AWAYX vs. FDFIX

Last updated Jun 4, 2026

AWAYX (AB Wealth Appreciation Strategy) and FDFIX (Fidelity Flex 500 Index Fund) are both mutual funds - AWAYX is a Global Equities fund managed by AllianceBernstein, while FDFIX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, AWAYX returned 11.46%/yr vs 14.20%/yr for FDFIX. With a 0.96 correlation, they move nearly in lockstep. AWAYX charges 0.40%/yr vs 0.00%/yr for FDFIX.

Performance

AWAYX vs. FDFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB Wealth Appreciation Strategy (AWAYX) and Fidelity Flex 500 Index Fund (FDFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AWAYX achieves a 12.32% return, which is significantly higher than FDFIX's 11.53% return.

AWAYX

• 1D: 0.27%
• 1M: 4.06%
• YTD: 12.32%
• 6M: 13.35%
• 1Y: 29.77%
• 3Y*: 21.38%
• 5Y*: 11.46%
• 10Y*: 12.17%

FDFIX

• 1D: 0.22%
• 1M: 6.02%
• YTD: 11.53%
• 6M: 11.45%
• 1Y: 28.49%
• 3Y*: 22.62%
• 5Y*: 14.20%
• 10Y*: —

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

AWAYX vs. FDFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AWAYX AB Wealth Appreciation Strategy	12.32%	21.59%	19.08%	21.06%	-18.42%	20.57%	13.04%	25.57%	-9.68%	16.67%
FDFIX Fidelity Flex 500 Index Fund	11.53%	17.59%	25.06%	26.27%	-18.10%	28.69%	18.46%	31.47%	-4.45%	14.41%

Correlation

The correlation between AWAYX and FDFIX is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 10, 2017	0.96

The correlation between AWAYX and FDFIX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

AWAYX vs. FDFIX — Risk / Return Rank

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

AWAYX

AWAYX Risk / Return Rank: 63
AWAYX Sharpe Ratio Rank: 61
AWAYX Sortino Ratio Rank: 58
AWAYX Omega Ratio Rank: 59
AWAYX Calmar Ratio Rank: 67
AWAYX Martin Ratio Rank: 70

FDFIX

FDFIX Risk / Return Rank: 70
FDFIX Sharpe Ratio Rank: 72
FDFIX Sortino Ratio Rank: 64
FDFIX Omega Ratio Rank: 64
FDFIX Calmar Ratio Rank: 72
FDFIX Martin Ratio Rank: 80

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.

AWAYX vs. FDFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB Wealth Appreciation Strategy (AWAYX) and Fidelity Flex 500 Index Fund (FDFIX). 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.

	AWAYX	FDFIX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.47	-0.16
Sortino ratio: Return per unit of downside risk	3.20	3.34	-0.14
Omega ratio: Gain probability vs. loss probability	1.43	1.45	-0.02
Calmar ratio: Return relative to maximum drawdown	3.15	3.28	-0.13
Martin ratio: Return relative to average drawdown	13.46	14.96	-1.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AWAYX vs. FDFIX - Sharpe Ratio Comparison

The current AWAYX Sharpe Ratio is 2.30, which is comparable to the FDFIX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of AWAYX and FDFIX, 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

	AWAYX	FDFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.47	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.84	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.82	-0.38

Drawdowns

AWAYX vs. FDFIX - Drawdown Comparison

The maximum AWAYX drawdown since its inception was -60.32%, which is greater than FDFIX's maximum drawdown of -33.77%. Use the drawdown chart below to compare losses from any high point for AWAYX and FDFIX.

Drawdown Indicators

	AWAYX	FDFIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.32%	-33.77%	-26.55%
Max Drawdown (1Y) Largest decline over 1 year	-9.67%	-8.99%	-0.68%
Max Drawdown (3Y) Largest decline over 3 years	-17.59%	-18.76%	+1.17%
Max Drawdown (5Y) Largest decline over 5 years	-26.40%	-24.51%	-1.89%
Max Drawdown (10Y) Largest decline over 10 years	-34.32%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.74%	-4.58%	-5.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	1.97%	+0.29%

Volatility

AWAYX vs. FDFIX - Volatility Comparison

AB Wealth Appreciation Strategy (AWAYX) has a higher volatility of 3.62% compared to Fidelity Flex 500 Index Fund (FDFIX) at 2.92%. This indicates that AWAYX's price experiences larger fluctuations and is considered to be riskier than FDFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AWAYX	FDFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	2.92%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	10.77%	9.03%	+1.74%
Volatility (1Y) Calculated over the trailing 1-year period	13.25%	11.96%	+1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	16.95%	-0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.82%	18.59%	-1.77%

AWAYX vs. FDFIX - Expense Ratio Comparison

AWAYX has a 0.40% expense ratio, which is higher than FDFIX's 0.00% expense ratio.

Dividends

AWAYX vs. FDFIX - Dividend Comparison

AWAYX's dividend yield for the trailing twelve months is around 6.56%, more than FDFIX's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AWAYX AB Wealth Appreciation Strategy	6.56%	7.36%	5.97%	2.54%	7.90%	9.02%	3.05%	4.11%	3.94%	7.73%	6.17%	1.87%
FDFIX Fidelity Flex 500 Index Fund	1.03%	1.11%	1.26%	1.48%	1.70%	1.27%	1.52%	1.78%	2.16%	0.50%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AWAYX and FDFIX in my portfolio?

With a correlation of 0.95, AWAYX and FDFIX 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, AWAYX or FDFIX?

AWAYX has higher volatility (3.62%) compared to FDFIX (2.92%). In terms of maximum drawdown, AWAYX dropped -60.32% vs FDFIX's -33.77%.

Which has better risk-adjusted returns?

FDFIX currently has the higher Sharpe Ratio (2.47 vs 2.30), 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.