FHHDX vs. FRBHX

Last updated Jun 19, 2026

FHHDX (Fidelity Freedom Blend 2040 Fund Class K6) and FRBHX (Fidelity Freedom® 2070 Fund Class K6) are both Target Retirement Date funds from Fidelity. Over the past year, FHHDX returned 26.35% vs 30.05% for FRBHX. With a 0.98 correlation, they move nearly in lockstep. FHHDX charges 0.29%/yr vs 0.45%/yr for FRBHX.

Performance

FHHDX vs. FRBHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Freedom Blend 2040 Fund Class K6 (FHHDX) and Fidelity Freedom® 2070 Fund Class K6 (FRBHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHHDX achieves a 11.39% return, which is significantly lower than FRBHX's 13.27% return.

FHHDX

• 1D: -0.74%
• 1M: 3.61%
• YTD: 11.39%
• 6M: 12.74%
• 1Y: 26.35%
• 3Y*: 18.61%
• 5Y*: 10.11%
• 10Y*: —

FRBHX

• 1D: -0.87%
• 1M: 3.96%
• YTD: 13.27%
• 6M: 14.87%
• 1Y: 30.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FHHDX vs. FRBHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FHHDX Fidelity Freedom Blend 2040 Fund Class K6	11.39%	21.35%	5.99%
FRBHX Fidelity Freedom® 2070 Fund Class K6	13.27%	23.65%	3.64%

Correlation

The correlation between FHHDX and FRBHX 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 (All Time) Calculated using the full available price history since Jul 3, 2024	0.98

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

Return for Risk

FHHDX vs. FRBHX — Risk / Return Rank

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

FHHDX

FHHDX Risk / Return Rank: 73
FHHDX Sharpe Ratio Rank: 71
FHHDX Sortino Ratio Rank: 68
FHHDX Omega Ratio Rank: 70
FHHDX Calmar Ratio Rank: 75
FHHDX Martin Ratio Rank: 79

FRBHX

FRBHX Risk / Return Rank: 73
FRBHX Sharpe Ratio Rank: 73
FRBHX Sortino Ratio Rank: 67
FRBHX Omega Ratio Rank: 69
FRBHX Calmar Ratio Rank: 74
FRBHX Martin Ratio Rank: 81

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.

FHHDX vs. FRBHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom Blend 2040 Fund Class K6 (FHHDX) and Fidelity Freedom® 2070 Fund Class K6 (FRBHX). 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.

	FHHDX	FRBHX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.23	-0.02
Sortino ratio: Return per unit of downside risk	3.06	3.04	+0.02
Omega ratio: Gain probability vs. loss probability	1.42	1.41	0.00
Calmar ratio: Return relative to maximum drawdown	3.11	3.12	0.00
Martin ratio: Return relative to average drawdown	13.39	13.60	-0.21

FHHDX vs. FRBHX - Sharpe Ratio Comparison

The current FHHDX Sharpe Ratio is 2.21, which is comparable to the FRBHX Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of FHHDX and FRBHX, 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

FHHDX vs. FRBHX - Drawdown Comparison

The maximum FHHDX drawdown since its inception was -31.38%, which is greater than FRBHX's maximum drawdown of -15.29%. Use the drawdown chart below to compare losses from any high point for FHHDX and FRBHX.

Drawdown Indicators

	FHHDX	FRBHX	Difference
Max Drawdown Largest peak-to-trough decline	-31.38%	-15.29%	-16.09%
Max Drawdown (1Y) Largest decline over 1 year	-8.60%	-9.77%	+1.17%
Max Drawdown (3Y) Largest decline over 3 years	-14.20%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.54%	—	—
Current Drawdown Current decline from peak	-1.11%	-1.23%	+0.12%
Average Drawdown Average peak-to-trough decline	-5.80%	-1.78%	-4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	2.23%	-0.24%

Volatility

FHHDX vs. FRBHX - Volatility Comparison

The current volatility for Fidelity Freedom Blend 2040 Fund Class K6 (FHHDX) is 5.11%, while Fidelity Freedom® 2070 Fund Class K6 (FRBHX) has a volatility of 5.77%. This indicates that FHHDX experiences smaller price fluctuations and is considered to be less risky than FRBHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHHDX	FRBHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	5.77%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	10.22%	11.61%	-1.39%
Volatility (1Y) Calculated over the trailing 1-year period	12.15%	13.69%	-1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.60%	16.05%	-1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.55%	16.05%	+0.50%

FHHDX vs. FRBHX - Expense Ratio Comparison

FHHDX has a 0.29% expense ratio, which is lower than FRBHX's 0.45% expense ratio.

Dividends

FHHDX vs. FRBHX - Dividend Comparison

FHHDX's dividend yield for the trailing twelve months is around 3.87%, less than FRBHX's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FHHDX Fidelity Freedom Blend 2040 Fund Class K6	3.87%	2.91%	5.20%	1.95%	6.27%	8.46%	5.00%	3.43%	3.28%
FRBHX Fidelity Freedom® 2070 Fund Class K6	4.22%	2.53%	2.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FHHDX and FRBHX in my portfolio?

With a correlation of 0.99, FHHDX and FRBHX 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, FHHDX or FRBHX?

FRBHX has higher volatility (5.77%) compared to FHHDX (5.11%). In terms of maximum drawdown, FHHDX dropped -31.38% vs FRBHX's -15.29%.

Which has better risk-adjusted returns?

FRBHX currently has the higher Sharpe Ratio (2.23 vs 2.21), 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.