An exploratory analysis was conducted into how simple features, from acceleration at the lower back and ankle during simulated free-living walking, stair ascent and descent, correlate with age, the overall fall risk from a clinically validated Physiological Profile Assessment (PPA), and its sub-components. Inertial data were captured from 92 older adults aged 78-95 (42 female, mean age 84.1, standard deviation 3.9 years). The dominant frequency, peak width from Welch's power spectral density estimate, and signal variance along each axis, from each sensor location and for each activity were calculated. Several correlations were found between these features and the physiological risk factors. The strongest correlations were from the dominant frequency at the ankle along the mediolateral direction during stair ascent (Spearman's correlation coefficient p = - 0.45) with anterioposterior sway, and signal variance of the anterioposterior acceleration at the lower back during stair descent (p = - 0.45) with age. These findings should aid future attempts to classify activities and predict falls in older adults, based on true free-living data from a range of activities.