FIRFX vs. BDJ

Last updated Jun 5, 2026

FIRFX (Fidelity Advisor Managed Retirement 2025 Fund Class I) and BDJ (BlackRock Enhanced Equity Dividend Fund) are both mutual funds - FIRFX is a Target Retirement Date fund managed by BlackRock, while BDJ is a Derivative Income fund managed by BlackRock. Over the past 10 years, FIRFX returned 6.98%/yr vs 10.14%/yr for BDJ. A 0.68 correlation means they provide meaningful diversification when combined. FIRFX charges 0.48%/yr vs 0.86%/yr for BDJ.

Performance

FIRFX vs. BDJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Managed Retirement 2025 Fund Class I (FIRFX) and BlackRock Enhanced Equity Dividend Fund (BDJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIRFX achieves a 6.10% return, which is significantly higher than BDJ's 1.01% return. Over the past 10 years, FIRFX has underperformed BDJ with an annualized return of 6.98%, while BDJ has yielded a comparatively higher 10.14% annualized return.

FIRFX

• 1D: -0.37%
• 1M: 1.65%
• YTD: 6.10%
• 6M: 6.59%
• 1Y: 14.67%
• 3Y*: 10.71%
• 5Y*: 4.31%
• 10Y*: 6.98%

BDJ

• 1D: 0.76%
• 1M: 1.56%
• YTD: 1.01%
• 6M: 6.65%
• 1Y: 18.70%
• 3Y*: 14.16%
• 5Y*: 6.92%
• 10Y*: 10.14%

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

FIRFX vs. BDJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIRFX Fidelity Advisor Managed Retirement 2025 Fund Class I	6.10%	13.43%	6.55%	11.83%	-15.66%	8.02%	13.09%	17.53%	-5.07%	14.27%
BDJ BlackRock Enhanced Equity Dividend Fund	1.01%	26.12%	16.87%	-6.67%	0.83%	26.56%	-7.58%	37.43%	-10.42%	20.78%

Correlation

The correlation between FIRFX and BDJ is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jan 2, 2008	0.68

The correlation between FIRFX and BDJ has been stable across timeframes, ranging from 0.61 to 0.68 - a consistent structural relationship.

Return for Risk

FIRFX vs. BDJ — Risk / Return Rank

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

FIRFX

FIRFX Risk / Return Rank: 69
FIRFX Sharpe Ratio Rank: 69
FIRFX Sortino Ratio Rank: 71
FIRFX Omega Ratio Rank: 72
FIRFX Calmar Ratio Rank: 63
FIRFX Martin Ratio Rank: 69

BDJ

BDJ Risk / Return Rank: 25
BDJ Sharpe Ratio Rank: 30
BDJ Sortino Ratio Rank: 29
BDJ Omega Ratio Rank: 27
BDJ Calmar Ratio Rank: 18
BDJ Martin Ratio Rank: 22

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.

FIRFX vs. BDJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Managed Retirement 2025 Fund Class I (FIRFX) and BlackRock Enhanced Equity Dividend Fund (BDJ). 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.

	FIRFX	BDJ	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.57	+0.83
Sortino ratio: Return per unit of downside risk	3.48	2.24	+1.24
Omega ratio: Gain probability vs. loss probability	1.47	1.28	+0.20
Calmar ratio: Return relative to maximum drawdown	2.99	1.53	+1.46
Martin ratio: Return relative to average drawdown	12.99	5.63	+7.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIRFX vs. BDJ - Sharpe Ratio Comparison

The current FIRFX Sharpe Ratio is 2.40, which is higher than the BDJ Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of FIRFX and BDJ, 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

	FIRFX	BDJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	1.57	+0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.43	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.55	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.32	+0.20

Drawdowns

FIRFX vs. BDJ - Drawdown Comparison

The maximum FIRFX drawdown since its inception was -41.29%, smaller than the maximum BDJ drawdown of -59.46%. Use the drawdown chart below to compare losses from any high point for FIRFX and BDJ.

Drawdown Indicators

	FIRFX	BDJ	Difference
Max Drawdown Largest peak-to-trough decline	-41.29%	-59.46%	+18.17%
Max Drawdown (1Y) Largest decline over 1 year	-5.11%	-12.28%	+7.17%
Max Drawdown (3Y) Largest decline over 3 years	-7.25%	-15.70%	+8.45%
Max Drawdown (5Y) Largest decline over 5 years	-21.56%	-21.39%	-0.17%
Max Drawdown (10Y) Largest decline over 10 years	-21.56%	-48.14%	+26.58%
Current Drawdown Current decline from peak	-0.37%	-2.56%	+2.19%
Average Drawdown Average peak-to-trough decline	-5.21%	-8.96%	+3.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	3.33%	-2.16%

Volatility

FIRFX vs. BDJ - Volatility Comparison

The current volatility for Fidelity Advisor Managed Retirement 2025 Fund Class I (FIRFX) is 2.39%, while BlackRock Enhanced Equity Dividend Fund (BDJ) has a volatility of 3.40%. This indicates that FIRFX experiences smaller price fluctuations and is considered to be less risky than BDJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIRFX	BDJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.39%	3.40%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	5.27%	9.34%	-4.07%
Volatility (1Y) Calculated over the trailing 1-year period	6.37%	11.94%	-5.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.18%	16.17%	-7.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.36%	18.41%	-10.05%

FIRFX vs. BDJ - Expense Ratio Comparison

FIRFX has a 0.48% expense ratio, which is lower than BDJ's 0.86% expense ratio.

Dividends

FIRFX vs. BDJ - Dividend Comparison

FIRFX's dividend yield for the trailing twelve months is around 3.72%, less than BDJ's 9.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDJ BlackRock Enhanced Equity Dividend Fund	9.24%	9.03%	8.21%	9.49%	12.18%	5.95%	7.08%	6.66%	7.21%	6.07%	6.88%	7.36%
FIRFX Fidelity Advisor Managed Retirement 2025 Fund Class I	3.72%	2.66%	2.56%	2.43%	4.63%	5.08%	3.57%	3.80%	7.10%	24.68%	2.44%	4.49%

Frequently Asked Questions

Can I hold both FIRFX and BDJ in my portfolio?

FIRFX and BDJ have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIRFX or BDJ?

BDJ has higher volatility (3.40%) compared to FIRFX (2.39%). In terms of maximum drawdown, FIRFX dropped -41.29% vs BDJ's -59.46%.

Which has better risk-adjusted returns?

FIRFX currently has the higher Sharpe Ratio (2.40 vs 1.57), 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.