FCFTX vs. VCAIX

Last updated Jun 4, 2026

FCFTX (Fidelity Advisor Freedom 2010 Fund Class M) and VCAIX (Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares) are both mutual funds - FCFTX is a Target Retirement Date fund managed by Fidelity, while VCAIX is a Municipal Bonds fund managed by Vanguard. Over the past 10 years, FCFTX returned 5.23%/yr vs 2.27%/yr for VCAIX. At a 0.04 correlation, their price movements are largely independent. FCFTX charges 0.99%/yr vs 0.17%/yr for VCAIX.

Performance

FCFTX vs. VCAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Freedom 2010 Fund Class M (FCFTX) and Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX). 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 VCAIX's 1.13% return. Over the past 10 years, FCFTX has outperformed VCAIX with an annualized return of 5.23%, while VCAIX has yielded a comparatively lower 2.27% 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%

VCAIX

• 1D: 0.09%
• 1M: 0.61%
• YTD: 1.13%
• 6M: 1.48%
• 1Y: 6.77%
• 3Y*: 4.41%
• 5Y*: 1.62%
• 10Y*: 2.27%

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

FCFTX vs. VCAIX - 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%
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares	1.13%	5.83%	2.15%	5.82%	-6.69%	0.40%	4.53%	6.95%	1.19%	4.83%

Correlation

The correlation between FCFTX and VCAIX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jan 9, 2003	0.04

Over the past year, FCFTX and VCAIX have become more correlated (0.43) than their long-term average of 0.04, meaning their price movements have been converging.

Return for Risk

FCFTX vs. VCAIX — 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

VCAIX

VCAIX Risk / Return Rank: 69
VCAIX Sharpe Ratio Rank: 91
VCAIX Sortino Ratio Rank: 93
VCAIX Omega Ratio Rank: 95
VCAIX Calmar Ratio Rank: 36
VCAIX 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. VCAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Freedom 2010 Fund Class M (FCFTX) and Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX). 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	VCAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.33	3.01	-0.68
Sortino ratio: Return per unit of downside risk	3.38	4.64	-1.26
Omega ratio: Gain probability vs. loss probability	1.47	1.79	-0.32
Calmar ratio: Return relative to maximum drawdown	2.78	2.28	+0.50
Martin ratio: Return relative to average drawdown	11.98	7.46	+4.52
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. VCAIX - Sharpe Ratio Comparison

The current FCFTX Sharpe Ratio is 2.33, which is comparable to the VCAIX Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of FCFTX and VCAIX, 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	VCAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	3.01	-0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.50	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.67	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	1.31	-0.80

Drawdowns

FCFTX vs. VCAIX - Drawdown Comparison

The maximum FCFTX drawdown since its inception was -38.51%, which is greater than VCAIX's maximum drawdown of -11.22%. Use the drawdown chart below to compare losses from any high point for FCFTX and VCAIX.

Drawdown Indicators

	FCFTX	VCAIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.51%	-11.22%	-27.29%
Max Drawdown (1Y) Largest decline over 1 year	-4.18%	-2.98%	-1.20%
Max Drawdown (3Y) Largest decline over 3 years	-5.94%	-4.25%	-1.69%
Max Drawdown (5Y) Largest decline over 5 years	-18.70%	-11.22%	-7.48%
Max Drawdown (10Y) Largest decline over 10 years	-18.70%	-11.22%	-7.48%
Current Drawdown Current decline from peak	0.00%	-1.01%	+1.01%
Average Drawdown Average peak-to-trough decline	-4.17%	-1.36%	-2.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.91%	+0.06%

Volatility

FCFTX vs. VCAIX - Volatility Comparison

Fidelity Advisor Freedom 2010 Fund Class M (FCFTX) has a higher volatility of 2.03% compared to Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX) at 0.87%. This indicates that FCFTX's price experiences larger fluctuations and is considered to be riskier than VCAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCFTX	VCAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.03%	0.87%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	4.23%	1.79%	+2.44%
Volatility (1Y) Calculated over the trailing 1-year period	4.98%	2.27%	+2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.38%	3.24%	+3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.34%	3.42%	+2.92%

FCFTX vs. VCAIX - Expense Ratio Comparison

FCFTX has a 0.99% expense ratio, which is higher than VCAIX's 0.17% expense ratio.

Dividends

FCFTX vs. VCAIX - Dividend Comparison

FCFTX's dividend yield for the trailing twelve months is around 4.61%, more than VCAIX's 3.09% 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%
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares	3.09%	3.75%	3.27%	2.49%	2.28%	1.71%	2.19%	2.64%	2.63%	2.56%	2.65%	2.78%

Frequently Asked Questions

Can I hold both FCFTX and VCAIX in my portfolio?

FCFTX and VCAIX have a correlation of 0.43, 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 VCAIX?

FCFTX has higher volatility (2.03%) compared to VCAIX (0.87%). In terms of maximum drawdown, FCFTX dropped -38.51% vs VCAIX's -11.22%.

Which has better risk-adjusted returns?

VCAIX currently has the higher Sharpe Ratio (3.01 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.