PSI vs. FBALX

Last updated Jun 9, 2026

PSI (Invesco Semiconductors ETF) and FBALX (Fidelity Balanced Fund) are both funds - PSI is a Semiconductors fund tracking the Dynamic Semiconductors Intellidex Index, while FBALX is a Diversified Portfolio fund actively managed by Fidelity. PSI is passively managed, while FBALX is actively managed. Over the past 10 years, PSI returned 33.31%/yr vs 11.48%/yr for FBALX. A 0.76 correlation means they provide meaningful diversification when combined. PSI charges 0.56%/yr vs 0.46%/yr for FBALX.

Performance

PSI vs. FBALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Semiconductors ETF (PSI) 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, PSI achieves a 93.40% return, which is significantly higher than FBALX's 7.96% return. Over the past 10 years, PSI has outperformed FBALX with an annualized return of 33.31%, while FBALX has yielded a comparatively lower 11.48% annualized return.

PSI

• 1D: 5.16%
• 1M: 0.48%
• YTD: 93.40%
• 6M: 86.01%
• 1Y: 182.03%
• 3Y*: 52.78%
• 5Y*: 30.45%
• 10Y*: 33.31%

FBALX

• 1D: -2.10%
• 1M: -0.35%
• YTD: 7.96%
• 6M: 8.36%
• 1Y: 21.65%
• 3Y*: 15.93%
• 5Y*: 8.87%
• 10Y*: 11.48%

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

PSI vs. FBALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSI Invesco Semiconductors ETF	93.40%	36.32%	17.17%	49.06%	-34.43%	46.55%	56.75%	52.49%	-11.55%	40.16%
FBALX Fidelity Balanced Fund	7.96%	15.11%	16.09%	20.31%	-18.29%	18.27%	22.45%	24.40%	-3.98%	16.52%

Correlation

The correlation between PSI and FBALX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 24, 2005	0.76

The correlation between PSI and FBALX has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.

Return for Risk

PSI vs. FBALX — Risk / Return Rank

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

PSI

PSI Risk / Return Rank: 96
PSI Sharpe Ratio Rank: 98
PSI Sortino Ratio Rank: 94
PSI Omega Ratio Rank: 94
PSI Calmar Ratio Rank: 98
PSI Martin Ratio Rank: 97

FBALX

FBALX Risk / Return Rank: 79
FBALX Sharpe Ratio Rank: 79
FBALX Sortino Ratio Rank: 73
FBALX Omega Ratio Rank: 76
FBALX Calmar Ratio Rank: 79
FBALX Martin Ratio Rank: 88

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.

PSI vs. FBALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Semiconductors ETF (PSI) 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.

	PSI	FBALX	Difference
Sharpe ratio: Return per unit of total volatility	4.64	2.52	+2.12
Sortino ratio: Return per unit of downside risk	4.35	3.48	+0.88
Omega ratio: Gain probability vs. loss probability	1.60	1.48	+0.12
Calmar ratio: Return relative to maximum drawdown	11.84	3.46	+8.38
Martin ratio: Return relative to average drawdown	42.10	16.47	+25.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSI vs. FBALX - Sharpe Ratio Comparison

The current PSI Sharpe Ratio is 4.64, which is higher than the FBALX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of PSI 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

	PSI	FBALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.64	2.52	+2.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.73	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.95	0.90	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.81	-0.23

Drawdowns

PSI vs. FBALX - Drawdown Comparison

The maximum PSI drawdown since its inception was -62.96%, which is greater than FBALX's maximum drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for PSI and FBALX.

Drawdown Indicators

	PSI	FBALX	Difference
Max Drawdown Largest peak-to-trough decline	-62.96%	-43.57%	-19.39%
Max Drawdown (1Y) Largest decline over 1 year	-15.48%	-6.47%	-9.01%
Max Drawdown (3Y) Largest decline over 3 years	-41.07%	-12.88%	-28.19%
Max Drawdown (5Y) Largest decline over 5 years	-44.85%	-22.89%	-21.96%
Max Drawdown (10Y) Largest decline over 10 years	-44.85%	-26.68%	-18.17%
Current Drawdown Current decline from peak	-6.89%	-2.12%	-4.77%
Average Drawdown Average peak-to-trough decline	-15.93%	-4.37%	-11.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.34%	1.35%	+2.99%

Volatility

PSI vs. FBALX - Volatility Comparison

Invesco Semiconductors ETF (PSI) has a higher volatility of 18.07% compared to Fidelity Balanced Fund (FBALX) at 3.23%. This indicates that PSI'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

	PSI	FBALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.07%	3.23%	+14.84%
Volatility (6M) Calculated over the trailing 6-month period	32.42%	7.15%	+25.27%
Volatility (1Y) Calculated over the trailing 1-year period	39.52%	8.87%	+30.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.19%	12.21%	+25.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.29%	12.79%	+22.50%

PSI vs. FBALX - Expense Ratio Comparison

PSI has a 0.56% expense ratio, which is higher than FBALX's 0.46% expense ratio.

Dividends

PSI vs. FBALX - Dividend Comparison

PSI's dividend yield for the trailing twelve months is around 0.05%, less than FBALX's 5.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBALX Fidelity Balanced Fund	5.25%	5.69%	5.67%	2.28%	8.06%	9.66%	5.90%	4.24%	10.99%	7.90%	3.07%	7.70%
PSI Invesco Semiconductors ETF	0.05%	0.10%	0.15%	0.40%	0.61%	0.14%	0.21%	0.52%	0.83%	0.21%	0.68%	0.16%

Frequently Asked Questions

Can I hold both PSI and FBALX in my portfolio?

PSI and FBALX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSI or FBALX?

PSI has higher volatility (18.07%) compared to FBALX (3.23%). In terms of maximum drawdown, PSI dropped -62.96% vs FBALX's -43.57%.

Which has better risk-adjusted returns?

PSI currently has the higher Sharpe Ratio (4.64 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.