PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
FFFFX vs. FIOFX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FFFFX vs. FIOFX

Last updated Jun 4, 2026

FFFFX (Fidelity Freedom 2040 Fund) and FIOFX (Fidelity Freedom Index 2045 Fund Investor Class) are both Target Retirement Date funds from Fidelity. Over the past 10 years, FFFFX returned 11.98%/yr vs 11.87%/yr for FIOFX. With a 0.99 correlation, they move nearly in lockstep. FFFFX charges 0.75%/yr vs 0.12%/yr for FIOFX.

Performance

FFFFX vs. FIOFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Freedom 2040 Fund (FFFFX) and Fidelity Freedom Index 2045 Fund Investor Class (FIOFX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

The year-to-date returns for both investments are quite close, with FFFFX having a 12.13% return and FIOFX slightly higher at 12.20%. Both investments have delivered pretty close results over the past 10 years, with FFFFX having a 11.98% annualized return and FIOFX not far behind at 11.87%.

FFFFX

1D
0.56%
1M
4.48%
YTD
12.13%
6M
13.76%
1Y
28.02%
3Y*
19.14%
5Y*
9.53%
10Y*
11.98%

FIOFX

1D
0.41%
1M
5.43%
YTD
12.20%
6M
13.11%
1Y
28.24%
3Y*
19.40%
5Y*
10.03%
10Y*
11.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FFFFX vs. FIOFX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FFFFX
Fidelity Freedom 2040 Fund		12.13%22.01%13.20%20.06%-18.31%16.57%18.24%25.38%-8.94%22.26%
FIOFX
Fidelity Freedom Index 2045 Fund Investor Class		12.20%21.40%14.14%19.90%-18.21%15.95%16.43%25.96%-7.24%20.59%

Correlation

The correlation between FFFFX and FIOFX is 0.99 - 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

0.99

Correlation (3Y)
Calculated over the trailing 3-year period

0.99

Correlation (5Y)
Calculated over the trailing 5-year period

0.99

Correlation (10Y)
Calculated over the trailing 10-year period

0.99

Correlation (All Time)
Calculated using the full available price history since Oct 6, 2009

0.99

The correlation between FFFFX and FIOFX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

FFFFX vs. FIOFX - Sectors Allocation Comparison

Sectors
FFFFX
FIOFX

Technology

23.3%
25.9%

Financial Services

17.0%
17.1%

Industrials

15.4%
11.7%

Consumer Cyclical

9.1%
9.4%

Healthcare

8.8%
9.1%

Communication Services

7.9%
8.0%

Basic Materials

5.6%
4.1%

Energy

5.6%
4.7%

Consumer Defensive

4.5%
5.2%

Utilities

1.8%
2.8%

Real Estate

1.1%
2.1%

Technology

FFFFX
23.3%
FIOFX
25.9%

Financial Services

FFFFX
17.0%
FIOFX
17.1%

Industrials

FFFFX
15.4%
FIOFX
11.7%

Consumer Cyclical

FFFFX
9.1%
FIOFX
9.4%

Healthcare

FFFFX
8.8%
FIOFX
9.1%

Communication Services

FFFFX
7.9%
FIOFX
8.0%

Basic Materials

FFFFX
5.6%
FIOFX
4.1%

Energy

FFFFX
5.6%
FIOFX
4.7%

Consumer Defensive

FFFFX
4.5%
FIOFX
5.2%

Utilities

FFFFX
1.8%
FIOFX
2.8%

Real Estate

FFFFX
1.1%
FIOFX
2.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Freedom 2040 Fund

Fidelity Freedom Index 2045 Fund Investor Class

Often compared with FFFFX:
FFFFX vs. FBIFXFFFFX vs. FXAIXFFFFX vs. VOOFFFFX vs. vtivxFFFFX vs. IVVFFFFX vs. OIEJXFFFFX vs. FELIX
Often compared with FIOFX:
FIOFX vs. VTIVXFIOFX vs. FXAIXFIOFX vs. FFOLXFIOFX vs. FIAFXFIOFX vs. FSKAXFIOFX vs. FSPGXFIOFX vs. FFFGX

Return for Risk

FFFFX vs. FIOFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FFFFX
FFFFX Risk / Return Rank: 7272
Overall Rank
FFFFX Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
FFFFX Sortino Ratio Rank: 6969
Sortino Ratio Rank
FFFFX Omega Ratio Rank: 7070
Omega Ratio Rank
FFFFX Calmar Ratio Rank: 7171
Calmar Ratio Rank
FFFFX Martin Ratio Rank: 7676
Martin Ratio Rank
FIOFX
FIOFX Risk / Return Rank: 7171
Overall Rank
FIOFX Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
FIOFX Sortino Ratio Rank: 6868
Sortino Ratio Rank
FIOFX Omega Ratio Rank: 6767
Omega Ratio Rank
FIOFX Calmar Ratio Rank: 7070
Calmar Ratio Rank
FIOFX Martin Ratio Rank: 7575
Martin Ratio Rank
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.

