FAFFX vs. ^GSPC

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Advisor Freedom 2040 Fund Class A (FAFFX) and S&P 500 Index (^GSPC).

FAFFX is managed by Fidelity. It was launched on Jul 24, 2003.

Performance

FAFFX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Freedom 2040 Fund Class A (FAFFX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

FAFFX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAFFX Fidelity Advisor Freedom 2040 Fund Class A	-3.44%	21.14%	12.60%	18.39%	-18.31%	15.78%	17.18%	26.41%	-8.48%	21.35%
^GSPC S&P 500 Index	-4.63%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, FAFFX achieves a -3.44% return, which is significantly higher than ^GSPC's -4.63% return. Over the past 10 years, FAFFX has underperformed ^GSPC with an annualized return of 10.15%, while ^GSPC has yielded a comparatively higher 12.16% annualized return.

FAFFX

• 1D: -0.17%
• 1M: -8.40%
• YTD: -3.44%
• 6M: -0.64%
• 1Y: 16.21%
• 3Y*: 13.64%
• 5Y*: 6.99%
• 10Y*: 10.15%

^GSPC

• 1D: 2.91%
• 1M: -5.09%
• YTD: -4.63%
• 6M: -2.39%
• 1Y: 16.33%
• 3Y*: 16.69%
• 5Y*: 10.18%
• 10Y*: 12.16%

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

Return for Risk

FAFFX vs. ^GSPC — Risk / Return Rank

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

FAFFX

FAFFX Risk / Return Rank: 64
FAFFX Sharpe Ratio Rank: 64
FAFFX Sortino Ratio Rank: 65
FAFFX Omega Ratio Rank: 65
FAFFX Calmar Ratio Rank: 61
FAFFX Martin Ratio Rank: 67

^GSPC

^GSPC Risk / Return Rank: 74
^GSPC Sharpe Ratio Rank: 69
^GSPC Sortino Ratio Rank: 68
^GSPC Omega Ratio Rank: 76
^GSPC Calmar Ratio Rank: 73
^GSPC Martin Ratio Rank: 85

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.

FAFFX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Freedom 2040 Fund Class A (FAFFX) and S&P 500 Index (^GSPC). 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.

	FAFFX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	1.13	0.90	+0.23
Sortino ratio Return per unit of downside risk	1.62	1.39	+0.24
Omega ratio Gain probability vs. loss probability	1.24	1.21	+0.03
Calmar ratio Return relative to maximum drawdown	1.42	1.40	+0.02
Martin ratio Return relative to average drawdown	6.31	6.61	-0.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAFFX vs. ^GSPC - Sharpe Ratio Comparison

The current FAFFX Sharpe Ratio is 1.13, which is comparable to the ^GSPC Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of FAFFX and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FAFFX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	0.90	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.61	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.68	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.46	-0.04

Correlation

The correlation between FAFFX and ^GSPC is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

FAFFX vs. ^GSPC - Drawdown Comparison

The maximum FAFFX drawdown since its inception was -56.14%, roughly equal to the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for FAFFX and ^GSPC.

Drawdown Indicators

	FAFFX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-56.14%	-56.78%	+0.64%
Max Drawdown (1Y) Largest decline over 1 year	-10.27%	-12.14%	+1.87%
Max Drawdown (5Y) Largest decline over 5 years	-27.41%	-25.43%	-1.98%
Max Drawdown (10Y) Largest decline over 10 years	-31.28%	-33.92%	+2.64%
Current Drawdown Current decline from peak	-8.87%	-6.45%	-2.42%
Average Drawdown Average peak-to-trough decline	-7.85%	-10.75%	+2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	2.57%	-0.26%

Volatility

FAFFX vs. ^GSPC - Volatility Comparison

The current volatility for Fidelity Advisor Freedom 2040 Fund Class A (FAFFX) is 5.05%, while S&P 500 Index (^GSPC) has a volatility of 5.34%. This indicates that FAFFX experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAFFX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	5.34%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	8.47%	9.54%	-1.07%
Volatility (1Y) Calculated over the trailing 1-year period	14.33%	18.33%	-4.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.21%	16.91%	-2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.13%	18.05%	-2.92%