FIOFX vs. FFOLX

Last updated Jun 23, 2026

FIOFX (Fidelity Freedom Index 2045 Fund Investor Class) and FFOLX (Fidelity Freedom Index 2045 Fund Institutional Premium Class) are both Target Retirement Date funds from Fidelity. Over the past 10 years, FIOFX returned 11.89%/yr vs 11.94%/yr for FFOLX. With a 1.00 correlation, they move nearly in lockstep. FIOFX charges 0.12%/yr vs 0.08%/yr for FFOLX.

Performance

FIOFX vs. FFOLX - 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 2045 Fund Institutional Premium Class (FFOLX). 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 11.68% return and FFOLX slightly higher at 11.73%. Both investments have delivered pretty close results over the past 10 years, with FIOFX having a 11.89% annualized return and FFOLX not far ahead at 11.94%.

FIOFX

• 1D: 1.18%
• 1M: 1.90%
• YTD: 11.68%
• 6M: 11.58%
• 1Y: 27.60%
• 3Y*: 18.09%
• 5Y*: 10.07%
• 10Y*: 11.89%

FFOLX

• 1D: 1.21%
• 1M: 1.93%
• YTD: 11.73%
• 6M: 11.62%
• 1Y: 27.64%
• 3Y*: 18.13%
• 5Y*: 10.12%
• 10Y*: 11.94%

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

FIOFX vs. FFOLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIOFX Fidelity Freedom Index 2045 Fund Investor Class	11.68%	21.40%	14.14%	19.90%	-18.21%	15.95%	16.43%	25.96%	-7.24%	20.59%
FFOLX Fidelity Freedom Index 2045 Fund Institutional Premium Class	11.73%	21.44%	14.19%	19.95%	-18.18%	15.98%	16.51%	26.01%	-7.20%	20.57%

Correlation

The correlation between FIOFX and FFOLX 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 29, 2015	1.00

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

Return for Risk

FIOFX vs. FFOLX — Risk / Return Rank

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

FIOFX

FIOFX Risk / Return Rank: 69
FIOFX Sharpe Ratio Rank: 69
FIOFX Sortino Ratio Rank: 64
FIOFX Omega Ratio Rank: 66
FIOFX Calmar Ratio Rank: 70
FIOFX Martin Ratio Rank: 75

FFOLX

FFOLX Risk / Return Rank: 69
FFOLX Sharpe Ratio Rank: 70
FFOLX Sortino Ratio Rank: 66
FFOLX Omega Ratio Rank: 67
FFOLX Calmar Ratio Rank: 70
FFOLX 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. FFOLX - 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 2045 Fund Institutional Premium Class (FFOLX). 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	FFOLX	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.24	-0.02
Sortino ratio: Return per unit of downside risk	3.05	3.07	-0.02
Omega ratio: Gain probability vs. loss probability	1.41	1.41	0.00
Calmar ratio: Return relative to maximum drawdown	3.07	3.08	-0.01
Martin ratio: Return relative to average drawdown	13.21	13.22	-0.01

FIOFX vs. FFOLX - Sharpe Ratio Comparison

The current FIOFX Sharpe Ratio is 2.23, which is comparable to the FFOLX Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of FIOFX and FFOLX, 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. FFOLX - Drawdown Comparison

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

Drawdown Indicators

	FIOFX	FFOLX	Difference
Max Drawdown Largest peak-to-trough decline	-30.72%	-30.72%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-8.87%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-14.75%	-14.71%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-26.22%	-26.18%	-0.04%
Max Drawdown (10Y) Largest decline over 10 years	-30.72%	-30.72%	0.00%
Current Drawdown Current decline from peak	-0.46%	-0.46%	0.00%
Average Drawdown Average peak-to-trough decline	-4.14%	-4.65%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.06%	0.00%

Volatility

FIOFX vs. FFOLX - Volatility Comparison

Fidelity Freedom Index 2045 Fund Investor Class (FIOFX) and Fidelity Freedom Index 2045 Fund Institutional Premium Class (FFOLX) have volatilities of 5.00% and 5.02%, 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	FFOLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.00%	5.02%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	10.19%	10.17%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	12.22%	12.18%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.49%	14.49%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.20%	15.21%	-0.01%

FIOFX vs. FFOLX - Expense Ratio Comparison

FIOFX has a 0.12% expense ratio, which is higher than FFOLX's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FIOFX vs. FFOLX - Dividend Comparison

FIOFX's dividend yield for the trailing twelve months is around 1.91%, less than FFOLX's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFOLX Fidelity Freedom Index 2045 Fund Institutional Premium Class	1.94%	2.06%	2.04%	1.98%	2.08%	2.03%	1.97%	14.93%	2.30%	1.94%	2.05%	2.02%
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 FFOLX in my portfolio?

With a correlation of 1.00, FIOFX and FFOLX 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 FFOLX?

FFOLX has higher volatility (5.02%) compared to FIOFX (5.00%). In terms of maximum drawdown, FIOFX dropped -30.72% vs FFOLX's -30.72%.

Which has better risk-adjusted returns?

FFOLX currently has the higher Sharpe Ratio (2.24 vs 2.23), 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.