FIOFX vs. PAFFX

Last updated Jun 4, 2026

FIOFX (Fidelity Freedom Index 2045 Fund Investor Class) and PAFFX (T. Rowe Price Target 2045 Fund) are both Target Retirement Date funds. Over the past 10 years, FIOFX returned 11.87%/yr vs 19.39%/yr for PAFFX. With a 0.96 correlation, they move nearly in lockstep. FIOFX charges 0.12%/yr vs 0.87%/yr for PAFFX.

Performance

FIOFX vs. PAFFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Freedom Index 2045 Fund Investor Class (FIOFX) and T. Rowe Price Target 2045 Fund (PAFFX). 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 PAFFX's 10.12% return. Over the past 10 years, FIOFX has underperformed PAFFX with an annualized return of 11.87%, while PAFFX has yielded a comparatively higher 19.39% annualized 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%

PAFFX

• 1D: 0.43%
• 1M: 4.08%
• YTD: 10.12%
• 6M: 10.65%
• 1Y: 22.78%
• 3Y*: 16.54%
• 5Y*: 7.84%
• 10Y*: 19.39%

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

FIOFX vs. PAFFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIOFX Fidelity Freedom Index 2045 Fund Investor Class	12.20%	21.40%	14.14%	19.90%	-18.21%	15.95%	16.43%	25.96%	-7.24%	20.59%
PAFFX T. Rowe Price Target 2045 Fund	10.12%	16.73%	12.51%	18.79%	-18.88%	15.08%	17.03%	175.40%	-7.08%	18.81%

Correlation

The correlation between FIOFX and PAFFX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 22, 2013	0.96

The correlation between FIOFX and PAFFX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

FIOFX vs. PAFFX — 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

PAFFX

PAFFX Risk / Return Rank: 57
PAFFX Sharpe Ratio Rank: 57
PAFFX Sortino Ratio Rank: 56
PAFFX Omega Ratio Rank: 57
PAFFX Calmar Ratio Rank: 52
PAFFX Martin Ratio Rank: 61

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. PAFFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom Index 2045 Fund Investor Class (FIOFX) and T. Rowe Price Target 2045 Fund (PAFFX). 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	PAFFX	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.23	+0.27
Sortino ratio: Return per unit of downside risk	3.44	3.17	+0.27
Omega ratio: Gain probability vs. loss probability	1.46	1.42	+0.03
Calmar ratio: Return relative to maximum drawdown	3.22	2.75	+0.47
Martin ratio: Return relative to average drawdown	14.23	12.00	+2.22
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. PAFFX - Sharpe Ratio Comparison

The current FIOFX Sharpe Ratio is 2.49, which is comparable to the PAFFX Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of FIOFX and PAFFX, 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	PAFFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	2.23	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.58	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.91	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.84	-0.12

Drawdowns

FIOFX vs. PAFFX - Drawdown Comparison

The maximum FIOFX drawdown since its inception was -30.72%, roughly equal to the maximum PAFFX drawdown of -29.85%. Use the drawdown chart below to compare losses from any high point for FIOFX and PAFFX.

Drawdown Indicators

	FIOFX	PAFFX	Difference
Max Drawdown Largest peak-to-trough decline	-30.72%	-29.85%	-0.87%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-8.65%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-14.75%	-14.00%	-0.75%
Max Drawdown (5Y) Largest decline over 5 years	-26.22%	-27.04%	+0.82%
Max Drawdown (10Y) Largest decline over 10 years	-30.72%	-29.85%	-0.87%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.15%	-4.63%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	1.95%	+0.06%

Volatility

FIOFX vs. PAFFX - Volatility Comparison

Fidelity Freedom Index 2045 Fund Investor Class (FIOFX) has a higher volatility of 3.48% compared to T. Rowe Price Target 2045 Fund (PAFFX) at 3.15%. This indicates that FIOFX's price experiences larger fluctuations and is considered to be riskier than PAFFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIOFX	PAFFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	3.15%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	9.21%	8.86%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	11.48%	10.70%	+0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.36%	13.67%	+0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.15%	21.49%	-6.34%

FIOFX vs. PAFFX - Expense Ratio Comparison

FIOFX has a 0.12% expense ratio, which is lower than PAFFX's 0.87% expense ratio.

Dividends

FIOFX vs. PAFFX - Dividend Comparison

FIOFX's dividend yield for the trailing twelve months is around 1.90%, less than PAFFX's 4.53% 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%
PAFFX T. Rowe Price Target 2045 Fund	4.53%	4.99%	2.47%	2.74%	5.58%	3.38%	2.80%	70.21%	5.12%	2.00%	2.37%	2.41%

Frequently Asked Questions

Can I hold both FIOFX and PAFFX in my portfolio?

With a correlation of 0.96, FIOFX and PAFFX 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 PAFFX?

FIOFX has higher volatility (3.48%) compared to PAFFX (3.15%). In terms of maximum drawdown, FIOFX dropped -30.72% vs PAFFX's -29.85%.

Which has better risk-adjusted returns?

FIOFX currently has the higher Sharpe Ratio (2.49 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.