FKRVX vs. FRBEX

Last updated Jun 23, 2026

FKRVX (Fidelity Managed Retirement 2020 Fund Class K) and FRBEX (Fidelity Freedom 2070 Fund Class K) are both Target Retirement Date funds. Over the past year, FKRVX returned 12.78% vs 32.27% for FRBEX. Their correlation of 0.89 suggests significant overlap in exposure. FKRVX charges 0.37%/yr vs 0.65%/yr for FRBEX.

Performance

FKRVX vs. FRBEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement 2020 Fund Class K (FKRVX) and Fidelity Freedom 2070 Fund Class K (FRBEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FKRVX achieves a 5.08% return, which is significantly lower than FRBEX's 14.88% return.

FKRVX

• 1D: 0.00%
• 1M: 0.78%
• YTD: 5.08%
• 6M: 5.19%
• 1Y: 12.78%
• 3Y*: 9.21%
• 5Y*: 3.87%
• 10Y*: —

FRBEX

• 1D: 1.47%
• 1M: 3.29%
• YTD: 14.88%
• 6M: 14.89%
• 1Y: 32.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FKRVX vs. FRBEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FKRVX Fidelity Managed Retirement 2020 Fund Class K	5.08%	12.24%	2.45%
FRBEX Fidelity Freedom 2070 Fund Class K	14.88%	23.38%	3.52%

Correlation

The correlation between FKRVX and FRBEX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jul 3, 2024	0.89

The correlation between FKRVX and FRBEX has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

FKRVX vs. FRBEX — Risk / Return Rank

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

FKRVX

FKRVX Risk / Return Rank: 67
FKRVX Sharpe Ratio Rank: 66
FKRVX Sortino Ratio Rank: 68
FKRVX Omega Ratio Rank: 74
FKRVX Calmar Ratio Rank: 61
FKRVX Martin Ratio Rank: 67

FRBEX

FRBEX Risk / Return Rank: 75
FRBEX Sharpe Ratio Rank: 76
FRBEX Sortino Ratio Rank: 70
FRBEX Omega Ratio Rank: 73
FRBEX Calmar Ratio Rank: 76
FRBEX 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.

FKRVX vs. FRBEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement 2020 Fund Class K (FKRVX) and Fidelity Freedom 2070 Fund Class K (FRBEX). 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.

	FKRVX	FRBEX	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.33	-0.14
Sortino ratio: Return per unit of downside risk	3.14	3.18	-0.04
Omega ratio: Gain probability vs. loss probability	1.44	1.43	0.00
Calmar ratio: Return relative to maximum drawdown	2.86	3.28	-0.42
Martin ratio: Return relative to average drawdown	12.16	14.25	-2.09

FKRVX vs. FRBEX - Sharpe Ratio Comparison

The current FKRVX Sharpe Ratio is 2.19, which is comparable to the FRBEX Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of FKRVX and FRBEX, 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

FKRVX vs. FRBEX - Drawdown Comparison

The maximum FKRVX drawdown since its inception was -20.02%, which is greater than FRBEX's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for FKRVX and FRBEX.

Drawdown Indicators

	FKRVX	FRBEX	Difference
Max Drawdown Largest peak-to-trough decline	-20.02%	-15.31%	-4.71%
Max Drawdown (1Y) Largest decline over 1 year	-4.50%	-9.79%	+5.29%
Max Drawdown (3Y) Largest decline over 3 years	-6.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.02%	—	—
Current Drawdown Current decline from peak	-0.58%	0.00%	-0.58%
Average Drawdown Average peak-to-trough decline	-4.56%	-1.78%	-2.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	2.24%	-1.18%

Volatility

FKRVX vs. FRBEX - Volatility Comparison

The current volatility for Fidelity Managed Retirement 2020 Fund Class K (FKRVX) is 2.68%, while Fidelity Freedom 2070 Fund Class K (FRBEX) has a volatility of 5.85%. This indicates that FKRVX experiences smaller price fluctuations and is considered to be less risky than FRBEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FKRVX	FRBEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	5.85%	-3.17%
Volatility (6M) Calculated over the trailing 6-month period	5.03%	11.74%	-6.71%
Volatility (1Y) Calculated over the trailing 1-year period	5.89%	13.76%	-7.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.33%	16.09%	-8.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.10%	16.09%	-7.99%

FKRVX vs. FRBEX - Expense Ratio Comparison

FKRVX has a 0.37% expense ratio, which is lower than FRBEX's 0.65% expense ratio.

Dividends

FKRVX vs. FRBEX - Dividend Comparison

FKRVX's dividend yield for the trailing twelve months is around 2.98%, less than FRBEX's 4.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FKRVX Fidelity Managed Retirement 2020 Fund Class K	2.98%	2.82%	2.85%	2.68%	3.63%	4.70%	3.82%	2.81%
FRBEX Fidelity Freedom 2070 Fund Class K	4.07%	2.38%	2.40%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FKRVX and FRBEX in my portfolio?

With a correlation of 0.91, FKRVX and FRBEX 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, FKRVX or FRBEX?

FRBEX has higher volatility (5.85%) compared to FKRVX (2.68%). In terms of maximum drawdown, FKRVX dropped -20.02% vs FRBEX's -15.31%.

Which has better risk-adjusted returns?

FRBEX currently has the higher Sharpe Ratio (2.33 vs 2.19), 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.