FIIVX vs. VTMFX

Last updated Jun 4, 2026

FIIVX (Fidelity Advisor Managed Retirement 2020 Fund Class I) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both mutual funds - FIIVX is a Target Retirement Date fund managed by BlackRock, while VTMFX is a Diversified Portfolio fund managed by BlackRock. Over the past 10 years, FIIVX returned 6.40%/yr vs 8.70%/yr for VTMFX. Their correlation of 0.91 suggests significant overlap in exposure. FIIVX charges 0.47%/yr vs 0.09%/yr for VTMFX.

Performance

FIIVX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Managed Retirement 2020 Fund Class I (FIIVX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIIVX achieves a 5.64% return, which is significantly lower than VTMFX's 6.03% return. Over the past 10 years, FIIVX has underperformed VTMFX with an annualized return of 6.40%, while VTMFX has yielded a comparatively higher 8.70% annualized return.

FIIVX

• 1D: 0.28%
• 1M: 2.18%
• YTD: 5.64%
• 6M: 6.02%
• 1Y: 13.83%
• 3Y*: 9.78%
• 5Y*: 3.97%
• 10Y*: 6.40%

VTMFX

• 1D: 0.17%
• 1M: 3.06%
• YTD: 6.03%
• 6M: 6.16%
• 1Y: 16.91%
• 3Y*: 12.75%
• 5Y*: 7.33%
• 10Y*: 8.70%

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

FIIVX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIIVX Fidelity Advisor Managed Retirement 2020 Fund Class I	5.64%	12.26%	5.86%	10.72%	-14.64%	6.76%	12.08%	16.18%	-4.46%	13.34%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	6.03%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between FIIVX and VTMFX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 2, 2008	0.91

The correlation between FIIVX and VTMFX has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

FIIVX vs. VTMFX - Sectors Allocation Comparison

Sectors	FIIVX	VTMFX
Technology	22.9%	15.8%
Financial Services	17.6%	5.6%
Industrials	15.7%	4.2%
Consumer Cyclical	9.5%	4.7%
Healthcare	7.9%	4.0%
Communication Services	7.1%	5.0%
Basic Materials	6.0%	1.0%
Energy	5.6%	1.7%
Consumer Defensive	4.4%	2.3%
Utilities	2.0%	1.3%
Real Estate	1.3%	0.9%

Return for Risk

FIIVX vs. VTMFX — Risk / Return Rank

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

FIIVX

FIIVX Risk / Return Rank: 71
FIIVX Sharpe Ratio Rank: 73
FIIVX Sortino Ratio Rank: 74
FIIVX Omega Ratio Rank: 76
FIIVX Calmar Ratio Rank: 64
FIIVX Martin Ratio Rank: 70

VTMFX

VTMFX Risk / Return Rank: 81
VTMFX Sharpe Ratio Rank: 87
VTMFX Sortino Ratio Rank: 86
VTMFX Omega Ratio Rank: 83
VTMFX Calmar Ratio Rank: 69
VTMFX Martin Ratio Rank: 82

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.

FIIVX vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Managed Retirement 2020 Fund Class I (FIIVX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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.

	FIIVX	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.51	2.83	-0.32
Sortino ratio: Return per unit of downside risk	3.65	4.05	-0.39
Omega ratio: Gain probability vs. loss probability	1.50	1.55	-0.05
Calmar ratio: Return relative to maximum drawdown	3.09	3.22	-0.13
Martin ratio: Return relative to average drawdown	13.37	15.40	-2.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIIVX vs. VTMFX - Sharpe Ratio Comparison

The current FIIVX Sharpe Ratio is 2.51, which is comparable to the VTMFX Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of FIIVX and VTMFX, 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

	FIIVX	VTMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	2.83	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.86	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.96	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.85	-0.33

Drawdowns

FIIVX vs. VTMFX - Drawdown Comparison

The maximum FIIVX drawdown since its inception was -40.59%, which is greater than VTMFX's maximum drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for FIIVX and VTMFX.

Drawdown Indicators

	FIIVX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-40.59%	-28.49%	-12.10%
Max Drawdown (1Y) Largest decline over 1 year	-4.52%	-5.38%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	-6.52%	-10.61%	+4.09%
Max Drawdown (5Y) Largest decline over 5 years	-20.11%	-17.40%	-2.71%
Max Drawdown (10Y) Largest decline over 10 years	-20.11%	-21.87%	+1.76%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.98%	-3.55%	-1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	1.12%	-0.08%

Volatility

FIIVX vs. VTMFX - Volatility Comparison

Fidelity Advisor Managed Retirement 2020 Fund Class I (FIIVX) has a higher volatility of 2.13% compared to Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) at 1.70%. This indicates that FIIVX's price experiences larger fluctuations and is considered to be riskier than VTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIIVX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.13%	1.70%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	4.63%	4.75%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	5.58%	6.13%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.27%	8.52%	-1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.42%	9.12%	-1.70%

FIIVX vs. VTMFX - Expense Ratio Comparison

FIIVX has a 0.47% expense ratio, which is higher than VTMFX's 0.09% expense ratio.

Dividends

FIIVX vs. VTMFX - Dividend Comparison

FIIVX's dividend yield for the trailing twelve months is around 2.72%, more than VTMFX's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIIVX Fidelity Advisor Managed Retirement 2020 Fund Class I	2.72%	2.82%	2.73%	2.57%	3.52%	4.60%	3.73%	3.13%	6.91%	25.16%	2.28%	4.45%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.10%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%

Frequently Asked Questions

Can I hold both FIIVX and VTMFX in my portfolio?

FIIVX and VTMFX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIIVX or VTMFX?

FIIVX has higher volatility (2.13%) compared to VTMFX (1.70%). In terms of maximum drawdown, FIIVX dropped -40.59% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.83 vs 2.51), 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.