FHRFX vs. FRIMX

Last updated Jun 6, 2026

FHRFX (Fidelity Managed Retirement 2025 Fund Class K6) and FRIMX (Fidelity Advisor Managed Retirement Income Fund Class I) are both Target Retirement Date funds from BlackRock. Over the past 5 years, FHRFX returned 4.65%/yr vs 2.79%/yr for FRIMX. Their correlation of 0.91 suggests significant overlap in exposure. FHRFX charges 0.28%/yr vs 0.45%/yr for FRIMX.

Performance

FHRFX vs. FRIMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement 2025 Fund Class K6 (FHRFX) and Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHRFX achieves a 6.39% return, which is significantly higher than FRIMX's 3.86% return.

FHRFX

• 1D: 0.17%
• 1M: 0.74%
• YTD: 6.39%
• 6M: 6.93%
• 1Y: 15.26%
• 3Y*: 11.22%
• 5Y*: 4.65%
• 10Y*: —

FRIMX

• 1D: 0.08%
• 1M: 0.35%
• YTD: 3.86%
• 6M: 4.22%
• 1Y: 9.88%
• 3Y*: 7.53%
• 5Y*: 2.79%
• 10Y*: 4.18%

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

FHRFX vs. FRIMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FHRFX Fidelity Managed Retirement 2025 Fund Class K6	6.39%	13.52%	7.26%	12.21%	-15.50%	8.21%	13.45%	5.10%
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.86%	9.94%	4.30%	8.06%	-11.66%	2.78%	8.57%	3.09%

Correlation

The correlation between FHRFX and FRIMX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	0.91

The correlation between FHRFX and FRIMX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

Return for Risk

FHRFX vs. FRIMX — Risk / Return Rank

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

FHRFX

FHRFX Risk / Return Rank: 71
FHRFX Sharpe Ratio Rank: 72
FHRFX Sortino Ratio Rank: 73
FHRFX Omega Ratio Rank: 75
FHRFX Calmar Ratio Rank: 65
FHRFX Martin Ratio Rank: 71

FRIMX

FRIMX Risk / Return Rank: 68
FRIMX Sharpe Ratio Rank: 69
FRIMX Sortino Ratio Rank: 73
FRIMX Omega Ratio Rank: 74
FRIMX Calmar Ratio Rank: 59
FRIMX Martin Ratio Rank: 64

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.

FHRFX vs. FRIMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement 2025 Fund Class K6 (FHRFX) and Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX). 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.

	FHRFX	FRIMX	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.36	+0.03
Sortino ratio: Return per unit of downside risk	3.47	3.46	+0.01
Omega ratio: Gain probability vs. loss probability	1.47	1.47	0.00
Calmar ratio: Return relative to maximum drawdown	3.00	2.84	+0.16
Martin ratio: Return relative to average drawdown	13.02	12.15	+0.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHRFX vs. FRIMX - Sharpe Ratio Comparison

The current FHRFX Sharpe Ratio is 2.39, which is comparable to the FRIMX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of FHRFX and FRIMX, 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

	FHRFX	FRIMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.36	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.53	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.93	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.56	+0.20

Drawdowns

FHRFX vs. FRIMX - Drawdown Comparison

The maximum FHRFX drawdown since its inception was -21.45%, smaller than the maximum FRIMX drawdown of -33.73%. Use the drawdown chart below to compare losses from any high point for FHRFX and FRIMX.

Drawdown Indicators

	FHRFX	FRIMX	Difference
Max Drawdown Largest peak-to-trough decline	-21.45%	-33.73%	+12.28%
Max Drawdown (1Y) Largest decline over 1 year	-5.08%	-3.44%	-1.64%
Max Drawdown (3Y) Largest decline over 3 years	-7.09%	-4.97%	-2.12%
Max Drawdown (5Y) Largest decline over 5 years	-21.45%	-16.12%	-5.33%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.12%	—
Current Drawdown Current decline from peak	-0.19%	-0.18%	-0.01%
Average Drawdown Average peak-to-trough decline	-4.84%	-3.71%	-1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	0.80%	+0.37%

Volatility

FHRFX vs. FRIMX - Volatility Comparison

Fidelity Managed Retirement 2025 Fund Class K6 (FHRFX) has a higher volatility of 2.35% compared to Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX) at 1.65%. This indicates that FHRFX's price experiences larger fluctuations and is considered to be riskier than FRIMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHRFX	FRIMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	1.65%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	5.28%	3.41%	+1.87%
Volatility (1Y) Calculated over the trailing 1-year period	6.38%	4.16%	+2.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.19%	5.28%	+2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.19%	4.51%	+4.68%

FHRFX vs. FRIMX - Expense Ratio Comparison

FHRFX has a 0.28% expense ratio, which is lower than FRIMX's 0.45% expense ratio.

Dividends

FHRFX vs. FRIMX - Dividend Comparison

FHRFX's dividend yield for the trailing twelve months is around 3.89%, more than FRIMX's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHRFX Fidelity Managed Retirement 2025 Fund Class K6	3.89%	2.79%	3.26%	2.80%	4.93%	5.33%	3.81%	2.64%	0.00%	0.00%	0.00%	0.00%
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.09%	3.11%	3.01%	2.82%	4.52%	3.54%	2.41%	2.56%	4.67%	8.56%	1.67%	1.68%

Frequently Asked Questions

Can I hold both FHRFX and FRIMX in my portfolio?

With a correlation of 0.96, FHRFX and FRIMX 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, FHRFX or FRIMX?

FHRFX has higher volatility (2.35%) compared to FRIMX (1.65%). In terms of maximum drawdown, FHRFX dropped -21.45% vs FRIMX's -33.73%.

Which has better risk-adjusted returns?

FHRFX currently has the higher Sharpe Ratio (2.39 vs 2.36), 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.