VWELX vs. FBKFX

Last updated Jun 6, 2026

VWELX (Vanguard Wellington Fund Investor Shares) and FBKFX (Fidelity Balanced K6 Fund) are both Diversified Portfolio funds. Over the past 5 years, VWELX returned 8.75%/yr vs 10.00%/yr for FBKFX. With a 0.96 correlation, they move nearly in lockstep. VWELX charges 0.24%/yr vs 0.32%/yr for FBKFX.

Performance

VWELX vs. FBKFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Wellington Fund Investor Shares (VWELX) and Fidelity Balanced K6 Fund (FBKFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWELX achieves a 6.71% return, which is significantly lower than FBKFX's 10.58% return.

VWELX

• 1D: 0.30%
• 1M: 1.67%
• YTD: 6.71%
• 6M: 6.89%
• 1Y: 20.46%
• 3Y*: 15.54%
• 5Y*: 8.75%
• 10Y*: 10.13%

FBKFX

• 1D: 0.42%
• 1M: 2.19%
• YTD: 10.58%
• 6M: 10.79%
• 1Y: 25.74%
• 3Y*: 17.63%
• 5Y*: 10.00%
• 10Y*: —

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

VWELX vs. FBKFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VWELX Vanguard Wellington Fund Investor Shares	6.71%	16.54%	14.73%	14.29%	-14.36%	18.99%	10.57%	9.93%
FBKFX Fidelity Balanced K6 Fund	10.58%	15.68%	16.19%	21.93%	-17.87%	18.51%	22.38%	10.57%

Correlation

The correlation between VWELX and FBKFX 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	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 17, 2019	0.96

The correlation between VWELX and FBKFX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

VWELX vs. FBKFX — Risk / Return Rank

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

VWELX

VWELX Risk / Return Rank: 71
VWELX Sharpe Ratio Rank: 73
VWELX Sortino Ratio Rank: 71
VWELX Omega Ratio Rank: 70
VWELX Calmar Ratio Rank: 65
VWELX Martin Ratio Rank: 77

FBKFX

FBKFX Risk / Return Rank: 87
FBKFX Sharpe Ratio Rank: 90
FBKFX Sortino Ratio Rank: 86
FBKFX Omega Ratio Rank: 84
FBKFX Calmar Ratio Rank: 85
FBKFX Martin Ratio Rank: 92

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.

VWELX vs. FBKFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Wellington Fund Investor Shares (VWELX) and Fidelity Balanced K6 Fund (FBKFX). 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.

	VWELX	FBKFX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.92	-0.50
Sortino ratio: Return per unit of downside risk	3.41	4.11	-0.71
Omega ratio: Gain probability vs. loss probability	1.45	1.56	-0.11
Calmar ratio: Return relative to maximum drawdown	3.00	3.87	-0.87
Martin ratio: Return relative to average drawdown	13.90	18.69	-4.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VWELX vs. FBKFX - Sharpe Ratio Comparison

The current VWELX Sharpe Ratio is 2.42, which is comparable to the FBKFX Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of VWELX and FBKFX, 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

	VWELX	FBKFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.92	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.82	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.94	-0.10

Drawdowns

VWELX vs. FBKFX - Drawdown Comparison

The maximum VWELX drawdown since its inception was -36.12%, which is greater than FBKFX's maximum drawdown of -26.58%. Use the drawdown chart below to compare losses from any high point for VWELX and FBKFX.

Drawdown Indicators

	VWELX	FBKFX	Difference
Max Drawdown Largest peak-to-trough decline	-36.12%	-26.58%	-9.54%
Max Drawdown (1Y) Largest decline over 1 year	-6.78%	-6.61%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-11.98%	-12.88%	+0.90%
Max Drawdown (5Y) Largest decline over 5 years	-20.88%	-22.64%	+1.76%
Max Drawdown (10Y) Largest decline over 10 years	-25.33%	—	—
Current Drawdown Current decline from peak	-0.38%	-0.05%	-0.33%
Average Drawdown Average peak-to-trough decline	-3.92%	-4.54%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	1.36%	+0.10%

Volatility

VWELX vs. FBKFX - Volatility Comparison

Vanguard Wellington Fund Investor Shares (VWELX) and Fidelity Balanced K6 Fund (FBKFX) have volatilities of 2.59% and 2.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VWELX	FBKFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	2.66%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	6.68%	6.98%	-0.30%
Volatility (1Y) Calculated over the trailing 1-year period	8.41%	8.77%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.13%	12.25%	-1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.53%	14.17%	-2.64%

VWELX vs. FBKFX - Expense Ratio Comparison

VWELX has a 0.24% expense ratio, which is lower than FBKFX's 0.32% expense ratio.

Dividends

VWELX vs. FBKFX - Dividend Comparison

VWELX's dividend yield for the trailing twelve months is around 10.80%, more than FBKFX's 5.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBKFX Fidelity Balanced K6 Fund	5.63%	6.23%	2.86%	1.79%	3.54%	4.14%	2.22%	0.51%	0.00%	0.00%	0.00%	0.00%
VWELX Vanguard Wellington Fund Investor Shares	10.80%	11.46%	10.76%	6.01%	8.19%	8.64%	7.77%	4.67%	9.49%	5.82%	4.44%	7.03%

Frequently Asked Questions

Can I hold both VWELX and FBKFX in my portfolio?

With a correlation of 0.98, VWELX and FBKFX 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, VWELX or FBKFX?

FBKFX has higher volatility (2.66%) compared to VWELX (2.59%). In terms of maximum drawdown, VWELX dropped -36.12% vs FBKFX's -26.58%.

Which has better risk-adjusted returns?

FBKFX currently has the higher Sharpe Ratio (2.92 vs 2.42), 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.