FFNOX vs. VOO

Last updated Aug 1, 2026

FFNOX (Fidelity Multi-Asset Index Fund) and VOO (Vanguard S&P 500 ETF) are both funds - FFNOX is a Diversified Portfolio fund actively managed by Fidelity, while VOO is a S&P 500 fund tracking the S&P 500 Index. FFNOX is actively managed, while VOO is passively managed. Over the past 10 years, FFNOX returned 10.81%/yr vs 15.14%/yr for VOO. Their 0.96 correlation means they have historically moved very closely together. FFNOX charges 0.11%/yr vs 0.03%/yr for VOO.

Performance

FFNOX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Multi-Asset Index Fund (FFNOX) and Vanguard S&P 500 ETF (VOO). 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 FFNOX having a 9.83% return and VOO slightly higher at 10.16%. Over the past 10 years, FFNOX has underperformed VOO with an annualized return of 10.81%, while VOO has yielded a comparatively higher 15.14% annualized return.

FFNOX

• 1D: 1.83%
• 1M: -0.60%
• 6M: 6.76%
• YTD: 9.83%
• 1Y: 20.53%
• 3Y*: 15.52%
• 5Y*: 8.70%
• 10Y*: 10.81%
• ALL TIME*: 6.83%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FFNOX Fidelity Multi-Asset Index Fund	$0.00	$0.00	$0.00
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

FFNOX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FFNOX Fidelity Multi-Asset Index Fund	9.83%	20.18%	13.05%	19.29%	-18.02%	17.05%	16.30%	25.09%	-6.58%	17.09%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between FFNOX and VOO is 0.95, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.95
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.96

The correlation between FFNOX and VOO has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

FFNOX vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FFNOX

FFNOX Risk / Return Rank: 70
FFNOX Sharpe Ratio Rank: 68
FFNOX Sortino Ratio Rank: 66
FFNOX Omega Ratio Rank: 66
FFNOX Calmar Ratio Rank: 70
FFNOX Martin Ratio Rank: 78

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FFNOX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Multi-Asset Index Fund (FFNOX) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.53	+0.02
Sortino ratio: Return per unit of downside risk	2.20	2.13	+0.07
Omega ratio: Gain probability vs. loss probability	1.28	1.28	+0.01
Calmar ratio: Return relative to maximum drawdown	2.21	2.21	0.00
Martin ratio: Return relative to average drawdown	9.19	9.44	-0.25

FFNOX vs. VOO - Sharpe Ratio Comparison

The current FFNOX Sharpe Ratio is 1.55, which is comparable to the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of FFNOX and VOO, 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. VOO - Drawdown Comparison

The maximum FFNOX drawdown since its inception was -49.84%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for FFNOX and VOO.

Drawdown Indicators

	FFNOX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-49.84%	-33.99%	-15.85%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-8.90%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-14.10%	-18.69%	+4.59%
Max Drawdown (5Y) Largest decline over 5 years	-26.04%	-24.52%	-1.52%
Max Drawdown (10Y) Largest decline over 10 years	-29.93%	-33.99%	+4.06%
Current Drawdown Current decline from peak	-1.56%	-1.38%	-0.18%
Average Drawdown Average peak-to-trough decline	-8.66%	-3.67%	-4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.08%	-0.02%

Volatility

FFNOX vs. VOO - Volatility Comparison

Fidelity Multi-Asset Index Fund (FFNOX) and Vanguard S&P 500 ETF (VOO) have volatilities of 3.57% and 3.54%, 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

	FFNOX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	3.54%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	10.30%	10.10%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.27%	12.82%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.93%	16.93%	-3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.56%	18.01%	-3.45%

FFNOX vs. VOO - Expense Ratio Comparison

FFNOX has a 0.11% expense ratio, which is higher than VOO's 0.03% 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. VOO - Dividend Comparison

FFNOX's dividend yield for the trailing twelve months is around 2.34%, more than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFNOX Fidelity Multi-Asset Index Fund	2.34%	3.68%	6.43%	3.18%	7.14%	5.71%	2.87%	2.96%	2.90%	0.64%	2.50%	0.70%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both FFNOX and VOO in my portfolio?

With a correlation of 0.95, FFNOX and VOO 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, FFNOX or VOO?

FFNOX has higher volatility (3.57%) compared to VOO (3.54%). In terms of maximum drawdown, FFNOX dropped -49.84% vs VOO's -33.99%.

Which has better risk-adjusted returns?

FFNOX currently has the higher Sharpe Ratio (1.55 vs 1.53), 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.