TRRFX vs. FNSHX
TRRFX (T. Rowe Price Retirement 2005 Fund) and FNSHX (Fidelity Freedom Income Fund Class K) are both Target Retirement Date funds. Over the past 5 years, TRRFX returned 3.51%/yr vs 3.24%/yr for FNSHX. Their correlation of 0.81 suggests significant overlap in exposure. TRRFX charges 0.49%/yr vs 0.42%/yr for FNSHX.
Performance
TRRFX vs. FNSHX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with TRRFX having a 5.07% return and FNSHX slightly lower at 4.93%.
TRRFX
- 1D
- -0.23%
- 1M
- 0.68%
- YTD
- 5.07%
- 6M
- 4.91%
- 1Y
- 6.34%
- 3Y*
- 8.30%
- 5Y*
- 3.51%
- 10Y*
- 5.71%
FNSHX
- 1D
- -0.17%
- 1M
- 1.16%
- YTD
- 4.93%
- 6M
- 4.87%
- 1Y
- 10.66%
- 3Y*
- 7.98%
- 5Y*
- 3.24%
- 10Y*
- —
TRRFX vs. FNSHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRRFX T. Rowe Price Retirement 2005 Fund | 5.07% | 5.43% | 8.04% | 11.97% | -13.61% | 8.13% | 11.24% | 15.09% | -3.29% | 3.43% |
FNSHX Fidelity Freedom Income Fund Class K | 4.93% | 10.35% | 4.40% | 8.26% | -11.31% | 3.16% | 9.01% | 10.74% | -1.86% | 0.09% |
Correlation
The correlation between TRRFX and FNSHX is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jul 25, 2017 | 0.81 |
The correlation between TRRFX and FNSHX has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.
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Return for Risk
TRRFX vs. FNSHX — Risk / Return Rank
TRRFX
FNSHX
TRRFX vs. FNSHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2005 Fund (TRRFX) and Fidelity Freedom Income Fund Class K (FNSHX). 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.
| TRRFX | FNSHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.33 | ||
| Sortino ratioReturn per unit of downside risk | -2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.45 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 3.03 | -2.03 |
| Martin ratioReturn relative to average drawdown | 2.79 | 12.99 | -10.20 |
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Drawdowns
TRRFX vs. FNSHX - Drawdown Comparison
The maximum TRRFX drawdown since its inception was -33.29%, which is greater than FNSHX's maximum drawdown of -15.87%. Use the drawdown chart below to compare losses from any high point for TRRFX and FNSHX.
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Drawdown Indicators
| TRRFX | FNSHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.29% | -15.87% | -17.42% |
Max Drawdown (1Y)Largest decline over 1 year | -6.90% | -3.68% | -3.22% |
Max Drawdown (3Y)Largest decline over 3 years | -6.90% | -4.89% | -2.01% |
Max Drawdown (5Y)Largest decline over 5 years | -18.82% | -15.87% | -2.95% |
Max Drawdown (10Y)Largest decline over 10 years | -18.82% | — | — |
Current DrawdownCurrent decline from peak | -0.53% | -0.17% | -0.36% |
Average DrawdownAverage peak-to-trough decline | -3.50% | -3.02% | -0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.43% | 0.86% | +1.57% |
Volatility
TRRFX vs. FNSHX - Volatility Comparison
T. Rowe Price Retirement 2005 Fund (TRRFX) and Fidelity Freedom Income Fund Class K (FNSHX) have volatilities of 2.27% and 2.23%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRRFX | FNSHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.27% | 2.23% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 6.97% | 4.36% | +2.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.65% | 5.01% | +2.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.87% | 5.43% | +2.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.39% | 4.87% | +2.52% |
TRRFX vs. FNSHX - Expense Ratio Comparison
TRRFX has a 0.49% expense ratio, which is higher than FNSHX's 0.42% expense ratio.
Dividends
TRRFX vs. FNSHX - Dividend Comparison
TRRFX has not paid dividends to shareholders, while FNSHX's dividend yield for the trailing twelve months is around 2.97%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNSHX Fidelity Freedom Income Fund Class K | 2.97% | 3.21% | 3.19% | 2.98% | 5.94% | 6.17% | 4.43% | 3.74% | 5.22% | 0.00% | 0.00% | 0.00% |
TRRFX T. Rowe Price Retirement 2005 Fund | 0.00% | 0.00% | 3.87% | 4.24% | 10.43% | 10.54% | 8.55% | 3.65% | 6.97% | 4.25% | 1.28% | 1.69% |
Frequently Asked Questions
TRRFX and FNSHX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TRRFX has higher volatility (2.27%) compared to FNSHX (2.23%). In terms of maximum drawdown, TRRFX dropped -33.29% vs FNSHX's -15.87%.
FNSHX currently has the higher Sharpe Ratio (2.23 vs 0.90), 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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