FIRMX vs. FRIMX

Last updated Jun 3, 2026

FIRMX (Fidelity Managed Retirement Income Fund) and FRIMX (Fidelity Advisor Managed Retirement Income Fund Class I) are both Target Retirement Date funds from BlackRock. Over the past 10 years, FIRMX returned 4.19%/yr vs 4.19%/yr for FRIMX. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.45% expense ratio.

Performance

FIRMX vs. FRIMX - Performance Comparison

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

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with FIRMX at 3.83% and FRIMX at 3.83%. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: FIRMX at 4.19% and FRIMX at 4.19%.

FIRMX

• 1D: 0.03%
• 1M: 1.12%
• YTD: 3.83%
• 6M: 4.28%
• 1Y: 10.21%
• 3Y*: 7.51%
• 5Y*: 2.81%
• 10Y*: 4.19%

FRIMX

• 1D: 0.03%
• 1M: 1.11%
• YTD: 3.83%
• 6M: 4.27%
• 1Y: 10.21%
• 3Y*: 7.52%
• 5Y*: 2.81%
• 10Y*: 4.19%

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

FIRMX vs. FRIMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIRMX Fidelity Managed Retirement Income Fund	3.83%	9.95%	4.29%	8.07%	-11.66%	2.77%	8.57%	10.57%	-1.80%	7.08%
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.83%	9.94%	4.30%	8.06%	-11.66%	2.78%	8.57%	10.57%	-1.82%	7.08%

Correlation

The correlation between FIRMX and FRIMX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Aug 31, 2007	1.00

The correlation between FIRMX and FRIMX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

FIRMX vs. FRIMX — Risk / Return Rank

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

FIRMX

FIRMX Risk / Return Rank: 69
FIRMX Sharpe Ratio Rank: 71
FIRMX Sortino Ratio Rank: 75
FIRMX Omega Ratio Rank: 75
FIRMX Calmar Ratio Rank: 60
FIRMX Martin Ratio Rank: 65

FRIMX

FRIMX Risk / Return Rank: 70
FRIMX Sharpe Ratio Rank: 71
FRIMX Sortino Ratio Rank: 76
FRIMX Omega Ratio Rank: 75
FRIMX Calmar Ratio Rank: 60
FRIMX Martin Ratio Rank: 66

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.

FIRMX vs. FRIMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement Income Fund (FIRMX) 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.

	FIRMX	FRIMX	Difference
Sharpe ratio Return per unit of total volatility	2.46	2.46	0.00
Sortino ratio Return per unit of downside risk	3.62	3.63	-0.01
Omega ratio Gain probability vs. loss probability	1.49	1.49	0.00
Calmar ratio Return relative to maximum drawdown	2.99	3.00	-0.01
Martin ratio Return relative to average drawdown	12.78	12.84	-0.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIRMX vs. FRIMX - Sharpe Ratio Comparison

The current FIRMX Sharpe Ratio is 2.46, which is comparable to the FRIMX Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of FIRMX 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

	FIRMX	FRIMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	2.46	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.53	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.93	0.93	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.56	0.00

Drawdowns

FIRMX vs. FRIMX - Drawdown Comparison

The maximum FIRMX drawdown since its inception was -33.73%, roughly equal to the maximum FRIMX drawdown of -33.73%. Use the drawdown chart below to compare losses from any high point for FIRMX and FRIMX.

Drawdown Indicators

	FIRMX	FRIMX	Difference
Max Drawdown Largest peak-to-trough decline	-33.73%	-33.73%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-3.44%	-3.44%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-4.96%	-4.97%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-16.11%	-16.12%	+0.01%
Max Drawdown (10Y) Largest decline over 10 years	-16.11%	-16.12%	+0.01%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.71%	-3.71%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.80%	+0.01%

Volatility

FIRMX vs. FRIMX - Volatility Comparison

Fidelity Managed Retirement Income Fund (FIRMX) and Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX) have volatilities of 1.64% and 1.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIRMX	FRIMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	1.65%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	3.42%	3.42%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	4.15%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.28%	5.28%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.51%	4.52%	-0.01%

FIRMX vs. FRIMX - Expense Ratio Comparison

Both FIRMX and FRIMX have an expense ratio of 0.45%.

Dividends

FIRMX vs. FRIMX - Dividend Comparison

FIRMX's dividend yield for the trailing twelve months is around 3.10%, which matches FRIMX's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRMX Fidelity Managed Retirement Income Fund	3.10%	3.13%	3.02%	2.81%	4.54%	3.56%	2.48%	2.59%	4.65%	8.57%	1.67%	1.68%
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 FIRMX and FRIMX in my portfolio?

With a correlation of 1.00, FIRMX 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, FIRMX or FRIMX?

FRIMX has higher volatility (1.65%) compared to FIRMX (1.64%). In terms of maximum drawdown, FIRMX dropped -33.73% vs FRIMX's -33.73%.

Which has better risk-adjusted returns?

FRIMX currently has the higher Sharpe Ratio (2.46 vs 2.46), 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.