FSAAX vs. VTMFX

Last updated Aug 4, 2026

FSAAX (Fidelity Advisor Asset Manager 60% Fund Class A) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both Diversified Portfolio funds. Over the past 10 years, FSAAX returned 8.23%/yr vs 8.34%/yr for VTMFX. Their correlation of 0.94 means they have usually moved in the same direction. FSAAX charges 1.00%/yr vs 0.05%/yr for VTMFX.

Performance

FSAAX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Asset Manager 60% Fund Class A (FSAAX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSAAX achieves a 8.90% return, which is significantly higher than VTMFX's 4.67% return. Both investments have delivered pretty close results over the past 10 years, with FSAAX having a 8.23% annualized return and VTMFX not far ahead at 8.34%.

FSAAX

• 1D: 0.22%
• 1M: -0.54%
• 6M: 5.72%
• YTD: 8.90%
• 1Y: 17.79%
• 3Y*: 12.73%
• 5Y*: 6.25%
• 10Y*: 8.23%
• ALL TIME*: 6.27%

VTMFX

• 1D: 0.26%
• 1M: -0.90%
• 6M: 3.20%
• YTD: 4.67%
• 1Y: 12.08%
• 3Y*: 10.85%
• 5Y*: 6.45%
• 10Y*: 8.34%
• ALL TIME*: 7.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSAAX Fidelity Advisor Asset Manager 60% Fund Class A	$0.00	$0.00	$0.00
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	$0.00	$0.00	$0.00

FSAAX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSAAX Fidelity Advisor Asset Manager 60% Fund Class A	8.90%	16.24%	9.13%	14.38%	-16.42%	11.48%	15.71%	20.23%	-6.88%	14.98%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	4.67%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between FSAAX and VTMFX is 0.95, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007	0.94

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

Return for Risk

FSAAX vs. VTMFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSAAX

FSAAX Risk / Return Rank: 68
FSAAX Sharpe Ratio Rank: 66
FSAAX Sortino Ratio Rank: 64
FSAAX Omega Ratio Rank: 65
FSAAX Calmar Ratio Rank: 68
FSAAX Martin Ratio Rank: 77

VTMFX

VTMFX Risk / Return Rank: 67
VTMFX Sharpe Ratio Rank: 70
VTMFX Sortino Ratio Rank: 68
VTMFX Omega Ratio Rank: 68
VTMFX Calmar Ratio Rank: 56
VTMFX Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSAAX vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Asset Manager 60% Fund Class A (FSAAX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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.

	FSAAX	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.71	-0.03
Sortino ratio: Return per unit of downside risk	2.38	2.41	-0.03
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	2.39	2.12	+0.27
Martin ratio: Return relative to average drawdown	9.97	9.47	+0.50

FSAAX vs. VTMFX - Sharpe Ratio Comparison

The current FSAAX Sharpe Ratio is 1.68, which is comparable to the VTMFX Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of FSAAX and VTMFX, 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

FSAAX vs. VTMFX - Drawdown Comparison

The maximum FSAAX drawdown since its inception was -41.63%, which is greater than VTMFX's maximum drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for FSAAX and VTMFX.

Drawdown Indicators

	FSAAX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-41.63%	-28.49%	-13.14%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-5.38%	-1.75%
Max Drawdown (3Y) Largest decline over 3 years	-10.99%	-10.61%	-0.38%
Max Drawdown (5Y) Largest decline over 5 years	-22.62%	-17.40%	-5.22%
Max Drawdown (10Y) Largest decline over 10 years	-24.38%	-21.87%	-2.51%
Current Drawdown Current decline from peak	-1.33%	-1.29%	-0.04%
Average Drawdown Average peak-to-trough decline	-5.54%	-3.54%	-2.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	1.20%	+0.51%

Volatility

FSAAX vs. VTMFX - Volatility Comparison

Fidelity Advisor Asset Manager 60% Fund Class A (FSAAX) has a higher volatility of 2.90% compared to Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) at 1.87%. This indicates that FSAAX's price experiences larger fluctuations and is considered to be riskier than VTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSAAX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	1.87%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	8.65%	5.35%	+3.30%
Volatility (1Y) Calculated over the trailing 1-year period	10.18%	6.67%	+3.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.96%	8.59%	+2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.01%	9.14%	+1.87%

FSAAX vs. VTMFX - Expense Ratio Comparison

FSAAX has a 1.00% expense ratio, which is higher than VTMFX's 0.05% expense ratio.

Dividends

FSAAX vs. VTMFX - Dividend Comparison

FSAAX's dividend yield for the trailing twelve months is around 5.12%, more than VTMFX's 2.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSAAX Fidelity Advisor Asset Manager 60% Fund Class A	5.12%	5.57%	2.99%	1.64%	4.12%	2.27%	1.60%	3.83%	4.15%	1.78%	0.20%	3.80%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.22%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%

Frequently Asked Questions

Can I hold both FSAAX and VTMFX in my portfolio?

With a correlation of 0.95, FSAAX and VTMFX 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, FSAAX or VTMFX?

FSAAX has higher volatility (2.90%) compared to VTMFX (1.87%). In terms of maximum drawdown, FSAAX dropped -41.63% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (1.71 vs 1.68), 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.