FRBEX vs. FDFPX

Last updated Aug 1, 2026

FRBEX (Fidelity Freedom 2070 Fund Class K) and FDFPX (Fidelity Flex Freedom Blend 2065 Fund) are both Target Retirement Date funds from Fidelity. Over the past year, FRBEX returned 24.56% vs 24.70% for FDFPX. Their 0.98 correlation means they have historically moved very closely together. FRBEX charges 0.65%/yr vs 0.00%/yr for FDFPX.

Performance

FRBEX vs. FDFPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Freedom 2070 Fund Class K (FRBEX) and Fidelity Flex Freedom Blend 2065 Fund (FDFPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FRBEX having a 12.05% return and FDFPX slightly higher at 12.26%.

FRBEX

• 1D: 2.28%
• 1M: -1.17%
• 6M: 7.93%
• YTD: 12.05%
• 1Y: 24.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.88%

FDFPX

• 1D: 2.29%
• 1M: -0.99%
• 6M: 8.37%
• YTD: 12.26%
• 1Y: 24.70%
• 3Y*: 18.92%
• 5Y*: 10.66%
• 10Y*: —
• ALL TIME*: 13.27%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDFPX Fidelity Flex Freedom Blend 2065 Fund	$0.00	$0.00	$0.00
FRBEX Fidelity Freedom 2070 Fund Class K	$0.00	$0.00	$0.00

FRBEX vs. FDFPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FRBEX Fidelity Freedom 2070 Fund Class K	12.05%	23.38%	3.52%
FDFPX Fidelity Flex Freedom Blend 2065 Fund	12.26%	22.81%	6.76%

Correlation

The correlation between FRBEX and FDFPX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (All Time) Calculated using the full available price history since Jul 3, 2024	0.98

The correlation between FRBEX and FDFPX has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.

Return for Risk

FRBEX vs. FDFPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FRBEX

FRBEX Risk / Return Rank: 67
FRBEX Sharpe Ratio Rank: 64
FRBEX Sortino Ratio Rank: 61
FRBEX Omega Ratio Rank: 63
FRBEX Calmar Ratio Rank: 70
FRBEX Martin Ratio Rank: 78

FDFPX

FDFPX Risk / Return Rank: 72
FDFPX Sharpe Ratio Rank: 69
FDFPX Sortino Ratio Rank: 67
FDFPX Omega Ratio Rank: 69
FDFPX Calmar Ratio Rank: 75
FDFPX Martin Ratio Rank: 82

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FRBEX vs. FDFPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom 2070 Fund Class K (FRBEX) and Fidelity Flex Freedom Blend 2065 Fund (FDFPX). 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.

	FRBEX	FDFPX	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.61	-0.03
Sortino ratio: Return per unit of downside risk	2.23	2.27	-0.04
Omega ratio: Gain probability vs. loss probability	1.29	1.30	0.00
Calmar ratio: Return relative to maximum drawdown	2.34	2.40	-0.06
Martin ratio: Return relative to average drawdown	9.74	10.04	-0.30

FRBEX vs. FDFPX - Sharpe Ratio Comparison

The current FRBEX Sharpe Ratio is 1.58, which is comparable to the FDFPX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of FRBEX and FDFPX, 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

FRBEX vs. FDFPX - Drawdown Comparison

The maximum FRBEX drawdown since its inception was -15.31%, smaller than the maximum FDFPX drawdown of -31.22%. Use the drawdown chart below to compare losses from any high point for FRBEX and FDFPX.

Drawdown Indicators

	FRBEX	FDFPX	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-31.22%	+15.91%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-9.54%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.41%	—
Current Drawdown Current decline from peak	-2.46%	-2.19%	-0.27%
Average Drawdown Average peak-to-trough decline	-1.79%	-5.76%	+3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	2.28%	+0.07%

Volatility

FRBEX vs. FDFPX - Volatility Comparison

Fidelity Freedom 2070 Fund Class K (FRBEX) and Fidelity Flex Freedom Blend 2065 Fund (FDFPX) have volatilities of 4.36% and 4.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRBEX	FDFPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	4.37%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	12.43%	12.20%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	14.47%	14.21%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	15.34%	+0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.05%	17.21%	-1.16%

FRBEX vs. FDFPX - Expense Ratio Comparison

FRBEX has a 0.65% expense ratio, which is higher than FDFPX's 0.00% expense ratio.

Dividends

FRBEX vs. FDFPX - Dividend Comparison

FRBEX's dividend yield for the trailing twelve months is around 4.18%, more than FDFPX's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FDFPX Fidelity Flex Freedom Blend 2065 Fund	3.81%	2.87%	6.56%	2.22%	5.41%	8.52%	5.38%	3.19%
FRBEX Fidelity Freedom 2070 Fund Class K	4.18%	2.38%	2.40%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRBEX and FDFPX in my portfolio?

With a correlation of 1.00, FRBEX and FDFPX 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, FRBEX or FDFPX?

FDFPX has higher volatility (4.37%) compared to FRBEX (4.36%). In terms of maximum drawdown, FRBEX dropped -15.31% vs FDFPX's -31.22%.

Which has better risk-adjusted returns?

FDFPX currently has the higher Sharpe Ratio (1.61 vs 1.58), 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.