TRFJX vs. FRBHX
TRFJX (T. Rowe Price Retirement 2035 Fund Class I) and FRBHX (Fidelity Freedom® 2070 Fund Class K6) are both Target Retirement Date funds. Both are actively managed. Over the past year, TRFJX returned 21.28% vs 32.53% for FRBHX. Their correlation of 0.93 suggests significant overlap in exposure. TRFJX charges 0.41%/yr vs 0.45%/yr for FRBHX.
Performance
TRFJX vs. FRBHX - Performance Comparison
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Returns By Period
In the year-to-date period, TRFJX achieves a 9.08% return, which is significantly lower than FRBHX's 15.02% return.
TRFJX
- 1D
- 0.91%
- 1M
- 1.27%
- YTD
- 9.08%
- 6M
- 8.98%
- 1Y
- 21.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FRBHX
- 1D
- 1.54%
- 1M
- 3.36%
- YTD
- 15.02%
- 6M
- 15.06%
- 1Y
- 32.53%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TRFJX vs. FRBHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TRFJX T. Rowe Price Retirement 2035 Fund Class I | 9.08% | 16.37% | 3.37% |
FRBHX Fidelity Freedom® 2070 Fund Class K6 | 15.02% | 23.65% | 3.64% |
Correlation
The correlation between TRFJX and FRBHX 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 (All Time) Calculated using the full available price history since Jul 3, 2024 | 0.93 |
The correlation between TRFJX and FRBHX has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
TRFJX vs. FRBHX — Risk / Return Rank
TRFJX
FRBHX
TRFJX vs. FRBHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2035 Fund Class I (TRFJX) and Fidelity Freedom® 2070 Fund Class K6 (FRBHX). 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.
| TRFJX | FRBHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.44 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 3.31 | -0.68 |
| Martin ratioReturn relative to average drawdown | 11.45 | 14.45 | -3.00 |
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Drawdowns
TRFJX vs. FRBHX - Drawdown Comparison
The maximum TRFJX drawdown since its inception was -12.48%, smaller than the maximum FRBHX drawdown of -15.29%. Use the drawdown chart below to compare losses from any high point for TRFJX and FRBHX.
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Drawdown Indicators
| TRFJX | FRBHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.48% | -15.29% | +2.81% |
Max Drawdown (1Y)Largest decline over 1 year | -8.03% | -9.77% | +1.74% |
Current DrawdownCurrent decline from peak | -0.31% | 0.00% | -0.31% |
Average DrawdownAverage peak-to-trough decline | -1.28% | -1.77% | +0.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.84% | 2.23% | -0.39% |
Volatility
TRFJX vs. FRBHX - Volatility Comparison
The current volatility for T. Rowe Price Retirement 2035 Fund Class I (TRFJX) is 3.92%, while Fidelity Freedom® 2070 Fund Class K6 (FRBHX) has a volatility of 5.84%. This indicates that TRFJX experiences smaller price fluctuations and is considered to be less risky than FRBHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRFJX | FRBHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.92% | 5.84% | -1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 8.50% | 11.69% | -3.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.17% | 13.74% | -3.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.37% | 16.06% | -4.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.37% | 16.06% | -4.69% |
TRFJX vs. FRBHX - Expense Ratio Comparison
TRFJX has a 0.41% expense ratio, which is lower than FRBHX's 0.45% expense ratio.
Dividends
TRFJX vs. FRBHX - Dividend Comparison
TRFJX's dividend yield for the trailing twelve months is around 4.42%, more than FRBHX's 4.16% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FRBHX Fidelity Freedom® 2070 Fund Class K6 | 4.16% | 2.53% | 2.42% | 0.00% |
TRFJX T. Rowe Price Retirement 2035 Fund Class I | 4.42% | 4.82% | 2.62% | 4.70% |
Frequently Asked Questions
With a correlation of 0.98, TRFJX and FRBHX 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.
FRBHX has higher volatility (5.84%) compared to TRFJX (3.92%). In terms of maximum drawdown, TRFJX dropped -12.48% vs FRBHX's -15.29%.
FRBHX currently has the higher Sharpe Ratio (2.35 vs 2.08), 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.
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