DRIRX vs. FRQKX

Last updated Jun 5, 2026

DRIRX (Dimensional 2020 Target Date Retirement Income Fund) and FRQKX (Fidelity Managed Retirement 2010 Fund Class K) are both Target Retirement Date funds. Over the past 5 years, DRIRX returned 1.82%/yr vs 2.81%/yr for FRQKX. Their correlation of 0.83 suggests significant overlap in exposure. DRIRX charges 0.18%/yr vs 0.36%/yr for FRQKX.

Performance

DRIRX vs. FRQKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional 2020 Target Date Retirement Income Fund (DRIRX) and Fidelity Managed Retirement 2010 Fund Class K (FRQKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DRIRX having a 3.98% return and FRQKX slightly lower at 3.83%.

DRIRX

• 1D: -0.34%
• 1M: 0.96%
• YTD: 3.98%
• 6M: 3.78%
• 1Y: 10.17%
• 3Y*: 7.17%
• 5Y*: 1.82%
• 10Y*: 4.79%

FRQKX

• 1D: -0.26%
• 1M: 1.01%
• YTD: 3.83%
• 6M: 4.13%
• 1Y: 9.77%
• 3Y*: 7.61%
• 5Y*: 2.81%
• 10Y*: —

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

DRIRX vs. FRQKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DRIRX Dimensional 2020 Target Date Retirement Income Fund	3.98%	9.59%	4.53%	7.67%	-17.65%	7.02%	16.14%	3.88%
FRQKX Fidelity Managed Retirement 2010 Fund Class K	3.83%	9.91%	4.42%	8.62%	-12.30%	3.95%	9.68%	3.94%

Correlation

The correlation between DRIRX and FRQKX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	0.83

The correlation between DRIRX and FRQKX has been stable across timeframes, ranging from 0.83 to 0.93 - a consistent structural relationship.

Return for Risk

DRIRX vs. FRQKX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DRIRX

DRIRX Risk / Return Rank: 57
DRIRX Sharpe Ratio Rank: 58
DRIRX Sortino Ratio Rank: 61
DRIRX Omega Ratio Rank: 61
DRIRX Calmar Ratio Rank: 50
DRIRX Martin Ratio Rank: 57

FRQKX

FRQKX Risk / Return Rank: 71
FRQKX Sharpe Ratio Rank: 74
FRQKX Sortino Ratio Rank: 76
FRQKX Omega Ratio Rank: 76
FRQKX Calmar Ratio Rank: 63
FRQKX Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DRIRX vs. FRQKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional 2020 Target Date Retirement Income Fund (DRIRX) and Fidelity Managed Retirement 2010 Fund Class K (FRQKX). 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.

	DRIRX	FRQKX	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.48	-0.29
Sortino ratio: Return per unit of downside risk	3.22	3.65	-0.43
Omega ratio: Gain probability vs. loss probability	1.42	1.49	-0.07
Calmar ratio: Return relative to maximum drawdown	2.64	3.03	-0.38
Martin ratio: Return relative to average drawdown	11.06	12.86	-1.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DRIRX vs. FRQKX - Sharpe Ratio Comparison

The current DRIRX Sharpe Ratio is 2.20, which is comparable to the FRQKX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of DRIRX and FRQKX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DRIRX	FRQKX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	2.48	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.51	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.77	-0.08

Drawdowns

DRIRX vs. FRQKX - Drawdown Comparison

The maximum DRIRX drawdown since its inception was -23.69%, which is greater than FRQKX's maximum drawdown of -16.97%. Use the drawdown chart below to compare losses from any high point for DRIRX and FRQKX.

Drawdown Indicators

	DRIRX	FRQKX	Difference
Max Drawdown Largest peak-to-trough decline	-23.69%	-16.97%	-6.72%
Max Drawdown (1Y) Largest decline over 1 year	-4.09%	-3.42%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-7.60%	-5.17%	-2.43%
Max Drawdown (5Y) Largest decline over 5 years	-23.69%	-16.97%	-6.72%
Max Drawdown (10Y) Largest decline over 10 years	-23.69%	—	—
Current Drawdown Current decline from peak	-0.34%	-0.26%	-0.08%
Average Drawdown Average peak-to-trough decline	-5.61%	-3.86%	-1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.80%	+0.17%

Volatility

DRIRX vs. FRQKX - Volatility Comparison

Dimensional 2020 Target Date Retirement Income Fund (DRIRX) and Fidelity Managed Retirement 2010 Fund Class K (FRQKX) have volatilities of 1.60% and 1.66%, 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.

Volatility by Period

	DRIRX	FRQKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.60%	1.66%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	3.72%	3.44%	+0.28%
Volatility (1Y) Calculated over the trailing 1-year period	4.92%	4.17%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.18%	5.56%	+2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.60%	5.76%	+1.84%

DRIRX vs. FRQKX - Expense Ratio Comparison

DRIRX has a 0.18% expense ratio, which is lower than FRQKX's 0.36% expense ratio.

Dividends

DRIRX vs. FRQKX - Dividend Comparison

DRIRX's dividend yield for the trailing twelve months is around 5.62%, more than FRQKX's 3.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DRIRX Dimensional 2020 Target Date Retirement Income Fund	5.62%	5.80%	4.18%	3.62%	7.41%	4.42%	3.00%	2.51%	2.59%	1.48%	1.34%
FRQKX Fidelity Managed Retirement 2010 Fund Class K	3.23%	3.09%	2.91%	2.86%	5.12%	6.11%	3.61%	2.57%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DRIRX and FRQKX in my portfolio?

With a correlation of 0.93, DRIRX and FRQKX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DRIRX or FRQKX?

FRQKX has higher volatility (1.66%) compared to DRIRX (1.60%). In terms of maximum drawdown, DRIRX dropped -23.69% vs FRQKX's -16.97%.

Which has better risk-adjusted returns?

FRQKX currently has the higher Sharpe Ratio (2.48 vs 2.20), 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.