FHFDX vs. SPY

Last updated Jun 23, 2026

FHFDX (Fidelity Freedom Blend 2045 Fund Class K6) and SPY (State Street SPDR S&P 500 ETF) are both funds - FHFDX is a Target Retirement Date fund managed by Fidelity, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, FHFDX returned 11.17%/yr vs 13.51%/yr for SPY. Their correlation of 0.93 suggests significant overlap in exposure. FHFDX charges 0.29%/yr vs 0.09%/yr for SPY.

Performance

FHFDX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Freedom Blend 2045 Fund Class K6 (FHFDX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHFDX achieves a 14.25% return, which is significantly higher than SPY's 9.74% return.

FHFDX

• 1D: 1.44%
• 1M: 3.11%
• YTD: 14.25%
• 6M: 14.28%
• 1Y: 31.35%
• 3Y*: 20.43%
• 5Y*: 11.17%
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

FHFDX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FHFDX Fidelity Freedom Blend 2045 Fund Class K6	14.25%	22.90%	16.61%	20.71%	-18.89%	16.43%	18.08%	26.76%	-11.84%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-13.01%

Correlation

The correlation between FHFDX and SPY is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Aug 31, 2018	0.93

The correlation between FHFDX and SPY has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

FHFDX vs. SPY — Risk / Return Rank

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

FHFDX

FHFDX Risk / Return Rank: 76
FHFDX Sharpe Ratio Rank: 76
FHFDX Sortino Ratio Rank: 71
FHFDX Omega Ratio Rank: 73
FHFDX Calmar Ratio Rank: 77
FHFDX Martin Ratio Rank: 83

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

FHFDX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom Blend 2045 Fund Class K6 (FHFDX) and State Street SPDR S&P 500 ETF (SPY). 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.

	FHFDX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.16	+0.17
Sortino ratio: Return per unit of downside risk	3.18	2.91	+0.27
Omega ratio: Gain probability vs. loss probability	1.43	1.39	+0.04
Calmar ratio: Return relative to maximum drawdown	3.31	3.01	+0.30
Martin ratio: Return relative to average drawdown	14.32	13.54	+0.78

FHFDX vs. SPY - Sharpe Ratio Comparison

The current FHFDX Sharpe Ratio is 2.33, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of FHFDX and SPY, 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

FHFDX vs. SPY - Drawdown Comparison

The maximum FHFDX drawdown since its inception was -31.28%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FHFDX and SPY.

Drawdown Indicators

	FHFDX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-31.28%	-55.19%	+23.91%
Max Drawdown (1Y) Largest decline over 1 year	-9.40%	-8.88%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	-15.56%	-18.76%	+3.20%
Max Drawdown (5Y) Largest decline over 5 years	-27.68%	-24.50%	-3.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	-1.75%	+1.75%
Average Drawdown Average peak-to-trough decline	-5.81%	-9.04%	+3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	1.97%	+0.20%

Volatility

FHFDX vs. SPY - Volatility Comparison

Fidelity Freedom Blend 2045 Fund Class K6 (FHFDX) has a higher volatility of 5.66% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that FHFDX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHFDX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	4.64%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	11.28%	9.75%	+1.53%
Volatility (1Y) Calculated over the trailing 1-year period	13.35%	12.43%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.24%	17.14%	-1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.93%	17.99%	-1.06%

FHFDX vs. SPY - Expense Ratio Comparison

FHFDX has a 0.29% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FHFDX vs. SPY - Dividend Comparison

FHFDX's dividend yield for the trailing twelve months is around 3.58%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHFDX Fidelity Freedom Blend 2045 Fund Class K6	3.58%	2.73%	4.97%	2.00%	6.36%	8.51%	5.00%	3.40%	3.21%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FHFDX and SPY in my portfolio?

With a correlation of 0.94, FHFDX and SPY 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, FHFDX or SPY?

FHFDX has higher volatility (5.66%) compared to SPY (4.64%). In terms of maximum drawdown, FHFDX dropped -31.28% vs SPY's -55.19%.

Which has better risk-adjusted returns?

FHFDX currently has the higher Sharpe Ratio (2.33 vs 2.16), 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.