FSNUX vs. FMSDX

Last updated Jun 4, 2026

FSNUX (Fidelity Freedom 2035 Fund Class K) and FMSDX (Fidelity Multi-Asset Income Fund) are both mutual funds - FSNUX is a Target Retirement Date fund managed by Fidelity, while FMSDX is a Diversified Portfolio fund managed by Fidelity. Over the past 5 years, FSNUX returned 8.28%/yr vs 6.45%/yr for FMSDX. Their correlation of 0.88 suggests significant overlap in exposure. FSNUX charges 0.61%/yr vs 0.78%/yr for FMSDX.

Performance

FSNUX vs. FMSDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Freedom 2035 Fund Class K (FSNUX) and Fidelity Multi-Asset Income Fund (FMSDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSNUX achieves a 10.03% return, which is significantly higher than FMSDX's 8.45% return.

FSNUX

• 1D: 0.42%
• 1M: 3.76%
• YTD: 10.03%
• 6M: 11.30%
• 1Y: 23.62%
• 3Y*: 17.47%
• 5Y*: 8.28%
• 10Y*: —

FMSDX

• 1D: -0.42%
• 1M: 0.98%
• YTD: 8.45%
• 6M: 7.69%
• 1Y: 20.98%
• 3Y*: 12.99%
• 5Y*: 6.45%
• 10Y*: —

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

FSNUX vs. FMSDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FSNUX Fidelity Freedom 2035 Fund Class K	10.03%	19.34%	13.94%	17.79%	-18.35%	14.50%	17.33%	24.55%	-11.24%
FMSDX Fidelity Multi-Asset Income Fund	8.45%	14.10%	9.95%	11.75%	-13.67%	17.27%	14.56%	23.14%	-0.91%

Correlation

The correlation between FSNUX and FMSDX 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 (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 27, 2018	0.88

The correlation between FSNUX and FMSDX has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

Return for Risk

FSNUX vs. FMSDX — Risk / Return Rank

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

FSNUX

FSNUX Risk / Return Rank: 72
FSNUX Sharpe Ratio Rank: 74
FSNUX Sortino Ratio Rank: 72
FSNUX Omega Ratio Rank: 72
FSNUX Calmar Ratio Rank: 69
FSNUX Martin Ratio Rank: 74

FMSDX

FMSDX Risk / Return Rank: 58
FMSDX Sharpe Ratio Rank: 55
FMSDX Sortino Ratio Rank: 50
FMSDX Omega Ratio Rank: 51
FMSDX Calmar Ratio Rank: 74
FMSDX Martin Ratio Rank: 58

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.

FSNUX vs. FMSDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom 2035 Fund Class K (FSNUX) and Fidelity Multi-Asset Income Fund (FMSDX). 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.

	FSNUX	FMSDX	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.20	+0.30
Sortino ratio: Return per unit of downside risk	3.53	2.99	+0.54
Omega ratio: Gain probability vs. loss probability	1.48	1.39	+0.08
Calmar ratio: Return relative to maximum drawdown	3.21	3.36	-0.15
Martin ratio: Return relative to average drawdown	14.00	11.69	+2.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSNUX vs. FMSDX - Sharpe Ratio Comparison

The current FSNUX Sharpe Ratio is 2.49, which is comparable to the FMSDX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of FSNUX and FMSDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FSNUX	FMSDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	2.20	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.66	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.92	-0.19

Drawdowns

FSNUX vs. FMSDX - Drawdown Comparison

The maximum FSNUX drawdown since its inception was -28.85%, which is greater than FMSDX's maximum drawdown of -21.64%. Use the drawdown chart below to compare losses from any high point for FSNUX and FMSDX.

Drawdown Indicators

	FSNUX	FMSDX	Difference
Max Drawdown Largest peak-to-trough decline	-28.85%	-21.64%	-7.21%
Max Drawdown (1Y) Largest decline over 1 year	-7.49%	-6.47%	-1.02%
Max Drawdown (3Y) Largest decline over 3 years	-11.58%	-13.17%	+1.59%
Max Drawdown (5Y) Largest decline over 5 years	-25.87%	-18.12%	-7.75%
Current Drawdown Current decline from peak	0.00%	-0.71%	+0.71%
Average Drawdown Average peak-to-trough decline	-5.45%	-3.81%	-1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	1.86%	-0.15%

Volatility

FSNUX vs. FMSDX - Volatility Comparison

Fidelity Freedom 2035 Fund Class K (FSNUX) has a higher volatility of 3.36% compared to Fidelity Multi-Asset Income Fund (FMSDX) at 2.50%. This indicates that FSNUX's price experiences larger fluctuations and is considered to be riskier than FMSDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSNUX	FMSDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	2.50%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	7.97%	7.39%	+0.58%
Volatility (1Y) Calculated over the trailing 1-year period	9.65%	9.89%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.45%	9.80%	+2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.96%	10.60%	+3.36%

FSNUX vs. FMSDX - Expense Ratio Comparison

FSNUX has a 0.61% expense ratio, which is lower than FMSDX's 0.78% expense ratio.

Dividends

FSNUX vs. FMSDX - Dividend Comparison

FSNUX's dividend yield for the trailing twelve months is around 5.90%, more than FMSDX's 3.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FMSDX Fidelity Multi-Asset Income Fund	3.47%	3.81%	3.84%	4.23%	3.74%	2.81%	1.79%	2.82%	4.36%	0.00%
FSNUX Fidelity Freedom 2035 Fund Class K	5.90%	5.08%	5.51%	2.03%	10.34%	11.67%	6.01%	6.85%	7.77%	1.74%

Frequently Asked Questions

Can I hold both FSNUX and FMSDX in my portfolio?

FSNUX and FMSDX 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, FSNUX or FMSDX?

FSNUX has higher volatility (3.36%) compared to FMSDX (2.50%). In terms of maximum drawdown, FSNUX dropped -28.85% vs FMSDX's -21.64%.

Which has better risk-adjusted returns?

FSNUX currently has the higher Sharpe Ratio (2.49 vs 2.20), 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.