NCBIX vs. FXAIX

Last updated Jun 4, 2026

NCBIX (New Covenant Balanced Income Fund) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - NCBIX is a Diversified Portfolio fund managed by New Covenant, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, NCBIX returned 5.82%/yr vs 15.66%/yr for FXAIX. Their correlation of 0.91 suggests significant overlap in exposure. NCBIX charges 0.15%/yr vs 0.02%/yr for FXAIX.

Performance

NCBIX vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in New Covenant Balanced Income Fund (NCBIX) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCBIX achieves a 4.05% return, which is significantly lower than FXAIX's 11.71% return. Over the past 10 years, NCBIX has underperformed FXAIX with an annualized return of 5.82%, while FXAIX has yielded a comparatively higher 15.66% annualized return.

NCBIX

• 1D: 0.08%
• 1M: 2.22%
• YTD: 4.05%
• 6M: 4.05%
• 1Y: 12.52%
• 3Y*: 9.87%
• 5Y*: 4.42%
• 10Y*: 5.82%

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%

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

NCBIX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCBIX New Covenant Balanced Income Fund	4.05%	10.38%	8.77%	11.71%	-13.79%	6.85%	11.65%	14.60%	-2.01%	8.69%
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%

Correlation

The correlation between NCBIX and FXAIX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 5, 2011	0.91

The correlation between NCBIX and FXAIX has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

Return for Risk

NCBIX vs. FXAIX — Risk / Return Rank

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

NCBIX

NCBIX Risk / Return Rank: 72
NCBIX Sharpe Ratio Rank: 71
NCBIX Sortino Ratio Rank: 75
NCBIX Omega Ratio Rank: 70
NCBIX Calmar Ratio Rank: 67
NCBIX Martin Ratio Rank: 77

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

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.

NCBIX vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for New Covenant Balanced Income Fund (NCBIX) and Fidelity 500 Index Fund (FXAIX). 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.

	NCBIX	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.52	-0.05
Sortino ratio: Return per unit of downside risk	3.67	3.42	+0.24
Omega ratio: Gain probability vs. loss probability	1.47	1.46	+0.01
Calmar ratio: Return relative to maximum drawdown	3.18	3.36	-0.18
Martin ratio: Return relative to average drawdown	14.46	15.70	-1.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCBIX vs. FXAIX - Sharpe Ratio Comparison

The current NCBIX Sharpe Ratio is 2.47, which is comparable to the FXAIX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of NCBIX and FXAIX, 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

	NCBIX	FXAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.52	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.85	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.87	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.82	-0.29

Drawdowns

NCBIX vs. FXAIX - Drawdown Comparison

The maximum NCBIX drawdown since its inception was -32.19%, roughly equal to the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for NCBIX and FXAIX.

Drawdown Indicators

	NCBIX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-32.19%	-33.79%	+1.60%
Max Drawdown (1Y) Largest decline over 1 year	-4.05%	-8.89%	+4.84%
Max Drawdown (3Y) Largest decline over 3 years	-6.29%	-18.76%	+12.47%
Max Drawdown (5Y) Largest decline over 5 years	-17.67%	-24.50%	+6.83%
Max Drawdown (10Y) Largest decline over 10 years	-17.67%	-33.79%	+16.12%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.48%	-3.79%	+0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	1.90%	-1.01%

Volatility

NCBIX vs. FXAIX - Volatility Comparison

The current volatility for New Covenant Balanced Income Fund (NCBIX) is 1.74%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 2.83%. This indicates that NCBIX experiences smaller price fluctuations and is considered to be less risky than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCBIX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.74%	2.83%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	4.10%	8.97%	-4.87%
Volatility (1Y) Calculated over the trailing 1-year period	5.22%	11.86%	-6.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.16%	16.91%	-9.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.06%	18.07%	-11.01%

NCBIX vs. FXAIX - Expense Ratio Comparison

NCBIX has a 0.15% expense ratio, which is higher than FXAIX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

NCBIX vs. FXAIX - Dividend Comparison

NCBIX's dividend yield for the trailing twelve months is around 5.91%, more than FXAIX's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NCBIX New Covenant Balanced Income Fund	5.91%	6.15%	5.21%	1.97%	2.72%	4.22%	5.49%	4.14%	5.85%	2.05%	1.23%	7.37%

Frequently Asked Questions

Can I hold both NCBIX and FXAIX in my portfolio?

With a correlation of 0.91, NCBIX and FXAIX 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, NCBIX or FXAIX?

FXAIX has higher volatility (2.83%) compared to NCBIX (1.74%). In terms of maximum drawdown, NCBIX dropped -32.19% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.52 vs 2.47), 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.