FFFGX vs. AOA

Last updated Jun 4, 2026

FFFGX (Fidelity Freedom 2045 Fund) and AOA (iShares Core 80/20 Aggressive Allocation ETF) are both funds - FFFGX is a Target Retirement Date fund managed by Fidelity, while AOA is a Diversified Portfolio fund tracking the S&P Target Risk Aggressive Index. Over the past 10 years, FFFGX returned 12.38%/yr vs 10.56%/yr for AOA. With a 0.95 correlation, they move nearly in lockstep. FFFGX charges 0.75%/yr vs 0.15%/yr for AOA.

Performance

FFFGX vs. AOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Freedom 2045 Fund (FFFGX) and iShares Core 80/20 Aggressive Allocation ETF (AOA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFFGX achieves a 13.46% return, which is significantly higher than AOA's 9.93% return. Over the past 10 years, FFFGX has outperformed AOA with an annualized return of 12.38%, while AOA has yielded a comparatively lower 10.56% annualized return.

FFFGX

• 1D: 0.58%
• 1M: 4.96%
• YTD: 13.46%
• 6M: 15.30%
• 1Y: 30.80%
• 3Y*: 20.54%
• 5Y*: 10.34%
• 10Y*: 12.38%

AOA

• 1D: -0.50%
• 1M: 4.14%
• YTD: 9.93%
• 6M: 10.64%
• 1Y: 24.29%
• 3Y*: 17.52%
• 5Y*: 9.15%
• 10Y*: 10.56%

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

FFFGX vs. AOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FFFGX Fidelity Freedom 2045 Fund	13.46%	23.77%	13.95%	20.56%	-18.29%	16.55%	18.22%	25.41%	-8.89%	22.22%
AOA iShares Core 80/20 Aggressive Allocation ETF	9.93%	19.59%	13.55%	18.27%	-16.23%	15.42%	12.82%	22.60%	-7.86%	20.05%

Correlation

The correlation between FFFGX and AOA 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	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Nov 12, 2008	0.95

The correlation between FFFGX and AOA has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

FFFGX vs. AOA — Risk / Return Rank

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

FFFGX

FFFGX Risk / Return Rank: 72
FFFGX Sharpe Ratio Rank: 75
FFFGX Sortino Ratio Rank: 69
FFFGX Omega Ratio Rank: 69
FFFGX Calmar Ratio Rank: 72
FFFGX Martin Ratio Rank: 77

AOA

AOA Risk / Return Rank: 67
AOA Sharpe Ratio Rank: 68
AOA Sortino Ratio Rank: 69
AOA Omega Ratio Rank: 69
AOA Calmar Ratio Rank: 59
AOA Martin Ratio Rank: 70

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.

FFFGX vs. AOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom 2045 Fund (FFFGX) and iShares Core 80/20 Aggressive Allocation ETF (AOA). 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.

	FFFGX	AOA	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.30	+0.21
Sortino ratio: Return per unit of downside risk	3.45	3.23	+0.22
Omega ratio: Gain probability vs. loss probability	1.46	1.43	+0.04
Calmar ratio: Return relative to maximum drawdown	3.27	2.98	+0.30
Martin ratio: Return relative to average drawdown	14.49	13.20	+1.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFFGX vs. AOA - Sharpe Ratio Comparison

The current FFFGX Sharpe Ratio is 2.50, which is comparable to the AOA Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of FFFGX and AOA, 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

	FFFGX	AOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	2.30	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.71	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.78	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.69	-0.20

Drawdowns

FFFGX vs. AOA - Drawdown Comparison

The maximum FFFGX drawdown since its inception was -54.61%, which is greater than AOA's maximum drawdown of -28.38%. Use the drawdown chart below to compare losses from any high point for FFFGX and AOA.

Drawdown Indicators

	FFFGX	AOA	Difference
Max Drawdown Largest peak-to-trough decline	-54.61%	-28.38%	-26.23%
Max Drawdown (1Y) Largest decline over 1 year	-9.57%	-8.20%	-1.37%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-12.94%	-2.48%
Max Drawdown (5Y) Largest decline over 5 years	-27.33%	-23.62%	-3.71%
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	-28.38%	-2.57%
Current Drawdown Current decline from peak	0.00%	-0.50%	+0.50%
Average Drawdown Average peak-to-trough decline	-8.36%	-4.05%	-4.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	1.84%	+0.32%

Volatility

FFFGX vs. AOA - Volatility Comparison

Fidelity Freedom 2045 Fund (FFFGX) has a higher volatility of 4.13% compared to iShares Core 80/20 Aggressive Allocation ETF (AOA) at 3.25%. This indicates that FFFGX's price experiences larger fluctuations and is considered to be riskier than AOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFFGX	AOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	3.25%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	10.24%	8.51%	+1.73%
Volatility (1Y) Calculated over the trailing 1-year period	12.51%	10.63%	+1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.97%	12.98%	+1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.36%	13.55%	+1.81%

FFFGX vs. AOA - Expense Ratio Comparison

FFFGX has a 0.75% expense ratio, which is higher than AOA's 0.15% expense ratio.

Dividends

FFFGX vs. AOA - Dividend Comparison

FFFGX's dividend yield for the trailing twelve months is around 5.79%, more than AOA's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOA iShares Core 80/20 Aggressive Allocation ETF	2.04%	2.18%	2.30%	2.22%	2.10%	1.67%	1.71%	2.50%	2.37%	5.09%	2.26%	2.15%
FFFGX Fidelity Freedom 2045 Fund	5.79%	4.40%	1.97%	1.84%	12.04%	12.00%	4.99%	6.51%	7.82%	4.01%	4.15%	4.07%

Frequently Asked Questions

Can I hold both FFFGX and AOA in my portfolio?

With a correlation of 0.97, FFFGX and AOA 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, FFFGX or AOA?

FFFGX has higher volatility (4.13%) compared to AOA (3.25%). In terms of maximum drawdown, FFFGX dropped -54.61% vs AOA's -28.38%.

Which has better risk-adjusted returns?

FFFGX currently has the higher Sharpe Ratio (2.50 vs 2.30), 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.