FIPFX vs. VIIIX

Last updated Jun 20, 2026

FIPFX (Fidelity Freedom Index 2050 Fund Investor Class) and VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) are both mutual funds - FIPFX is a Target Retirement Date fund actively managed by Fidelity, while VIIIX is a S&P 500 fund tracking the S&P 500 Index. FIPFX is actively managed, while VIIIX is passively managed. Over the past 10 years, FIPFX returned 11.91%/yr vs 15.65%/yr for VIIIX. With a 0.96 correlation, they move nearly in lockstep. FIPFX charges 0.12%/yr vs 0.02%/yr for VIIIX.

Performance

FIPFX vs. VIIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Freedom Index 2050 Fund Investor Class (FIPFX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIPFX achieves a 11.90% return, which is significantly higher than VIIIX's 10.19% return. Over the past 10 years, FIPFX has underperformed VIIIX with an annualized return of 11.91%, while VIIIX has yielded a comparatively higher 15.65% annualized return.

FIPFX

• 1D: 1.23%
• 1M: 2.19%
• YTD: 11.90%
• 6M: 12.45%
• 1Y: 27.81%
• 3Y*: 18.17%
• 5Y*: 10.12%
• 10Y*: 11.91%

VIIIX

• 1D: 1.09%
• 1M: 0.85%
• YTD: 10.19%
• 6M: 10.40%
• 1Y: 27.18%
• 3Y*: 21.39%
• 5Y*: 14.24%
• 10Y*: 15.65%

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

FIPFX vs. VIIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIPFX Fidelity Freedom Index 2050 Fund Investor Class	11.90%	21.40%	14.15%	19.91%	-18.22%	15.93%	16.46%	26.02%	-7.28%	20.54%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	10.19%	17.87%	26.29%	25.79%	-18.14%	28.69%	18.41%	31.48%	-4.41%	21.82%

Correlation

The correlation between FIPFX and VIIIX is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 5, 2009	0.96

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

Return for Risk

FIPFX vs. VIIIX — Risk / Return Rank

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

FIPFX

FIPFX Risk / Return Rank: 73
FIPFX Sharpe Ratio Rank: 74
FIPFX Sortino Ratio Rank: 69
FIPFX Omega Ratio Rank: 69
FIPFX Calmar Ratio Rank: 73
FIPFX Martin Ratio Rank: 79

VIIIX

VIIIX Risk / Return Rank: 71
VIIIX Sharpe Ratio Rank: 70
VIIIX Sortino Ratio Rank: 63
VIIIX Omega Ratio Rank: 65
VIIIX Calmar Ratio Rank: 73
VIIIX Martin Ratio Rank: 82

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.

FIPFX vs. VIIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom Index 2050 Fund Investor Class (FIPFX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). 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.

	FIPFX	VIIIX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.17	+0.06
Sortino ratio: Return per unit of downside risk	3.05	2.93	+0.12
Omega ratio: Gain probability vs. loss probability	1.41	1.39	+0.02
Calmar ratio: Return relative to maximum drawdown	3.06	3.04	+0.03
Martin ratio: Return relative to average drawdown	13.20	13.74	-0.55

FIPFX vs. VIIIX - Sharpe Ratio Comparison

The current FIPFX Sharpe Ratio is 2.22, which is comparable to the VIIIX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of FIPFX and VIIIX, 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

FIPFX vs. VIIIX - Drawdown Comparison

The maximum FIPFX drawdown since its inception was -30.71%, smaller than the maximum VIIIX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for FIPFX and VIIIX.

Drawdown Indicators

	FIPFX	VIIIX	Difference
Max Drawdown Largest peak-to-trough decline	-30.71%	-55.18%	+24.47%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-8.90%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-14.71%	-18.75%	+4.04%
Max Drawdown (5Y) Largest decline over 5 years	-26.20%	-24.50%	-1.70%
Max Drawdown (10Y) Largest decline over 10 years	-30.71%	-33.79%	+3.08%
Current Drawdown Current decline from peak	-0.46%	-1.36%	+0.90%
Average Drawdown Average peak-to-trough decline	-4.20%	-10.00%	+5.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	1.96%	+0.12%

Volatility

FIPFX vs. VIIIX - Volatility Comparison

Fidelity Freedom Index 2050 Fund Investor Class (FIPFX) has a higher volatility of 5.14% compared to Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) at 4.77%. This indicates that FIPFX's price experiences larger fluctuations and is considered to be riskier than VIIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIPFX	VIIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	4.77%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	10.34%	9.91%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	12.35%	12.47%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.52%	16.99%	-2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.23%	18.10%	-2.87%

FIPFX vs. VIIIX - Expense Ratio Comparison

FIPFX has a 0.12% expense ratio, which is higher than VIIIX's 0.02% 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

FIPFX vs. VIIIX - Dividend Comparison

FIPFX's dividend yield for the trailing twelve months is around 1.76%, less than VIIIX's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIPFX Fidelity Freedom Index 2050 Fund Investor Class	1.76%	1.97%	2.00%	1.94%	2.02%	1.93%	1.95%	15.16%	2.28%	2.05%	2.09%	2.00%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	2.44%	2.11%	3.66%	2.66%	3.39%	4.79%	3.07%	2.86%	2.45%	1.84%	2.38%	2.47%

Frequently Asked Questions

Can I hold both FIPFX and VIIIX in my portfolio?

With a correlation of 0.95, FIPFX and VIIIX 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, FIPFX or VIIIX?

FIPFX has higher volatility (5.14%) compared to VIIIX (4.77%). In terms of maximum drawdown, FIPFX dropped -30.71% vs VIIIX's -55.18%.

Which has better risk-adjusted returns?

FIPFX currently has the higher Sharpe Ratio (2.22 vs 2.17), 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.