FFBSX vs. SPY

Last updated Aug 5, 2026

FFBSX (Fidelity Freedom Blend 2065 Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - FFBSX is a Target Retirement Date fund managed by Fidelity, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, FFBSX returned 9.76%/yr vs 13.31%/yr for SPY. Their correlation of 0.92 means they have usually moved in the same direction. FFBSX charges 0.49%/yr vs 0.09%/yr for SPY.

Performance

FFBSX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Freedom Blend 2065 Fund (FFBSX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FFBSX having a 13.89% return and SPY slightly lower at 13.71%.

FFBSX

• 1D: 1.26%
• 1M: 0.63%
• 6M: 9.44%
• YTD: 13.89%
• 1Y: 24.76%
• 3Y*: 18.89%
• 5Y*: 9.76%
• 10Y*: —
• ALL TIME*: 12.52%

SPY

• 1D: 1.80%
• 1M: 3.56%
• 6M: 12.46%
• YTD: 13.71%
• 1Y: 23.56%
• 3Y*: 21.46%
• 5Y*: 13.31%
• 10Y*: 15.29%
• ALL TIME*: 10.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FFBSX Fidelity Freedom Blend 2065 Fund	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$40.91B	$36.93B	$39.82B

FFBSX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FFBSX Fidelity Freedom Blend 2065 Fund	13.89%	22.66%	13.61%	20.44%	-19.07%	16.21%	17.89%	9.03%
SPY State Street SPDR S&P 500 ETF	13.71%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	11.47%

Correlation

The correlation between FFBSX and SPY is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (All Time) Calculated using the full available price history since Jun 28, 2019	0.92

The correlation between FFBSX and SPY has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

FFBSX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FFBSX

FFBSX Risk / Return Rank: 76
FFBSX Sharpe Ratio Rank: 75
FFBSX Sortino Ratio Rank: 72
FFBSX Omega Ratio Rank: 72
FFBSX Calmar Ratio Rank: 78
FFBSX Martin Ratio Rank: 85

SPY

SPY Risk / Return Rank: 72
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 70
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FFBSX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom Blend 2065 Fund (FFBSX) and State Street SPDR S&P 500 ETF (SPY). 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.

	FFBSX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.84	+0.02
Sortino ratio: Return per unit of downside risk	2.57	2.54	+0.04
Omega ratio: Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	2.76	2.66	+0.09
Martin ratio: Return relative to average drawdown	11.48	11.36	+0.12

FFBSX vs. SPY - Sharpe Ratio Comparison

The current FFBSX Sharpe Ratio is 1.86, which is comparable to the SPY Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of FFBSX and SPY, 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

FFBSX vs. SPY - Drawdown Comparison

The maximum FFBSX drawdown since its inception was -31.28%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FFBSX and SPY.

Drawdown Indicators

	FFBSX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-31.28%	-55.19%	+23.91%
Max Drawdown (1Y) Largest decline over 1 year	-9.65%	-8.88%	-0.77%
Max Drawdown (3Y) Largest decline over 3 years	-15.56%	-18.76%	+3.20%
Max Drawdown (5Y) Largest decline over 5 years	-27.71%	-24.50%	-3.21%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.62%	0.00%	-0.62%
Average Drawdown Average peak-to-trough decline	-5.96%	-9.01%	+3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	2.08%	+0.23%

Volatility

FFBSX vs. SPY - Volatility Comparison

Fidelity Freedom Blend 2065 Fund (FFBSX) has a higher volatility of 4.51% compared to State Street SPDR S&P 500 ETF (SPY) at 4.13%. This indicates that FFBSX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFBSX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	4.13%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	12.31%	10.36%	+1.95%
Volatility (1Y) Calculated over the trailing 1-year period	14.35%	12.96%	+1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.35%	17.21%	-1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.22%	17.97%	-0.75%

FFBSX vs. SPY - Expense Ratio Comparison

FFBSX has a 0.49% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FFBSX vs. SPY - Dividend Comparison

FFBSX's dividend yield for the trailing twelve months is around 3.24%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFBSX Fidelity Freedom Blend 2065 Fund	3.24%	2.48%	2.83%	1.93%	5.26%	6.83%	3.44%	2.87%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FFBSX and SPY in my portfolio?

With a correlation of 0.93, FFBSX and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FFBSX or SPY?

FFBSX has higher volatility (4.51%) compared to SPY (4.13%). In terms of maximum drawdown, FFBSX dropped -31.28% vs SPY's -55.19%.

Which has better risk-adjusted returns?

FFBSX currently has the higher Sharpe Ratio (1.86 vs 1.84), 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.