FWATX vs. FSKAX

Last updated Aug 1, 2026

FWATX (Fidelity Advisor Multi-Asset Income Fund Class A) and FSKAX (Fidelity Total Market Index Fund) are both mutual funds - FWATX is a Diversified Portfolio fund managed by Fidelity, while FSKAX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 10 years, FWATX returned 8.08%/yr vs 14.44%/yr for FSKAX. Their correlation of 0.84 means they have usually moved in the same direction. FWATX charges 1.05%/yr vs 0.01%/yr for FSKAX.

Performance

FWATX vs. FSKAX - 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 Fidelity Total Market Index Fund (FSKAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FWATX achieves a 3.93% return, which is significantly lower than FSKAX's 9.87% return. Over the past 10 years, FWATX has underperformed FSKAX with an annualized return of 8.08%, while FSKAX has yielded a comparatively higher 14.44% annualized return.

FWATX

• 1D: 1.09%
• 1M: -1.43%
• 6M: 0.55%
• YTD: 3.93%
• 1Y: 10.56%
• 3Y*: 9.86%
• 5Y*: 5.18%
• 10Y*: 8.08%
• ALL TIME*: 8.52%

FSKAX

• 1D: 1.63%
• 1M: -0.80%
• 6M: 8.19%
• YTD: 9.87%
• 1Y: 20.99%
• 3Y*: 18.61%
• 5Y*: 11.63%
• 10Y*: 14.44%
• ALL TIME*: 14.45%

*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)
FSKAX Fidelity Total Market Index Fund	$0.00	$0.00	$0.00
FWATX Fidelity Advisor Multi-Asset Income Fund Class A	$0.00	$0.00	$0.00

FWATX vs. FSKAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FWATX Fidelity Advisor Multi-Asset Income Fund Class A	3.93%	13.85%	9.33%	11.46%	-13.86%	17.12%	16.27%	22.85%	-3.25%	5.95%
FSKAX Fidelity Total Market Index Fund	9.87%	17.06%	23.89%	26.12%	-19.53%	25.66%	20.79%	30.92%	-5.32%	20.85%

Correlation

The correlation between FWATX and FSKAX is 0.83, 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.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.84

The correlation between FWATX and FSKAX has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

Return for Risk

FWATX vs. FSKAX — Risk / Return Rank

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

FWATX

FWATX Risk / Return Rank: 28
FWATX Sharpe Ratio Rank: 26
FWATX Sortino Ratio Rank: 24
FWATX Omega Ratio Rank: 24
FWATX Calmar Ratio Rank: 36
FWATX Martin Ratio Rank: 28

FSKAX

FSKAX Risk / Return Rank: 63
FSKAX Sharpe Ratio Rank: 59
FSKAX Sortino Ratio Rank: 57
FSKAX Omega Ratio Rank: 56
FSKAX Calmar Ratio Rank: 66
FSKAX Martin Ratio Rank: 77

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.

FWATX vs. FSKAX - 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 Fidelity Total Market Index Fund (FSKAX). 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	FSKAX	Difference
Sharpe ratio: Return per unit of total volatility	0.93	1.41	-0.48
Sortino ratio: Return per unit of downside risk	1.32	1.98	-0.66
Omega ratio: Gain probability vs. loss probability	1.16	1.25	-0.09
Calmar ratio: Return relative to maximum drawdown	1.56	2.09	-0.52
Martin ratio: Return relative to average drawdown	4.25	8.96	-4.71

FWATX vs. FSKAX - Sharpe Ratio Comparison

The current FWATX Sharpe Ratio is 0.93, which is lower than the FSKAX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of FWATX and FSKAX, 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. FSKAX - Drawdown Comparison

The maximum FWATX drawdown since its inception was -21.66%, smaller than the maximum FSKAX drawdown of -35.01%. Use the drawdown chart below to compare losses from any high point for FWATX and FSKAX.

Drawdown Indicators

	FWATX	FSKAX	Difference
Max Drawdown Largest peak-to-trough decline	-21.66%	-35.01%	+13.35%
Max Drawdown (1Y) Largest decline over 1 year	-6.48%	-8.92%	+2.44%
Max Drawdown (3Y) Largest decline over 3 years	-13.25%	-19.43%	+6.18%
Max Drawdown (5Y) Largest decline over 5 years	-18.29%	-25.39%	+7.10%
Max Drawdown (10Y) Largest decline over 10 years	-21.66%	-35.01%	+13.35%
Current Drawdown Current decline from peak	-4.70%	-1.97%	-2.73%
Average Drawdown Average peak-to-trough decline	-3.48%	-3.99%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	2.08%	+0.30%

Volatility

FWATX vs. FSKAX - Volatility Comparison

Fidelity Advisor Multi-Asset Income Fund Class A (FWATX) and Fidelity Total Market Index Fund (FSKAX) have volatilities of 3.31% and 3.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FWATX	FSKAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	3.43%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	8.61%	10.33%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	10.94%	13.21%	-2.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.01%	17.52%	-7.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.95%	18.45%	-8.50%

FWATX vs. FSKAX - Expense Ratio Comparison

FWATX has a 1.05% expense ratio, which is higher than FSKAX's 0.02% expense ratio.

Dividends

FWATX vs. FSKAX - Dividend Comparison

FWATX's dividend yield for the trailing twelve months is around 3.24%, more than FSKAX's 0.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSKAX Fidelity Total Market Index Fund	0.95%	1.01%	1.19%	1.41%	1.62%	1.15%	1.45%	1.94%	2.54%	2.07%	2.43%	0.82%
FWATX Fidelity Advisor Multi-Asset Income Fund Class A	3.24%	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 FSKAX in my portfolio?

FWATX and FSKAX have a correlation of 0.83, 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 FSKAX?

FSKAX has higher volatility (3.43%) compared to FWATX (3.31%). In terms of maximum drawdown, FWATX dropped -21.66% vs FSKAX's -35.01%.

Which has better risk-adjusted returns?

FSKAX currently has the higher Sharpe Ratio (1.41 vs 0.93), 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.