FCFTX vs. FCTFX

Last updated Jun 4, 2026

FCFTX (Fidelity Advisor Freedom 2010 Fund Class M) and FCTFX (Fidelity California Municipal Income Fund) are both mutual funds - FCFTX is a Target Retirement Date fund managed by Fidelity, while FCTFX is a Municipal Bonds fund managed by Fidelity. Over the past 10 years, FCFTX returned 5.23%/yr vs 2.15%/yr for FCTFX. At a 0.02 correlation, their price movements are largely independent. FCFTX charges 0.99%/yr vs 0.45%/yr for FCTFX.

Performance

FCFTX vs. FCTFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Freedom 2010 Fund Class M (FCFTX) and Fidelity California Municipal Income Fund (FCTFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCFTX achieves a 4.77% return, which is significantly higher than FCTFX's 1.34% return. Over the past 10 years, FCFTX has outperformed FCTFX with an annualized return of 5.23%, while FCTFX has yielded a comparatively lower 2.15% annualized return.

FCFTX

• 1D: 0.26%
• 1M: 1.75%
• YTD: 4.77%
• 6M: 5.13%
• 1Y: 11.45%
• 3Y*: 8.32%
• 5Y*: 3.04%
• 10Y*: 5.23%

FCTFX

• 1D: 0.24%
• 1M: 0.75%
• YTD: 1.34%
• 6M: 1.61%
• 1Y: 7.72%
• 3Y*: 4.46%
• 5Y*: 1.15%
• 10Y*: 2.15%

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

FCFTX vs. FCTFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCFTX Fidelity Advisor Freedom 2010 Fund Class M	4.77%	10.77%	4.65%	8.99%	-13.60%	4.87%	10.34%	14.19%	-3.76%	11.58%
FCTFX Fidelity California Municipal Income Fund	1.34%	5.75%	1.89%	6.53%	-9.64%	1.39%	4.50%	7.63%	0.68%	5.81%

Correlation

The correlation between FCFTX and FCTFX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jan 9, 2003	0.02

Over the past year, FCFTX and FCTFX have become more correlated (0.39) than their long-term average of 0.02, meaning their price movements have been converging.

Return for Risk

FCFTX vs. FCTFX — Risk / Return Rank

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

FCFTX

FCFTX Risk / Return Rank: 62
FCFTX Sharpe Ratio Rank: 63
FCFTX Sortino Ratio Rank: 66
FCFTX Omega Ratio Rank: 70
FCFTX Calmar Ratio Rank: 53
FCFTX Martin Ratio Rank: 60

FCTFX

FCTFX Risk / Return Rank: 66
FCTFX Sharpe Ratio Rank: 83
FCTFX Sortino Ratio Rank: 86
FCTFX Omega Ratio Rank: 91
FCTFX Calmar Ratio Rank: 35
FCTFX Martin Ratio Rank: 33

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.

FCFTX vs. FCTFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Freedom 2010 Fund Class M (FCFTX) and Fidelity California Municipal Income Fund (FCTFX). 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.

	FCFTX	FCTFX	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.68	-0.35
Sortino ratio: Return per unit of downside risk	3.38	4.09	-0.71
Omega ratio: Gain probability vs. loss probability	1.47	1.67	-0.20
Calmar ratio: Return relative to maximum drawdown	2.78	2.24	+0.54
Martin ratio: Return relative to average drawdown	11.98	7.49	+4.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCFTX vs. FCTFX - Sharpe Ratio Comparison

The current FCFTX Sharpe Ratio is 2.33, which is comparable to the FCTFX Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of FCFTX and FCTFX, 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

	FCFTX	FCTFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	2.68	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.29	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.53	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	1.14	-0.62

Drawdowns

FCFTX vs. FCTFX - Drawdown Comparison

The maximum FCFTX drawdown since its inception was -38.51%, which is greater than FCTFX's maximum drawdown of -23.20%. Use the drawdown chart below to compare losses from any high point for FCFTX and FCTFX.

Drawdown Indicators

	FCFTX	FCTFX	Difference
Max Drawdown Largest peak-to-trough decline	-38.51%	-23.20%	-15.31%
Max Drawdown (1Y) Largest decline over 1 year	-4.18%	-3.42%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	-5.94%	-5.39%	-0.55%
Max Drawdown (5Y) Largest decline over 5 years	-18.70%	-14.01%	-4.69%
Max Drawdown (10Y) Largest decline over 10 years	-18.70%	-14.01%	-4.69%
Current Drawdown Current decline from peak	0.00%	-0.90%	+0.90%
Average Drawdown Average peak-to-trough decline	-4.17%	-2.43%	-1.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	1.02%	-0.05%

Volatility

FCFTX vs. FCTFX - Volatility Comparison

Fidelity Advisor Freedom 2010 Fund Class M (FCFTX) has a higher volatility of 2.03% compared to Fidelity California Municipal Income Fund (FCTFX) at 1.17%. This indicates that FCFTX's price experiences larger fluctuations and is considered to be riskier than FCTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCFTX	FCTFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.03%	1.17%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	4.23%	2.23%	+2.00%
Volatility (1Y) Calculated over the trailing 1-year period	4.98%	2.87%	+2.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.38%	3.97%	+2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.34%	4.06%	+2.28%

FCFTX vs. FCTFX - Expense Ratio Comparison

FCFTX has a 0.99% expense ratio, which is higher than FCTFX's 0.45% expense ratio.

Dividends

FCFTX vs. FCTFX - Dividend Comparison

FCFTX's dividend yield for the trailing twelve months is around 4.61%, more than FCTFX's 3.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCFTX Fidelity Advisor Freedom 2010 Fund Class M	4.61%	4.70%	2.56%	2.24%	6.83%	8.60%	5.58%	5.52%	8.73%	6.18%	4.19%	3.91%
FCTFX Fidelity California Municipal Income Fund	3.02%	3.86%	2.85%	2.67%	1.67%	2.28%	2.79%	2.84%	3.01%	3.53%	3.52%	3.03%

Frequently Asked Questions

Can I hold both FCFTX and FCTFX in my portfolio?

FCFTX and FCTFX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCFTX or FCTFX?

FCFTX has higher volatility (2.03%) compared to FCTFX (1.17%). In terms of maximum drawdown, FCFTX dropped -38.51% vs FCTFX's -23.20%.

Which has better risk-adjusted returns?

FCTFX currently has the higher Sharpe Ratio (2.68 vs 2.33), 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.