FARVX vs. PADLX

Last updated Jun 23, 2026

FARVX (Fidelity Advisor Managed Retirement 2020 Fund Class A) and PADLX (Putnam Retirement Advantage Maturity Fund) are both Target Retirement Date funds. Over the past 5 years, FARVX returned 3.64%/yr vs 4.02%/yr for PADLX. Their correlation of 0.93 suggests significant overlap in exposure. FARVX charges 0.72%/yr vs 0.22%/yr for PADLX.

Performance

FARVX vs. PADLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Managed Retirement 2020 Fund Class A (FARVX) and Putnam Retirement Advantage Maturity Fund (PADLX). 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 FARVX having a 4.91% return and PADLX slightly lower at 4.70%.

FARVX

• 1D: 0.00%
• 1M: 0.76%
• YTD: 4.91%
• 6M: 5.01%
• 1Y: 12.39%
• 3Y*: 8.87%
• 5Y*: 3.64%
• 10Y*: 6.14%

PADLX

• 1D: 0.35%
• 1M: 0.77%
• YTD: 4.70%
• 6M: 4.77%
• 1Y: 13.24%
• 3Y*: 10.10%
• 5Y*: 4.02%
• 10Y*: —

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

FARVX vs. PADLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FARVX Fidelity Advisor Managed Retirement 2020 Fund Class A	4.91%	11.99%	5.60%	10.44%	-14.84%	6.49%	11.79%
PADLX Putnam Retirement Advantage Maturity Fund	4.70%	10.83%	8.34%	11.01%	-12.54%	2.93%	7.84%

Correlation

The correlation between FARVX and PADLX 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	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	0.93

The correlation between FARVX and PADLX has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

FARVX vs. PADLX — Risk / Return Rank

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

FARVX

FARVX Risk / Return Rank: 62
FARVX Sharpe Ratio Rank: 61
FARVX Sortino Ratio Rank: 63
FARVX Omega Ratio Rank: 69
FARVX Calmar Ratio Rank: 55
FARVX Martin Ratio Rank: 62

PADLX

PADLX Risk / Return Rank: 87
PADLX Sharpe Ratio Rank: 90
PADLX Sortino Ratio Rank: 90
PADLX Omega Ratio Rank: 86
PADLX Calmar Ratio Rank: 83
PADLX Martin Ratio Rank: 88

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.

FARVX vs. PADLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Managed Retirement 2020 Fund Class A (FARVX) and Putnam Retirement Advantage Maturity Fund (PADLX). 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.

	FARVX	PADLX	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.76	-0.66
Sortino ratio: Return per unit of downside risk	3.01	4.06	-1.05
Omega ratio: Gain probability vs. loss probability	1.42	1.55	-0.12
Calmar ratio: Return relative to maximum drawdown	2.72	3.63	-0.91
Martin ratio: Return relative to average drawdown	11.52	15.61	-4.09

FARVX vs. PADLX - Sharpe Ratio Comparison

The current FARVX Sharpe Ratio is 2.10, which is comparable to the PADLX Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of FARVX and PADLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FARVX vs. PADLX - Drawdown Comparison

The maximum FARVX drawdown since its inception was -40.78%, which is greater than PADLX's maximum drawdown of -18.87%. Use the drawdown chart below to compare losses from any high point for FARVX and PADLX.

Drawdown Indicators

	FARVX	PADLX	Difference
Max Drawdown Largest peak-to-trough decline	-40.78%	-18.87%	-21.91%
Max Drawdown (1Y) Largest decline over 1 year	-4.53%	-3.63%	-0.90%
Max Drawdown (3Y) Largest decline over 3 years	-6.58%	-6.63%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-20.30%	-18.87%	-1.43%
Max Drawdown (10Y) Largest decline over 10 years	-20.30%	—	—
Current Drawdown Current decline from peak	-0.58%	-0.17%	-0.41%
Average Drawdown Average peak-to-trough decline	-5.10%	-4.80%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	0.84%	+0.23%

Volatility

FARVX vs. PADLX - Volatility Comparison

Fidelity Advisor Managed Retirement 2020 Fund Class A (FARVX) has a higher volatility of 2.39% compared to Putnam Retirement Advantage Maturity Fund (PADLX) at 1.91%. This indicates that FARVX's price experiences larger fluctuations and is considered to be riskier than PADLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FARVX	PADLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.39%	1.91%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	4.99%	3.91%	+1.08%
Volatility (1Y) Calculated over the trailing 1-year period	5.87%	4.78%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.33%	6.69%	+0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.44%	7.51%	-0.07%

FARVX vs. PADLX - Expense Ratio Comparison

FARVX has a 0.72% expense ratio, which is higher than PADLX's 0.22% expense ratio.

Dividends

FARVX vs. PADLX - Dividend Comparison

FARVX's dividend yield for the trailing twelve months is around 2.62%, less than PADLX's 4.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FARVX Fidelity Advisor Managed Retirement 2020 Fund Class A	2.62%	2.59%	2.48%	2.24%	3.28%	4.43%	3.60%	2.90%	6.63%	24.94%	1.97%	4.19%
PADLX Putnam Retirement Advantage Maturity Fund	4.95%	5.03%	3.71%	2.91%	1.01%	1.45%	1.66%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FARVX and PADLX in my portfolio?

With a correlation of 0.93, FARVX and PADLX 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, FARVX or PADLX?

FARVX has higher volatility (2.39%) compared to PADLX (1.91%). In terms of maximum drawdown, FARVX dropped -40.78% vs PADLX's -18.87%.

Which has better risk-adjusted returns?

PADLX currently has the higher Sharpe Ratio (2.76 vs 2.10), 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.