VBIAX vs. FBALX

Last updated Jun 23, 2026

VBIAX (Vanguard Balanced Index Fund Admiral Shares) and FBALX (Fidelity Balanced Fund) are both Diversified Portfolio funds. VBIAX is passively managed, while FBALX is actively managed. Over the past 10 years, VBIAX returned 9.80%/yr vs 11.86%/yr for FBALX. With a 0.97 correlation, they move nearly in lockstep. VBIAX charges 0.07%/yr vs 0.46%/yr for FBALX.

Performance

VBIAX vs. FBALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Balanced Index Fund Admiral Shares (VBIAX) 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, VBIAX achieves a 6.69% return, which is significantly lower than FBALX's 10.21% return. Over the past 10 years, VBIAX has underperformed FBALX with an annualized return of 9.80%, while FBALX has yielded a comparatively higher 11.86% annualized return.

VBIAX

• 1D: 0.79%
• 1M: 0.89%
• YTD: 6.69%
• 6M: 6.29%
• 1Y: 18.22%
• 3Y*: 14.11%
• 5Y*: 7.84%
• 10Y*: 9.80%

FBALX

• 1D: 0.94%
• 1M: 1.41%
• YTD: 10.21%
• 6M: 10.14%
• 1Y: 23.97%
• 3Y*: 16.11%
• 5Y*: 9.49%
• 10Y*: 11.86%

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

VBIAX vs. FBALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBIAX Vanguard Balanced Index Fund Admiral Shares	6.69%	13.61%	14.58%	17.54%	-16.90%	14.21%	16.40%	21.78%	-2.86%	13.89%
FBALX Fidelity Balanced Fund	10.21%	15.11%	16.09%	20.31%	-18.29%	18.27%	22.45%	24.40%	-3.98%	16.52%

Correlation

The correlation between VBIAX 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Nov 13, 2000	0.97

The correlation between VBIAX and FBALX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

VBIAX vs. FBALX — Risk / Return Rank

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

VBIAX

VBIAX Risk / Return Rank: 69
VBIAX Sharpe Ratio Rank: 65
VBIAX Sortino Ratio Rank: 65
VBIAX Omega Ratio Rank: 63
VBIAX Calmar Ratio Rank: 71
VBIAX Martin Ratio Rank: 80

FBALX

FBALX Risk / Return Rank: 86
FBALX Sharpe Ratio Rank: 87
FBALX Sortino Ratio Rank: 83
FBALX Omega Ratio Rank: 82
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.

VBIAX vs. FBALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Balanced Index Fund Admiral Shares (VBIAX) 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.

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.

	VBIAX	FBALX	Difference
Sharpe ratio: Return per unit of total volatility	2.18	2.62	-0.45
Sortino ratio: Return per unit of downside risk	3.07	3.63	-0.57
Omega ratio: Gain probability vs. loss probability	1.40	1.50	-0.10
Calmar ratio: Return relative to maximum drawdown	3.12	3.71	-0.59
Martin ratio: Return relative to average drawdown	13.84	17.34	-3.50

VBIAX vs. FBALX - Sharpe Ratio Comparison

The current VBIAX Sharpe Ratio is 2.18, which is comparable to the FBALX Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of VBIAX 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.

Drawdowns

VBIAX vs. FBALX - Drawdown Comparison

The maximum VBIAX drawdown since its inception was -35.90%, smaller than the maximum FBALX drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for VBIAX and FBALX.

Drawdown Indicators

	VBIAX	FBALX	Difference
Max Drawdown Largest peak-to-trough decline	-35.90%	-43.57%	+7.67%
Max Drawdown (1Y) Largest decline over 1 year	-5.83%	-6.47%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	-11.70%	-12.88%	+1.18%
Max Drawdown (5Y) Largest decline over 5 years	-21.53%	-22.89%	+1.36%
Max Drawdown (10Y) Largest decline over 10 years	-22.78%	-26.68%	+3.90%
Current Drawdown Current decline from peak	-0.62%	-0.14%	-0.48%
Average Drawdown Average peak-to-trough decline	-4.44%	-4.37%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	1.38%	-0.07%

Volatility

VBIAX vs. FBALX - Volatility Comparison

The current volatility for Vanguard Balanced Index Fund Admiral Shares (VBIAX) is 3.33%, while Fidelity Balanced Fund (FBALX) has a volatility of 3.74%. This indicates that VBIAX 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

	VBIAX	FBALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	3.74%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	6.72%	7.52%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	8.36%	9.16%	-0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.12%	12.26%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.25%	12.82%	-1.57%

VBIAX vs. FBALX - Expense Ratio Comparison

VBIAX has a 0.07% expense ratio, which is lower than FBALX's 0.46% expense ratio.

Dividends

VBIAX vs. FBALX - Dividend Comparison

VBIAX's dividend yield for the trailing twelve months is around 5.25%, more 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%
VBIAX Vanguard Balanced Index Fund Admiral Shares	5.25%	6.00%	5.27%	4.35%	2.83%	3.19%	2.65%	2.28%	2.32%	1.95%	2.09%	2.09%

Frequently Asked Questions

Can I hold both VBIAX and FBALX in my portfolio?

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

FBALX has higher volatility (3.74%) compared to VBIAX (3.33%). In terms of maximum drawdown, VBIAX dropped -35.90% vs FBALX's -43.57%.

Which has better risk-adjusted returns?

FBALX currently has the higher Sharpe Ratio (2.62 vs 2.17), 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.