FHAWX vs. FFGZX

Last updated Jun 4, 2026

FHAWX (Fidelity Freedom Blend 2015 Fund) and FFGZX (Fidelity Freedom Index Income Fund Institutional Premium Class) are both Target Retirement Date funds from Fidelity. Over the past 5 years, FHAWX returned 4.19%/yr vs 3.28%/yr for FFGZX. Their correlation of 0.88 suggests significant overlap in exposure. FHAWX charges 0.43%/yr vs 0.08%/yr for FFGZX.

Performance

FHAWX vs. FFGZX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Freedom Blend 2015 Fund (FHAWX) and Fidelity Freedom Index Income Fund Institutional Premium Class (FFGZX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHAWX achieves a 6.21% return, which is significantly higher than FFGZX's 4.28% return.

FHAWX

• 1D: 0.34%
• 1M: 2.33%
• YTD: 6.21%
• 6M: 6.62%
• 1Y: 14.82%
• 3Y*: 10.25%
• 5Y*: 4.19%
• 10Y*: —

FFGZX

• 1D: 0.16%
• 1M: 1.75%
• YTD: 4.28%
• 6M: 4.42%
• 1Y: 10.55%
• 3Y*: 7.68%
• 5Y*: 3.28%
• 10Y*: 4.28%

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

FHAWX vs. FFGZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FHAWX Fidelity Freedom Blend 2015 Fund	6.21%	12.69%	6.03%	11.25%	-15.14%	6.92%	11.77%	16.59%	-7.70%
FFGZX Fidelity Freedom Index Income Fund Institutional Premium Class	4.28%	9.13%	5.02%	8.32%	-11.07%	2.85%	8.59%	10.68%	-1.96%

Correlation

The correlation between FHAWX and FFGZX is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 4, 2018	0.88

The correlation between FHAWX and FFGZX has been stable across timeframes, ranging from 0.88 to 0.95 - a consistent structural relationship.

Return for Risk

FHAWX vs. FFGZX — Risk / Return Rank

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

FHAWX

FHAWX Risk / Return Rank: 74
FHAWX Sharpe Ratio Rank: 75
FHAWX Sortino Ratio Rank: 76
FHAWX Omega Ratio Rank: 77
FHAWX Calmar Ratio Rank: 67
FHAWX Martin Ratio Rank: 73

FFGZX

FFGZX Risk / Return Rank: 78
FFGZX Sharpe Ratio Rank: 82
FFGZX Sortino Ratio Rank: 84
FFGZX Omega Ratio Rank: 82
FFGZX Calmar Ratio Rank: 68
FFGZX Martin Ratio Rank: 75

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.

FHAWX vs. FFGZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom Blend 2015 Fund (FHAWX) and Fidelity Freedom Index Income Fund Institutional Premium Class (FFGZX). 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.

	FHAWX	FFGZX	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.64	-0.11
Sortino ratio: Return per unit of downside risk	3.69	3.97	-0.28
Omega ratio: Gain probability vs. loss probability	1.51	1.54	-0.03
Calmar ratio: Return relative to maximum drawdown	3.17	3.18	-0.01
Martin ratio: Return relative to average drawdown	13.87	14.23	-0.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHAWX vs. FFGZX - Sharpe Ratio Comparison

The current FHAWX Sharpe Ratio is 2.53, which is comparable to the FFGZX Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of FHAWX and FFGZX, 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

	FHAWX	FFGZX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.64	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.65	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.93	-0.23

Drawdowns

FHAWX vs. FFGZX - Drawdown Comparison

The maximum FHAWX drawdown since its inception was -20.77%, which is greater than FFGZX's maximum drawdown of -14.94%. Use the drawdown chart below to compare losses from any high point for FHAWX and FFGZX.

Drawdown Indicators

	FHAWX	FFGZX	Difference
Max Drawdown Largest peak-to-trough decline	-20.77%	-14.94%	-5.83%
Max Drawdown (1Y) Largest decline over 1 year	-4.70%	-3.33%	-1.37%
Max Drawdown (3Y) Largest decline over 3 years	-6.88%	-4.76%	-2.12%
Max Drawdown (5Y) Largest decline over 5 years	-20.77%	-14.94%	-5.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-14.94%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.50%	-2.26%	-2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	0.74%	+0.33%

Volatility

FHAWX vs. FFGZX - Volatility Comparison

Fidelity Freedom Blend 2015 Fund (FHAWX) has a higher volatility of 2.22% compared to Fidelity Freedom Index Income Fund Institutional Premium Class (FFGZX) at 1.49%. This indicates that FHAWX's price experiences larger fluctuations and is considered to be riskier than FFGZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHAWX	FFGZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.22%	1.49%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	4.88%	3.34%	+1.54%
Volatility (1Y) Calculated over the trailing 1-year period	5.89%	4.01%	+1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.66%	5.08%	+2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.23%	4.43%	+3.80%

FHAWX vs. FFGZX - Expense Ratio Comparison

FHAWX has a 0.43% expense ratio, which is higher than FFGZX's 0.08% expense ratio.

Dividends

FHAWX vs. FFGZX - Dividend Comparison

FHAWX's dividend yield for the trailing twelve months is around 2.66%, less than FFGZX's 3.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFGZX Fidelity Freedom Index Income Fund Institutional Premium Class	3.21%	3.30%	3.18%	2.88%	3.11%	2.10%	2.22%	7.35%	3.00%	1.95%	1.56%	1.06%
FHAWX Fidelity Freedom Blend 2015 Fund	2.66%	2.92%	2.58%	2.61%	5.62%	6.93%	3.87%	2.79%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FHAWX and FFGZX in my portfolio?

With a correlation of 0.95, FHAWX and FFGZX 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, FHAWX or FFGZX?

FHAWX has higher volatility (2.22%) compared to FFGZX (1.49%). In terms of maximum drawdown, FHAWX dropped -20.77% vs FFGZX's -14.94%.

Which has better risk-adjusted returns?

FFGZX currently has the higher Sharpe Ratio (2.64 vs 2.53), 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.