DRIIX vs. FRAMX
Compare and contrast key facts about Dimensional 2045 Target Date Retirement Income Fund (DRIIX) and Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX).
DRIIX is managed by Dimensional. It was launched on Nov 1, 2015. FRAMX is managed by BlackRock. It was launched on Aug 30, 2007.
Performance
DRIIX vs. FRAMX - Performance Comparison
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DRIIX vs. FRAMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DRIIX Dimensional 2045 Target Date Retirement Income Fund | -0.96% | 17.17% | 15.44% | 19.21% | -14.15% | 20.45% | 13.36% | 25.42% | -9.17% | 21.64% |
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A | 0.18% | 9.55% | 4.04% | 7.80% | -11.87% | 2.52% | 8.30% | 10.28% | -2.05% | 6.82% |
Returns By Period
In the year-to-date period, DRIIX achieves a -0.96% return, which is significantly lower than FRAMX's 0.18% return. Over the past 10 years, DRIIX has outperformed FRAMX with an annualized return of 10.86%, while FRAMX has yielded a comparatively lower 3.73% annualized return.
DRIIX
- 1D
- 2.12%
- 1M
- -4.46%
- YTD
- -0.96%
- 6M
- 1.35%
- 1Y
- 16.89%
- 3Y*
- 14.68%
- 5Y*
- 9.02%
- 10Y*
- 10.86%
FRAMX
- 1D
- 0.75%
- 1M
- -2.08%
- YTD
- 0.18%
- 6M
- 1.18%
- 1Y
- 7.30%
- 3Y*
- 5.92%
- 5Y*
- 2.18%
- 10Y*
- 3.73%
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DRIIX vs. FRAMX - Expense Ratio Comparison
DRIIX has a 0.22% expense ratio, which is lower than FRAMX's 0.70% expense ratio.
Return for Risk
DRIIX vs. FRAMX — Risk / Return Rank
DRIIX
FRAMX
DRIIX vs. FRAMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional 2045 Target Date Retirement Income Fund (DRIIX) and Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX). 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.
| DRIIX | FRAMX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.37 | 1.64 | -0.27 |
Sortino ratioReturn per unit of downside risk | 2.00 | 2.30 | -0.30 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.33 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.64 | 2.22 | -0.59 |
Martin ratioReturn relative to average drawdown | 7.86 | 8.81 | -0.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DRIIX | FRAMX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.37 | 1.64 | -0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.42 | +0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.75 | 0.84 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 0.50 | +0.24 |
Correlation
The correlation between DRIIX and FRAMX is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
DRIIX vs. FRAMX - Dividend Comparison
DRIIX's dividend yield for the trailing twelve months is around 2.97%, more than FRAMX's 2.88% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DRIIX Dimensional 2045 Target Date Retirement Income Fund | 2.97% | 2.89% | 3.25% | 3.43% | 3.90% | 3.23% | 2.92% | 2.19% | 2.29% | 1.23% | 1.39% | 0.00% |
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A | 2.88% | 2.77% | 2.77% | 2.58% | 4.26% | 3.31% | 2.23% | 2.37% | 4.40% | 8.26% | 1.42% | 1.42% |
Drawdowns
DRIIX vs. FRAMX - Drawdown Comparison
The maximum DRIIX drawdown since its inception was -32.56%, roughly equal to the maximum FRAMX drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for DRIIX and FRAMX.
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Drawdown Indicators
| DRIIX | FRAMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.56% | -33.94% | +1.38% |
Max Drawdown (1Y)Largest decline over 1 year | -9.30% | -3.45% | -5.85% |
Max Drawdown (5Y)Largest decline over 5 years | -21.77% | -16.31% | -5.46% |
Max Drawdown (10Y)Largest decline over 10 years | -32.56% | -16.31% | -16.25% |
Current DrawdownCurrent decline from peak | -5.16% | -2.47% | -2.69% |
Average DrawdownAverage peak-to-trough decline | -4.04% | -3.86% | -0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 0.87% | +1.13% |
Volatility
DRIIX vs. FRAMX - Volatility Comparison
Dimensional 2045 Target Date Retirement Income Fund (DRIIX) has a higher volatility of 4.40% compared to Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX) at 2.14%. This indicates that DRIIX's price experiences larger fluctuations and is considered to be riskier than FRAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DRIIX | FRAMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.40% | 2.14% | +2.26% |
Volatility (6M)Calculated over the trailing 6-month period | 6.89% | 2.95% | +3.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.75% | 4.64% | +8.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.87% | 5.22% | +7.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.62% | 4.48% | +10.14% |