FPKFX vs. FBKFX

Last updated Jun 24, 2026

FPKFX (Fidelity Puritan K6 Fund) and FBKFX (Fidelity Balanced K6 Fund) are both Diversified Portfolio funds from Fidelity. Over the past 5 years, FPKFX returned 9.34%/yr vs 9.76%/yr for FBKFX. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.32% expense ratio.

Performance

FPKFX vs. FBKFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Puritan K6 Fund (FPKFX) and Fidelity Balanced K6 Fund (FBKFX). 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 FPKFX having a 9.87% return and FBKFX slightly higher at 10.06%.

FPKFX

• 1D: -0.21%
• 1M: 1.83%
• YTD: 9.87%
• 6M: 9.05%
• 1Y: 21.37%
• 3Y*: 16.49%
• 5Y*: 9.34%
• 10Y*: —

FBKFX

• 1D: -0.37%
• 1M: 1.01%
• YTD: 10.06%
• 6M: 9.55%
• 1Y: 23.77%
• 3Y*: 17.03%
• 5Y*: 9.76%
• 10Y*: —

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

FPKFX vs. FBKFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FPKFX Fidelity Puritan K6 Fund	9.87%	11.37%	18.95%	20.29%	-17.11%	19.10%	20.22%	9.41%
FBKFX Fidelity Balanced K6 Fund	10.06%	15.68%	16.19%	21.93%	-17.87%	18.51%	22.38%	10.57%

Correlation

The correlation between FPKFX and FBKFX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jun 14, 2019	0.97

The correlation between FPKFX and FBKFX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

FPKFX vs. FBKFX — Risk / Return Rank

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

FPKFX

FPKFX Risk / Return Rank: 61
FPKFX Sharpe Ratio Rank: 58
FPKFX Sortino Ratio Rank: 54
FPKFX Omega Ratio Rank: 57
FPKFX Calmar Ratio Rank: 66
FPKFX Martin Ratio Rank: 73

FBKFX

FBKFX Risk / Return Rank: 86
FBKFX Sharpe Ratio Rank: 88
FBKFX Sortino Ratio Rank: 84
FBKFX Omega Ratio Rank: 83
FBKFX Calmar Ratio Rank: 84
FBKFX Martin Ratio Rank: 92

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.

FPKFX vs. FBKFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Puritan K6 Fund (FPKFX) and Fidelity Balanced K6 Fund (FBKFX). 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.

	FPKFX	FBKFX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.66	-0.60
Sortino ratio: Return per unit of downside risk	2.83	3.68	-0.86
Omega ratio: Gain probability vs. loss probability	1.38	1.51	-0.12
Calmar ratio: Return relative to maximum drawdown	2.97	3.76	-0.78
Martin ratio: Return relative to average drawdown	13.01	17.69	-4.68

FPKFX vs. FBKFX - Sharpe Ratio Comparison

The current FPKFX Sharpe Ratio is 2.06, which is comparable to the FBKFX Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of FPKFX and FBKFX, 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

FPKFX vs. FBKFX - Drawdown Comparison

The maximum FPKFX drawdown since its inception was -24.46%, smaller than the maximum FBKFX drawdown of -26.58%. Use the drawdown chart below to compare losses from any high point for FPKFX and FBKFX.

Drawdown Indicators

	FPKFX	FBKFX	Difference
Max Drawdown Largest peak-to-trough decline	-24.46%	-26.58%	+2.12%
Max Drawdown (1Y) Largest decline over 1 year	-7.48%	-6.61%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-14.90%	-12.88%	-2.02%
Max Drawdown (5Y) Largest decline over 5 years	-22.33%	-22.64%	+0.31%
Current Drawdown Current decline from peak	-0.42%	-0.52%	+0.10%
Average Drawdown Average peak-to-trough decline	-4.77%	-4.52%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.70%	1.40%	+0.30%

Volatility

FPKFX vs. FBKFX - Volatility Comparison

Fidelity Puritan K6 Fund (FPKFX) has a higher volatility of 4.54% compared to Fidelity Balanced K6 Fund (FBKFX) at 3.72%. This indicates that FPKFX's price experiences larger fluctuations and is considered to be riskier than FBKFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPKFX	FBKFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	3.72%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	8.97%	7.71%	+1.26%
Volatility (1Y) Calculated over the trailing 1-year period	10.82%	9.36%	+1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.76%	12.34%	+0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.34%	14.18%	+0.16%

FPKFX vs. FBKFX - Expense Ratio Comparison

Both FPKFX and FBKFX have an expense ratio of 0.32%.

Dividends

FPKFX vs. FBKFX - Dividend Comparison

FPKFX's dividend yield for the trailing twelve months is around 3.82%, less than FBKFX's 5.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FBKFX Fidelity Balanced K6 Fund	5.65%	6.23%	2.86%	1.79%	3.54%	4.14%	2.22%	0.51%
FPKFX Fidelity Puritan K6 Fund	3.82%	4.19%	3.83%	1.67%	1.62%	4.34%	1.40%	0.63%

Frequently Asked Questions

Can I hold both FPKFX and FBKFX in my portfolio?

With a correlation of 0.97, FPKFX and FBKFX 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, FPKFX or FBKFX?

FPKFX has higher volatility (4.54%) compared to FBKFX (3.72%). In terms of maximum drawdown, FPKFX dropped -24.46% vs FBKFX's -26.58%.

Which has better risk-adjusted returns?

FBKFX currently has the higher Sharpe Ratio (2.66 vs 2.06), 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.