FPIFX vs. PRPFX

Last updated Jun 19, 2026

FPIFX (Fidelity Freedom Index 2020 Fund Investor Class) and PRPFX (Permanent Portfolio Class I) are both mutual funds - FPIFX is a Target Retirement Date fund managed by Fidelity, while PRPFX is a Diversified Portfolio fund actively managed by Permanent Portfolio. Over the past 10 years, FPIFX returned 7.23%/yr vs 10.63%/yr for PRPFX. A 0.74 correlation means they provide meaningful diversification when combined. FPIFX charges 0.12%/yr vs 0.81%/yr for PRPFX.

Performance

FPIFX vs. PRPFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Freedom Index 2020 Fund Investor Class (FPIFX) and Permanent Portfolio Class I (PRPFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPIFX achieves a 5.27% return, which is significantly higher than PRPFX's 4.21% return. Over the past 10 years, FPIFX has underperformed PRPFX with an annualized return of 7.23%, while PRPFX has yielded a comparatively higher 10.63% annualized return.

FPIFX

• 1D: -0.62%
• 1M: 1.73%
• YTD: 5.27%
• 6M: 5.84%
• 1Y: 14.05%
• 3Y*: 10.34%
• 5Y*: 4.80%
• 10Y*: 7.23%

PRPFX

• 1D: -0.65%
• 1M: -0.94%
• YTD: 4.21%
• 6M: 5.05%
• 1Y: 19.23%
• 3Y*: 19.77%
• 5Y*: 11.69%
• 10Y*: 10.63%

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

FPIFX vs. PRPFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPIFX Fidelity Freedom Index 2020 Fund Investor Class	5.27%	13.34%	7.68%	12.73%	-15.94%	8.42%	12.72%	18.11%	-3.85%	13.90%
PRPFX Permanent Portfolio Class I	4.21%	28.78%	19.36%	11.96%	-5.48%	10.87%	18.80%	19.20%	-7.02%	11.42%

Correlation

The correlation between FPIFX and PRPFX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Oct 5, 2009	0.74

The correlation between FPIFX and PRPFX shifts across timeframes, from 0.63 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FPIFX vs. PRPFX — Risk / Return Rank

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

FPIFX

FPIFX Risk / Return Rank: 65
FPIFX Sharpe Ratio Rank: 65
FPIFX Sortino Ratio Rank: 66
FPIFX Omega Ratio Rank: 68
FPIFX Calmar Ratio Rank: 59
FPIFX Martin Ratio Rank: 67

PRPFX

PRPFX Risk / Return Rank: 31
PRPFX Sharpe Ratio Rank: 31
PRPFX Sortino Ratio Rank: 22
PRPFX Omega Ratio Rank: 37
PRPFX Calmar Ratio Rank: 40
PRPFX 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.

FPIFX vs. PRPFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom Index 2020 Fund Investor Class (FPIFX) and Permanent Portfolio Class I (PRPFX). 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.

	FPIFX	PRPFX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.50	+0.63
Sortino ratio: Return per unit of downside risk	3.04	1.87	+1.17
Omega ratio: Gain probability vs. loss probability	1.41	1.30	+0.11
Calmar ratio: Return relative to maximum drawdown	2.76	2.29	+0.47
Martin ratio: Return relative to average drawdown	11.91	5.99	+5.92

FPIFX vs. PRPFX - Sharpe Ratio Comparison

The current FPIFX Sharpe Ratio is 2.13, which is higher than the PRPFX Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of FPIFX and PRPFX, 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

FPIFX vs. PRPFX - Drawdown Comparison

The maximum FPIFX drawdown since its inception was -21.59%, smaller than the maximum PRPFX drawdown of -27.16%. Use the drawdown chart below to compare losses from any high point for FPIFX and PRPFX.

Drawdown Indicators

	FPIFX	PRPFX	Difference
Max Drawdown Largest peak-to-trough decline	-21.59%	-27.16%	+5.57%
Max Drawdown (1Y) Largest decline over 1 year	-5.11%	-8.40%	+3.29%
Max Drawdown (3Y) Largest decline over 3 years	-7.84%	-8.40%	+0.56%
Max Drawdown (5Y) Largest decline over 5 years	-21.59%	-15.49%	-6.10%
Max Drawdown (10Y) Largest decline over 10 years	-21.59%	-20.84%	-0.75%
Current Drawdown Current decline from peak	-0.90%	-6.78%	+5.88%
Average Drawdown Average peak-to-trough decline	-3.08%	-3.52%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	3.21%	-2.03%

Volatility

FPIFX vs. PRPFX - Volatility Comparison

The current volatility for Fidelity Freedom Index 2020 Fund Investor Class (FPIFX) is 2.77%, while Permanent Portfolio Class I (PRPFX) has a volatility of 3.70%. This indicates that FPIFX experiences smaller price fluctuations and is considered to be less risky than PRPFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPIFX	PRPFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	3.70%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	5.55%	11.61%	-6.06%
Volatility (1Y) Calculated over the trailing 1-year period	6.63%	12.87%	-6.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.61%	11.15%	-2.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.85%	10.66%	-1.81%

FPIFX vs. PRPFX - Expense Ratio Comparison

FPIFX has a 0.12% expense ratio, which is lower than PRPFX's 0.81% expense ratio.

Dividends

FPIFX vs. PRPFX - Dividend Comparison

FPIFX's dividend yield for the trailing twelve months is around 5.84%, more than PRPFX's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPIFX Fidelity Freedom Index 2020 Fund Investor Class	5.84%	5.95%	5.83%	2.42%	2.95%	2.67%	2.54%	17.42%	2.50%	1.85%	1.83%	1.91%
PRPFX Permanent Portfolio Class I	3.13%	3.27%	1.86%	1.39%	1.58%	2.05%	5.38%	4.69%	6.90%	2.14%	0.95%	7.06%

Frequently Asked Questions

Can I hold both FPIFX and PRPFX in my portfolio?

FPIFX and PRPFX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPIFX or PRPFX?

PRPFX has higher volatility (3.70%) compared to FPIFX (2.77%). In terms of maximum drawdown, FPIFX dropped -21.59% vs PRPFX's -27.16%.

Which has better risk-adjusted returns?

FPIFX currently has the higher Sharpe Ratio (2.13 vs 1.50), 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.