FDKLX vs. QLEIX

Last updated Jun 4, 2026

FDKLX (Fidelity Freedom Index 2060 Fund Investor Class) and QLEIX (AQR Long-Short Equity Fund) are both mutual funds - FDKLX is a Target Retirement Date fund managed by Fidelity, while QLEIX is a Long-Short fund managed by AQR Funds. Over the past 10 years, FDKLX returned 11.93%/yr vs 12.02%/yr for QLEIX. At a 0.48 correlation, their price movements are largely independent. FDKLX charges 0.12%/yr vs 1.30%/yr for QLEIX.

Performance

FDKLX vs. QLEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Freedom Index 2060 Fund Investor Class (FDKLX) and AQR Long-Short Equity Fund (QLEIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDKLX achieves a 12.67% return, which is significantly higher than QLEIX's 0.38% return. Both investments have delivered pretty close results over the past 10 years, with FDKLX having a 11.93% annualized return and QLEIX not far ahead at 12.02%.

FDKLX

• 1D: 0.45%
• 1M: 5.62%
• YTD: 12.67%
• 6M: 13.58%
• 1Y: 28.76%
• 3Y*: 19.56%
• 5Y*: 10.12%
• 10Y*: 11.93%

QLEIX

• 1D: -0.19%
• 1M: 3.51%
• YTD: 0.38%
• 6M: 4.79%
• 1Y: 16.04%
• 3Y*: 27.72%
• 5Y*: 21.93%
• 10Y*: 12.02%

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

FDKLX vs. QLEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDKLX Fidelity Freedom Index 2060 Fund Investor Class	12.67%	21.38%	14.16%	19.91%	-18.18%	15.88%	16.38%	26.06%	-7.23%	20.58%
QLEIX AQR Long-Short Equity Fund	0.38%	34.43%	30.50%	23.95%	19.18%	31.10%	-13.92%	1.19%	-16.33%	15.74%

Correlation

The correlation between FDKLX and QLEIX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Aug 13, 2014	0.48

The correlation between FDKLX and QLEIX shifts across timeframes, from 0.31 (5 years) to 0.48 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FDKLX vs. QLEIX — Risk / Return Rank

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

FDKLX

FDKLX Risk / Return Rank: 71
FDKLX Sharpe Ratio Rank: 74
FDKLX Sortino Ratio Rank: 69
FDKLX Omega Ratio Rank: 68
FDKLX Calmar Ratio Rank: 69
FDKLX Martin Ratio Rank: 75

QLEIX

QLEIX Risk / Return Rank: 53
QLEIX Sharpe Ratio Rank: 59
QLEIX Sortino Ratio Rank: 63
QLEIX Omega Ratio Rank: 56
QLEIX Calmar Ratio Rank: 50
QLEIX Martin Ratio Rank: 39

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.

FDKLX vs. QLEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom Index 2060 Fund Investor Class (FDKLX) and AQR Long-Short Equity Fund (QLEIX). 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.

	FDKLX	QLEIX	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.26	+0.24
Sortino ratio: Return per unit of downside risk	3.46	3.32	+0.14
Omega ratio: Gain probability vs. loss probability	1.46	1.41	+0.05
Calmar ratio: Return relative to maximum drawdown	3.20	2.70	+0.50
Martin ratio: Return relative to average drawdown	14.19	8.50	+5.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDKLX vs. QLEIX - Sharpe Ratio Comparison

The current FDKLX Sharpe Ratio is 2.50, which is comparable to the QLEIX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of FDKLX and QLEIX, 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

	FDKLX	QLEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	2.26	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	2.18	-1.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	1.14	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	1.13	-0.42

Drawdowns

FDKLX vs. QLEIX - Drawdown Comparison

The maximum FDKLX drawdown since its inception was -30.73%, smaller than the maximum QLEIX drawdown of -38.11%. Use the drawdown chart below to compare losses from any high point for FDKLX and QLEIX.

Drawdown Indicators

	FDKLX	QLEIX	Difference
Max Drawdown Largest peak-to-trough decline	-30.73%	-38.11%	+7.38%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-6.01%	-3.10%
Max Drawdown (3Y) Largest decline over 3 years	-14.73%	-7.07%	-7.66%
Max Drawdown (5Y) Largest decline over 5 years	-26.19%	-17.07%	-9.12%
Max Drawdown (10Y) Largest decline over 10 years	-30.73%	-38.11%	+7.38%
Current Drawdown Current decline from peak	0.00%	-0.23%	+0.23%
Average Drawdown Average peak-to-trough decline	-4.57%	-7.73%	+3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	1.91%	+0.14%

Volatility

FDKLX vs. QLEIX - Volatility Comparison

Fidelity Freedom Index 2060 Fund Investor Class (FDKLX) has a higher volatility of 3.55% compared to AQR Long-Short Equity Fund (QLEIX) at 2.18%. This indicates that FDKLX's price experiences larger fluctuations and is considered to be riskier than QLEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDKLX	QLEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	2.18%	+1.37%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	5.57%	+3.87%
Volatility (1Y) Calculated over the trailing 1-year period	11.66%	7.24%	+4.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.39%	10.10%	+4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.16%	10.58%	+4.58%

FDKLX vs. QLEIX - Expense Ratio Comparison

FDKLX has a 0.12% expense ratio, which is lower than QLEIX's 1.30% expense ratio.

Dividends

FDKLX vs. QLEIX - Dividend Comparison

FDKLX's dividend yield for the trailing twelve months is around 1.68%, less than QLEIX's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDKLX Fidelity Freedom Index 2060 Fund Investor Class	1.68%	1.95%	1.94%	1.89%	1.99%	1.86%	1.79%	6.74%	2.33%	2.12%	2.41%	1.82%
QLEIX AQR Long-Short Equity Fund	1.75%	1.75%	7.12%	20.88%	14.15%	0.00%	1.57%	0.00%	6.03%	9.11%	3.01%	4.98%

Frequently Asked Questions

Can I hold both FDKLX and QLEIX in my portfolio?

FDKLX and QLEIX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDKLX or QLEIX?

FDKLX has higher volatility (3.55%) compared to QLEIX (2.18%). In terms of maximum drawdown, FDKLX dropped -30.73% vs QLEIX's -38.11%.

Which has better risk-adjusted returns?

FDKLX currently has the higher Sharpe Ratio (2.50 vs 2.26), 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.