FWATX vs. AMRMX

Last updated Jun 23, 2026

FWATX (Fidelity Advisor Multi-Asset Income Fund Class A) and AMRMX (American Funds American Mutual Fund Class A) are both mutual funds - FWATX is a Diversified Portfolio fund managed by Fidelity, while AMRMX is a Large Cap Blend Equities fund managed by American Funds. Over the past 10 years, FWATX returned 8.79%/yr vs 11.22%/yr for AMRMX. A 0.77 correlation means they provide meaningful diversification when combined. FWATX charges 1.05%/yr vs 0.58%/yr for AMRMX.

Performance

FWATX vs. AMRMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Multi-Asset Income Fund Class A (FWATX) and American Funds American Mutual Fund Class A (AMRMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FWATX having a 7.08% return and AMRMX slightly lower at 6.84%. Over the past 10 years, FWATX has underperformed AMRMX with an annualized return of 8.79%, while AMRMX has yielded a comparatively higher 11.22% annualized return.

FWATX

• 1D: 0.80%
• 1M: -0.56%
• YTD: 7.08%
• 6M: 6.57%
• 1Y: 18.33%
• 3Y*: 11.76%
• 5Y*: 6.17%
• 10Y*: 8.79%

AMRMX

• 1D: 0.48%
• 1M: 0.47%
• YTD: 6.84%
• 6M: 6.59%
• 1Y: 17.43%
• 3Y*: 14.81%
• 5Y*: 10.91%
• 10Y*: 11.22%

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

FWATX vs. AMRMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FWATX Fidelity Advisor Multi-Asset Income Fund Class A	7.08%	13.85%	9.33%	11.46%	-13.86%	17.12%	16.27%	22.85%	-3.25%	5.95%
AMRMX American Funds American Mutual Fund Class A	6.84%	16.08%	14.93%	9.43%	-4.49%	24.99%	4.52%	21.53%	-2.25%	17.53%

Correlation

The correlation between FWATX and AMRMX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.77

The correlation between FWATX and AMRMX has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.

Return for Risk

FWATX vs. AMRMX — Risk / Return Rank

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

FWATX

FWATX Risk / Return Rank: 43
FWATX Sharpe Ratio Rank: 40
FWATX Sortino Ratio Rank: 37
FWATX Omega Ratio Rank: 38
FWATX Calmar Ratio Rank: 57
FWATX Martin Ratio Rank: 46

AMRMX

AMRMX Risk / Return Rank: 42
AMRMX Sharpe Ratio Rank: 44
AMRMX Sortino Ratio Rank: 42
AMRMX Omega Ratio Rank: 42
AMRMX Calmar Ratio Rank: 37
AMRMX Martin Ratio Rank: 44

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.

FWATX vs. AMRMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Multi-Asset Income Fund Class A (FWATX) and American Funds American Mutual Fund Class A (AMRMX). 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.

	FWATX	AMRMX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.80	-0.09
Sortino ratio: Return per unit of downside risk	2.34	2.52	-0.18
Omega ratio: Gain probability vs. loss probability	1.30	1.32	-0.02
Calmar ratio: Return relative to maximum drawdown	2.77	2.20	+0.56
Martin ratio: Return relative to average drawdown	9.13	8.82	+0.31

FWATX vs. AMRMX - Sharpe Ratio Comparison

The current FWATX Sharpe Ratio is 1.71, which is comparable to the AMRMX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of FWATX and AMRMX, 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

FWATX vs. AMRMX - Drawdown Comparison

The maximum FWATX drawdown since its inception was -21.66%, smaller than the maximum AMRMX drawdown of -48.75%. Use the drawdown chart below to compare losses from any high point for FWATX and AMRMX.

Drawdown Indicators

	FWATX	AMRMX	Difference
Max Drawdown Largest peak-to-trough decline	-21.66%	-48.75%	+27.09%
Max Drawdown (1Y) Largest decline over 1 year	-6.48%	-7.92%	+1.44%
Max Drawdown (3Y) Largest decline over 3 years	-13.25%	-12.96%	-0.29%
Max Drawdown (5Y) Largest decline over 5 years	-18.29%	-15.31%	-2.98%
Max Drawdown (10Y) Largest decline over 10 years	-21.66%	-29.81%	+8.15%
Current Drawdown Current decline from peak	-1.81%	-0.63%	-1.18%
Average Drawdown Average peak-to-trough decline	-3.48%	-4.96%	+1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	1.97%	-0.01%

Volatility

FWATX vs. AMRMX - Volatility Comparison

Fidelity Advisor Multi-Asset Income Fund Class A (FWATX) has a higher volatility of 4.12% compared to American Funds American Mutual Fund Class A (AMRMX) at 2.78%. This indicates that FWATX's price experiences larger fluctuations and is considered to be riskier than AMRMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FWATX	AMRMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	2.78%	+1.34%
Volatility (6M) Calculated over the trailing 6-month period	8.10%	7.48%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	10.49%	9.68%	+0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.94%	12.52%	-2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.92%	14.14%	-4.22%

FWATX vs. AMRMX - Expense Ratio Comparison

FWATX has a 1.05% expense ratio, which is higher than AMRMX's 0.58% expense ratio.

Dividends

FWATX vs. AMRMX - Dividend Comparison

FWATX's dividend yield for the trailing twelve months is around 3.23%, less than AMRMX's 7.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMRMX American Funds American Mutual Fund Class A	7.11%	7.55%	6.27%	3.75%	4.88%	4.65%	1.74%	4.60%	6.44%	5.96%	4.83%	6.54%
FWATX Fidelity Advisor Multi-Asset Income Fund Class A	3.23%	3.53%	3.28%	3.97%	3.52%	2.73%	3.18%	2.60%	2.71%	3.09%	8.02%	0.00%

Frequently Asked Questions

Can I hold both FWATX and AMRMX in my portfolio?

FWATX and AMRMX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FWATX or AMRMX?

FWATX has higher volatility (4.12%) compared to AMRMX (2.78%). In terms of maximum drawdown, FWATX dropped -21.66% vs AMRMX's -48.75%.

Which has better risk-adjusted returns?

AMRMX currently has the higher Sharpe Ratio (1.80 vs 1.71), 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.