DRIHX vs. FIRVX

Last updated Aug 1, 2026

DRIHX (Dimensional 2040 Target Date Retirement Income Fund) and FIRVX (Fidelity Managed Retirement 2020 Fund) are both Target Retirement Date funds. Their correlation of 0.92 means they have usually moved in the same direction. DRIHX charges 0.22%/yr vs 0.47%/yr for FIRVX.

Performance

DRIHX vs. FIRVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional 2040 Target Date Retirement Income Fund (DRIHX) and Fidelity Managed Retirement 2020 Fund (FIRVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DRIHX

• 1D: 1.02%
• 1M: -1.22%
• 6M: 4.00%
• YTD: 5.95%
• 1Y: 13.85%
• 3Y*: 11.48%
• 5Y*: 6.42%
• 10Y*: 9.04%
• ALL TIME*: 9.27%

FIRVX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DRIHX Dimensional 2040 Target Date Retirement Income Fund	$0.00	$0.00	$0.00

DRIHX vs. FIRVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DRIHX Dimensional 2040 Target Date Retirement Income Fund	5.95%	14.48%	11.11%	16.06%	-16.20%	16.54%	12.73%	22.12%	-7.66%	19.53%
FIRVX Fidelity Managed Retirement 2020 Fund	1,440,933.92%	12.25%	5.86%	10.72%	-14.63%	6.77%	12.06%	16.19%	-4.45%	13.32%

Correlation

The correlation between DRIHX and FIRVX is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.92

The correlation between DRIHX and FIRVX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

DRIHX vs. FIRVX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DRIHX

DRIHX Risk / Return Rank: 53
DRIHX Sharpe Ratio Rank: 54
DRIHX Sortino Ratio Rank: 53
DRIHX Omega Ratio Rank: 52
DRIHX Calmar Ratio Rank: 49
DRIHX Martin Ratio Rank: 56

FIRVX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DRIHX vs. FIRVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional 2040 Target Date Retirement Income Fund (DRIHX) and Fidelity Managed Retirement 2020 Fund (FIRVX). 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.

	DRIHX	FIRVX	Difference
Sharpe ratio: Return per unit of total volatility	1.40	—	—
Sortino ratio: Return per unit of downside risk	2.00	—	—
Omega ratio: Gain probability vs. loss probability	1.26	—	—
Calmar ratio: Return relative to maximum drawdown	1.85	—	—
Martin ratio: Return relative to average drawdown	7.47	—	—

Drawdowns

Drawdown Indicators

	DRIHX	FIRVX	Difference
Max Drawdown Largest peak-to-trough decline	-27.96%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.96%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-11.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-27.96%	—	—
Current Drawdown Current decline from peak	-2.22%	—	—
Average Drawdown Average peak-to-trough decline	-4.03%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	—	—

Volatility

Volatility by Period

	DRIHX	FIRVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.49%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.19%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.68%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.69%	—	—

DRIHX vs. FIRVX - Expense Ratio Comparison

DRIHX has a 0.22% expense ratio, which is lower than FIRVX's 0.47% expense ratio.

Dividends

DRIHX vs. FIRVX - Dividend Comparison

DRIHX's dividend yield for the trailing twelve months is around 5.17%, less than FIRVX's 102.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DRIHX Dimensional 2040 Target Date Retirement Income Fund	5.17%	5.15%	3.42%	3.71%	4.43%	2.58%	3.05%	2.24%	2.34%	1.22%	1.40%	0.00%
FIRVX Fidelity Managed Retirement 2020 Fund	102.53%	2.83%	2.74%	2.57%	3.52%	4.61%	3.74%	3.18%	6.90%	25.16%	2.28%	4.45%

Frequently Asked Questions

Can I hold both DRIHX and FIRVX in my portfolio?

DRIHX and FIRVX 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.