FIOFX vs. JEPI

Last updated Jun 4, 2026

FIOFX (Fidelity Freedom Index 2045 Fund Investor Class) and JEPI (JPMorgan Equity Premium Income ETF) are both funds - FIOFX is a Target Retirement Date fund managed by Fidelity, while JEPI is a Dividend fund actively managed by JPMorgan. Over the past 5 years, FIOFX returned 10.03%/yr vs 7.26%/yr for JEPI. A 0.76 correlation means they provide meaningful diversification when combined. FIOFX charges 0.12%/yr vs 0.35%/yr for JEPI.

Performance

FIOFX vs. JEPI - Performance Comparison

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

Returns By Period

In the year-to-date period, FIOFX achieves a 12.20% return, which is significantly higher than JEPI's 0.15% return.

FIOFX

• 1D: 0.41%
• 1M: 5.43%
• YTD: 12.20%
• 6M: 13.11%
• 1Y: 28.24%
• 3Y*: 19.40%
• 5Y*: 10.03%
• 10Y*: 11.87%

JEPI

• 1D: 0.14%
• 1M: -1.54%
• YTD: 0.15%
• 6M: 0.47%
• 1Y: 7.70%
• 3Y*: 8.88%
• 5Y*: 7.26%
• 10Y*: —

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

FIOFX vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FIOFX Fidelity Freedom Index 2045 Fund Investor Class	12.20%	21.40%	14.14%	19.90%	-18.21%	15.95%	29.32%
JEPI JPMorgan Equity Premium Income ETF	0.15%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.61%

Correlation

The correlation between FIOFX and JEPI is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since May 22, 2020	0.76

The correlation between FIOFX and JEPI shifts across timeframes, from 0.65 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.

FIOFX vs. JEPI - Sectors Allocation Comparison

Sectors	FIOFX	JEPI
Technology	25.9%	19.1%
Financial Services	17.1%	9.8%
Industrials	11.7%	13.8%
Consumer Cyclical	9.4%	11.7%
Healthcare	9.1%	14.1%
Communication Services	8.0%	6.9%
Consumer Defensive	5.2%	9.6%
Energy	4.7%	3.5%
Basic Materials	4.1%	1.9%
Utilities	2.8%	6.2%
Real Estate	2.1%	3.5%

Return for Risk

FIOFX vs. JEPI — Risk / Return Rank

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

FIOFX

FIOFX Risk / Return Rank: 71
FIOFX Sharpe Ratio Rank: 74
FIOFX Sortino Ratio Rank: 68
FIOFX Omega Ratio Rank: 67
FIOFX Calmar Ratio Rank: 70
FIOFX Martin Ratio Rank: 75

JEPI

JEPI Risk / Return Rank: 26
JEPI Sharpe Ratio Rank: 27
JEPI Sortino Ratio Rank: 26
JEPI Omega Ratio Rank: 26
JEPI Calmar Ratio Rank: 24
JEPI Martin Ratio Rank: 26

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. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom Index 2045 Fund Investor Class (FIOFX) and JPMorgan Equity Premium Income ETF (JEPI). 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.

	FIOFX	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	2.49	0.99	+1.51
Sortino ratio: Return per unit of downside risk	3.44	1.47	+1.97
Omega ratio: Gain probability vs. loss probability	1.46	1.18	+0.27
Calmar ratio: Return relative to maximum drawdown	3.22	1.16	+2.07
Martin ratio: Return relative to average drawdown	14.23	3.73	+10.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIOFX vs. JEPI - Sharpe Ratio Comparison

The current FIOFX Sharpe Ratio is 2.49, which is higher than the JEPI Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of FIOFX and JEPI, 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

	FIOFX	JEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	0.99	+1.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.66	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	1.01	-0.29

Drawdowns

FIOFX vs. JEPI - Drawdown Comparison

The maximum FIOFX drawdown since its inception was -30.72%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for FIOFX and JEPI.

Drawdown Indicators

	FIOFX	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-30.72%	-13.71%	-17.01%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-6.68%	-2.19%
Max Drawdown (3Y) Largest decline over 3 years	-14.75%	-13.26%	-1.49%
Max Drawdown (5Y) Largest decline over 5 years	-26.22%	-13.71%	-12.51%
Max Drawdown (10Y) Largest decline over 10 years	-30.72%	—	—
Current Drawdown Current decline from peak	0.00%	-4.83%	+4.83%
Average Drawdown Average peak-to-trough decline	-4.15%	-2.12%	-2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	2.07%	-0.06%

Volatility

FIOFX vs. JEPI - Volatility Comparison

Fidelity Freedom Index 2045 Fund Investor Class (FIOFX) has a higher volatility of 3.48% compared to JPMorgan Equity Premium Income ETF (JEPI) at 1.35%. This indicates that FIOFX's price experiences larger fluctuations and is considered to be riskier than JEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIOFX	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	1.35%	+2.13%
Volatility (6M) Calculated over the trailing 6-month period	9.21%	6.07%	+3.14%
Volatility (1Y) Calculated over the trailing 1-year period	11.48%	7.85%	+3.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.36%	11.06%	+3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.15%	10.80%	+4.35%

FIOFX vs. JEPI - Expense Ratio Comparison

FIOFX has a 0.12% expense ratio, which is lower than JEPI's 0.35% expense ratio.

Dividends

FIOFX vs. JEPI - Dividend Comparison

FIOFX's dividend yield for the trailing twelve months is around 1.90%, less than JEPI's 8.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIOFX Fidelity Freedom Index 2045 Fund Investor Class	1.90%	2.03%	2.01%	1.95%	2.03%	1.92%	1.95%	14.88%	2.26%	1.89%	2.00%	2.01%
JEPI JPMorgan Equity Premium Income ETF	8.27%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIOFX and JEPI in my portfolio?

FIOFX and JEPI have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIOFX or JEPI?

FIOFX has higher volatility (3.48%) compared to JEPI (1.35%). In terms of maximum drawdown, FIOFX dropped -30.72% vs JEPI's -13.71%.

Which has better risk-adjusted returns?

FIOFX currently has the higher Sharpe Ratio (2.49 vs 0.99), 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.