STLEX vs. FHMEX

Last updated Jun 4, 2026

STLEX (BlackRock LifePath Dynamic 2040 Fund) and FHMEX (Fidelity Advisor Freedom Blend 2060 Fund Class M) are both Target Retirement Date funds. Over the past 5 years, STLEX returned 7.06%/yr vs 10.08%/yr for FHMEX. Their correlation of 0.94 suggests significant overlap in exposure. STLEX charges 0.47%/yr vs 0.99%/yr for FHMEX.

Performance

STLEX vs. FHMEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock LifePath Dynamic 2040 Fund (STLEX) and Fidelity Advisor Freedom Blend 2060 Fund Class M (FHMEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, STLEX achieves a 10.48% return, which is significantly lower than FHMEX's 13.63% return.

STLEX

• 1D: 0.29%
• 1M: 4.06%
• YTD: 10.48%
• 6M: 11.23%
• 1Y: 22.59%
• 3Y*: 14.10%
• 5Y*: 7.06%
• 10Y*: 10.00%

FHMEX

• 1D: 0.66%
• 1M: 5.35%
• YTD: 13.63%
• 6M: 15.08%
• 1Y: 30.34%
• 3Y*: 20.51%
• 5Y*: 10.08%
• 10Y*: —

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

STLEX vs. FHMEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
STLEX BlackRock LifePath Dynamic 2040 Fund	10.48%	16.87%	4.80%	19.45%	-17.10%	16.01%	14.01%	25.74%	-11.28%
FHMEX Fidelity Advisor Freedom Blend 2060 Fund Class M	13.63%	22.07%	15.63%	19.88%	-19.47%	15.67%	17.17%	25.76%	-12.02%

Correlation

The correlation between STLEX and FHMEX is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Sep 4, 2018	0.94

The correlation between STLEX and FHMEX has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

Return for Risk

STLEX vs. FHMEX — Risk / Return Rank

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

STLEX

STLEX Risk / Return Rank: 56
STLEX Sharpe Ratio Rank: 52
STLEX Sortino Ratio Rank: 51
STLEX Omega Ratio Rank: 50
STLEX Calmar Ratio Rank: 61
STLEX Martin Ratio Rank: 67

FHMEX

FHMEX Risk / Return Rank: 67
FHMEX Sharpe Ratio Rank: 67
FHMEX Sortino Ratio Rank: 62
FHMEX Omega Ratio Rank: 64
FHMEX Calmar Ratio Rank: 68
FHMEX Martin Ratio Rank: 74

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.

STLEX vs. FHMEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock LifePath Dynamic 2040 Fund (STLEX) and Fidelity Advisor Freedom Blend 2060 Fund Class M (FHMEX). 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.

	STLEX	FHMEX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.42	-0.29
Sortino ratio: Return per unit of downside risk	3.00	3.33	-0.33
Omega ratio: Gain probability vs. loss probability	1.39	1.45	-0.06
Calmar ratio: Return relative to maximum drawdown	3.00	3.17	-0.17
Martin ratio: Return relative to average drawdown	13.09	14.03	-0.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STLEX vs. FHMEX - Sharpe Ratio Comparison

The current STLEX Sharpe Ratio is 2.13, which is comparable to the FHMEX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of STLEX and FHMEX, 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

	STLEX	FHMEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.42	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.67	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.68	-0.20

Drawdowns

STLEX vs. FHMEX - Drawdown Comparison

The maximum STLEX drawdown since its inception was -54.19%, which is greater than FHMEX's maximum drawdown of -31.37%. Use the drawdown chart below to compare losses from any high point for STLEX and FHMEX.

Drawdown Indicators

	STLEX	FHMEX	Difference
Max Drawdown Largest peak-to-trough decline	-54.19%	-31.37%	-22.82%
Max Drawdown (1Y) Largest decline over 1 year	-7.59%	-9.70%	+2.11%
Max Drawdown (3Y) Largest decline over 3 years	-19.71%	-15.56%	-4.15%
Max Drawdown (5Y) Largest decline over 5 years	-24.93%	-28.17%	+3.24%
Max Drawdown (10Y) Largest decline over 10 years	-33.13%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.28%	-6.09%	-3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	2.19%	-0.45%

Volatility

STLEX vs. FHMEX - Volatility Comparison

The current volatility for BlackRock LifePath Dynamic 2040 Fund (STLEX) is 3.19%, while Fidelity Advisor Freedom Blend 2060 Fund Class M (FHMEX) has a volatility of 4.23%. This indicates that STLEX experiences smaller price fluctuations and is considered to be less risky than FHMEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STLEX	FHMEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	4.23%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	8.55%	10.49%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	10.72%	12.74%	-2.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.56%	15.11%	-0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.69%	16.92%	-2.23%

STLEX vs. FHMEX - Expense Ratio Comparison

STLEX has a 0.47% expense ratio, which is lower than FHMEX's 0.99% expense ratio.

Dividends

STLEX vs. FHMEX - Dividend Comparison

STLEX's dividend yield for the trailing twelve months is around 5.55%, more than FHMEX's 3.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHMEX Fidelity Advisor Freedom Blend 2060 Fund Class M	3.00%	2.11%	4.61%	1.63%	5.59%	7.69%	3.89%	2.53%	3.24%	0.00%	0.00%	0.00%
STLEX BlackRock LifePath Dynamic 2040 Fund	5.55%	6.14%	2.31%	4.81%	2.21%	20.42%	4.25%	6.64%	14.47%	14.38%	1.84%	10.65%

Frequently Asked Questions

Can I hold both STLEX and FHMEX in my portfolio?

With a correlation of 0.98, STLEX and FHMEX 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, STLEX or FHMEX?

FHMEX has higher volatility (4.23%) compared to STLEX (3.19%). In terms of maximum drawdown, STLEX dropped -54.19% vs FHMEX's -31.37%.

Which has better risk-adjusted returns?

FHMEX currently has the higher Sharpe Ratio (2.42 vs 2.13), 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.