VOO vs. FBALX

Last updated Jun 9, 2026

VOO (Vanguard S&P 500 ETF) and FBALX (Fidelity Balanced Fund) are both funds - VOO is a S&P 500 fund tracking the S&P 500 Index, while FBALX is a Diversified Portfolio fund actively managed by Fidelity. VOO is passively managed, while FBALX is actively managed. Over the past 10 years, VOO returned 15.35%/yr vs 11.48%/yr for FBALX. With a 0.97 correlation, they move nearly in lockstep. VOO charges 0.03%/yr vs 0.46%/yr for FBALX.

Performance

VOO vs. FBALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 ETF (VOO) 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, VOO achieves a 8.72% return, which is significantly higher than FBALX's 7.96% return. Over the past 10 years, VOO has outperformed FBALX with an annualized return of 15.35%, while FBALX has yielded a comparatively lower 11.48% annualized return.

VOO

• 1D: 0.25%
• 1M: 0.24%
• YTD: 8.72%
• 6M: 8.77%
• 1Y: 24.91%
• 3Y*: 21.45%
• 5Y*: 13.49%
• 10Y*: 15.35%

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)

VOO vs. FBALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOO Vanguard S&P 500 ETF	8.72%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%
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 VOO and FBALX is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.97

The correlation between VOO and FBALX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

VOO vs. FBALX — Risk / Return Rank

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

VOO

VOO Risk / Return Rank: 69
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 68
VOO Omega Ratio Rank: 71
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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.

VOO vs. FBALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) 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.

	VOO	FBALX	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.52	-0.45
Sortino ratio: Return per unit of downside risk	2.80	3.48	-0.68
Omega ratio: Gain probability vs. loss probability	1.38	1.48	-0.10
Calmar ratio: Return relative to maximum drawdown	2.81	3.46	-0.64
Martin ratio: Return relative to average drawdown	12.97	16.47	-3.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VOO vs. FBALX - Sharpe Ratio Comparison

The current VOO Sharpe Ratio is 2.08, which is comparable to the FBALX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of VOO 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

	VOO	FBALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.52	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.73	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.90	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	0.81	+0.07

Drawdowns

VOO vs. FBALX - Drawdown Comparison

The maximum VOO drawdown since its inception was -33.99%, smaller than the maximum FBALX drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for VOO and FBALX.

Drawdown Indicators

	VOO	FBALX	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-43.57%	+9.58%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-6.47%	-2.43%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-12.88%	-5.81%
Max Drawdown (5Y) Largest decline over 5 years	-24.52%	-22.89%	-1.63%
Max Drawdown (10Y) Largest decline over 10 years	-33.99%	-26.68%	-7.31%
Current Drawdown Current decline from peak	-2.66%	-2.12%	-0.54%
Average Drawdown Average peak-to-trough decline	-3.69%	-4.37%	+0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.35%	+0.57%

Volatility

VOO vs. FBALX - Volatility Comparison

Vanguard S&P 500 ETF (VOO) has a higher volatility of 3.73% compared to Fidelity Balanced Fund (FBALX) at 3.23%. This indicates that VOO'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

	VOO	FBALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	3.23%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	7.15%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	8.87%	+3.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	12.21%	+4.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	12.79%	+5.24%

VOO vs. FBALX - Expense Ratio Comparison

VOO has a 0.03% expense ratio, which is lower than FBALX's 0.46% expense ratio.

Dividends

VOO vs. FBALX - Dividend Comparison

VOO's dividend yield for the trailing twelve months is around 1.05%, 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%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both VOO and FBALX in my portfolio?

With a correlation of 0.98, VOO 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, VOO or FBALX?

VOO has higher volatility (3.73%) compared to FBALX (3.23%). In terms of maximum drawdown, VOO dropped -33.99% vs FBALX's -43.57%.

Which has better risk-adjusted returns?

FBALX currently has the higher Sharpe Ratio (2.52 vs 2.08), 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.