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FFNOX vs. VTES
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FFNOX vs. VTES

Last updated Jun 13, 2026

FFNOX (Fidelity Multi-Asset Index Fund) and VTES (Vanguard Short-Term Tax-Exempt Bond ETF) are both funds - FFNOX is a Diversified Portfolio fund actively managed by Fidelity, while VTES is a Municipal Bonds fund tracking the S&P 0-7 Year National AMT-Free Municipal Bond Index. FFNOX is actively managed, while VTES is passively managed. Over the past 3 years, FFNOX returned 17.14%/yr vs 3.18%/yr for VTES. At a 0.21 correlation, their price movements are largely independent. FFNOX charges 0.11%/yr vs 0.07%/yr for VTES.

Performance

FFNOX vs. VTES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Multi-Asset Index Fund (FFNOX) and Vanguard Short-Term Tax-Exempt Bond ETF (VTES). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FFNOX achieves a 9.53% return, which is significantly higher than VTES's 0.67% return.

FFNOX

1D
2.29%
1M
0.55%
YTD
9.53%
6M
10.17%
1Y
22.14%
3Y*
17.14%
5Y*
8.95%
10Y*
11.23%

VTES

1D
-0.03%
1M
0.39%
YTD
0.67%
6M
0.96%
1Y
3.33%
3Y*
3.18%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FFNOX vs. VTES - Yearly Performance Comparison

2026 (YTD)202520242023
FFNOX
Fidelity Multi-Asset Index Fund		9.53%20.18%13.05%14.22%
VTES
Vanguard Short-Term Tax-Exempt Bond ETF		0.67%4.19%1.85%3.32%

Correlation

The correlation between FFNOX and VTES is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.25

Correlation (3Y)
Calculated over the trailing 3-year period

0.25

Correlation (All Time)
Calculated using the full available price history since Mar 9, 2023

0.21

Compare stocks, funds, or ETFs

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Fidelity Multi-Asset Index Fund

Vanguard Short-Term Tax-Exempt Bond ETF

Often compared with FFNOX:
FFNOX vs. FBALXFFNOX vs. AORFFNOX vs. VOOFFNOX vs. FZROXFFNOX vs. FIHFXFFNOX vs. FNILXFFNOX vs. VWELX
Often compared with VTES:
VTES vs. VTEBVTES vs. SUBVTES vs. VSDMVTES vs. VGSHVTES vs. JMSTVTES vs. MUBVTES vs. VUSB

Return for Risk

FFNOX vs. VTES — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FFNOX
FFNOX Risk / Return Rank: 7070
Overall Rank
FFNOX Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
FFNOX Sortino Ratio Rank: 6767
Sortino Ratio Rank
FFNOX Omega Ratio Rank: 6868
Omega Ratio Rank
FFNOX Calmar Ratio Rank: 7070
Calmar Ratio Rank
FFNOX Martin Ratio Rank: 7777
Martin Ratio Rank
VTES
VTES Risk / Return Rank: 7575
Overall Rank
VTES Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
VTES Sortino Ratio Rank: 9292
Sortino Ratio Rank
VTES Omega Ratio Rank: 9494
Omega Ratio Rank
VTES Calmar Ratio Rank: 5252
Calmar Ratio Rank
VTES Martin Ratio Rank: 4646
Martin Ratio Rank
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. VTES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Multi-Asset Index Fund (FFNOX) and Vanguard Short-Term Tax-Exempt Bond ETF (VTES). 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.

FFNOXVTESDifference
Sharpe ratioReturn per unit of total volatility
1.92
2.70

-0.77

Sortino ratioReturn per unit of downside risk
2.67
3.88

-1.21

Omega ratioGain probability vs. loss probability

1.36

1.62

-0.26

Calmar ratioReturn relative to maximum drawdown

2.64

2.28

+0.36

Martin ratioReturn relative to average drawdown

11.26

6.62

+4.64

FFNOX vs. VTES - Sharpe Ratio Comparison

The current FFNOX Sharpe Ratio is 1.92, which is comparable to the VTES Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of FFNOX and VTES, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FFNOX vs. VTES - Drawdown Comparison

The maximum FFNOX drawdown since its inception was -49.84%, which is greater than VTES's maximum drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for FFNOX and VTES.

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Drawdown Indicators

FFNOXVTESDifference

Max Drawdown

Largest peak-to-trough decline

-49.84%

-2.42%

-47.42%

Max Drawdown (1Y)

Largest decline over 1 year

-8.60%

-1.47%

-7.13%

Max Drawdown (3Y)

Largest decline over 3 years

-14.10%

-1.80%

-12.30%

Max Drawdown (5Y)

Largest decline over 5 years

-26.04%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-29.93%

—

—

Current Drawdown

Current decline from peak

-1.83%

-0.60%

-1.23%

Average Drawdown

Average peak-to-trough decline

-8.69%

-0.50%

-8.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.01%

0.50%

+1.51%

Volatility

FFNOX vs. VTES - Volatility Comparison

Fidelity Multi-Asset Index Fund (FFNOX) has a higher volatility of 4.83% compared to Vanguard Short-Term Tax-Exempt Bond ETF (VTES) at 0.35%. This indicates that FFNOX's price experiences larger fluctuations and is considered to be riskier than VTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FFNOXVTESDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.83%

0.35%

+4.48%

Volatility (6M)

Calculated over the trailing 6-month period

9.79%

0.98%

+8.81%

Volatility (1Y)

Calculated over the trailing 1-year period

11.81%

1.24%

+10.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.86%

1.71%

+12.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.61%

1.71%

+12.90%

FFNOX vs. VTES - Expense Ratio Comparison

FFNOX has a 0.11% expense ratio, which is higher than VTES's 0.07% 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. VTES - Dividend Comparison

FFNOX's dividend yield for the trailing twelve months is around 2.35%, less than VTES's 2.75% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VTES
Vanguard Short-Term Tax-Exempt Bond ETF		2.75%2.77%2.99%2.03%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FFNOX and VTES have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FFNOX has higher volatility (4.83%) compared to VTES (0.35%). In terms of maximum drawdown, FFNOX dropped -49.84% vs VTES's -2.42%.

VTES currently has the higher Sharpe Ratio (2.70 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.

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