PDGZX vs. FTLSX

Last updated Jun 24, 2026

PDGZX (PIMCO RealPath Blend 2035 Fund) and FTLSX (Fidelity Flex Freedom Blend Income Fund) are both Target Retirement Date funds. Over the past 5 years, PDGZX returned 7.36%/yr vs 3.42%/yr for FTLSX. A 0.79 correlation means they provide meaningful diversification when combined. PDGZX charges 0.05%/yr vs 0.00%/yr for FTLSX.

Performance

PDGZX vs. FTLSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RealPath Blend 2035 Fund (PDGZX) and Fidelity Flex Freedom Blend Income Fund (FTLSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDGZX achieves a 8.55% return, which is significantly higher than FTLSX's 5.00% return.

PDGZX

• 1D: -0.18%
• 1M: 1.19%
• YTD: 8.55%
• 6M: 8.14%
• 1Y: 20.04%
• 3Y*: 14.46%
• 5Y*: 7.36%
• 10Y*: 9.86%

FTLSX

• 1D: -0.28%
• 1M: 1.06%
• YTD: 5.00%
• 6M: 4.95%
• 1Y: 10.86%
• 3Y*: 8.18%
• 5Y*: 3.42%
• 10Y*: —

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

PDGZX vs. FTLSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PDGZX PIMCO RealPath Blend 2035 Fund	8.55%	16.92%	10.09%	16.52%	-17.06%	15.06%	13.72%	22.67%	-6.75%	8.55%
FTLSX Fidelity Flex Freedom Blend Income Fund	5.00%	10.31%	4.72%	8.60%	-11.33%	3.30%	9.04%	10.97%	-1.40%	3.61%

Correlation

The correlation between PDGZX and FTLSX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 15, 2017	0.79

The correlation between PDGZX and FTLSX shifts across timeframes, from 0.79 (all time) to 0.91 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PDGZX vs. FTLSX — Risk / Return Rank

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

PDGZX

PDGZX Risk / Return Rank: 72
PDGZX Sharpe Ratio Rank: 74
PDGZX Sortino Ratio Rank: 72
PDGZX Omega Ratio Rank: 74
PDGZX Calmar Ratio Rank: 66
PDGZX Martin Ratio Rank: 74

FTLSX

FTLSX Risk / Return Rank: 75
FTLSX Sharpe Ratio Rank: 73
FTLSX Sortino Ratio Rank: 76
FTLSX Omega Ratio Rank: 79
FTLSX Calmar Ratio Rank: 70
FTLSX Martin Ratio Rank: 76

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.

PDGZX vs. FTLSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RealPath Blend 2035 Fund (PDGZX) and Fidelity Flex Freedom Blend Income Fund (FTLSX). 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.

	PDGZX	FTLSX	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.29	+0.01
Sortino ratio: Return per unit of downside risk	3.20	3.34	-0.14
Omega ratio: Gain probability vs. loss probability	1.44	1.47	-0.03
Calmar ratio: Return relative to maximum drawdown	2.99	3.09	-0.10
Martin ratio: Return relative to average drawdown	13.07	13.33	-0.26

PDGZX vs. FTLSX - Sharpe Ratio Comparison

The current PDGZX Sharpe Ratio is 2.31, which is comparable to the FTLSX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of PDGZX and FTLSX, 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

PDGZX vs. FTLSX - Drawdown Comparison

The maximum PDGZX drawdown since its inception was -27.25%, which is greater than FTLSX's maximum drawdown of -15.74%. Use the drawdown chart below to compare losses from any high point for PDGZX and FTLSX.

Drawdown Indicators

	PDGZX	FTLSX	Difference
Max Drawdown Largest peak-to-trough decline	-27.25%	-15.74%	-11.51%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-3.65%	-3.35%
Max Drawdown (3Y) Largest decline over 3 years	-10.65%	-4.83%	-5.82%
Max Drawdown (5Y) Largest decline over 5 years	-24.26%	-15.74%	-8.52%
Max Drawdown (10Y) Largest decline over 10 years	-27.25%	—	—
Current Drawdown Current decline from peak	-0.57%	-0.28%	-0.29%
Average Drawdown Average peak-to-trough decline	-4.38%	-2.80%	-1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	0.84%	+0.76%

Volatility

PDGZX vs. FTLSX - Volatility Comparison

PIMCO RealPath Blend 2035 Fund (PDGZX) has a higher volatility of 3.58% compared to Fidelity Flex Freedom Blend Income Fund (FTLSX) at 2.26%. This indicates that PDGZX's price experiences larger fluctuations and is considered to be riskier than FTLSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDGZX	FTLSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	2.26%	+1.32%
Volatility (6M) Calculated over the trailing 6-month period	7.56%	4.27%	+3.29%
Volatility (1Y) Calculated over the trailing 1-year period	9.10%	4.94%	+4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.68%	5.51%	+6.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.22%	4.81%	+7.41%

PDGZX vs. FTLSX - Expense Ratio Comparison

PDGZX has a 0.05% expense ratio, which is higher than FTLSX's 0.00% 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

PDGZX vs. FTLSX - Dividend Comparison

PDGZX's dividend yield for the trailing twelve months is around 5.71%, more than FTLSX's 3.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTLSX Fidelity Flex Freedom Blend Income Fund	3.52%	3.68%	3.37%	3.19%	5.28%	4.91%	3.06%	4.44%	4.26%	1.97%	0.00%	0.00%
PDGZX PIMCO RealPath Blend 2035 Fund	5.71%	5.09%	4.17%	2.73%	3.30%	4.92%	2.12%	3.71%	5.84%	2.17%	2.72%	2.40%

Frequently Asked Questions

Can I hold both PDGZX and FTLSX in my portfolio?

With a correlation of 0.91, PDGZX and FTLSX 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, PDGZX or FTLSX?

PDGZX has higher volatility (3.58%) compared to FTLSX (2.26%). In terms of maximum drawdown, PDGZX dropped -27.25% vs FTLSX's -15.74%.

Which has better risk-adjusted returns?

PDGZX currently has the higher Sharpe Ratio (2.31 vs 2.29), 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.