FMSDX vs. FBALX

Last updated Jun 3, 2026

FMSDX (Fidelity Multi-Asset Income Fund) and FBALX (Fidelity Balanced Fund) are both Diversified Portfolio funds from Fidelity. Over the past 5 years, FMSDX returned 6.48%/yr vs 9.37%/yr for FBALX. Their correlation of 0.87 suggests significant overlap in exposure. FMSDX charges 0.78%/yr vs 0.51%/yr for FBALX.

Performance

FMSDX vs. FBALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Multi-Asset Income Fund (FMSDX) and Fidelity Balanced Fund (FBALX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMSDX achieves a 8.91% return, which is significantly lower than FBALX's 10.05% return.

FMSDX

• 1D: 0.18%
• 1M: 0.98%
• YTD: 8.91%
• 6M: 8.84%
• 1Y: 22.18%
• 3Y*: 13.15%
• 5Y*: 6.48%
• 10Y*: —

FBALX

• 1D: 0.17%
• 1M: 3.59%
• YTD: 10.05%
• 6M: 10.46%
• 1Y: 25.09%
• 3Y*: 16.71%
• 5Y*: 9.37%
• 10Y*: 11.75%

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

FMSDX vs. FBALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FMSDX Fidelity Multi-Asset Income Fund	8.91%	14.10%	9.95%	11.75%	-13.67%	17.27%	14.56%	23.14%	-0.91%
FBALX Fidelity Balanced Fund	10.05%	15.11%	16.09%	20.31%	-18.29%	18.27%	22.45%	24.40%	-6.61%

Correlation

The correlation between FMSDX and FBALX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Feb 27, 2018	0.87

The correlation between FMSDX and FBALX has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

Return for Risk

FMSDX vs. FBALX — Risk / Return Rank

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

FMSDX

FMSDX Risk / Return Rank: 61
FMSDX Sharpe Ratio Rank: 59
FMSDX Sortino Ratio Rank: 53
FMSDX Omega Ratio Rank: 54
FMSDX Calmar Ratio Rank: 78
FMSDX Martin Ratio Rank: 62

FBALX

FBALX Risk / Return Rank: 87
FBALX Sharpe Ratio Rank: 90
FBALX Sortino Ratio Rank: 87
FBALX Omega Ratio Rank: 84
FBALX Calmar Ratio Rank: 84
FBALX Martin Ratio Rank: 91

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.

FMSDX vs. FBALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Multi-Asset Income Fund (FMSDX) and Fidelity Balanced Fund (FBALX). 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.

	FMSDX	FBALX	Difference
Sharpe ratio Return per unit of total volatility	2.27	2.97	-0.69
Sortino ratio Return per unit of downside risk	3.08	4.17	-1.10
Omega ratio Gain probability vs. loss probability	1.41	1.57	-0.16
Calmar ratio Return relative to maximum drawdown	3.54	3.93	-0.39
Martin ratio Return relative to average drawdown	12.36	18.86	-6.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMSDX vs. FBALX - Sharpe Ratio Comparison

The current FMSDX Sharpe Ratio is 2.27, which is comparable to the FBALX Sharpe Ratio of 2.97. The chart below compares the historical Sharpe Ratios of FMSDX and FBALX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FMSDX	FBALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	2.97	-0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.77	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.92	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.81	+0.11

Drawdowns

FMSDX vs. FBALX - Drawdown Comparison

The maximum FMSDX drawdown since its inception was -21.64%, smaller than the maximum FBALX drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for FMSDX and FBALX.

Drawdown Indicators

	FMSDX	FBALX	Difference
Max Drawdown Largest peak-to-trough decline	-21.64%	-43.57%	+21.93%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-6.47%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-13.17%	-12.88%	-0.29%
Max Drawdown (5Y) Largest decline over 5 years	-18.12%	-22.89%	+4.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.68%	—
Current Drawdown Current decline from peak	-0.29%	0.00%	-0.29%
Average Drawdown Average peak-to-trough decline	-3.81%	-4.37%	+0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	1.35%	+0.51%

Volatility

FMSDX vs. FBALX - Volatility Comparison

Fidelity Multi-Asset Income Fund (FMSDX) and Fidelity Balanced Fund (FBALX) have volatilities of 2.46% and 2.58%, 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

	FMSDX	FBALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	2.58%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	7.42%	6.81%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	9.90%	8.60%	+1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.80%	12.18%	-2.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	12.78%	-2.18%

FMSDX vs. FBALX - Expense Ratio Comparison

FMSDX has a 0.78% expense ratio, which is higher than FBALX's 0.51% expense ratio.

Dividends

FMSDX vs. FBALX - Dividend Comparison

FMSDX's dividend yield for the trailing twelve months is around 3.45%, less than FBALX's 5.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBALX Fidelity Balanced Fund	5.15%	5.69%	5.67%	2.28%	8.06%	9.66%	5.90%	4.24%	10.99%	7.90%	3.07%	7.70%
FMSDX Fidelity Multi-Asset Income Fund	3.45%	3.81%	3.84%	4.23%	3.74%	2.81%	1.79%	2.82%	4.36%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMSDX and FBALX in my portfolio?

FMSDX and FBALX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMSDX or FBALX?

FBALX has higher volatility (2.58%) compared to FMSDX (2.46%). In terms of maximum drawdown, FMSDX dropped -21.64% vs FBALX's -43.57%.

Which has better risk-adjusted returns?

FBALX currently has the higher Sharpe Ratio (2.97 vs 2.27), 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.