FHOEX vs. DTDRX

Last updated Jun 4, 2026

FHOEX (Fidelity Advisor Freedom Blend 2040 Fund Class M) and DTDRX (Dimensional 2065 Target Date Retirement Income Fund) are both Target Retirement Date funds. Over the past 5 years, FHOEX returned 9.16%/yr vs 11.65%/yr for DTDRX. With a 0.96 correlation, they move nearly in lockstep. FHOEX charges 0.99%/yr vs 0.22%/yr for DTDRX.

Performance

FHOEX vs. DTDRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Freedom Blend 2040 Fund Class M (FHOEX) and Dimensional 2065 Target Date Retirement Income Fund (DTDRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FHOEX having a 11.91% return and DTDRX slightly higher at 12.39%.

FHOEX

• 1D: 0.63%
• 1M: 4.72%
• YTD: 11.91%
• 6M: 13.14%
• 1Y: 27.05%
• 3Y*: 18.94%
• 5Y*: 9.16%
• 10Y*: —

DTDRX

• 1D: 0.36%
• 1M: 5.00%
• YTD: 12.39%
• 6M: 13.11%
• 1Y: 28.08%
• 3Y*: 20.33%
• 5Y*: 11.65%
• 10Y*: —

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

FHOEX vs. DTDRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FHOEX Fidelity Advisor Freedom Blend 2040 Fund Class M	11.91%	20.48%	14.63%	19.31%	-19.37%	15.57%	17.20%
DTDRX Dimensional 2065 Target Date Retirement Income Fund	12.39%	19.28%	17.13%	21.29%	-15.25%	20.99%	13.15%

Correlation

The correlation between FHOEX and DTDRX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	0.96

The correlation between FHOEX and DTDRX has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.

Return for Risk

FHOEX vs. DTDRX — Risk / Return Rank

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

FHOEX

FHOEX Risk / Return Rank: 67
FHOEX Sharpe Ratio Rank: 67
FHOEX Sortino Ratio Rank: 64
FHOEX Omega Ratio Rank: 65
FHOEX Calmar Ratio Rank: 68
FHOEX Martin Ratio Rank: 73

DTDRX

DTDRX Risk / Return Rank: 83
DTDRX Sharpe Ratio Rank: 87
DTDRX Sortino Ratio Rank: 84
DTDRX Omega Ratio Rank: 79
DTDRX Calmar Ratio Rank: 80
DTDRX Martin Ratio Rank: 85

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.

FHOEX vs. DTDRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Freedom Blend 2040 Fund Class M (FHOEX) and Dimensional 2065 Target Date Retirement Income Fund (DTDRX). 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.

	FHOEX	DTDRX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.86	-0.45
Sortino ratio: Return per unit of downside risk	3.36	4.02	-0.65
Omega ratio: Gain probability vs. loss probability	1.45	1.52	-0.07
Calmar ratio: Return relative to maximum drawdown	3.18	3.69	-0.51
Martin ratio: Return relative to average drawdown	13.89	16.19	-2.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHOEX vs. DTDRX - Sharpe Ratio Comparison

The current FHOEX Sharpe Ratio is 2.42, which is comparable to the DTDRX Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of FHOEX and DTDRX, 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

	FHOEX	DTDRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.86	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.80	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.70	-0.03

Drawdowns

FHOEX vs. DTDRX - Drawdown Comparison

The maximum FHOEX drawdown since its inception was -31.40%, smaller than the maximum DTDRX drawdown of -33.33%. Use the drawdown chart below to compare losses from any high point for FHOEX and DTDRX.

Drawdown Indicators

	FHOEX	DTDRX	Difference
Max Drawdown Largest peak-to-trough decline	-31.40%	-33.33%	+1.93%
Max Drawdown (1Y) Largest decline over 1 year	-8.64%	-8.57%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	-14.30%	-15.95%	+1.65%
Max Drawdown (5Y) Largest decline over 5 years	-28.08%	-23.47%	-4.61%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.08%	-5.10%	-0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.88%	+0.09%

Volatility

FHOEX vs. DTDRX - Volatility Comparison

Fidelity Advisor Freedom Blend 2040 Fund Class M (FHOEX) has a higher volatility of 3.84% compared to Dimensional 2065 Target Date Retirement Income Fund (DTDRX) at 3.10%. This indicates that FHOEX's price experiences larger fluctuations and is considered to be riskier than DTDRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHOEX	DTDRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	3.10%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	9.30%	8.68%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	11.37%	11.04%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.46%	14.87%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.55%	19.17%	-2.62%

FHOEX vs. DTDRX - Expense Ratio Comparison

FHOEX has a 0.99% expense ratio, which is higher than DTDRX's 0.22% expense ratio.

Dividends

FHOEX vs. DTDRX - Dividend Comparison

FHOEX's dividend yield for the trailing twelve months is around 3.49%, more than DTDRX's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DTDRX Dimensional 2065 Target Date Retirement Income Fund	1.37%	1.31%	2.07%	1.94%	2.01%	1.53%	2.55%	0.00%	0.00%
FHOEX Fidelity Advisor Freedom Blend 2040 Fund Class M	3.49%	2.50%	4.21%	1.46%	5.95%	8.11%	4.59%	2.95%	3.03%

Frequently Asked Questions

Can I hold both FHOEX and DTDRX in my portfolio?

FHOEX and DTDRX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHOEX or DTDRX?

FHOEX has higher volatility (3.84%) compared to DTDRX (3.10%). In terms of maximum drawdown, FHOEX dropped -31.40% vs DTDRX's -33.33%.

Which has better risk-adjusted returns?

DTDRX currently has the higher Sharpe Ratio (2.86 vs 2.42), 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.