FSNZX vs. VTIVX

Last updated Jun 3, 2026

FSNZX (Fidelity Freedom 2045 Fund Class K) and VTIVX (Vanguard Target Retirement 2045 Fund) are both Target Retirement Date funds. Over the past 5 years, FSNZX returned 10.20%/yr vs 9.46%/yr for VTIVX. With a 0.98 correlation, they move nearly in lockstep. FSNZX charges 0.65%/yr vs 0.08%/yr for VTIVX.

Performance

FSNZX vs. VTIVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Freedom 2045 Fund Class K (FSNZX) and Vanguard Target Retirement 2045 Fund (VTIVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSNZX achieves a 12.84% return, which is significantly higher than VTIVX's 10.74% return.

FSNZX

• 1D: 0.23%
• 1M: 3.95%
• YTD: 12.84%
• 6M: 15.11%
• 1Y: 30.41%
• 3Y*: 20.40%
• 5Y*: 10.20%
• 10Y*: —

VTIVX

• 1D: 0.26%
• 1M: 4.06%
• YTD: 10.74%
• 6M: 11.95%
• 1Y: 25.85%
• 3Y*: 18.36%
• 5Y*: 9.46%
• 10Y*: 11.32%

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

FSNZX vs. VTIVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSNZX Fidelity Freedom 2045 Fund Class K	12.84%	23.75%	14.20%	20.66%	-18.25%	16.70%	18.36%	25.55%	-8.89%	7.39%
VTIVX Vanguard Target Retirement 2045 Fund	10.74%	20.01%	13.68%	19.72%	-17.38%	16.16%	16.31%	24.94%	-7.89%	5.63%

Correlation

The correlation between FSNZX and VTIVX 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 (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jul 26, 2017	0.98

The correlation between FSNZX and VTIVX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

FSNZX vs. VTIVX — Risk / Return Rank

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

FSNZX

FSNZX Risk / Return Rank: 72
FSNZX Sharpe Ratio Rank: 75
FSNZX Sortino Ratio Rank: 68
FSNZX Omega Ratio Rank: 69
FSNZX Calmar Ratio Rank: 72
FSNZX Martin Ratio Rank: 78

VTIVX

VTIVX Risk / Return Rank: 72
VTIVX Sharpe Ratio Rank: 76
VTIVX Sortino Ratio Rank: 72
VTIVX Omega Ratio Rank: 70
VTIVX Calmar Ratio Rank: 68
VTIVX Martin Ratio Rank: 75

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.

FSNZX vs. VTIVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Freedom 2045 Fund Class K (FSNZX) and Vanguard Target Retirement 2045 Fund (VTIVX). 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.

	FSNZX	VTIVX	Difference
Sharpe ratio Return per unit of total volatility	2.50	2.53	-0.03
Sortino ratio Return per unit of downside risk	3.45	3.52	-0.07
Omega ratio Gain probability vs. loss probability	1.46	1.47	0.00
Calmar ratio Return relative to maximum drawdown	3.31	3.19	+0.12
Martin ratio Return relative to average drawdown	14.65	14.14	+0.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSNZX vs. VTIVX - Sharpe Ratio Comparison

The current FSNZX Sharpe Ratio is 2.50, which is comparable to the VTIVX Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of FSNZX and VTIVX, 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

	FSNZX	VTIVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	2.53	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.70	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.55	+0.19

Drawdowns

FSNZX vs. VTIVX - Drawdown Comparison

The maximum FSNZX drawdown since its inception was -30.92%, smaller than the maximum VTIVX drawdown of -51.69%. Use the drawdown chart below to compare losses from any high point for FSNZX and VTIVX.

Drawdown Indicators

	FSNZX	VTIVX	Difference
Max Drawdown Largest peak-to-trough decline	-30.92%	-51.69%	+20.77%
Max Drawdown (1Y) Largest decline over 1 year	-9.53%	-8.30%	-1.23%
Max Drawdown (3Y) Largest decline over 3 years	-15.40%	-13.40%	-2.00%
Max Drawdown (5Y) Largest decline over 5 years	-27.30%	-25.10%	-2.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.42%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.60%	-6.33%	+0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	1.87%	+0.28%

Volatility

FSNZX vs. VTIVX - Volatility Comparison

Fidelity Freedom 2045 Fund Class K (FSNZX) has a higher volatility of 4.13% compared to Vanguard Target Retirement 2045 Fund (VTIVX) at 3.18%. This indicates that FSNZX's price experiences larger fluctuations and is considered to be riskier than VTIVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSNZX	VTIVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	3.18%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	10.27%	8.38%	+1.89%
Volatility (1Y) Calculated over the trailing 1-year period	12.58%	10.52%	+2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.00%	13.49%	+1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	14.79%	+1.17%

FSNZX vs. VTIVX - Expense Ratio Comparison

FSNZX has a 0.65% expense ratio, which is higher than VTIVX's 0.08% expense ratio.

Dividends

FSNZX vs. VTIVX - Dividend Comparison

FSNZX's dividend yield for the trailing twelve months is around 5.84%, more than VTIVX's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSNZX Fidelity Freedom 2045 Fund Class K	5.84%	4.41%	2.26%	1.99%	12.13%	12.05%	5.08%	6.60%	7.94%	2.87%	0.00%	0.00%
VTIVX Vanguard Target Retirement 2045 Fund	2.25%	2.50%	2.36%	2.27%	2.75%	15.40%	1.90%	2.23%	2.52%	0.04%	2.47%	3.29%

Frequently Asked Questions

Can I hold both FSNZX and VTIVX in my portfolio?

With a correlation of 0.99, FSNZX and VTIVX 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, FSNZX or VTIVX?

FSNZX has higher volatility (4.13%) compared to VTIVX (3.18%). In terms of maximum drawdown, FSNZX dropped -30.92% vs VTIVX's -51.69%.

Which has better risk-adjusted returns?

VTIVX currently has the higher Sharpe Ratio (2.53 vs 2.50), 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.