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Fidelity Four-in-One

Fidelity Four-in-One Index Fund (FFNOX, now Fidelity Multi-Asset Index Fund)

Fidelity Investments (Strategic Advisers) · 1999 (fund inception 29 June 1999)

Live account on this site. This portfolio is also tracked here with a virtual $100,000 since 21.10.2026. Live account on this site →

Where it stands today

Data through 2026-09. Updated every month.

Since January+10.1 %
Last 12 months+13.4 %
Last 5 years, per year+9.2 %
Now below the peak−2.0 %
Place by 12 months14 / 60

Our calculation, 1926-07 – 2026-09

Per year9.7 %
Real (after inflation)6.5 %
Volatility16.1 %
Worst drop−77.4 %
Worst year−37.5 % (1931)
Best year57.9 %
Worst 12 months−58.0 %
Positive years76 %

25 % of this history is calculated with stand-ins for asset classes that did not exist yet (see “How we model it” and the page about data). Without stand-ins the history starts in 1990.

Growth of $10,000

$4,147$35,740$308,016$2,654,584$22,878,060$197,170,5081930194019501960197019801990200020102020
Fidelity Four-in-One: $105,827,455S&P 500: $196,488,890

Where it came from

Fidelity Four-in-One Index Fund was a fund of funds that put money into four Fidelity index funds, in fixed target shares: a large-cap US stock index fund (the 500 Index fund), a US extended-market stock index fund, an international stock index fund and a US bond index fund. The fund's tables start from 29 June 1999, which is the launch date implied by the prospectus.

It was run by Fidelity's Strategic Advisers, which reserved the right to change the target allocation. In the prospectus dated 2007 the targets were 55 % Spartan 500 Index, 15 % Spartan Extended Market Index, 15 % Spartan International Index and 15 % Fidelity U.S. Bond Index. By the summary prospectus of April 2016 (with co-managers named from 2009) the targets had become 48 % 500 Index, 12 % Extended Market, 25 % International and 15 % U.S. Bond, i.e. 85 % in stocks and 15 % in bonds. The same four targets were still in place in the summary prospectus of 29 April 2017 (revised 4 August 2017) and in 2021.

A prospectus supplement in 2021 announced that, effective 29 October 2021, the fund would be renamed Fidelity Multi-Asset Index Fund (ticker FFNOX unchanged) and would move gradually to a seven-fund mix by about the end of the first quarter of 2022: 41 % 500 Index, 10 % Extended Market, 24 % International, 10 % Emerging Markets, 7 % U.S. Bond, 5 % Long-Term Treasury Bond and 3 % International Bond. The April 2022 prospectus confirms those targets.

For the encyclopedia the model is the four-fund form, because that is the portfolio the name describes and it ran for the longest time with stable weights (at least about 2009 to 2021). The seven-fund form is kept as a variant.

What is in it

Fidelity 500 Index Fund (US large-cap)48%summary prospectus 29 Apr 2017 (rev. 4 Aug 2017); same in the April 2016 prospectus
Fidelity Extended Market Index Fund (US mid and small cap)12%
Fidelity International Index Fund25%
Fidelity U.S. Bond Index Fund15%

Source of the shares: Fidelity Aberdeen Street Trust, Fidelity Four-in-One Index Fund summary prospectus (Form 497K), 29 April 2017, revised 4 August 2017 — www.sec.gov. Lists the four underlying funds and their approximate target allocations. The 2007 prospectus (url in sources) shows the older 55/15/15/15 split, and the 2021 supplement shows the end of the four-fund form.

How we model it

US large companies (S&P 500)48%
Developed markets outside the US25%
US bond market (aggregate)15%
US small companies12%

500 Index -> us_large. Extended Market (all US stocks outside the S&P 500, i.e. mid and small caps) -> us_small, since we have no mid-cap class; this overstates small-cap exposure a bit. International Index -> intl_dev (a developed-market index, no emerging markets; the benchmark used by the fund was not read, so this is based on the fund's name). U.S. Bond Index -> bond_agg (the whole US investment-grade market).

