FXAIX vs. FBALX

Last updated Jun 4, 2026

FXAIX (Fidelity 500 Index Fund) and FBALX (Fidelity Balanced Fund) are both mutual funds - FXAIX is a S&P 500 fund tracking the S&P 500 Index, while FBALX is a Diversified Portfolio fund managed by Fidelity. Over the past 10 years, FXAIX returned 15.66%/yr vs 11.77%/yr for FBALX. With a 0.97 correlation, they move nearly in lockstep. FXAIX charges 0.02%/yr vs 0.51%/yr for FBALX.

Performance

FXAIX vs. FBALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity 500 Index Fund (FXAIX) 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, FXAIX achieves a 11.71% return, which is significantly higher than FBALX's 10.30% return. Over the past 10 years, FXAIX has outperformed FBALX with an annualized return of 15.66%, while FBALX has yielded a comparatively lower 11.77% annualized return.

FXAIX

• 1D: 0.13%
• 1M: 5.80%
• YTD: 11.71%
• 6M: 11.74%
• 1Y: 28.99%
• 3Y*: 22.75%
• 5Y*: 14.28%
• 10Y*: 15.66%

FBALX

• 1D: 0.23%
• 1M: 4.04%
• YTD: 10.30%
• 6M: 10.50%
• 1Y: 24.95%
• 3Y*: 16.79%
• 5Y*: 9.51%
• 10Y*: 11.77%

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

FXAIX vs. FBALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXAIX Fidelity 500 Index Fund	11.71%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	31.48%	-4.43%	21.82%
FBALX Fidelity Balanced Fund	10.30%	15.11%	16.09%	20.31%	-18.29%	18.27%	22.45%	24.40%	-3.98%	16.52%

Correlation

The correlation between FXAIX and FBALX is 0.97 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.96
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 May 5, 2011	0.97

The correlation between FXAIX and FBALX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

FXAIX vs. FBALX — Risk / Return Rank

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

FXAIX

FXAIX Risk / Return Rank: 73
FXAIX Sharpe Ratio Rank: 76
FXAIX Sortino Ratio Rank: 67
FXAIX Omega Ratio Rank: 67
FXAIX Calmar Ratio Rank: 74
FXAIX Martin Ratio Rank: 83

FBALX

FBALX Risk / Return Rank: 87
FBALX Sharpe Ratio Rank: 90
FBALX Sortino Ratio Rank: 88
FBALX Omega Ratio Rank: 85
FBALX Calmar Ratio Rank: 84
FBALX Martin Ratio Rank: 91

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.

FXAIX vs. FBALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity 500 Index Fund (FXAIX) 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.

	FXAIX	FBALX	Difference
Sharpe ratio Return per unit of total volatility	2.52	2.97	-0.45
Sortino ratio Return per unit of downside risk	3.42	4.18	-0.75
Omega ratio Gain probability vs. loss probability	1.46	1.57	-0.11
Calmar ratio Return relative to maximum drawdown	3.36	3.94	-0.58
Martin ratio Return relative to average drawdown	15.70	18.87	-3.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FXAIX vs. FBALX - Sharpe Ratio Comparison

The current FXAIX Sharpe Ratio is 2.52, which is comparable to the FBALX Sharpe Ratio of 2.97. The chart below compares the historical Sharpe Ratios of FXAIX 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.

Sharpe Ratios by Period

	FXAIX	FBALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	2.97	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.79	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.92	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.81	+0.01

Drawdowns

FXAIX vs. FBALX - Drawdown Comparison

The maximum FXAIX drawdown since its inception was -33.79%, smaller than the maximum FBALX drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for FXAIX and FBALX.

Drawdown Indicators

	FXAIX	FBALX	Difference
Max Drawdown Largest peak-to-trough decline	-33.79%	-43.57%	+9.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-6.47%	-2.42%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-12.88%	-5.88%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-22.89%	-1.61%
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	-26.68%	-7.11%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.79%	-4.37%	+0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.35%	+0.55%

Volatility

FXAIX vs. FBALX - Volatility Comparison

Fidelity 500 Index Fund (FXAIX) has a higher volatility of 2.83% compared to Fidelity Balanced Fund (FBALX) at 2.58%. This indicates that FXAIX'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

	FXAIX	FBALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	2.58%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	8.97%	6.80%	+2.17%
Volatility (1Y) Calculated over the trailing 1-year period	11.86%	8.58%	+3.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	12.18%	+4.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	12.78%	+5.29%

FXAIX vs. FBALX - Expense Ratio Comparison

FXAIX has a 0.02% expense ratio, which is lower than FBALX's 0.51% expense ratio.

Dividends

FXAIX vs. FBALX - Dividend Comparison

FXAIX's dividend yield for the trailing twelve months is around 1.03%, less 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%
FXAIX Fidelity 500 Index Fund	1.03%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%

Frequently Asked Questions

Can I hold both FXAIX and FBALX in my portfolio?

With a correlation of 0.97, FXAIX 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, FXAIX or FBALX?

FXAIX has higher volatility (2.83%) compared to FBALX (2.58%). In terms of maximum drawdown, FXAIX dropped -33.79% vs FBALX's -43.57%.

Which has better risk-adjusted returns?

FBALX currently has the higher Sharpe Ratio (2.97 vs 2.52), 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.