FRBHX vs. MLLIX

Last updated Jun 24, 2026

FRBHX (Fidelity Freedom® 2070 Fund Class K6) and MLLIX (MFS Lifetime Income Fund) are both Target Retirement Date funds. Over the past year, FRBHX returned 31.19% vs 8.91% for MLLIX. A 0.78 correlation means they provide meaningful diversification when combined. FRBHX charges 0.45%/yr vs 0.00%/yr for MLLIX.

Performance

FRBHX vs. MLLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Freedom® 2070 Fund Class K6 (FRBHX) and MFS Lifetime Income Fund (MLLIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRBHX achieves a 14.68% return, which is significantly higher than MLLIX's 3.39% return.

FRBHX

• 1D: -0.29%
• 1M: 3.06%
• YTD: 14.68%
• 6M: 14.18%
• 1Y: 31.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MLLIX

• 1D: -0.16%
• 1M: 0.81%
• YTD: 3.39%
• 6M: 3.49%
• 1Y: 8.91%
• 3Y*: 7.85%
• 5Y*: 3.39%
• 10Y*: 5.14%

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

FRBHX vs. MLLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FRBHX Fidelity Freedom® 2070 Fund Class K6	14.68%	23.65%	3.64%
MLLIX MFS Lifetime Income Fund	3.39%	9.32%	3.34%

Correlation

The correlation between FRBHX and MLLIX is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Jul 3, 2024	0.78

The correlation between FRBHX and MLLIX has been stable across timeframes, ranging from 0.78 to 0.81 - a consistent structural relationship.

Return for Risk

FRBHX vs. MLLIX — Risk / Return Rank

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

FRBHX

FRBHX Risk / Return Rank: 77
FRBHX Sharpe Ratio Rank: 77
FRBHX Sortino Ratio Rank: 71
FRBHX Omega Ratio Rank: 73
FRBHX Calmar Ratio Rank: 78
FRBHX Martin Ratio Rank: 84

MLLIX

MLLIX Risk / Return Rank: 55
MLLIX Sharpe Ratio Rank: 57
MLLIX Sortino Ratio Rank: 63
MLLIX Omega Ratio Rank: 58
MLLIX Calmar Ratio Rank: 43
MLLIX Martin Ratio Rank: 56

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.

FRBHX vs. MLLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom® 2070 Fund Class K6 (FRBHX) and MFS Lifetime Income Fund (MLLIX). 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.

	FRBHX	MLLIX	Difference
Sharpe ratio: Return per unit of total volatility	2.36	2.04	+0.32
Sortino ratio: Return per unit of downside risk	3.21	3.03	+0.18
Omega ratio: Gain probability vs. loss probability	1.44	1.39	+0.05
Calmar ratio: Return relative to maximum drawdown	3.32	2.39	+0.93
Martin ratio: Return relative to average drawdown	14.50	10.65	+3.85

FRBHX vs. MLLIX - Sharpe Ratio Comparison

The current FRBHX Sharpe Ratio is 2.36, which is comparable to the MLLIX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FRBHX and MLLIX, 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

FRBHX vs. MLLIX - Drawdown Comparison

The maximum FRBHX drawdown since its inception was -15.29%, smaller than the maximum MLLIX drawdown of -17.32%. Use the drawdown chart below to compare losses from any high point for FRBHX and MLLIX.

Drawdown Indicators

	FRBHX	MLLIX	Difference
Max Drawdown Largest peak-to-trough decline	-15.29%	-17.32%	+2.03%
Max Drawdown (1Y) Largest decline over 1 year	-9.77%	-3.86%	-5.91%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.08%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-16.08%	—
Current Drawdown Current decline from peak	-0.29%	-0.40%	+0.11%
Average Drawdown Average peak-to-trough decline	-1.77%	-2.15%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	0.86%	+1.37%

Volatility

FRBHX vs. MLLIX - Volatility Comparison

Fidelity Freedom® 2070 Fund Class K6 (FRBHX) has a higher volatility of 5.73% compared to MFS Lifetime Income Fund (MLLIX) at 1.60%. This indicates that FRBHX's price experiences larger fluctuations and is considered to be riskier than MLLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRBHX	MLLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	1.60%	+4.13%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	3.65%	+8.04%
Volatility (1Y) Calculated over the trailing 1-year period	13.77%	4.52%	+9.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	5.94%	+10.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.05%	5.72%	+10.33%

FRBHX vs. MLLIX - Expense Ratio Comparison

FRBHX has a 0.45% expense ratio, which is higher than MLLIX's 0.00% expense ratio.

Dividends

FRBHX vs. MLLIX - Dividend Comparison

FRBHX's dividend yield for the trailing twelve months is around 4.17%, less than MLLIX's 7.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRBHX Fidelity Freedom® 2070 Fund Class K6	4.17%	2.53%	2.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MLLIX MFS Lifetime Income Fund	7.70%	6.01%	6.26%	3.70%	3.92%	6.12%	3.18%	3.80%	4.20%	3.56%	4.21%	2.51%

Frequently Asked Questions

Can I hold both FRBHX and MLLIX in my portfolio?

FRBHX and MLLIX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRBHX or MLLIX?

FRBHX has higher volatility (5.73%) compared to MLLIX (1.60%). In terms of maximum drawdown, FRBHX dropped -15.29% vs MLLIX's -17.32%.

Which has better risk-adjusted returns?

FRBHX currently has the higher Sharpe Ratio (2.36 vs 2.04), 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.