RFVTX vs. FXAIX

Last updated Jun 23, 2026

RFVTX (American Funds 2065 Target Date Retirement Fund Class R-6) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - RFVTX is a Target Retirement Date fund actively managed by American Funds, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. RFVTX is actively managed, while FXAIX is passively managed. Over the past 5 years, RFVTX returned 10.31%/yr vs 14.10%/yr for FXAIX. With a 0.96 correlation, they move nearly in lockstep. RFVTX charges 0.39%/yr vs 0.02%/yr for FXAIX.

Performance

RFVTX vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds 2065 Target Date Retirement Fund Class R-6 (RFVTX) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RFVTX achieves a 11.20% return, which is significantly higher than FXAIX's 10.19% return.

RFVTX

• 1D: 1.17%
• 1M: 2.47%
• YTD: 11.20%
• 6M: 11.13%
• 1Y: 26.11%
• 3Y*: 18.88%
• 5Y*: 10.31%
• 10Y*: —

FXAIX

• 1D: 1.09%
• 1M: 0.47%
• YTD: 10.19%
• 6M: 9.68%
• 1Y: 27.18%
• 3Y*: 20.98%
• 5Y*: 14.10%
• 10Y*: 15.58%

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

RFVTX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
RFVTX American Funds 2065 Target Date Retirement Fund Class R-6	11.20%	20.74%	15.64%	21.56%	-19.63%	17.34%	47.06%
FXAIX Fidelity 500 Index Fund	10.19%	17.84%	25.01%	26.29%	-18.14%	28.71%	44.77%

Correlation

The correlation between RFVTX and FXAIX is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 27, 2020	0.96

The correlation between RFVTX and FXAIX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

RFVTX vs. FXAIX — Risk / Return Rank

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

RFVTX

RFVTX Risk / Return Rank: 55
RFVTX Sharpe Ratio Rank: 55
RFVTX Sortino Ratio Rank: 52
RFVTX Omega Ratio Rank: 54
RFVTX Calmar Ratio Rank: 52
RFVTX Martin Ratio Rank: 63

FXAIX

FXAIX Risk / Return Rank: 66
FXAIX Sharpe Ratio Rank: 64
FXAIX Sortino Ratio Rank: 59
FXAIX Omega Ratio Rank: 61
FXAIX Calmar Ratio Rank: 68
FXAIX Martin Ratio Rank: 79

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.

RFVTX vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds 2065 Target Date Retirement Fund Class R-6 (RFVTX) and Fidelity 500 Index Fund (FXAIX). 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.

	RFVTX	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.17	-0.16
Sortino ratio: Return per unit of downside risk	2.79	2.93	-0.14
Omega ratio: Gain probability vs. loss probability	1.37	1.39	-0.02
Calmar ratio: Return relative to maximum drawdown	2.63	3.04	-0.41
Martin ratio: Return relative to average drawdown	11.68	13.75	-2.07

RFVTX vs. FXAIX - Sharpe Ratio Comparison

The current RFVTX Sharpe Ratio is 2.01, which is comparable to the FXAIX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of RFVTX and FXAIX, 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

RFVTX vs. FXAIX - Drawdown Comparison

The maximum RFVTX drawdown since its inception was -27.34%, smaller than the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for RFVTX and FXAIX.

Drawdown Indicators

	RFVTX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-27.34%	-33.79%	+6.45%
Max Drawdown (1Y) Largest decline over 1 year	-9.83%	-8.89%	-0.94%
Max Drawdown (3Y) Largest decline over 3 years	-15.53%	-18.76%	+3.23%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	-24.50%	-2.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-0.04%	-1.36%	+1.32%
Average Drawdown Average peak-to-trough decline	-5.85%	-3.79%	-2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	1.96%	+0.25%

Volatility

RFVTX vs. FXAIX - Volatility Comparison

American Funds 2065 Target Date Retirement Fund Class R-6 (RFVTX) has a higher volatility of 5.24% compared to Fidelity 500 Index Fund (FXAIX) at 4.77%. This indicates that RFVTX's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFVTX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	4.77%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	10.65%	9.91%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	12.85%	12.47%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.86%	17.01%	-2.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.12%	18.11%	-2.99%

RFVTX vs. FXAIX - Expense Ratio Comparison

RFVTX has a 0.39% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

RFVTX vs. FXAIX - Dividend Comparison

RFVTX's dividend yield for the trailing twelve months is around 4.20%, more than FXAIX's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.04%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
RFVTX American Funds 2065 Target Date Retirement Fund Class R-6	4.20%	4.67%	2.80%	1.99%	3.96%	1.54%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RFVTX and FXAIX in my portfolio?

With a correlation of 0.95, RFVTX and FXAIX 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, RFVTX or FXAIX?

RFVTX has higher volatility (5.24%) compared to FXAIX (4.77%). In terms of maximum drawdown, RFVTX dropped -27.34% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.17 vs 2.01), 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.