OAKBX vs. FBALX

Last updated Jun 4, 2026

OAKBX (Oakmark Equity and Income Fund) and FBALX (Fidelity Balanced Fund) are both Diversified Portfolio funds. Over the past 10 years, OAKBX returned 9.08%/yr vs 11.77%/yr for FBALX. Their correlation of 0.85 suggests significant overlap in exposure. OAKBX charges 0.83%/yr vs 0.51%/yr for FBALX.

Performance

OAKBX vs. FBALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Oakmark Equity and Income Fund (OAKBX) 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, OAKBX achieves a 0.78% return, which is significantly lower than FBALX's 10.30% return. Over the past 10 years, OAKBX has underperformed FBALX with an annualized return of 9.08%, while FBALX has yielded a comparatively higher 11.77% annualized return.

OAKBX

• 1D: -0.71%
• 1M: 0.75%
• YTD: 0.78%
• 6M: 2.73%
• 1Y: 10.08%
• 3Y*: 10.76%
• 5Y*: 6.20%
• 10Y*: 9.08%

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)

OAKBX vs. FBALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OAKBX Oakmark Equity and Income Fund	0.78%	11.05%	8.73%	17.39%	-12.94%	29.12%	8.68%	19.39%	-8.38%	14.43%
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 OAKBX and FBALX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Nov 1, 1995	0.85

Over the past year, the correlation between OAKBX and FBALX has dropped to 0.61 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

Return for Risk

OAKBX vs. FBALX — Risk / Return Rank

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

OAKBX

OAKBX Risk / Return Rank: 19
OAKBX Sharpe Ratio Rank: 19
OAKBX Sortino Ratio Rank: 20
OAKBX Omega Ratio Rank: 18
OAKBX Calmar Ratio Rank: 18
OAKBX Martin Ratio Rank: 18

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.

OAKBX vs. FBALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Oakmark Equity and Income Fund (OAKBX) 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.

	OAKBX	FBALX	Difference
Sharpe ratio Return per unit of total volatility	1.24	2.97	-1.73
Sortino ratio Return per unit of downside risk	1.85	4.18	-2.32
Omega ratio Gain probability vs. loss probability	1.22	1.57	-0.35
Calmar ratio Return relative to maximum drawdown	1.54	3.94	-2.40
Martin ratio Return relative to average drawdown	5.03	18.87	-13.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OAKBX vs. FBALX - Sharpe Ratio Comparison

The current OAKBX Sharpe Ratio is 1.24, which is lower than the FBALX Sharpe Ratio of 2.97. The chart below compares the historical Sharpe Ratios of OAKBX 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

	OAKBX	FBALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	2.97	-1.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.79	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.92	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.81	+0.04

Drawdowns

OAKBX vs. FBALX - Drawdown Comparison

The maximum OAKBX drawdown since its inception was -31.31%, smaller than the maximum FBALX drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for OAKBX and FBALX.

Drawdown Indicators

	OAKBX	FBALX	Difference
Max Drawdown Largest peak-to-trough decline	-31.31%	-43.57%	+12.26%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-6.47%	-0.43%
Max Drawdown (3Y) Largest decline over 3 years	-10.91%	-12.88%	+1.97%
Max Drawdown (5Y) Largest decline over 5 years	-20.41%	-22.89%	+2.48%
Max Drawdown (10Y) Largest decline over 10 years	-30.19%	-26.68%	-3.51%
Current Drawdown Current decline from peak	-1.22%	0.00%	-1.22%
Average Drawdown Average peak-to-trough decline	-3.77%	-4.37%	+0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	1.35%	+0.75%

Volatility

OAKBX vs. FBALX - Volatility Comparison

The current volatility for Oakmark Equity and Income Fund (OAKBX) is 2.28%, while Fidelity Balanced Fund (FBALX) has a volatility of 2.58%. This indicates that OAKBX experiences smaller price fluctuations and is considered to be less risky than FBALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OAKBX	FBALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.28%	2.58%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	6.25%	6.80%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	8.59%	8.58%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.13%	12.18%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.04%	12.78%	+0.26%

OAKBX vs. FBALX - Expense Ratio Comparison

OAKBX has a 0.83% expense ratio, which is higher than FBALX's 0.51% expense ratio.

Dividends

OAKBX vs. FBALX - Dividend Comparison

OAKBX's dividend yield for the trailing twelve months is around 2.19%, 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%
OAKBX Oakmark Equity and Income Fund	2.19%	2.16%	2.05%	2.28%	1.44%	14.26%	4.17%	9.07%	10.05%	8.09%	4.13%	6.53%

Frequently Asked Questions

Can I hold both OAKBX and FBALX in my portfolio?

OAKBX and FBALX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OAKBX or FBALX?

FBALX has higher volatility (2.58%) compared to OAKBX (2.28%). In terms of maximum drawdown, OAKBX dropped -31.31% vs FBALX's -43.57%.

Which has better risk-adjusted returns?

FBALX currently has the higher Sharpe Ratio (2.97 vs 1.24), 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.