FWLSX vs. MLLIX

Last updated Jun 4, 2026

FWLSX (Fidelity Flex Freedom Blend 2060 Fund) and MLLIX (MFS Lifetime Income Fund) are both Target Retirement Date funds. Over the past 5 years, FWLSX returned 11.32%/yr vs 3.50%/yr for MLLIX. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.00% expense ratio.

Performance

FWLSX vs. MLLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Flex Freedom Blend 2060 Fund (FWLSX) 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, FWLSX achieves a 14.17% return, which is significantly higher than MLLIX's 3.64% return.

FWLSX

• 1D: 0.65%
• 1M: 5.45%
• YTD: 14.17%
• 6M: 15.72%
• 1Y: 31.28%
• 3Y*: 22.00%
• 5Y*: 11.32%
• 10Y*: —

MLLIX

• 1D: 0.16%
• 1M: 1.26%
• YTD: 3.64%
• 6M: 3.84%
• 1Y: 9.89%
• 3Y*: 8.00%
• 5Y*: 3.50%
• 10Y*: 5.09%

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

FWLSX vs. MLLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FWLSX Fidelity Flex Freedom Blend 2060 Fund	14.17%	22.76%	17.95%	21.00%	-18.55%	16.88%	18.48%	25.96%	-8.33%	10.11%
MLLIX MFS Lifetime Income Fund	3.64%	9.32%	5.62%	9.12%	-11.99%	6.63%	10.06%	13.91%	-2.37%	3.68%

Correlation

The correlation between FWLSX and MLLIX is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 16, 2017	0.82

The correlation between FWLSX and MLLIX has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.

Return for Risk

FWLSX vs. MLLIX — Risk / Return Rank

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

FWLSX

FWLSX Risk / Return Rank: 74
FWLSX Sharpe Ratio Rank: 76
FWLSX Sortino Ratio Rank: 70
FWLSX Omega Ratio Rank: 70
FWLSX Calmar Ratio Rank: 74
FWLSX Martin Ratio Rank: 79

MLLIX

MLLIX Risk / Return Rank: 60
MLLIX Sharpe Ratio Rank: 61
MLLIX Sortino Ratio Rank: 68
MLLIX Omega Ratio Rank: 65
MLLIX Calmar Ratio Rank: 46
MLLIX 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.

FWLSX vs. MLLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Flex Freedom Blend 2060 Fund (FWLSX) 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.

	FWLSX	MLLIX	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.31	+0.22
Sortino ratio: Return per unit of downside risk	3.49	3.47	+0.02
Omega ratio: Gain probability vs. loss probability	1.47	1.45	+0.02
Calmar ratio: Return relative to maximum drawdown	3.36	2.60	+0.76
Martin ratio: Return relative to average drawdown	14.85	11.68	+3.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FWLSX vs. MLLIX - Sharpe Ratio Comparison

The current FWLSX Sharpe Ratio is 2.53, which is comparable to the MLLIX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of FWLSX 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.

Sharpe Ratios by Period

	FWLSX	MLLIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.31	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.59	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.85	-0.07

Drawdowns

FWLSX vs. MLLIX - Drawdown Comparison

The maximum FWLSX drawdown since its inception was -31.32%, which is greater than MLLIX's maximum drawdown of -17.32%. Use the drawdown chart below to compare losses from any high point for FWLSX and MLLIX.

Drawdown Indicators

	FWLSX	MLLIX	Difference
Max Drawdown Largest peak-to-trough decline	-31.32%	-17.32%	-14.00%
Max Drawdown (1Y) Largest decline over 1 year	-9.49%	-3.86%	-5.63%
Max Drawdown (3Y) Largest decline over 3 years	-15.38%	-5.74%	-9.64%
Max Drawdown (5Y) Largest decline over 5 years	-27.40%	-16.08%	-11.32%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.08%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.43%	-2.15%	-3.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	0.86%	+1.28%

Volatility

FWLSX vs. MLLIX - Volatility Comparison

Fidelity Flex Freedom Blend 2060 Fund (FWLSX) has a higher volatility of 4.12% compared to MFS Lifetime Income Fund (MLLIX) at 1.41%. This indicates that FWLSX'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

	FWLSX	MLLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	1.41%	+2.71%
Volatility (6M) Calculated over the trailing 6-month period	10.31%	3.46%	+6.85%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	4.33%	+8.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.10%	5.91%	+9.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.06%	5.71%	+10.35%

FWLSX vs. MLLIX - Expense Ratio Comparison

FWLSX has a 0.00% expense ratio, which is lower than MLLIX's 0.00% 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

FWLSX vs. MLLIX - Dividend Comparison

FWLSX's dividend yield for the trailing twelve months is around 4.02%, less than MLLIX's 7.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FWLSX Fidelity Flex Freedom Blend 2060 Fund	4.02%	3.14%	7.07%	2.36%	5.59%	9.05%	5.80%	7.02%	8.16%	3.09%	0.00%	0.00%
MLLIX MFS Lifetime Income Fund	7.68%	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 FWLSX and MLLIX in my portfolio?

FWLSX and MLLIX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FWLSX or MLLIX?

FWLSX has higher volatility (4.12%) compared to MLLIX (1.41%). In terms of maximum drawdown, FWLSX dropped -31.32% vs MLLIX's -17.32%.

Which has better risk-adjusted returns?

FWLSX currently has the higher Sharpe Ratio (2.53 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.