FIRMX vs. FRIMX
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 4.21%/yr vs 4.26%/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
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Returns By Period
The year-to-date returns for both stocks are quite close, with FIRMX having a 3.60% return and FRIMX slightly lower at 3.59%. Both investments have delivered pretty close results over the past 10 years, with FIRMX having a 4.21% annualized return and FRIMX not far ahead at 4.26%.
FIRMX
- 1D
- 0.00%
- 1M
- 0.65%
- YTD
- 3.60%
- 6M
- 3.40%
- 1Y
- 8.61%
- 3Y*
- 7.18%
- 5Y*
- 2.79%
- 10Y*
- 4.21%
FRIMX
- 1D
- 0.00%
- 1M
- 0.65%
- YTD
- 3.59%
- 6M
- 3.41%
- 1Y
- 8.60%
- 3Y*
- 7.33%
- 5Y*
- 2.73%
- 10Y*
- 4.26%
FIRMX vs. FRIMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FIRMX Fidelity Managed Retirement Income Fund | 3.60% | 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 | 3.59% | 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 30, 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.
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Return for Risk
FIRMX vs. FRIMX — Risk / Return Rank
FIRMX
FRIMX
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.
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.
| FIRMX | FRIMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.43 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 2.65 | +0.12 |
| Martin ratioReturn relative to average drawdown | 11.63 | 11.11 | +0.53 |
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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.
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Drawdown Indicators
| FIRMX | FRIMX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.42% | -0.44% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -3.70% | -3.70% | 0.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 0.82% | 0.00% |
Volatility
FIRMX vs. FRIMX - Volatility Comparison
Fidelity Managed Retirement Income Fund (FIRMX) has a higher volatility of 2.02% compared to Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX) at 1.67%. This indicates that FIRMX'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.
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Volatility by Period
| FIRMX | FRIMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.02% | 1.67% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 3.70% | 3.67% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.36% | 4.35% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.32% | 5.32% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.54% | 4.52% | +0.02% |
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 3.25%, which matches FRIMX's 3.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIRMX Fidelity Managed Retirement Income Fund | 3.25% | 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 | 3.24% | 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
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.
FIRMX has higher volatility (2.02%) compared to FRIMX (1.67%). In terms of maximum drawdown, FIRMX dropped -33.73% vs FRIMX's -33.73%.
FIRMX currently has the higher Sharpe Ratio (2.19 vs 2.10), 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.
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