TRPBX vs. FAGIX

Last updated Jun 13, 2026

TRPBX (T. Rowe Price Spectrum Moderate Allocation Fund) and FAGIX (Fidelity Capital & Income Fund) are both mutual funds - TRPBX is a Diversified Portfolio fund managed by T. Rowe Price, while FAGIX is a High Yield Bonds fund actively managed by Fidelity. Over the past 10 years, TRPBX returned 8.73%/yr vs 8.03%/yr for FAGIX. A 0.66 correlation means they provide meaningful diversification when combined. TRPBX charges 0.51%/yr vs 0.67%/yr for FAGIX.

Performance

TRPBX vs. FAGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Spectrum Moderate Allocation Fund (TRPBX) and Fidelity Capital & Income Fund (FAGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRPBX achieves a 6.41% return, which is significantly lower than FAGIX's 7.40% return. Over the past 10 years, TRPBX has outperformed FAGIX with an annualized return of 8.73%, while FAGIX has yielded a comparatively lower 8.03% annualized return.

TRPBX

• 1D: 1.49%
• 1M: -0.11%
• YTD: 6.41%
• 6M: 6.94%
• 1Y: 15.63%
• 3Y*: 12.85%
• 5Y*: 5.57%
• 10Y*: 8.73%

FAGIX

• 1D: 1.15%
• 1M: 0.25%
• YTD: 7.40%
• 6M: 7.95%
• 1Y: 16.73%
• 3Y*: 12.87%
• 5Y*: 6.75%
• 10Y*: 8.03%

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

TRPBX vs. FAGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRPBX T. Rowe Price Spectrum Moderate Allocation Fund	6.41%	14.47%	10.24%	15.08%	-17.10%	10.54%	14.44%	21.61%	-4.46%	16.88%
FAGIX Fidelity Capital & Income Fund	7.40%	12.38%	10.69%	13.02%	-11.50%	11.13%	9.95%	18.96%	-7.17%	11.66%

Correlation

The correlation between TRPBX and FAGIX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Aug 1, 1994	0.66

The correlation between TRPBX and FAGIX shifts across timeframes, from 0.66 (all time) to 0.84 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

TRPBX vs. FAGIX — Risk / Return Rank

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

TRPBX

TRPBX Risk / Return Rank: 63
TRPBX Sharpe Ratio Rank: 64
TRPBX Sortino Ratio Rank: 64
TRPBX Omega Ratio Rank: 67
TRPBX Calmar Ratio Rank: 55
TRPBX Martin Ratio Rank: 67

FAGIX

FAGIX Risk / Return Rank: 91
FAGIX Sharpe Ratio Rank: 91
FAGIX Sortino Ratio Rank: 88
FAGIX Omega Ratio Rank: 87
FAGIX Calmar Ratio Rank: 95
FAGIX Martin Ratio Rank: 96

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.

TRPBX vs. FAGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Spectrum Moderate Allocation Fund (TRPBX) and Fidelity Capital & Income Fund (FAGIX). 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.

	TRPBX	FAGIX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.63	-0.73
Sortino ratio: Return per unit of downside risk	2.68	3.75	-1.07
Omega ratio: Gain probability vs. loss probability	1.37	1.52	-0.15
Calmar ratio: Return relative to maximum drawdown	2.39	4.85	-2.47
Martin ratio: Return relative to average drawdown	10.42	19.86	-9.44

TRPBX vs. FAGIX - Sharpe Ratio Comparison

The current TRPBX Sharpe Ratio is 1.90, which is comparable to the FAGIX Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of TRPBX and FAGIX, 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

TRPBX vs. FAGIX - Drawdown Comparison

The maximum TRPBX drawdown since its inception was -41.62%, which is greater than FAGIX's maximum drawdown of -37.97%. Use the drawdown chart below to compare losses from any high point for TRPBX and FAGIX.

Drawdown Indicators

	TRPBX	FAGIX	Difference
Max Drawdown Largest peak-to-trough decline	-41.62%	-37.97%	-3.65%
Max Drawdown (1Y) Largest decline over 1 year	-6.72%	-3.49%	-3.23%
Max Drawdown (3Y) Largest decline over 3 years	-9.73%	-7.26%	-2.47%
Max Drawdown (5Y) Largest decline over 5 years	-23.21%	-15.42%	-7.79%
Max Drawdown (10Y) Largest decline over 10 years	-24.55%	-28.45%	+3.90%
Current Drawdown Current decline from peak	-1.15%	-1.04%	-0.11%
Average Drawdown Average peak-to-trough decline	-4.13%	-6.98%	+2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	0.85%	+0.68%

Volatility

TRPBX vs. FAGIX - Volatility Comparison

T. Rowe Price Spectrum Moderate Allocation Fund (TRPBX) has a higher volatility of 3.34% compared to Fidelity Capital & Income Fund (FAGIX) at 2.71%. This indicates that TRPBX's price experiences larger fluctuations and is considered to be riskier than FAGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRPBX	FAGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	2.71%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	7.06%	5.30%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	8.41%	6.42%	+1.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.98%	6.66%	+3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.57%	7.84%	+2.73%

TRPBX vs. FAGIX - Expense Ratio Comparison

TRPBX has a 0.51% expense ratio, which is lower than FAGIX's 0.67% expense ratio.

Dividends

TRPBX vs. FAGIX - Dividend Comparison

TRPBX's dividend yield for the trailing twelve months is around 7.99%, more than FAGIX's 4.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAGIX Fidelity Capital & Income Fund	4.47%	4.74%	5.02%	5.28%	10.25%	6.08%	4.59%	5.00%	5.67%	5.05%	4.57%	4.51%
TRPBX T. Rowe Price Spectrum Moderate Allocation Fund	7.99%	8.46%	6.87%	3.09%	7.38%	9.57%	4.90%	5.41%	8.82%	5.40%	2.76%	6.89%

Frequently Asked Questions

Can I hold both TRPBX and FAGIX in my portfolio?

TRPBX and FAGIX 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, TRPBX or FAGIX?

TRPBX has higher volatility (3.34%) compared to FAGIX (2.71%). In terms of maximum drawdown, TRPBX dropped -41.62% vs FAGIX's -37.97%.

Which has better risk-adjusted returns?

FAGIX currently has the higher Sharpe Ratio (2.63 vs 1.90), 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.