FMWIX vs. VTI

Last updated Jun 23, 2026

FMWIX (Fidelity Moderate with Income Allocation Fund) and VTI (Vanguard Total Stock Market ETF) are both funds - FMWIX is a Diversified Portfolio fund managed by Fidelity, while VTI is a Large Cap Blend Equities fund tracking the CRSP US Total Market Index. Over the past 3 years, FMWIX returned 8.83%/yr vs 21.19%/yr for VTI. A 0.77 correlation means they provide meaningful diversification when combined. FMWIX charges 0.10%/yr vs 0.03%/yr for VTI.

Performance

FMWIX vs. VTI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Moderate with Income Allocation Fund (FMWIX) and Vanguard Total Stock Market ETF (VTI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMWIX achieves a 4.12% return, which is significantly lower than VTI's 10.35% return.

FMWIX

• 1D: 0.46%
• 1M: 0.89%
• YTD: 4.12%
• 6M: 4.11%
• 1Y: 11.55%
• 3Y*: 8.83%
• 5Y*: —
• 10Y*: —

VTI

• 1D: -0.32%
• 1M: 0.55%
• YTD: 10.35%
• 6M: 9.59%
• 1Y: 27.18%
• 3Y*: 21.19%
• 5Y*: 12.36%
• 10Y*: 15.31%

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

FMWIX vs. VTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FMWIX Fidelity Moderate with Income Allocation Fund	4.12%	11.03%	6.65%	10.53%	-9.08%
VTI Vanguard Total Stock Market ETF	10.35%	17.10%	23.81%	26.05%	-12.85%

Correlation

The correlation between FMWIX and VTI is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (All Time) Calculated using the full available price history since Feb 14, 2022	0.77

The correlation between FMWIX and VTI has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

Return for Risk

FMWIX vs. VTI — Risk / Return Rank

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

FMWIX

FMWIX Risk / Return Rank: 69
FMWIX Sharpe Ratio Rank: 69
FMWIX Sortino Ratio Rank: 72
FMWIX Omega Ratio Rank: 74
FMWIX Calmar Ratio Rank: 63
FMWIX Martin Ratio Rank: 69

VTI

VTI Risk / Return Rank: 68
VTI Sharpe Ratio Rank: 68
VTI Sortino Ratio Rank: 66
VTI Omega Ratio Rank: 67
VTI Calmar Ratio Rank: 64
VTI Martin Ratio Rank: 74

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.

FMWIX vs. VTI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Moderate with Income Allocation Fund (FMWIX) and Vanguard Total Stock Market ETF (VTI). 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.

	FMWIX	VTI	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.14	+0.09
Sortino ratio: Return per unit of downside risk	3.22	2.90	+0.32
Omega ratio: Gain probability vs. loss probability	1.44	1.38	+0.05
Calmar ratio: Return relative to maximum drawdown	2.92	3.06	-0.14
Martin ratio: Return relative to average drawdown	12.45	13.68	-1.23

FMWIX vs. VTI - Sharpe Ratio Comparison

The current FMWIX Sharpe Ratio is 2.23, which is comparable to the VTI Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of FMWIX and VTI, 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

FMWIX vs. VTI - Drawdown Comparison

The maximum FMWIX drawdown since its inception was -13.78%, smaller than the maximum VTI drawdown of -55.45%. Use the drawdown chart below to compare losses from any high point for FMWIX and VTI.

Drawdown Indicators

	FMWIX	VTI	Difference
Max Drawdown Largest peak-to-trough decline	-13.78%	-55.45%	+41.67%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-8.92%	+4.96%
Max Drawdown (3Y) Largest decline over 3 years	-5.78%	-19.30%	+13.52%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.00%	—
Current Drawdown Current decline from peak	-0.21%	-1.48%	+1.27%
Average Drawdown Average peak-to-trough decline	-3.14%	-8.01%	+4.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	1.99%	-1.07%

Volatility

FMWIX vs. VTI - Volatility Comparison

The current volatility for Fidelity Moderate with Income Allocation Fund (FMWIX) is 2.18%, while Vanguard Total Stock Market ETF (VTI) has a volatility of 4.74%. This indicates that FMWIX experiences smaller price fluctuations and is considered to be less risky than VTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMWIX	VTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	4.74%	-2.56%
Volatility (6M) Calculated over the trailing 6-month period	4.34%	9.96%	-5.62%
Volatility (1Y) Calculated over the trailing 1-year period	5.18%	12.76%	-7.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.75%	17.49%	-10.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.75%	18.35%	-11.60%

FMWIX vs. VTI - Expense Ratio Comparison

FMWIX has a 0.10% expense ratio, which is higher than VTI'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

FMWIX vs. VTI - Dividend Comparison

FMWIX's dividend yield for the trailing twelve months is around 3.07%, more than VTI's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMWIX Fidelity Moderate with Income Allocation Fund	3.07%	2.89%	2.71%	2.30%	1.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VTI Vanguard Total Stock Market ETF	1.02%	1.12%	1.27%	1.44%	1.66%	1.21%	1.42%	1.78%	2.04%	1.71%	1.92%	1.98%

Frequently Asked Questions

Can I hold both FMWIX and VTI in my portfolio?

FMWIX and VTI have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMWIX or VTI?

VTI has higher volatility (4.74%) compared to FMWIX (2.18%). In terms of maximum drawdown, FMWIX dropped -13.78% vs VTI's -55.45%.

Which has better risk-adjusted returns?

FMWIX currently has the higher Sharpe Ratio (2.23 vs 2.14), 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.