FIAFX vs. FIOFX

Last updated Jun 24, 2026

FIAFX (Fidelity Advisor Freedom Income Fund Class I) and FIOFX (Fidelity Freedom Index 2045 Fund Investor Class) are both Target Retirement Date funds from Fidelity. Over the past 10 years, FIAFX returned 4.46%/yr vs 12.16%/yr for FIOFX. A 0.79 correlation means they provide meaningful diversification when combined. FIAFX charges 0.47%/yr vs 0.12%/yr for FIOFX.

Performance

FIAFX vs. FIOFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Freedom Income Fund Class I (FIAFX) and Fidelity Freedom Index 2045 Fund Investor Class (FIOFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIAFX achieves a 4.57% return, which is significantly lower than FIOFX's 11.49% return. Over the past 10 years, FIAFX has underperformed FIOFX with an annualized return of 4.46%, while FIOFX has yielded a comparatively higher 12.16% annualized return.

FIAFX

• 1D: -0.27%
• 1M: 1.04%
• YTD: 4.57%
• 6M: 4.53%
• 1Y: 9.96%
• 3Y*: 7.73%
• 5Y*: 3.04%
• 10Y*: 4.46%

FIOFX

• 1D: -0.17%
• 1M: 1.72%
• YTD: 11.49%
• 6M: 10.89%
• 1Y: 26.36%
• 3Y*: 18.83%
• 5Y*: 9.76%
• 10Y*: 12.16%

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

FIAFX vs. FIOFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIAFX Fidelity Advisor Freedom Income Fund Class I	4.57%	10.07%	4.29%	8.05%	-11.40%	3.13%	8.79%	11.10%	-1.80%	7.30%
FIOFX Fidelity Freedom Index 2045 Fund Investor Class	11.49%	21.40%	14.14%	19.90%	-18.21%	15.95%	16.43%	25.96%	-7.24%	20.59%

Correlation

The correlation between FIAFX and FIOFX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Oct 5, 2009	0.79

The correlation between FIAFX and FIOFX shifts across timeframes, from 0.74 (10 years) to 0.85 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FIAFX vs. FIOFX — Risk / Return Rank

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

FIAFX

FIAFX Risk / Return Rank: 63
FIAFX Sharpe Ratio Rank: 61
FIAFX Sortino Ratio Rank: 64
FIAFX Omega Ratio Rank: 72
FIAFX Calmar Ratio Rank: 56
FIAFX Martin Ratio Rank: 64

FIOFX

FIOFX Risk / Return Rank: 70
FIOFX Sharpe Ratio Rank: 71
FIOFX Sortino Ratio Rank: 66
FIOFX Omega Ratio Rank: 67
FIOFX Calmar Ratio Rank: 71
FIOFX Martin Ratio Rank: 76

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.

FIAFX vs. FIOFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Freedom Income Fund Class I (FIAFX) and Fidelity Freedom Index 2045 Fund Investor Class (FIOFX). 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.

	FIAFX	FIOFX	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.25	-0.14
Sortino ratio: Return per unit of downside risk	3.05	3.08	-0.03
Omega ratio: Gain probability vs. loss probability	1.43	1.41	+0.02
Calmar ratio: Return relative to maximum drawdown	2.76	3.10	-0.34
Martin ratio: Return relative to average drawdown	11.77	13.35	-1.57

FIAFX vs. FIOFX - Sharpe Ratio Comparison

The current FIAFX Sharpe Ratio is 2.11, which is comparable to the FIOFX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of FIAFX and FIOFX, 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

FIAFX vs. FIOFX - Drawdown Comparison

The maximum FIAFX drawdown since its inception was -18.94%, smaller than the maximum FIOFX drawdown of -30.72%. Use the drawdown chart below to compare losses from any high point for FIAFX and FIOFX.

Drawdown Indicators

	FIAFX	FIOFX	Difference
Max Drawdown Largest peak-to-trough decline	-18.94%	-30.72%	+11.78%
Max Drawdown (1Y) Largest decline over 1 year	-3.78%	-8.87%	+5.09%
Max Drawdown (3Y) Largest decline over 3 years	-4.88%	-14.75%	+9.87%
Max Drawdown (5Y) Largest decline over 5 years	-15.92%	-26.22%	+10.30%
Max Drawdown (10Y) Largest decline over 10 years	-15.92%	-30.72%	+14.80%
Current Drawdown Current decline from peak	-0.27%	-0.64%	+0.37%
Average Drawdown Average peak-to-trough decline	-2.09%	-4.14%	+2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	2.06%	-1.18%

Volatility

FIAFX vs. FIOFX - Volatility Comparison

The current volatility for Fidelity Advisor Freedom Income Fund Class I (FIAFX) is 2.25%, while Fidelity Freedom Index 2045 Fund Investor Class (FIOFX) has a volatility of 4.88%. This indicates that FIAFX experiences smaller price fluctuations and is considered to be less risky than FIOFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIAFX	FIOFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	4.88%	-2.63%
Volatility (6M) Calculated over the trailing 6-month period	4.33%	10.15%	-5.82%
Volatility (1Y) Calculated over the trailing 1-year period	4.95%	12.24%	-7.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.43%	14.48%	-9.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.69%	15.20%	-10.51%

FIAFX vs. FIOFX - Expense Ratio Comparison

FIAFX has a 0.47% expense ratio, which is higher than FIOFX's 0.12% expense ratio.

Dividends

FIAFX vs. FIOFX - Dividend Comparison

FIAFX's dividend yield for the trailing twelve months is around 2.93%, more than FIOFX's 1.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIAFX Fidelity Advisor Freedom Income Fund Class I	2.93%	3.14%	3.03%	2.88%	5.95%	5.27%	3.82%	3.77%	5.61%	3.31%	3.09%	3.04%
FIOFX Fidelity Freedom Index 2045 Fund Investor Class	1.91%	2.03%	2.01%	1.95%	2.03%	1.92%	1.95%	14.88%	2.26%	1.89%	2.00%	2.01%

Frequently Asked Questions

Can I hold both FIAFX and FIOFX in my portfolio?

FIAFX and FIOFX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIAFX or FIOFX?

FIOFX has higher volatility (4.88%) compared to FIAFX (2.25%). In terms of maximum drawdown, FIAFX dropped -18.94% vs FIOFX's -30.72%.

Which has better risk-adjusted returns?

FIOFX currently has the higher Sharpe Ratio (2.25 vs 2.11), 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.