between FFNOX and FXAIX is 0.95, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since May 4, 2011 | 0.96 |
The correlation between FFNOX and FXAIX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
FFNOX vs. FXAIX — Risk / Return Rank
FFNOX
FXAIX
FFNOX vs. FXAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Multi-Asset Index Fund (FFNOX) 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.
| FFNOX | FXAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.34 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | 2.68 | 0.00 |
| Martin ratioReturn relative to average drawdown | 11.41 | 12.03 | -0.62 |
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Drawdowns
FFNOX vs. FXAIX - Drawdown Comparison
The maximum FFNOX drawdown since its inception was -49.84%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FFNOX and FXAIX.
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Drawdown Indicators
| FFNOX | FXAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.84% | -33.79% | -16.05% |
Max Drawdown (1Y)Largest decline over 1 year | -8.60% | -8.89% | +0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -14.10% | -18.76% | +4.66% |
Max Drawdown (5Y)Largest decline over 5 years | -26.04% | -24.50% | -1.54% |
Max Drawdown (10Y)Largest decline over 10 years | -29.93% | -33.79% | +3.86% |
Current DrawdownCurrent decline from peak | -2.01% | -3.13% | +1.12% |
Average DrawdownAverage peak-to-trough decline | -8.68% | -3.79% | -4.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 1.98% | +0.03% |
Volatility
FFNOX vs. FXAIX - Volatility Comparison
Fidelity Multi-Asset Index Fund (FFNOX) and Fidelity 500 Index Fund (FXAIX) have volatilities of 5.00% and 4.90%, 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.
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Volatility by Period
| FFNOX | FXAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.00% | 4.90% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 9.99% | 9.93% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.98% | 12.57% | -0.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.90% | 17.02% | -3.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.57% | 18.09% | -3.52% |
FFNOX vs. FXAIX - Expense Ratio Comparison
FFNOX has a 0.11% expense ratio, which is higher than FXAIX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FFNOX vs. FXAIX - Dividend Comparison
FFNOX's dividend yield for the trailing twelve months is around 2.35%, more than FXAIX's 1.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
FXAIX Fidelity 500 Index Fund | 1.06% | 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
With a correlation of 0.95, FFNOX 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.
FFNOX has higher volatility (5.00%) compared to FXAIX (4.90%). In terms of maximum drawdown, FFNOX dropped -49.84% vs FXAIX's -33.79%.
FFNOX currently has the higher Sharpe Ratio (1.93 vs 1.90), 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.
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