FDFRX vs. FSPGX

Last updated Jun 24, 2026

FDFRX (Fidelity Advisor Freedom 2065 Fund Class Z6) and FSPGX (Fidelity Large Cap Growth Index Fund) are both mutual funds - FDFRX is a Target Retirement Date fund managed by Fidelity, while FSPGX is a Large Cap Growth Equities fund managed by Fidelity. Over the past 5 years, FDFRX returned 10.25%/yr vs 13.59%/yr for FSPGX. Their correlation of 0.84 suggests significant overlap in exposure. FDFRX charges 0.50%/yr vs 0.04%/yr for FSPGX.

Performance

FDFRX vs. FSPGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Freedom 2065 Fund Class Z6 (FDFRX) and Fidelity Large Cap Growth Index Fund (FSPGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDFRX achieves a 13.46% return, which is significantly higher than FSPGX's 3.18% return.

FDFRX

• 1D: -0.24%
• 1M: 2.99%
• YTD: 13.46%
• 6M: 12.95%
• 1Y: 28.39%
• 3Y*: 20.31%
• 5Y*: 10.25%
• 10Y*: —

FSPGX

• 1D: -1.26%
• 1M: -2.49%
• YTD: 3.18%
• 6M: 1.86%
• 1Y: 19.95%
• 3Y*: 22.60%
• 5Y*: 13.59%
• 10Y*: —

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

FDFRX vs. FSPGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FDFRX Fidelity Advisor Freedom 2065 Fund Class Z6	13.46%	23.33%	13.96%	19.65%	-17.97%	16.29%	17.56%	8.88%
FSPGX Fidelity Large Cap Growth Index Fund	3.18%	18.54%	33.27%	42.77%	-29.17%	27.57%	38.46%	12.72%

Correlation

The correlation between FDFRX and FSPGX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 28, 2019	0.84

The correlation between FDFRX and FSPGX has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

Return for Risk

FDFRX vs. FSPGX — Risk / Return Rank

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

FDFRX

FDFRX Risk / Return Rank: 65
FDFRX Sharpe Ratio Rank: 64
FDFRX Sortino Ratio Rank: 60
FDFRX Omega Ratio Rank: 63
FDFRX Calmar Ratio Rank: 67
FDFRX Martin Ratio Rank: 73

FSPGX

FSPGX Risk / Return Rank: 21
FSPGX Sharpe Ratio Rank: 25
FSPGX Sortino Ratio Rank: 22
FSPGX Omega Ratio Rank: 23
FSPGX Calmar Ratio Rank: 16
FSPGX Martin Ratio Rank: 18

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.

FDFRX vs. FSPGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Freedom 2065 Fund Class Z6 (FDFRX) and Fidelity Large Cap Growth Index Fund (FSPGX). 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.

	FDFRX	FSPGX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.32	+0.85
Sortino ratio: Return per unit of downside risk	2.97	1.83	+1.14
Omega ratio: Gain probability vs. loss probability	1.40	1.23	+0.17
Calmar ratio: Return relative to maximum drawdown	3.01	1.32	+1.69
Martin ratio: Return relative to average drawdown	12.95	4.33	+8.63

FDFRX vs. FSPGX - Sharpe Ratio Comparison

The current FDFRX Sharpe Ratio is 2.17, which is higher than the FSPGX Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of FDFRX and FSPGX, 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

FDFRX vs. FSPGX - Drawdown Comparison

The maximum FDFRX drawdown since its inception was -31.27%, roughly equal to the maximum FSPGX drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for FDFRX and FSPGX.

Drawdown Indicators

	FDFRX	FSPGX	Difference
Max Drawdown Largest peak-to-trough decline	-31.27%	-32.66%	+1.39%
Max Drawdown (1Y) Largest decline over 1 year	-9.88%	-16.17%	+6.29%
Max Drawdown (3Y) Largest decline over 3 years	-15.04%	-23.32%	+8.28%
Max Drawdown (5Y) Largest decline over 5 years	-27.11%	-32.66%	+5.55%
Current Drawdown Current decline from peak	-0.24%	-5.35%	+5.11%
Average Drawdown Average peak-to-trough decline	-5.94%	-6.36%	+0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	4.92%	-2.64%

Volatility

FDFRX vs. FSPGX - Volatility Comparison

Fidelity Advisor Freedom 2065 Fund Class Z6 (FDFRX) and Fidelity Large Cap Growth Index Fund (FSPGX) have volatilities of 5.72% and 5.94%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDFRX	FSPGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.72%	5.94%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	11.75%	12.61%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	13.74%	16.21%	-2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.15%	21.61%	-6.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.19%	21.56%	-4.37%

FDFRX vs. FSPGX - Expense Ratio Comparison

FDFRX has a 0.50% expense ratio, which is higher than FSPGX's 0.04% expense ratio.

Dividends

FDFRX vs. FSPGX - Dividend Comparison

FDFRX's dividend yield for the trailing twelve months is around 5.88%, more than FSPGX's 0.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDFRX Fidelity Advisor Freedom 2065 Fund Class Z6	5.88%	4.97%	2.19%	2.14%	9.00%	6.96%	2.80%	1.67%	0.00%	0.00%
FSPGX Fidelity Large Cap Growth Index Fund	0.33%	0.34%	0.37%	0.73%	0.86%	2.22%	1.76%	1.04%	1.32%	0.22%

Frequently Asked Questions

Can I hold both FDFRX and FSPGX in my portfolio?

FDFRX and FSPGX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDFRX or FSPGX?

FSPGX has higher volatility (5.94%) compared to FDFRX (5.72%). In terms of maximum drawdown, FDFRX dropped -31.27% vs FSPGX's -32.66%.

Which has better risk-adjusted returns?

FDFRX currently has the higher Sharpe Ratio (2.17 vs 1.32), 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.