FCLSX vs. FIRMX

Last updated Jun 4, 2026

FCLSX (Fidelity Flex Freedom Blend 2040 Fund) and FIRMX (Fidelity Managed Retirement Income Fund) are both Target Retirement Date funds. Over the past 5 years, FCLSX returned 10.94%/yr vs 2.91%/yr for FIRMX. A 0.76 correlation means they provide meaningful diversification when combined. FCLSX charges 0.00%/yr vs 0.45%/yr for FIRMX.

Performance

FCLSX vs. FIRMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Flex Freedom Blend 2040 Fund (FCLSX) and Fidelity Managed Retirement Income Fund (FIRMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCLSX achieves a 12.51% return, which is significantly higher than FIRMX's 4.04% return.

FCLSX

• 1D: 0.64%
• 1M: 4.86%
• YTD: 12.51%
• 6M: 13.87%
• 1Y: 28.31%
• 3Y*: 20.93%
• 5Y*: 10.94%
• 10Y*: —

FIRMX

• 1D: 0.20%
• 1M: 1.54%
• YTD: 4.04%
• 6M: 4.26%
• 1Y: 10.41%
• 3Y*: 7.59%
• 5Y*: 2.91%
• 10Y*: 4.21%

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

FCLSX vs. FIRMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCLSX Fidelity Flex Freedom Blend 2040 Fund	12.51%	21.45%	18.16%	20.51%	-17.74%	16.91%	18.37%	25.92%	-8.31%	10.11%
FIRMX Fidelity Managed Retirement Income Fund	4.04%	9.95%	4.29%	8.07%	-11.66%	2.77%	8.57%	10.57%	-1.80%	3.62%

Correlation

The correlation between FCLSX and FIRMX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 16, 2017	0.76

The correlation between FCLSX and FIRMX has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

Return for Risk

FCLSX vs. FIRMX — Risk / Return Rank

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

FCLSX

FCLSX Risk / Return Rank: 75
FCLSX Sharpe Ratio Rank: 77
FCLSX Sortino Ratio Rank: 72
FCLSX Omega Ratio Rank: 72
FCLSX Calmar Ratio Rank: 74
FCLSX Martin Ratio Rank: 78

FIRMX

FIRMX Risk / Return Rank: 72
FIRMX Sharpe Ratio Rank: 76
FIRMX Sortino Ratio Rank: 78
FIRMX Omega Ratio Rank: 77
FIRMX Calmar Ratio Rank: 63
FIRMX Martin Ratio Rank: 66

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.

FCLSX vs. FIRMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Flex Freedom Blend 2040 Fund (FCLSX) and Fidelity Managed Retirement Income Fund (FIRMX). 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.

	FCLSX	FIRMX	Difference
Sharpe ratio: Return per unit of total volatility	2.55	2.52	+0.03
Sortino ratio: Return per unit of downside risk	3.54	3.71	-0.17
Omega ratio: Gain probability vs. loss probability	1.48	1.50	-0.03
Calmar ratio: Return relative to maximum drawdown	3.36	3.04	+0.31
Martin ratio: Return relative to average drawdown	14.72	12.98	+1.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCLSX vs. FIRMX - Sharpe Ratio Comparison

The current FCLSX Sharpe Ratio is 2.55, which is comparable to the FIRMX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of FCLSX and FIRMX, 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

	FCLSX	FIRMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	2.52	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.55	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.94	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.55	+0.23

Drawdowns

FCLSX vs. FIRMX - Drawdown Comparison

The maximum FCLSX drawdown since its inception was -31.26%, smaller than the maximum FIRMX drawdown of -33.73%. Use the drawdown chart below to compare losses from any high point for FCLSX and FIRMX.

Drawdown Indicators

	FCLSX	FIRMX	Difference
Max Drawdown Largest peak-to-trough decline	-31.26%	-33.73%	+2.47%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-3.44%	-5.16%
Max Drawdown (3Y) Largest decline over 3 years	-14.16%	-4.96%	-9.20%
Max Drawdown (5Y) Largest decline over 5 years	-27.30%	-16.11%	-11.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.11%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.32%	-3.71%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	0.81%	+1.14%

Volatility

FCLSX vs. FIRMX - Volatility Comparison

Fidelity Flex Freedom Blend 2040 Fund (FCLSX) has a higher volatility of 3.78% compared to Fidelity Managed Retirement Income Fund (FIRMX) at 1.65%. This indicates that FCLSX's price experiences larger fluctuations and is considered to be riskier than FIRMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCLSX	FIRMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	1.65%	+2.13%
Volatility (6M) Calculated over the trailing 6-month period	9.26%	3.42%	+5.84%
Volatility (1Y) Calculated over the trailing 1-year period	11.33%	4.16%	+7.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.52%	5.28%	+9.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.75%	4.51%	+11.24%

FCLSX vs. FIRMX - Expense Ratio Comparison

FCLSX has a 0.00% expense ratio, which is lower than FIRMX's 0.45% expense ratio.

Dividends

FCLSX vs. FIRMX - Dividend Comparison

FCLSX's dividend yield for the trailing twelve months is around 7.79%, more than FIRMX's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCLSX Fidelity Flex Freedom Blend 2040 Fund	7.79%	4.92%	9.06%	2.19%	6.31%	7.13%	5.73%	6.99%	8.18%	3.09%	0.00%	0.00%
FIRMX Fidelity Managed Retirement Income Fund	3.09%	3.13%	3.02%	2.81%	4.54%	3.56%	2.48%	2.59%	4.65%	8.57%	1.67%	1.68%

Frequently Asked Questions

Can I hold both FCLSX and FIRMX in my portfolio?

FCLSX and FIRMX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCLSX or FIRMX?

FCLSX has higher volatility (3.78%) compared to FIRMX (1.65%). In terms of maximum drawdown, FCLSX dropped -31.26% vs FIRMX's -33.73%.

Which has better risk-adjusted returns?

FCLSX currently has the higher Sharpe Ratio (2.55 vs 2.52), 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.