SWYHX vs. FIOFX

Last updated Jun 4, 2026

SWYHX (Schwab Target 2045 Index Fund) and FIOFX (Fidelity Freedom Index 2045 Fund Investor Class) are both Target Retirement Date funds. Over the past 5 years, SWYHX returned 9.68%/yr vs 10.03%/yr for FIOFX. With a 0.98 correlation, they move nearly in lockstep. SWYHX charges 0.04%/yr vs 0.12%/yr for FIOFX.

Performance

SWYHX vs. FIOFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Target 2045 Index Fund (SWYHX) and Fidelity Freedom Index 2045 Fund Investor Class (FIOFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWYHX achieves a 11.33% return, which is significantly lower than FIOFX's 12.20% return.

SWYHX

• 1D: 0.30%
• 1M: 4.71%
• YTD: 11.33%
• 6M: 11.84%
• 1Y: 25.55%
• 3Y*: 18.34%
• 5Y*: 9.68%
• 10Y*: —

FIOFX

• 1D: 0.41%
• 1M: 5.43%
• YTD: 12.20%
• 6M: 13.11%
• 1Y: 28.24%
• 3Y*: 19.40%
• 5Y*: 10.03%
• 10Y*: 11.87%

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

SWYHX vs. FIOFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWYHX Schwab Target 2045 Index Fund	11.33%	18.65%	13.72%	20.34%	-17.37%	17.04%	14.50%	24.80%	-7.28%	20.07%
FIOFX Fidelity Freedom Index 2045 Fund Investor Class	12.20%	21.40%	14.14%	19.90%	-18.21%	15.95%	16.43%	25.96%	-7.24%	20.59%

Correlation

The correlation between SWYHX and FIOFX is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Aug 31, 2016	0.98

The correlation between SWYHX and FIOFX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

SWYHX vs. FIOFX - Sectors Allocation Comparison

Sectors	SWYHX	FIOFX
Technology	27.1%	25.9%
Financial Services	15.1%	17.1%
Industrials	11.2%	11.7%
Consumer Cyclical	8.9%	9.4%
Healthcare	7.8%	9.1%
Communication Services	7.6%	8.0%
Real Estate	7.5%	2.1%
Consumer Defensive	4.6%	5.2%
Energy	4.0%	4.7%
Basic Materials	3.7%	4.1%
Utilities	2.5%	2.8%

Return for Risk

SWYHX vs. FIOFX — Risk / Return Rank

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

SWYHX

SWYHX Risk / Return Rank: 69
SWYHX Sharpe Ratio Rank: 71
SWYHX Sortino Ratio Rank: 68
SWYHX Omega Ratio Rank: 64
SWYHX Calmar Ratio Rank: 69
SWYHX Martin Ratio Rank: 76

FIOFX

FIOFX Risk / Return Rank: 71
FIOFX Sharpe Ratio Rank: 74
FIOFX Sortino Ratio Rank: 68
FIOFX Omega Ratio Rank: 67
FIOFX Calmar Ratio Rank: 70
FIOFX Martin Ratio Rank: 75

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.

SWYHX vs. FIOFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Target 2045 Index Fund (SWYHX) and Fidelity Freedom Index 2045 Fund Investor Class (FIOFX). 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.

	SWYHX	FIOFX	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.49	-0.05
Sortino ratio: Return per unit of downside risk	3.42	3.44	-0.02
Omega ratio: Gain probability vs. loss probability	1.45	1.46	-0.01
Calmar ratio: Return relative to maximum drawdown	3.19	3.22	-0.03
Martin ratio: Return relative to average drawdown	14.32	14.23	+0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWYHX vs. FIOFX - Sharpe Ratio Comparison

The current SWYHX Sharpe Ratio is 2.45, which is comparable to the FIOFX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of SWYHX and FIOFX, 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

	SWYHX	FIOFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.49	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.70	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.72	+0.03

Drawdowns

SWYHX vs. FIOFX - Drawdown Comparison

The maximum SWYHX drawdown since its inception was -29.41%, roughly equal to the maximum FIOFX drawdown of -30.72%. Use the drawdown chart below to compare losses from any high point for SWYHX and FIOFX.

Drawdown Indicators

	SWYHX	FIOFX	Difference
Max Drawdown Largest peak-to-trough decline	-29.41%	-30.72%	+1.31%
Max Drawdown (1Y) Largest decline over 1 year	-8.14%	-8.87%	+0.73%
Max Drawdown (3Y) Largest decline over 3 years	-14.14%	-14.75%	+0.61%
Max Drawdown (5Y) Largest decline over 5 years	-24.92%	-26.22%	+1.30%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.72%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.38%	-4.15%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	2.01%	-0.20%

Volatility

SWYHX vs. FIOFX - Volatility Comparison

The current volatility for Schwab Target 2045 Index Fund (SWYHX) is 3.22%, while Fidelity Freedom Index 2045 Fund Investor Class (FIOFX) has a volatility of 3.48%. This indicates that SWYHX experiences smaller price fluctuations and is considered to be less risky than FIOFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWYHX	FIOFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.22%	3.48%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	8.41%	9.21%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	10.63%	11.48%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.09%	14.36%	-0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.01%	15.15%	-0.14%

SWYHX vs. FIOFX - Expense Ratio Comparison

SWYHX has a 0.04% expense ratio, which is lower than FIOFX's 0.12% 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

SWYHX vs. FIOFX - Dividend Comparison

SWYHX's dividend yield for the trailing twelve months is around 1.87%, less than FIOFX's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIOFX Fidelity Freedom Index 2045 Fund Investor Class	1.90%	2.03%	2.01%	1.95%	2.03%	1.92%	1.95%	14.88%	2.26%	1.89%	2.00%	2.01%
SWYHX Schwab Target 2045 Index Fund	1.87%	2.08%	2.13%	2.02%	1.98%	1.80%	1.65%	1.96%	2.23%	1.42%	1.05%	0.00%

Frequently Asked Questions

Can I hold both SWYHX and FIOFX in my portfolio?

With a correlation of 0.99, SWYHX and FIOFX 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, SWYHX or FIOFX?

FIOFX has higher volatility (3.48%) compared to SWYHX (3.22%). In terms of maximum drawdown, SWYHX dropped -29.41% vs FIOFX's -30.72%.

Which has better risk-adjusted returns?

FIOFX currently has the higher Sharpe Ratio (2.49 vs 2.45), 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.