FRBVX vs. SWYOX
FRBVX (Fidelity Freedom Index 2070 Fund Investor Class) and SWYOX (Schwab Target 2065 Index Fund) are both Target Retirement Date funds. Over the past year, FRBVX returned 26.76% vs 27.63% for SWYOX. With a 0.98 correlation, they move nearly in lockstep. FRBVX charges 0.12%/yr vs 0.04%/yr for SWYOX.
Performance
FRBVX vs. SWYOX - Performance Comparison
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Returns By Period
In the year-to-date period, FRBVX achieves a 11.91% return, which is significantly lower than SWYOX's 12.79% return.
FRBVX
- 1D
- -0.14%
- 1M
- 1.77%
- YTD
- 11.91%
- 6M
- 11.28%
- 1Y
- 26.76%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SWYOX
- 1D
- 0.06%
- 1M
- 1.79%
- YTD
- 12.79%
- 6M
- 12.05%
- 1Y
- 27.63%
- 3Y*
- 19.92%
- 5Y*
- 10.55%
- 10Y*
- —
FRBVX vs. SWYOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FRBVX Fidelity Freedom Index 2070 Fund Investor Class | 11.91% | 21.43% | 1.95% |
SWYOX Schwab Target 2065 Index Fund | 12.79% | 20.48% | 4.10% |
Correlation
The correlation between FRBVX and SWYOX is 0.99 - 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 | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024 | 0.98 |
The correlation between FRBVX and SWYOX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
FRBVX vs. SWYOX — Risk / Return Rank
FRBVX
SWYOX
FRBVX vs. SWYOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom Index 2070 Fund Investor Class (FRBVX) and Schwab Target 2065 Index Fund (SWYOX). 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.
| FRBVX | SWYOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.41 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 3.16 | -0.08 |
| Martin ratioReturn relative to average drawdown | 13.31 | 13.84 | -0.53 |
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Drawdowns
FRBVX vs. SWYOX - Drawdown Comparison
The maximum FRBVX drawdown since its inception was -14.69%, smaller than the maximum SWYOX drawdown of -26.02%. Use the drawdown chart below to compare losses from any high point for FRBVX and SWYOX.
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Drawdown Indicators
| FRBVX | SWYOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.69% | -26.02% | +11.33% |
Max Drawdown (1Y)Largest decline over 1 year | -9.08% | -9.13% | +0.05% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.05% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.02% | — |
Current DrawdownCurrent decline from peak | -0.65% | -0.36% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -1.70% | -5.68% | +3.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.09% | 2.08% | +0.01% |
Volatility
FRBVX vs. SWYOX - Volatility Comparison
Fidelity Freedom Index 2070 Fund Investor Class (FRBVX) has a higher volatility of 5.12% compared to Schwab Target 2065 Index Fund (SWYOX) at 4.83%. This indicates that FRBVX's price experiences larger fluctuations and is considered to be riskier than SWYOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRBVX | SWYOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.12% | 4.83% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 10.45% | 10.47% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.50% | 12.78% | -0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.43% | 15.69% | -1.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.43% | 15.48% | -1.05% |
FRBVX vs. SWYOX - Expense Ratio Comparison
FRBVX has a 0.12% expense ratio, which is higher than SWYOX's 0.04% 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
FRBVX vs. SWYOX - Dividend Comparison
FRBVX's dividend yield for the trailing twelve months is around 1.45%, less than SWYOX's 1.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FRBVX Fidelity Freedom Index 2070 Fund Investor Class | 1.45% | 1.65% | 1.37% | 0.00% | 0.00% | 0.00% |
SWYOX Schwab Target 2065 Index Fund | 1.66% | 1.87% | 1.76% | 1.82% | 1.80% | 1.24% |
Frequently Asked Questions
With a correlation of 0.99, FRBVX and SWYOX 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.
FRBVX has higher volatility (5.12%) compared to SWYOX (4.83%). In terms of maximum drawdown, FRBVX dropped -14.69% vs SWYOX's -26.02%.
SWYOX currently has the higher Sharpe Ratio (2.26 vs 2.24), 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.
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