FFFFX vs. FIOFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom 2040 Fund (FFFFX) and Fidelity Freedom Index 2045 Fund Investor Class (FIOFX). 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.

FFFFXFIOFXDifference

Sharpe ratio

Return per unit of total volatility

2.50

2.49

+0.01

Sortino ratio

Return per unit of downside risk

3.46

3.44

+0.02

Omega ratio

Gain probability vs. loss probability

1.47

1.46

+0.01

Calmar ratio

Return relative to maximum drawdown

3.27

3.22

+0.04

Martin ratio

Return relative to average drawdown

14.39

14.23

+0.16

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFFFX vs. FIOFX - Sharpe Ratio Comparison

The current FFFFX Sharpe Ratio is 2.50, which is comparable to the FIOFX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of FFFFX and FIOFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

FFFFXFIOFXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.50

2.49

+0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.67

0.70

-0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.80

0.79

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.38

0.72

-0.34

Drawdowns

FFFFX vs. FIOFX - Drawdown Comparison

The maximum FFFFX drawdown since its inception was -54.10%, which is greater than FIOFX's maximum drawdown of -30.72%. Use the drawdown chart below to compare losses from any high point for FFFFX and FIOFX.

Loading charts...

Drawdown Indicators

FFFFXFIOFXDifference

Max Drawdown

Largest peak-to-trough decline

-54.10%

-30.72%

-23.38%

Max Drawdown (1Y)

Largest decline over 1 year

-8.71%

-8.87%

+0.16%

Max Drawdown (3Y)

Largest decline over 3 years

-14.08%

-14.75%

+0.67%

Max Drawdown (5Y)

Largest decline over 5 years

-27.21%

-26.22%

-0.99%

Max Drawdown (10Y)

Largest decline over 10 years

-30.93%

-30.72%

-0.21%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-11.14%

-4.15%

-6.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.97%

2.01%

-0.04%

Volatility

FFFFX vs. FIOFX - Volatility Comparison

Fidelity Freedom 2040 Fund (FFFFX) has a higher volatility of 3.76% compared to Fidelity Freedom Index 2045 Fund Investor Class (FIOFX) at 3.48%. This indicates that FFFFX's price experiences larger fluctuations and is considered to be riskier than FIOFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

FFFFXFIOFXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.76%

3.48%

+0.28%

Volatility (6M)

Calculated over the trailing 6-month period

9.36%

9.21%

+0.15%

Volatility (1Y)

Calculated over the trailing 1-year period

11.39%

11.48%

-0.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.37%

14.36%

+0.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.07%

15.15%

-0.08%

FFFFX vs. FIOFX - Expense Ratio Comparison

FFFFX has a 0.75% expense ratio, which is higher than FIOFX's 0.12% expense ratio.

Dividends

FFFFX vs. FIOFX - Dividend Comparison

FFFFX's dividend yield for the trailing twelve months is around 6.35%, more than FIOFX's 1.90% yield.

PositionTTM20252024202320222021202020192018201720162015
FFFFX
Fidelity Freedom 2040 Fund		6.35%5.07%2.63%1.72%12.33%12.09%5.67%6.69%7.97%4.37%4.05%4.81%
FIOFX
Fidelity Freedom Index 2045 Fund Investor Class		1.90%2.03%2.01%1.95%2.03%1.92%1.95%14.88%2.26%1.89%2.00%2.01%

Frequently Asked Questions

With a correlation of 0.99, FFFFX and FIOFX 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.

FFFFX has higher volatility (3.76%) compared to FIOFX (3.48%). In terms of maximum drawdown, FFFFX dropped -54.10% vs FIOFX's -30.72%.

FFFFX currently has the higher Sharpe Ratio (2.50 vs 2.49), 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.

Portfolio Optimizer

Find the right allocation for FFFFX and FIOFX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer