FRGAX vs. ALIBX

Last updated Jun 5, 2026

FRGAX (Fidelity 70% Allocation Fund) and ALIBX (ALPS/Smith Balanced Opportunity Fund) are both Diversified Portfolio funds. Over the past 3 years, FRGAX returned 16.10%/yr vs 14.45%/yr for ALIBX. Their correlation of 0.95 suggests significant overlap in exposure. FRGAX charges 0.02%/yr vs 1.12%/yr for ALIBX.

Performance

FRGAX vs. ALIBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity 70% Allocation Fund (FRGAX) and ALPS/Smith Balanced Opportunity Fund (ALIBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRGAX achieves a 8.73% return, which is significantly higher than ALIBX's 7.43% return.

FRGAX

• 1D: -0.59%
• 1M: 2.80%
• YTD: 8.73%
• 6M: 9.06%
• 1Y: 21.41%
• 3Y*: 16.10%
• 5Y*: —
• 10Y*: —

ALIBX

• 1D: -0.30%
• 1M: 1.87%
• YTD: 7.43%
• 6M: 7.61%
• 1Y: 20.40%
• 3Y*: 14.45%
• 5Y*: 7.37%
• 10Y*: —

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

FRGAX vs. ALIBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FRGAX Fidelity 70% Allocation Fund	8.73%	17.10%	12.91%	17.57%	-1.63%
ALIBX ALPS/Smith Balanced Opportunity Fund	7.43%	12.89%	14.89%	16.01%	-2.67%

Correlation

The correlation between FRGAX and ALIBX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 23, 2022	0.95

The correlation between FRGAX and ALIBX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

FRGAX vs. ALIBX — Risk / Return Rank

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

FRGAX

FRGAX Risk / Return Rank: 69
FRGAX Sharpe Ratio Rank: 69
FRGAX Sortino Ratio Rank: 69
FRGAX Omega Ratio Rank: 66
FRGAX Calmar Ratio Rank: 67
FRGAX Martin Ratio Rank: 75

ALIBX

ALIBX Risk / Return Rank: 66
ALIBX Sharpe Ratio Rank: 67
ALIBX Sortino Ratio Rank: 69
ALIBX Omega Ratio Rank: 63
ALIBX Calmar Ratio Rank: 61
ALIBX Martin Ratio Rank: 72

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.

FRGAX vs. ALIBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity 70% Allocation Fund (FRGAX) and ALPS/Smith Balanced Opportunity Fund (ALIBX). 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.

	FRGAX	ALIBX	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.35	+0.08
Sortino ratio: Return per unit of downside risk	3.46	3.40	+0.06
Omega ratio: Gain probability vs. loss probability	1.45	1.43	+0.02
Calmar ratio: Return relative to maximum drawdown	3.13	2.93	+0.21
Martin ratio: Return relative to average drawdown	14.01	13.34	+0.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRGAX vs. ALIBX - Sharpe Ratio Comparison

The current FRGAX Sharpe Ratio is 2.43, which is comparable to the ALIBX Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of FRGAX and ALIBX, 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

	FRGAX	ALIBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.35	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.52	0.89	+0.63

Drawdowns

FRGAX vs. ALIBX - Drawdown Comparison

The maximum FRGAX drawdown since its inception was -11.77%, smaller than the maximum ALIBX drawdown of -20.38%. Use the drawdown chart below to compare losses from any high point for FRGAX and ALIBX.

Drawdown Indicators

	FRGAX	ALIBX	Difference
Max Drawdown Largest peak-to-trough decline	-11.77%	-20.38%	+8.61%
Max Drawdown (1Y) Largest decline over 1 year	-7.03%	-7.13%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-11.77%	-12.65%	+0.88%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.38%	—
Current Drawdown Current decline from peak	-0.59%	-0.74%	+0.15%
Average Drawdown Average peak-to-trough decline	-1.58%	-4.75%	+3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	1.56%	+0.01%

Volatility

FRGAX vs. ALIBX - Volatility Comparison

Fidelity 70% Allocation Fund (FRGAX) has a higher volatility of 2.80% compared to ALPS/Smith Balanced Opportunity Fund (ALIBX) at 2.66%. This indicates that FRGAX's price experiences larger fluctuations and is considered to be riskier than ALIBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRGAX	ALIBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	2.66%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	7.22%	7.07%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	9.05%	8.87%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.31%	11.17%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.31%	11.00%	-0.69%

FRGAX vs. ALIBX - Expense Ratio Comparison

FRGAX has a 0.02% expense ratio, which is lower than ALIBX's 1.12% expense ratio.

Dividends

FRGAX vs. ALIBX - Dividend Comparison

FRGAX's dividend yield for the trailing twelve months is around 1.84%, less than ALIBX's 8.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
ALIBX ALPS/Smith Balanced Opportunity Fund	8.47%	9.14%	10.61%	1.37%	1.08%	0.56%	0.12%
FRGAX Fidelity 70% Allocation Fund	1.84%	2.00%	2.01%	1.77%	1.71%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRGAX and ALIBX in my portfolio?

With a correlation of 0.93, FRGAX and ALIBX 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, FRGAX or ALIBX?

FRGAX has higher volatility (2.80%) compared to ALIBX (2.66%). In terms of maximum drawdown, FRGAX dropped -11.77% vs ALIBX's -20.38%.

Which has better risk-adjusted returns?

FRGAX currently has the higher Sharpe Ratio (2.43 vs 2.35), 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.