FIOFX vs. FDEWX

Last updated Jun 24, 2026

FIOFX (Fidelity Freedom Index 2045 Fund Investor Class) and FDEWX (Fidelity Freedom Index 2055 Fund Investor Class) are both Target Retirement Date funds from Fidelity. Over the past 10 years, FIOFX returned 12.16%/yr vs 12.24%/yr for FDEWX. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.12% expense ratio.

Performance

FIOFX vs. FDEWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Freedom Index 2045 Fund Investor Class (FIOFX) and Fidelity Freedom Index 2055 Fund Investor Class (FDEWX). 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 FIOFX having a 11.49% return and FDEWX slightly higher at 11.87%. Both investments have delivered pretty close results over the past 10 years, with FIOFX having a 12.16% annualized return and FDEWX not far ahead at 12.24%.

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%

FDEWX

• 1D: -0.14%
• 1M: 1.79%
• YTD: 11.87%
• 6M: 11.27%
• 1Y: 26.79%
• 3Y*: 18.99%
• 5Y*: 9.89%
• 10Y*: 12.24%

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

FIOFX vs. FDEWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
FDEWX Fidelity Freedom Index 2055 Fund Investor Class	11.87%	21.39%	14.14%	19.95%	-18.01%	15.88%	16.46%	25.94%	-7.19%	20.53%

Correlation

The correlation between FIOFX and FDEWX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jun 3, 2011	1.00

The correlation between FIOFX and FDEWX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

FIOFX vs. FDEWX — Risk / Return Rank

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

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

FDEWX

FDEWX Risk / Return Rank: 70
FDEWX Sharpe Ratio Rank: 71
FDEWX Sortino Ratio Rank: 65
FDEWX Omega Ratio Rank: 67
FDEWX Calmar Ratio Rank: 70
FDEWX Martin Ratio Rank: 75

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.

FIOFX vs. FDEWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom Index 2045 Fund Investor Class (FIOFX) and Fidelity Freedom Index 2055 Fund Investor Class (FDEWX). 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.

	FIOFX	FDEWX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.25	0.00
Sortino ratio: Return per unit of downside risk	3.08	3.08	0.00
Omega ratio: Gain probability vs. loss probability	1.41	1.42	0.00
Calmar ratio: Return relative to maximum drawdown	3.10	3.08	+0.02
Martin ratio: Return relative to average drawdown	13.35	13.26	+0.08

FIOFX vs. FDEWX - Sharpe Ratio Comparison

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

FIOFX vs. FDEWX - Drawdown Comparison

The maximum FIOFX drawdown since its inception was -30.72%, roughly equal to the maximum FDEWX drawdown of -30.69%. Use the drawdown chart below to compare losses from any high point for FIOFX and FDEWX.

Drawdown Indicators

	FIOFX	FDEWX	Difference
Max Drawdown Largest peak-to-trough decline	-30.72%	-30.69%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-9.07%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-14.75%	-14.74%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-26.22%	-26.22%	0.00%
Max Drawdown (10Y) Largest decline over 10 years	-30.72%	-30.69%	-0.03%
Current Drawdown Current decline from peak	-0.64%	-0.66%	+0.02%
Average Drawdown Average peak-to-trough decline	-4.14%	-4.22%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.10%	-0.04%

Volatility

FIOFX vs. FDEWX - Volatility Comparison

Fidelity Freedom Index 2045 Fund Investor Class (FIOFX) and Fidelity Freedom Index 2055 Fund Investor Class (FDEWX) have volatilities of 4.88% and 5.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIOFX	FDEWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	5.06%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	10.39%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	12.24%	12.43%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.48%	14.52%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.20%	15.23%	-0.03%

FIOFX vs. FDEWX - Expense Ratio Comparison

Both FIOFX and FDEWX have an expense ratio of 0.12%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FIOFX vs. FDEWX - Dividend Comparison

FIOFX's dividend yield for the trailing twelve months is around 1.91%, more than FDEWX's 1.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDEWX Fidelity Freedom Index 2055 Fund Investor Class	1.69%	1.97%	1.98%	1.92%	2.24%	1.89%	1.85%	10.83%	2.36%	1.93%	2.42%	2.31%
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 FIOFX and FDEWX in my portfolio?

With a correlation of 1.00, FIOFX and FDEWX 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, FIOFX or FDEWX?

FDEWX has higher volatility (5.06%) compared to FIOFX (4.88%). In terms of maximum drawdown, FIOFX dropped -30.72% vs FDEWX's -30.69%.

Which has better risk-adjusted returns?

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