FFEZX vs. FHLKX

Last updated Jun 23, 2026

FFEZX (Fidelity Freedom Index 2035 Fund Institutional Premium Class) and FHLKX (Fidelity Health Savings Fund Class K) are both mutual funds - FFEZX is a Target Retirement Date fund managed by Fidelity, while FHLKX is a Diversified Portfolio fund managed by Fidelity. Over the past 5 years, FFEZX returned 7.72%/yr vs 4.46%/yr for FHLKX. Their correlation of 0.89 suggests significant overlap in exposure. FFEZX charges 0.08%/yr vs 0.37%/yr for FHLKX.

Performance

FFEZX vs. FHLKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Freedom Index 2035 Fund Institutional Premium Class (FFEZX) and Fidelity Health Savings Fund Class K (FHLKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFEZX achieves a 8.69% return, which is significantly higher than FHLKX's 7.13% return.

FFEZX

• 1D: 0.91%
• 1M: 1.62%
• YTD: 8.69%
• 6M: 8.66%
• 1Y: 21.05%
• 3Y*: 14.52%
• 5Y*: 7.72%
• 10Y*: 10.44%

FHLKX

• 1D: 0.68%
• 1M: 1.17%
• YTD: 7.13%
• 6M: 7.30%
• 1Y: 14.90%
• 3Y*: 10.22%
• 5Y*: 4.46%
• 10Y*: —

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

FFEZX vs. FHLKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FFEZX Fidelity Freedom Index 2035 Fund Institutional Premium Class	8.69%	17.36%	11.27%	17.31%	-17.55%	13.80%	21.52%
FHLKX Fidelity Health Savings Fund Class K	7.13%	12.17%	7.06%	9.82%	-14.79%	5.50%	10.70%

Correlation

The correlation between FFEZX and FHLKX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Mar 6, 2020	0.89

The correlation between FFEZX and FHLKX has been stable across timeframes, ranging from 0.89 to 0.97 - a consistent structural relationship.

Return for Risk

FFEZX vs. FHLKX — Risk / Return Rank

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

FFEZX

FFEZX Risk / Return Rank: 68
FFEZX Sharpe Ratio Rank: 69
FFEZX Sortino Ratio Rank: 67
FFEZX Omega Ratio Rank: 68
FFEZX Calmar Ratio Rank: 66
FFEZX Martin Ratio Rank: 71

FHLKX

FHLKX Risk / Return Rank: 79
FHLKX Sharpe Ratio Rank: 78
FHLKX Sortino Ratio Rank: 78
FHLKX Omega Ratio Rank: 80
FHLKX Calmar Ratio Rank: 78
FHLKX Martin Ratio Rank: 83

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.

FFEZX vs. FHLKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom Index 2035 Fund Institutional Premium Class (FFEZX) and Fidelity Health Savings Fund Class K (FHLKX). 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.

	FFEZX	FHLKX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.38	-0.15
Sortino ratio: Return per unit of downside risk	3.11	3.38	-0.27
Omega ratio: Gain probability vs. loss probability	1.42	1.48	-0.06
Calmar ratio: Return relative to maximum drawdown	3.00	3.36	-0.36
Martin ratio: Return relative to average drawdown	12.79	14.39	-1.60

FFEZX vs. FHLKX - Sharpe Ratio Comparison

The current FFEZX Sharpe Ratio is 2.22, which is comparable to the FHLKX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of FFEZX and FHLKX, 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

FFEZX vs. FHLKX - Drawdown Comparison

The maximum FFEZX drawdown since its inception was -28.46%, which is greater than FHLKX's maximum drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for FFEZX and FHLKX.

Drawdown Indicators

	FFEZX	FHLKX	Difference
Max Drawdown Largest peak-to-trough decline	-28.46%	-19.09%	-9.37%
Max Drawdown (1Y) Largest decline over 1 year	-6.95%	-4.42%	-2.53%
Max Drawdown (3Y) Largest decline over 3 years	-11.02%	-6.64%	-4.38%
Max Drawdown (5Y) Largest decline over 5 years	-24.83%	-19.09%	-5.74%
Max Drawdown (10Y) Largest decline over 10 years	-28.46%	—	—
Current Drawdown Current decline from peak	-0.28%	-0.12%	-0.16%
Average Drawdown Average peak-to-trough decline	-4.49%	-4.79%	+0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	1.03%	+0.60%

Volatility

FFEZX vs. FHLKX - Volatility Comparison

Fidelity Freedom Index 2035 Fund Institutional Premium Class (FFEZX) has a higher volatility of 3.87% compared to Fidelity Health Savings Fund Class K (FHLKX) at 2.65%. This indicates that FFEZX's price experiences larger fluctuations and is considered to be riskier than FHLKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFEZX	FHLKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	2.65%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	7.87%	5.36%	+2.51%
Volatility (1Y) Calculated over the trailing 1-year period	9.38%	6.25%	+3.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.99%	6.82%	+5.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.39%	7.31%	+6.08%

FFEZX vs. FHLKX - Expense Ratio Comparison

FFEZX has a 0.08% expense ratio, which is lower than FHLKX's 0.37% expense ratio.

Dividends

FFEZX vs. FHLKX - Dividend Comparison

FFEZX's dividend yield for the trailing twelve months is around 2.59%, less than FHLKX's 2.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFEZX Fidelity Freedom Index 2035 Fund Institutional Premium Class	2.59%	2.80%	2.54%	2.13%	2.08%	2.04%	2.18%	16.18%	2.27%	1.85%	2.01%	2.04%
FHLKX Fidelity Health Savings Fund Class K	2.88%	3.05%	3.01%	2.88%	3.85%	2.84%	1.73%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FFEZX and FHLKX in my portfolio?

With a correlation of 0.97, FFEZX and FHLKX 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, FFEZX or FHLKX?

FFEZX has higher volatility (3.87%) compared to FHLKX (2.65%). In terms of maximum drawdown, FFEZX dropped -28.46% vs FHLKX's -19.09%.

Which has better risk-adjusted returns?

FHLKX currently has the higher Sharpe Ratio (2.38 vs 2.22), 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.