FTLSX vs. TBLAX

Last updated Jun 23, 2026

FTLSX (Fidelity Flex Freedom Blend Income Fund) and TBLAX (T. Rowe Price Retirement Blend 2005 Fund) are both Target Retirement Date funds. Over the past 3 years, FTLSX returned 8.12%/yr vs 10.60%/yr for TBLAX. Their correlation of 0.83 suggests significant overlap in exposure. FTLSX charges 0.00%/yr vs 0.19%/yr for TBLAX.

Performance

FTLSX vs. TBLAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Flex Freedom Blend Income Fund (FTLSX) and T. Rowe Price Retirement Blend 2005 Fund (TBLAX). 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 FTLSX having a 5.30% return and TBLAX slightly higher at 5.51%.

FTLSX

• 1D: 0.67%
• 1M: 1.35%
• YTD: 5.30%
• 6M: 5.45%
• 1Y: 11.51%
• 3Y*: 8.12%
• 5Y*: 3.52%
• 10Y*: —

TBLAX

• 1D: 0.54%
• 1M: 0.91%
• YTD: 5.51%
• 6M: 5.51%
• 1Y: 13.59%
• 3Y*: 10.60%
• 5Y*: —
• 10Y*: —

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

FTLSX vs. TBLAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FTLSX Fidelity Flex Freedom Blend Income Fund	5.30%	10.31%	4.72%	8.60%	-11.33%	0.03%
TBLAX T. Rowe Price Retirement Blend 2005 Fund	5.51%	12.08%	8.71%	12.41%	-13.11%	1.40%

Correlation

The correlation between FTLSX and TBLAX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Aug 3, 2021	0.83

The correlation between FTLSX and TBLAX has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

Return for Risk

FTLSX vs. TBLAX — Risk / Return Rank

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

FTLSX

FTLSX Risk / Return Rank: 78
FTLSX Sharpe Ratio Rank: 77
FTLSX Sortino Ratio Rank: 79
FTLSX Omega Ratio Rank: 81
FTLSX Calmar Ratio Rank: 74
FTLSX Martin Ratio Rank: 79

TBLAX

TBLAX Risk / Return Rank: 73
TBLAX Sharpe Ratio Rank: 75
TBLAX Sortino Ratio Rank: 76
TBLAX Omega Ratio Rank: 77
TBLAX Calmar Ratio Rank: 65
TBLAX Martin Ratio Rank: 73

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.

FTLSX vs. TBLAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Flex Freedom Blend Income Fund (FTLSX) and T. Rowe Price Retirement Blend 2005 Fund (TBLAX). 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.

	FTLSX	TBLAX	Difference
Sharpe ratio: Return per unit of total volatility	2.36	2.31	+0.05
Sortino ratio: Return per unit of downside risk	3.45	3.33	+0.12
Omega ratio: Gain probability vs. loss probability	1.49	1.46	+0.03
Calmar ratio: Return relative to maximum drawdown	3.18	2.96	+0.22
Martin ratio: Return relative to average drawdown	13.71	13.03	+0.68

FTLSX vs. TBLAX - Sharpe Ratio Comparison

The current FTLSX Sharpe Ratio is 2.36, which is comparable to the TBLAX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of FTLSX and TBLAX, 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

FTLSX vs. TBLAX - Drawdown Comparison

The maximum FTLSX drawdown since its inception was -15.74%, smaller than the maximum TBLAX drawdown of -18.31%. Use the drawdown chart below to compare losses from any high point for FTLSX and TBLAX.

Drawdown Indicators

	FTLSX	TBLAX	Difference
Max Drawdown Largest peak-to-trough decline	-15.74%	-18.31%	+2.57%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-4.61%	+0.96%
Max Drawdown (3Y) Largest decline over 3 years	-4.83%	-6.58%	+1.75%
Max Drawdown (5Y) Largest decline over 5 years	-15.74%	—	—
Current Drawdown Current decline from peak	0.00%	-0.27%	+0.27%
Average Drawdown Average peak-to-trough decline	-2.80%	-4.55%	+1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	1.05%	-0.21%

Volatility

FTLSX vs. TBLAX - Volatility Comparison

Fidelity Flex Freedom Blend Income Fund (FTLSX) and T. Rowe Price Retirement Blend 2005 Fund (TBLAX) have volatilities of 2.31% and 2.32%, 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

	FTLSX	TBLAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	2.32%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	4.25%	4.97%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	4.92%	5.90%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.50%	7.53%	-2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.81%	7.53%	-2.72%

FTLSX vs. TBLAX - Expense Ratio Comparison

FTLSX has a 0.00% expense ratio, which is lower than TBLAX's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FTLSX vs. TBLAX - Dividend Comparison

FTLSX's dividend yield for the trailing twelve months is around 3.51%, more than TBLAX's 3.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTLSX Fidelity Flex Freedom Blend Income Fund	3.51%	3.68%	3.37%	3.19%	5.28%	4.91%	3.06%	4.44%	4.26%	1.97%
TBLAX T. Rowe Price Retirement Blend 2005 Fund	3.45%	3.64%	2.33%	2.45%	3.65%	2.07%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTLSX and TBLAX in my portfolio?

FTLSX and TBLAX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTLSX or TBLAX?

TBLAX has higher volatility (2.32%) compared to FTLSX (2.31%). In terms of maximum drawdown, FTLSX dropped -15.74% vs TBLAX's -18.31%.

Which has better risk-adjusted returns?

FTLSX currently has the higher Sharpe Ratio (2.36 vs 2.31), 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.