FPURX vs. FBALX

Last updated Jun 20, 2026

FPURX (Fidelity Puritan Fund) and FBALX (Fidelity Balanced Fund) are both Diversified Portfolio funds from Fidelity. Both are actively managed. Over the past 10 years, FPURX returned 11.75%/yr vs 11.86%/yr for FBALX. Their correlation of 0.94 suggests significant overlap in exposure. FPURX charges 0.50%/yr vs 0.46%/yr for FBALX.

Performance

FPURX vs. FBALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Puritan Fund (FPURX) 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, FPURX achieves a 11.38% return, which is significantly higher than FBALX's 10.21% return. Both investments have delivered pretty close results over the past 10 years, with FPURX having a 11.75% annualized return and FBALX not far ahead at 11.86%.

FPURX

• 1D: 0.87%
• 1M: 3.58%
• YTD: 11.38%
• 6M: 11.51%
• 1Y: 24.29%
• 3Y*: 16.97%
• 5Y*: 9.97%
• 10Y*: 11.75%

FBALX

• 1D: 0.94%
• 1M: 1.85%
• YTD: 10.21%
• 6M: 10.65%
• 1Y: 23.89%
• 3Y*: 16.11%
• 5Y*: 9.49%
• 10Y*: 11.86%

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

FPURX vs. FBALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPURX Fidelity Puritan Fund	11.38%	12.22%	18.94%	20.20%	-17.35%	18.92%	20.58%	21.27%	-4.18%	18.28%
FBALX Fidelity Balanced Fund	10.21%	15.11%	16.09%	20.31%	-18.29%	18.27%	22.45%	24.40%	-3.98%	16.52%

Correlation

The correlation between FPURX and FBALX is 0.96 - 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	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Nov 6, 1986	0.94

The correlation between FPURX and FBALX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

FPURX vs. FBALX — Risk / Return Rank

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

FPURX

FPURX Risk / Return Rank: 78
FPURX Sharpe Ratio Rank: 78
FPURX Sortino Ratio Rank: 73
FPURX Omega Ratio Rank: 75
FPURX Calmar Ratio Rank: 80
FPURX Martin Ratio Rank: 86

FBALX

FBALX Risk / Return Rank: 87
FBALX Sharpe Ratio Rank: 88
FBALX Sortino Ratio Rank: 84
FBALX Omega Ratio Rank: 83
FBALX Calmar Ratio Rank: 85
FBALX Martin Ratio Rank: 93

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.

FPURX vs. FBALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Puritan Fund (FPURX) 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.

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.

	FPURX	FBALX	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.62	-0.32
Sortino ratio: Return per unit of downside risk	3.14	3.63	-0.49
Omega ratio: Gain probability vs. loss probability	1.43	1.50	-0.07
Calmar ratio: Return relative to maximum drawdown	3.37	3.71	-0.34
Martin ratio: Return relative to average drawdown	14.68	17.34	-2.66

FPURX vs. FBALX - Sharpe Ratio Comparison

The current FPURX Sharpe Ratio is 2.31, which is comparable to the FBALX Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of FPURX 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.

Drawdowns

FPURX vs. FBALX - Drawdown Comparison

The maximum FPURX drawdown since its inception was -31.76%, smaller than the maximum FBALX drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for FPURX and FBALX.

Drawdown Indicators

	FPURX	FBALX	Difference
Max Drawdown Largest peak-to-trough decline	-31.76%	-43.57%	+11.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.24%	-6.47%	-0.77%
Max Drawdown (3Y) Largest decline over 3 years	-16.51%	-12.88%	-3.63%
Max Drawdown (5Y) Largest decline over 5 years	-22.53%	-22.89%	+0.36%
Max Drawdown (10Y) Largest decline over 10 years	-23.93%	-26.68%	+2.75%
Current Drawdown Current decline from peak	-0.31%	-0.14%	-0.17%
Average Drawdown Average peak-to-trough decline	-4.64%	-4.37%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	1.38%	+0.28%

Volatility

FPURX vs. FBALX - Volatility Comparison

Fidelity Puritan Fund (FPURX) has a higher volatility of 4.60% compared to Fidelity Balanced Fund (FBALX) at 3.74%. This indicates that FPURX's price experiences larger fluctuations and is considered to be riskier than FBALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPURX	FBALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	3.74%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	8.79%	7.52%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	10.58%	9.16%	+1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.40%	12.26%	+1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.16%	12.82%	+0.34%

FPURX vs. FBALX - Expense Ratio Comparison

FPURX has a 0.50% expense ratio, which is higher than FBALX's 0.46% expense ratio.

Dividends

FPURX vs. FBALX - Dividend Comparison

FPURX's dividend yield for the trailing twelve months is around 6.13%, more than FBALX's 5.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBALX Fidelity Balanced Fund	5.14%	5.69%	5.67%	2.28%	8.06%	9.66%	5.90%	4.24%	10.99%	7.90%	3.07%	7.70%
FPURX Fidelity Puritan Fund	6.13%	6.83%	11.30%	5.34%	9.38%	13.10%	5.10%	4.29%	15.26%	3.78%	3.71%	7.49%

Frequently Asked Questions

Can I hold both FPURX and FBALX in my portfolio?

With a correlation of 0.96, FPURX and FBALX 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, FPURX or FBALX?

FPURX has higher volatility (4.60%) compared to FBALX (3.74%). In terms of maximum drawdown, FPURX dropped -31.76% vs FBALX's -43.57%.

Which has better risk-adjusted returns?

FBALX currently has the higher Sharpe Ratio (2.62 vs 2.31), 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.