VWELX vs. FRGAX

Last updated Aug 4, 2026

VWELX (Vanguard Wellington Fund Investor Shares) and FRGAX (Fidelity 70% Allocation Fund) are both Diversified Portfolio funds. Both are actively managed. Over the past 3 years, VWELX returned 13.77%/yr vs 14.11%/yr for FRGAX. Their 0.95 correlation means they have historically moved very closely together. VWELX charges 0.24%/yr vs 0.02%/yr for FRGAX.

Performance

VWELX vs. FRGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Wellington Fund Investor Shares (VWELX) and Fidelity 70% Allocation Fund (FRGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VWELX achieves a 5.37% return, which is significantly lower than FRGAX's 7.85% return.

VWELX

• 1D: 0.47%
• 1M: -0.68%
• 6M: 4.23%
• YTD: 5.37%
• 1Y: 14.19%
• 3Y*: 13.77%
• 5Y*: 7.80%
• 10Y*: 9.79%
• ALL TIME*: 9.39%

FRGAX

• 1D: 0.22%
• 1M: -0.44%
• 6M: 5.32%
• YTD: 7.85%
• 1Y: 16.84%
• 3Y*: 14.11%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.53%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FRGAX Fidelity 70% Allocation Fund	$0.00	$0.00	$0.00
VWELX Vanguard Wellington Fund Investor Shares	$0.00	$0.00	$0.00

VWELX vs. FRGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VWELX Vanguard Wellington Fund Investor Shares	5.37%	16.54%	14.73%	14.29%	-0.09%
FRGAX Fidelity 70% Allocation Fund	7.85%	17.10%	12.91%	17.57%	-1.63%

Correlation

The correlation between VWELX and FRGAX is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (All Time) Calculated using the full available price history since Nov 22, 2022	0.95

The correlation between VWELX and FRGAX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

VWELX vs. FRGAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VWELX

VWELX Risk / Return Rank: 50
VWELX Sharpe Ratio Rank: 48
VWELX Sortino Ratio Rank: 47
VWELX Omega Ratio Rank: 46
VWELX Calmar Ratio Rank: 48
VWELX Martin Ratio Rank: 60

FRGAX

FRGAX Risk / Return Rank: 67
FRGAX Sharpe Ratio Rank: 65
FRGAX Sortino Ratio Rank: 64
FRGAX Omega Ratio Rank: 63
FRGAX Calmar Ratio Rank: 66
FRGAX Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VWELX vs. FRGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Wellington Fund Investor Shares (VWELX) and Fidelity 70% Allocation Fund (FRGAX). 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.

	VWELX	FRGAX	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.64	-0.21
Sortino ratio: Return per unit of downside risk	2.03	2.33	-0.30
Omega ratio: Gain probability vs. loss probability	1.26	1.30	-0.04
Calmar ratio: Return relative to maximum drawdown	1.97	2.30	-0.34
Martin ratio: Return relative to average drawdown	8.31	9.64	-1.33

VWELX vs. FRGAX - Sharpe Ratio Comparison

The current VWELX Sharpe Ratio is 1.43, which is comparable to the FRGAX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of VWELX and FRGAX, 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

VWELX vs. FRGAX - Drawdown Comparison

The maximum VWELX drawdown since its inception was -36.12%, which is greater than FRGAX's maximum drawdown of -11.77%. Use the drawdown chart below to compare losses from any high point for VWELX and FRGAX.

Drawdown Indicators

	VWELX	FRGAX	Difference
Max Drawdown Largest peak-to-trough decline	-36.12%	-11.77%	-24.35%
Max Drawdown (1Y) Largest decline over 1 year	-6.78%	-7.03%	+0.25%
Max Drawdown (3Y) Largest decline over 3 years	-11.98%	-11.77%	-0.21%
Max Drawdown (5Y) Largest decline over 5 years	-20.88%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-25.33%	—	—
Current Drawdown Current decline from peak	-1.62%	-1.39%	-0.23%
Average Drawdown Average peak-to-trough decline	-3.91%	-1.57%	-2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	1.67%	-0.07%

Volatility

VWELX vs. FRGAX - Volatility Comparison

Vanguard Wellington Fund Investor Shares (VWELX) and Fidelity 70% Allocation Fund (FRGAX) have volatilities of 2.83% and 2.71%, 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	FRGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	2.71%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	7.62%	8.17%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	9.32%	9.87%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.26%	10.37%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.55%	10.37%	+1.18%

VWELX vs. FRGAX - Expense Ratio Comparison

VWELX has a 0.24% expense ratio, which is higher than FRGAX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VWELX vs. FRGAX - Dividend Comparison

VWELX's dividend yield for the trailing twelve months is around 10.98%, more than FRGAX's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRGAX Fidelity 70% Allocation Fund	1.86%	2.00%	2.01%	1.77%	1.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VWELX Vanguard Wellington Fund Investor Shares	10.98%	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 FRGAX in my portfolio?

With a correlation of 0.97, VWELX and FRGAX 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 FRGAX?

VWELX has higher volatility (2.83%) compared to FRGAX (2.71%). In terms of maximum drawdown, VWELX dropped -36.12% vs FRGAX's -11.77%.

Which has better risk-adjusted returns?

FRGAX currently has the higher Sharpe Ratio (1.64 vs 1.43), 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.