FHAJX vs. FRKMX

Last updated Jun 4, 2026

FHAJX (Fidelity Advisor Freedom Blend Income Fund Class I) and FRKMX (Fidelity Managed Retirement Income Fund Class K) are both Target Retirement Date funds. Over the past 5 years, FHAJX returned 3.08%/yr vs 2.99%/yr for FRKMX. With a 0.98 correlation, they move nearly in lockstep. FHAJX charges 0.41%/yr vs 0.35%/yr for FRKMX.

Performance

FHAJX vs. FRKMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Freedom Blend Income Fund Class I (FHAJX) and Fidelity Managed Retirement Income Fund Class K (FRKMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHAJX achieves a 5.05% return, which is significantly higher than FRKMX's 4.09% return.

FHAJX

• 1D: 0.28%
• 1M: 1.87%
• YTD: 5.05%
• 6M: 5.34%
• 1Y: 11.63%
• 3Y*: 7.93%
• 5Y*: 3.08%
• 10Y*: —

FRKMX

• 1D: 0.21%
• 1M: 1.55%
• YTD: 4.09%
• 6M: 4.31%
• 1Y: 10.51%
• 3Y*: 7.64%
• 5Y*: 2.99%
• 10Y*: —

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

FHAJX vs. FRKMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FHAJX Fidelity Advisor Freedom Blend Income Fund Class I	5.05%	9.97%	4.19%	8.05%	-11.68%	2.77%	8.61%	3.08%
FRKMX Fidelity Managed Retirement Income Fund Class K	4.09%	9.91%	4.40%	8.17%	-11.57%	2.88%	8.68%	3.08%

Correlation

The correlation between FHAJX and FRKMX is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	0.98

The correlation between FHAJX and FRKMX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

FHAJX vs. FRKMX — Risk / Return Rank

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

FHAJX

FHAJX Risk / Return Rank: 75
FHAJX Sharpe Ratio Rank: 78
FHAJX Sortino Ratio Rank: 81
FHAJX Omega Ratio Rank: 79
FHAJX Calmar Ratio Rank: 66
FHAJX Martin Ratio Rank: 71

FRKMX

FRKMX Risk / Return Rank: 73
FRKMX Sharpe Ratio Rank: 78
FRKMX Sortino Ratio Rank: 79
FRKMX Omega Ratio Rank: 78
FRKMX Calmar Ratio Rank: 64
FRKMX Martin Ratio Rank: 68

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.

FHAJX vs. FRKMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Freedom Blend Income Fund Class I (FHAJX) and Fidelity Managed Retirement Income Fund Class K (FRKMX). 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.

	FHAJX	FRKMX	Difference
Sharpe ratio: Return per unit of total volatility	2.60	2.55	+0.05
Sortino ratio: Return per unit of downside risk	3.86	3.76	+0.10
Omega ratio: Gain probability vs. loss probability	1.53	1.51	+0.01
Calmar ratio: Return relative to maximum drawdown	3.14	3.10	+0.04
Martin ratio: Return relative to average drawdown	13.74	13.23	+0.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHAJX vs. FRKMX - Sharpe Ratio Comparison

The current FHAJX Sharpe Ratio is 2.60, which is comparable to the FRKMX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of FHAJX and FRKMX, 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

	FHAJX	FRKMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	2.55	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.57	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.80	+0.06

Drawdowns

FHAJX vs. FRKMX - Drawdown Comparison

The maximum FHAJX drawdown since its inception was -16.18%, roughly equal to the maximum FRKMX drawdown of -16.04%. Use the drawdown chart below to compare losses from any high point for FHAJX and FRKMX.

Drawdown Indicators

	FHAJX	FRKMX	Difference
Max Drawdown Largest peak-to-trough decline	-16.18%	-16.04%	-0.14%
Max Drawdown (1Y) Largest decline over 1 year	-3.72%	-3.42%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-4.94%	-4.93%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-16.18%	-16.04%	-0.14%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.30%	-3.56%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.80%	+0.05%

Volatility

FHAJX vs. FRKMX - Volatility Comparison

Fidelity Advisor Freedom Blend Income Fund Class I (FHAJX) and Fidelity Managed Retirement Income Fund Class K (FRKMX) have volatilities of 1.74% and 1.67%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHAJX	FRKMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.74%	1.67%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	3.82%	3.42%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	4.50%	4.15%	+0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.38%	5.29%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	5.14%	-0.15%

FHAJX vs. FRKMX - Expense Ratio Comparison

FHAJX has a 0.41% expense ratio, which is higher than FRKMX's 0.35% expense ratio.

Dividends

FHAJX vs. FRKMX - Dividend Comparison

FHAJX's dividend yield for the trailing twelve months is around 2.94%, less than FRKMX's 3.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FHAJX Fidelity Advisor Freedom Blend Income Fund Class I	2.94%	3.13%	2.99%	2.83%	4.61%	3.97%	2.61%	2.32%	1.47%
FRKMX Fidelity Managed Retirement Income Fund Class K	3.20%	3.11%	3.12%	2.92%	4.66%	3.65%	2.56%	1.85%	0.00%

Frequently Asked Questions

Can I hold both FHAJX and FRKMX in my portfolio?

With a correlation of 0.98, FHAJX and FRKMX 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, FHAJX or FRKMX?

FHAJX has higher volatility (1.74%) compared to FRKMX (1.67%). In terms of maximum drawdown, FHAJX dropped -16.18% vs FRKMX's -16.04%.

Which has better risk-adjusted returns?

FHAJX currently has the higher Sharpe Ratio (2.60 vs 2.55), 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.