FHRDX vs. FRQAX

Last updated Jun 5, 2026

FHRDX (Fidelity Freedom Blend Income Fund Class K6) and FRQAX (Fidelity Advisor Managed Retirement 2010 Fund Class A) are both Target Retirement Date funds. Over the past 5 years, FHRDX returned 3.14%/yr vs 2.49%/yr for FRQAX. With a 0.97 correlation, they move nearly in lockstep. FHRDX charges 0.21%/yr vs 0.71%/yr for FRQAX.

Performance

FHRDX vs. FRQAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Freedom Blend Income Fund Class K6 (FHRDX) and Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHRDX achieves a 4.84% return, which is significantly higher than FRQAX's 3.69% return.

FHRDX

• 1D: -0.28%
• 1M: 1.21%
• YTD: 4.84%
• 6M: 5.16%
• 1Y: 11.00%
• 3Y*: 8.01%
• 5Y*: 3.14%
• 10Y*: —

FRQAX

• 1D: -0.26%
• 1M: 0.97%
• YTD: 3.69%
• 6M: 3.95%
• 1Y: 9.39%
• 3Y*: 7.30%
• 5Y*: 2.49%
• 10Y*: 4.67%

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

FHRDX vs. FRQAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FHRDX Fidelity Freedom Blend Income Fund Class K6	4.84%	10.18%	4.41%	8.29%	-11.59%	3.03%	8.77%	10.78%	-2.11%
FRQAX Fidelity Advisor Managed Retirement 2010 Fund Class A	3.69%	9.54%	4.21%	8.24%	-12.60%	3.56%	9.32%	12.33%	-3.95%

Correlation

The correlation between FHRDX and FRQAX 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	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Sep 4, 2018	0.97

The correlation between FHRDX and FRQAX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

FHRDX vs. FRQAX — Risk / Return Rank

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

FHRDX

FHRDX Risk / Return Rank: 76
FHRDX Sharpe Ratio Rank: 77
FHRDX Sortino Ratio Rank: 79
FHRDX Omega Ratio Rank: 79
FHRDX Calmar Ratio Rank: 69
FHRDX Martin Ratio Rank: 75

FRQAX

FRQAX Risk / Return Rank: 67
FRQAX Sharpe Ratio Rank: 69
FRQAX Sortino Ratio Rank: 72
FRQAX Omega Ratio Rank: 73
FRQAX Calmar Ratio Rank: 59
FRQAX Martin Ratio Rank: 64

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.

FHRDX vs. FRQAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom Blend Income Fund Class K6 (FHRDX) and Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX). 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.

	FHRDX	FRQAX	Difference
Sharpe ratio: Return per unit of total volatility	2.52	2.38	+0.14
Sortino ratio: Return per unit of downside risk	3.73	3.49	+0.24
Omega ratio: Gain probability vs. loss probability	1.51	1.47	+0.04
Calmar ratio: Return relative to maximum drawdown	3.12	2.86	+0.25
Martin ratio: Return relative to average drawdown	13.80	12.17	+1.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHRDX vs. FRQAX - Sharpe Ratio Comparison

The current FHRDX Sharpe Ratio is 2.52, which is comparable to the FRQAX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of FHRDX and FRQAX, 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

	FHRDX	FRQAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	2.38	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.45	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.50	+0.40

Drawdowns

FHRDX vs. FRQAX - Drawdown Comparison

The maximum FHRDX drawdown since its inception was -16.01%, smaller than the maximum FRQAX drawdown of -38.22%. Use the drawdown chart below to compare losses from any high point for FHRDX and FRQAX.

Drawdown Indicators

	FHRDX	FRQAX	Difference
Max Drawdown Largest peak-to-trough decline	-16.01%	-38.22%	+22.21%
Max Drawdown (1Y) Largest decline over 1 year	-3.70%	-3.46%	-0.24%
Max Drawdown (3Y) Largest decline over 3 years	-4.89%	-5.27%	+0.38%
Max Drawdown (5Y) Largest decline over 5 years	-16.01%	-17.24%	+1.23%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.24%	—
Current Drawdown Current decline from peak	-0.28%	-0.26%	-0.02%
Average Drawdown Average peak-to-trough decline	-3.21%	-4.57%	+1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.81%	+0.02%

Volatility

FHRDX vs. FRQAX - Volatility Comparison

Fidelity Freedom Blend Income Fund Class K6 (FHRDX) has a higher volatility of 1.86% compared to Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX) at 1.68%. This indicates that FHRDX's price experiences larger fluctuations and is considered to be riskier than FRQAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHRDX	FRQAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.86%	1.68%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	3.86%	3.42%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	4.58%	4.16%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.38%	5.56%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	5.33%	-0.34%

FHRDX vs. FRQAX - Expense Ratio Comparison

FHRDX has a 0.21% expense ratio, which is lower than FRQAX's 0.71% expense ratio.

Dividends

FHRDX vs. FRQAX - Dividend Comparison

FHRDX's dividend yield for the trailing twelve months is around 3.14%, more than FRQAX's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHRDX Fidelity Freedom Blend Income Fund Class K6	3.14%	3.32%	3.21%	3.05%	4.82%	4.13%	2.75%	2.54%	1.55%	0.00%	0.00%	0.00%
FRQAX Fidelity Advisor Managed Retirement 2010 Fund Class A	2.83%	2.72%	2.71%	2.46%	4.74%	5.76%	3.26%	2.93%	5.33%	16.05%	2.18%	3.81%

Frequently Asked Questions

Can I hold both FHRDX and FRQAX in my portfolio?

With a correlation of 0.98, FHRDX and FRQAX 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, FHRDX or FRQAX?

FHRDX has higher volatility (1.86%) compared to FRQAX (1.68%). In terms of maximum drawdown, FHRDX dropped -16.01% vs FRQAX's -38.22%.

Which has better risk-adjusted returns?

FHRDX currently has the higher Sharpe Ratio (2.52 vs 2.38), 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.