For a euro investor

The same portfolio bought with euros, without currency hedging: monthly returns converted at the end-of-month rate (German mark before 1999), inflation of the euro area. History in euros from 1953-10 to 2026-09.

Per year in euros9.2 %
After euro inflation6.3 %
Worst drop in euros−56.0 %
Worst year in euros−31.2 % (1974)
Safe withdrawal, 30 years, dollars3.69 % (1929-09)
Safe withdrawal, 30 years, euros2.73 % (1968-12)

The largest first-year withdrawal, then growing with inflation, that lasted 30 years from every monthly start. Test withdrawals for this portfolio →

How to build it with European funds

Examples of UCITS funds sold in the EU for each part of the portfolio. They track similar markets, not exactly the indices of our calculation.

PartShareExample funds (ISIN)
US large companies (S&P 500)48%iShares Core S&P 500 UCITS ETF USD (Acc) IE00B5BMR087
Vanguard S&P 500 UCITS ETF (USD) Distributing IE00B3XXRP09
Developed markets outside the US (closest match)25%iShares Core MSCI Europe UCITS ETF EUR (Acc) IE00B4K48X80
iShares Core MSCI Japan IMI UCITS ETF IE00B4L5YX21
US bond market (aggregate) (closest match)15%iShares Core Global Aggregate Bond UCITS ETF EUR Hedged (Acc) IE00BDBRDM35
iShares Core Global Aggregate Bond UCITS ETF USD (Dist) IE00B3F81409
US small companies12%SPDR Russell 2000 U.S. Small Cap UCITS ETF IE00BJ38QD84
iShares MSCI USA Small Cap ESG Enhanced CTB UCITS ETF USD (Acc) IE00B3VWM098

These are examples, not recommendations. Check the fund's key information document, costs and taxes with your broker before buying. Names and ISINs checked on justETF on 4 November 2026; Udak receives nothing from these funds.

The idea

A single fund that gives the investor a broad, cheap, fixed mix of about 85 % stocks and 15 % bonds. The name 'four-in-one' refers to four index funds in one.

How people buy it

The fund itself (FFNOX), or the four Fidelity index funds directly (FXAIX, FSMAX, FSPSX, FXNAX).

Rebalancing as published

Strategic Advisers keeps the fund near its target allocation and may change the targets from time to time; no schedule or tolerance bands are given in the prospectuses read.

Variants

Criticism

Through the eras

EraDatesTotalPer yearWorst dropS&P 500
Roaring Twenties boom1926-07 – 1929-08+119.0 %+28.1 %−5.6 %+153.7 %
Wall Street crash and Great Contraction1929-09 – 1932-07−71.2 %−34.8 %−77.4 %−78.2 %
New Deal recovery1932-08 – 1937-02+254.0 %+31.8 %−27.3 %+268.7 %
Recession within the Depression1937-03 – 1938-03−44.8 %−42.2 %−44.8 %−49.5 %
Rearmament and World War II1938-04 – 1945-09+195.2 %+15.5 %−23.2 %+205.8 %
Postwar expansion1945-10 – 1965-12+912.6 %+12.1 %−22.4 %+1212.9 %
Golden age of the 1950s1950-01 – 1959-12+342.1 %+16.0 %−12.2 %+438.8 %
Go-go years and nifty-fifty1966-01 – 1968-12+40.0 %+11.9 %−13.6 %+34.0 %
The Great Inflation (stagflation)1969-01 – 1982-07+103.9 %+5.4 %−40.6 %+84.6 %
1973-74 oil shock and bear market1973-01 – 1974-12−36.6 %−20.4 %−40.6 %−41.7 %
Second oil shock and the Volcker disinflation1979-01 – 1982-08+59.5 %+13.6 %−12.2 %+59.2 %
Great bull market in stocks and bonds1982-08 – 1999-12+1320.3 %+16.5 %−26.7 %+2060.4 %
Black Monday1987-08 – 1987-12−19.5 %—−26.7 %−21.8 %
Savings-and-loan crisis and 1990 recession1990-07 – 1991-03+3.6 %—−15.4 %+7.4 %
1994 bond market massacre1994-02 – 1994-12−2.7 %—−5.2 %−3.2 %
Asian and Russian financial crises1997-07 – 1998-10+12.6 %+9.3 %−14.1 %+22.4 %
Dot-com bubble and crash2000-03 – 2002-10−28.5 %−11.8 %−33.5 %−37.2 %
Recovery and housing boom2002-11 – 2007-09+111.8 %+16.5 %−6.8 %+97.0 %
Global financial crisis2007-10 – 2009-03−39.5 %−28.5 %−44.9 %−44.7 %
The decade after the crisis2009-04 – 2019-12+273.9 %+13.1 %−16.6 %+411.2 %
Fourth-quarter 2018 sell-off2018-09 – 2018-12−12.8 %—−12.8 %−14.4 %
Covid crash and stimulus boom2020-02 – 2021-12+39.2 %+18.8 %−18.2 %+53.6 %
Inflation shock and rate hikes2022-01 – 2022-12−17.3 %−17.3 %−23.4 %−19.9 %

