FIRFX vs. IRSOX

Last updated Jul 17, 2026

FIRFX (Fidelity Advisor Managed Retirement 2025 Fund Class I) and IRSOX (Voya Target Retirement 2040 Fund) are both Target Retirement Date funds. Over the past 10 years, FIRFX returned 6.89%/yr vs 10.93%/yr for IRSOX. Their correlation of 0.93 suggests significant overlap in exposure. FIRFX charges 0.48%/yr vs 0.23%/yr for IRSOX.

Performance

FIRFX vs. IRSOX - 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 Voya Target Retirement 2040 Fund (IRSOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIRFX achieves a 4.52% return, which is significantly lower than IRSOX's 10.82% return. Over the past 10 years, FIRFX has underperformed IRSOX with an annualized return of 6.89%, while IRSOX has yielded a comparatively higher 10.93% annualized return.

FIRFX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 2.84%
• YTD: 4.52%
• 1Y: 11.04%
• 3Y*: 9.66%
• 5Y*: 4.19%
• 10Y*: 6.89%

IRSOX

• 1D: 0.41%
• 1M: -0.12%
• 6M: 8.23%
• YTD: 10.82%
• 1Y: 21.21%
• 3Y*: 16.46%
• 5Y*: 9.14%
• 10Y*: 10.93%

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

FIRFX vs. IRSOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIRFX Fidelity Advisor Managed Retirement 2025 Fund Class I	4.52%	13.43%	6.55%	11.83%	-15.66%	8.02%	13.09%	17.53%	-5.07%	14.27%
IRSOX Voya Target Retirement 2040 Fund	10.82%	19.10%	13.74%	19.25%	-18.43%	17.65%	16.93%	23.69%	-8.31%	20.15%

Correlation

The correlation between FIRFX and IRSOX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 24, 2012	0.93

The correlation between FIRFX and IRSOX shifts across timeframes, from 0.78 (1 year) to 0.93 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FIRFX vs. IRSOX — Risk / Return Rank

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

FIRFX

FIRFX Risk / Return Rank: 72
FIRFX Sharpe Ratio Rank: 74
FIRFX Sortino Ratio Rank: 74
FIRFX Omega Ratio Rank: 78
FIRFX Calmar Ratio Rank: 65
FIRFX Martin Ratio Rank: 70

IRSOX

IRSOX Risk / Return Rank: 78
IRSOX Sharpe Ratio Rank: 77
IRSOX Sortino Ratio Rank: 77
IRSOX Omega Ratio Rank: 75
IRSOX Calmar Ratio Rank: 75
IRSOX Martin Ratio Rank: 86

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. IRSOX - 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 Voya Target Retirement 2040 Fund (IRSOX). 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.

	FIRFX	IRSOX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.05	-0.06
Sortino ratio: Return per unit of downside risk	2.81	2.94	-0.13
Omega ratio: Gain probability vs. loss probability	1.40	1.38	+0.02
Calmar ratio: Return relative to maximum drawdown	2.53	2.82	-0.29
Martin ratio: Return relative to average drawdown	10.52	12.87	-2.35

FIRFX vs. IRSOX - Sharpe Ratio Comparison

The current FIRFX Sharpe Ratio is 1.98, which is comparable to the IRSOX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of FIRFX and IRSOX, 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

FIRFX vs. IRSOX - Drawdown Comparison

The maximum FIRFX drawdown since its inception was -41.29%, which is greater than IRSOX's maximum drawdown of -31.25%. Use the drawdown chart below to compare losses from any high point for FIRFX and IRSOX.

Drawdown Indicators

	FIRFX	IRSOX	Difference
Max Drawdown Largest peak-to-trough decline	-41.29%	-31.25%	-10.04%
Max Drawdown (1Y) Largest decline over 1 year	-5.11%	-8.38%	+3.27%
Max Drawdown (3Y) Largest decline over 3 years	-7.25%	-13.84%	+6.59%
Max Drawdown (5Y) Largest decline over 5 years	-21.56%	-25.24%	+3.68%
Max Drawdown (10Y) Largest decline over 10 years	-21.56%	-31.25%	+9.69%
Current Drawdown Current decline from peak	-1.85%	-0.75%	-1.10%
Average Drawdown Average peak-to-trough decline	-5.20%	-4.26%	-0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	1.77%	-0.54%

Volatility

FIRFX vs. IRSOX - Volatility Comparison

The current volatility for Fidelity Advisor Managed Retirement 2025 Fund Class I (FIRFX) is 2.18%, while Voya Target Retirement 2040 Fund (IRSOX) has a volatility of 3.42%. This indicates that FIRFX experiences smaller price fluctuations and is considered to be less risky than IRSOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIRFX	IRSOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	3.42%	-1.24%
Volatility (6M) Calculated over the trailing 6-month period	5.48%	9.42%	-3.94%
Volatility (1Y) Calculated over the trailing 1-year period	6.52%	11.56%	-5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.21%	13.99%	-5.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.37%	14.75%	-6.38%

FIRFX vs. IRSOX - Expense Ratio Comparison

FIRFX has a 0.48% expense ratio, which is higher than IRSOX's 0.23% expense ratio.

Dividends

FIRFX vs. IRSOX - Dividend Comparison

FIRFX's dividend yield for the trailing twelve months is around 3.58%, less than IRSOX's 12.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRFX Fidelity Advisor Managed Retirement 2025 Fund Class I	3.58%	2.66%	2.56%	2.43%	4.63%	5.08%	3.57%	3.80%	7.10%	24.68%	2.44%	4.49%
IRSOX Voya Target Retirement 2040 Fund	12.37%	13.71%	2.25%	2.13%	6.01%	17.52%	3.71%	4.14%	5.84%	5.86%	1.98%	0.41%

Frequently Asked Questions

Can I hold both FIRFX and IRSOX in my portfolio?

FIRFX and IRSOX have a correlation of 0.78, 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 IRSOX?

IRSOX has higher volatility (3.42%) compared to FIRFX (2.18%). In terms of maximum drawdown, FIRFX dropped -41.29% vs IRSOX's -31.25%.

Which has better risk-adjusted returns?

IRSOX currently has the higher Sharpe Ratio (2.05 vs 1.98), 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.