FAFAX vs. FNILX

Last updated Jun 23, 2026

FAFAX (Fidelity Advisor Freedom Income Fund Class A) and FNILX (Fidelity ZERO Large Cap Index Fund) are both mutual funds - FAFAX is a Target Retirement Date fund managed by Fidelity, while FNILX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FAFAX returned 2.86%/yr vs 13.82%/yr for FNILX. A 0.64 correlation means they provide meaningful diversification when combined. FAFAX charges 0.72%/yr vs 0.00%/yr for FNILX.

Performance

FAFAX vs. FNILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Freedom Income Fund Class A (FAFAX) and Fidelity ZERO Large Cap Index Fund (FNILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAFAX achieves a 4.69% return, which is significantly lower than FNILX's 10.04% return.

FAFAX

• 1D: 0.63%
• 1M: 1.20%
• YTD: 4.69%
• 6M: 4.78%
• 1Y: 10.27%
• 3Y*: 7.40%
• 5Y*: 2.86%
• 10Y*: 4.16%

FNILX

• 1D: 1.13%
• 1M: 0.71%
• YTD: 10.04%
• 6M: 9.55%
• 1Y: 26.85%
• 3Y*: 21.23%
• 5Y*: 13.82%
• 10Y*: —

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

FAFAX vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FAFAX Fidelity Advisor Freedom Income Fund Class A	4.69%	9.76%	4.04%	7.83%	-11.67%	2.92%	8.46%	10.85%	-2.08%
FNILX Fidelity ZERO Large Cap Index Fund	10.04%	17.81%	25.47%	27.45%	-19.37%	26.67%	21.13%	31.79%	-13.60%

Correlation

The correlation between FAFAX and FNILX is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018	0.64

The correlation between FAFAX and FNILX shifts across timeframes, from 0.62 (5 years) to 0.75 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FAFAX vs. FNILX — Risk / Return Rank

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

FAFAX

FAFAX Risk / Return Rank: 62
FAFAX Sharpe Ratio Rank: 60
FAFAX Sortino Ratio Rank: 62
FAFAX Omega Ratio Rank: 69
FAFAX Calmar Ratio Rank: 57
FAFAX Martin Ratio Rank: 63

FNILX

FNILX Risk / Return Rank: 63
FNILX Sharpe Ratio Rank: 61
FNILX Sortino Ratio Rank: 55
FNILX Omega Ratio Rank: 57
FNILX Calmar Ratio Rank: 65
FNILX Martin Ratio Rank: 74

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.

FAFAX vs. FNILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Freedom Income Fund Class A (FAFAX) and Fidelity ZERO Large Cap Index Fund (FNILX). 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.

	FAFAX	FNILX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.12	-0.03
Sortino ratio: Return per unit of downside risk	3.00	2.86	+0.14
Omega ratio: Gain probability vs. loss probability	1.42	1.38	+0.04
Calmar ratio: Return relative to maximum drawdown	2.77	2.96	-0.19
Martin ratio: Return relative to average drawdown	11.75	13.10	-1.35

FAFAX vs. FNILX - Sharpe Ratio Comparison

The current FAFAX Sharpe Ratio is 2.09, which is comparable to the FNILX Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of FAFAX and FNILX, 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

FAFAX vs. FNILX - Drawdown Comparison

The maximum FAFAX drawdown since its inception was -19.07%, smaller than the maximum FNILX drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for FAFAX and FNILX.

Drawdown Indicators

	FAFAX	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-19.07%	-33.76%	+14.69%
Max Drawdown (1Y) Largest decline over 1 year	-3.73%	-9.01%	+5.28%
Max Drawdown (3Y) Largest decline over 3 years	-4.95%	-19.08%	+14.13%
Max Drawdown (5Y) Largest decline over 5 years	-16.11%	-25.40%	+9.29%
Max Drawdown (10Y) Largest decline over 10 years	-16.11%	—	—
Current Drawdown Current decline from peak	0.00%	-1.36%	+1.36%
Average Drawdown Average peak-to-trough decline	-2.16%	-5.35%	+3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	2.03%	-1.15%

Volatility

FAFAX vs. FNILX - Volatility Comparison

The current volatility for Fidelity Advisor Freedom Income Fund Class A (FAFAX) is 2.29%, while Fidelity ZERO Large Cap Index Fund (FNILX) has a volatility of 4.91%. This indicates that FAFAX experiences smaller price fluctuations and is considered to be less risky than FNILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAFAX	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.29%	4.91%	-2.62%
Volatility (6M) Calculated over the trailing 6-month period	4.28%	9.97%	-5.69%
Volatility (1Y) Calculated over the trailing 1-year period	4.93%	12.58%	-7.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.42%	17.35%	-11.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.68%	20.04%	-15.36%

FAFAX vs. FNILX - Expense Ratio Comparison

FAFAX has a 0.72% expense ratio, which is higher than FNILX's 0.00% expense ratio.

Dividends

FAFAX vs. FNILX - Dividend Comparison

FAFAX's dividend yield for the trailing twelve months is around 2.71%, more than FNILX's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAFAX Fidelity Advisor Freedom Income Fund Class A	2.71%	2.93%	2.88%	2.66%	5.70%	5.06%	3.60%	3.52%	5.39%	3.13%	2.86%	2.82%
FNILX Fidelity ZERO Large Cap Index Fund	0.92%	1.01%	1.09%	1.34%	1.53%	0.95%	1.20%	1.17%	0.53%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FAFAX and FNILX in my portfolio?

FAFAX and FNILX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAFAX or FNILX?

FNILX has higher volatility (4.91%) compared to FAFAX (2.29%). In terms of maximum drawdown, FAFAX dropped -19.07% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

FNILX currently has the higher Sharpe Ratio (2.12 vs 2.09), 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.