Calendar years

-38%58%1927: +28.1%1928: +33.6%1929: -14.6%1930: -25.1%19301931: -37.5%1932: -5.8%1933: +57.9%1934: +5.9%1935: +40.4%1936: +30.3%1937: -30.8%1938: +25.6%1939: +2.7%1940: -5.2%19401941: -9.3%1942: +15.5%1943: +28.7%1944: +21.4%1945: +36.8%1946: -5.5%1947: +2.4%1948: +1.1%1949: +17.8%1950: +26.6%19501951: +17.1%1952: +11.1%1953: +0.9%1954: +43.9%1955: +20.7%1956: +6.6%1957: -8.2%1958: +40.7%1959: +11.3%1960: +2.2%19601961: +23.4%1962: -8.3%1963: +17.7%1964: +14.3%1965: +15.1%1966: -6.4%1967: +29.6%1968: +15.4%1969: -11.7%1970: +1.9%19701971: +15.9%1972: +13.3%1973: -17.8%1974: -22.8%1975: +35.9%1976: +27.8%1977: +0.2%1978: +8.3%1979: +22.4%1980: +28.2%19801981: -0.9%1982: +25.2%1983: +21.1%1984: +4.9%1985: +32.1%1986: +16.3%1987: +0.5%1988: +17.2%1989: +25.3%1990: -7.1%19901991: +27.0%1992: +4.4%1993: +16.7%1994: +1.8%1995: +26.1%1996: +14.4%1997: +19.4%1998: +16.8%1999: +24.3%2000: -7.4%20002001: -7.9%2002: -14.1%2003: +33.5%2004: +14.2%2005: +8.2%2006: +16.4%2007: +6.6%2008: -31.3%2009: +26.6%2010: +15.7%20102011: -2.5%2012: +14.9%2013: +27.5%2014: +5.9%2015: -0.6%2016: +10.4%2017: +19.9%2018: -7.1%2019: +24.2%2020: +18.1%20202021: +17.0%2022: -17.3%2023: +19.7%2024: +14.4%2025: +18.8%

Any N-year period

Any N-year periodWorst10 % worse thanMedian10 % better thanBest
1 y (1192)−58.0 %−10.1 %+12.7 %+31.4 %+143.4 %
3 y (1168)−37.0 %−2.4 %+10.9 %+19.9 %+42.9 %
5 y (1144)−16.1 %+1.6 %+10.5 %+17.4 %+33.0 %
10 y (1084)−2.7 %+4.6 %+9.9 %+15.1 %+18.4 %
15 y (1024)+1.5 %+6.3 %+10.0 %+14.3 %+17.5 %
20 y (964)+3.2 %+7.3 %+10.2 %+13.6 %+15.8 %
30 y (844)+7.7 %+8.8 %+10.4 %+12.2 %+13.6 %

How it behaved in history

Published results (by others)

What we could not verify

Sources

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Calculated on historical data. Past results do not predict the future. Models before the 1990s use stand-ins for classes that had no index yet; fees, taxes and fund costs are not included. This is mathematics, not an investment recommendation.