FIRMX vs. FRQIX
FIRMX (Fidelity Managed Retirement Income Fund) and FRQIX (Fidelity Advisor Managed Retirement 2010 Fund Class I) are both Target Retirement Date funds from BlackRock. Over the past 10 years, FIRMX returned 4.18%/yr vs 4.95%/yr for FRQIX. With a 0.99 correlation, they move nearly in lockstep. FIRMX charges 0.45%/yr vs 0.46%/yr for FRQIX.
Performance
FIRMX vs. FRQIX - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with FIRMX at 3.78% and FRQIX at 3.78%. Over the past 10 years, FIRMX has underperformed FRQIX with an annualized return of 4.18%, while FRQIX has yielded a comparatively higher 4.95% annualized return.
FIRMX
- 1D
- -0.25%
- 1M
- 1.00%
- YTD
- 3.78%
- 6M
- 4.07%
- 1Y
- 9.64%
- 3Y*
- 7.50%
- 5Y*
- 2.77%
- 10Y*
- 4.18%
FRQIX
- 1D
- -0.26%
- 1M
- 0.99%
- YTD
- 3.78%
- 6M
- 4.08%
- 1Y
- 9.65%
- 3Y*
- 7.62%
- 5Y*
- 2.77%
- 10Y*
- 4.95%
FIRMX vs. FRQIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FIRMX Fidelity Managed Retirement Income Fund | 3.78% | 9.95% | 4.29% | 8.07% | -11.66% | 2.77% | 8.57% | 10.57% | -1.80% | 7.08% |
FRQIX Fidelity Advisor Managed Retirement 2010 Fund Class I | 3.78% | 9.97% | 4.48% | 8.52% | -12.39% | 3.82% | 9.58% | 12.63% | -2.84% | 10.64% |
Correlation
The correlation between FIRMX and FRQIX 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 | 0.98 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2007 | 0.99 |
The correlation between FIRMX and FRQIX has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.
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Return for Risk
FIRMX vs. FRQIX — Risk / Return Rank
FIRMX
FRQIX
FIRMX vs. FRQIX - 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 2010 Fund Class I (FRQIX). 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 | FRQIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.49 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.96 | 2.97 | -0.01 |
| Martin ratioReturn relative to average drawdown | 12.62 | 12.67 | -0.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FIRMX | FRQIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.44 | 2.45 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 0.50 | +0.03 |
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. FRQIX - Drawdown Comparison
The maximum FIRMX drawdown since its inception was -33.73%, smaller than the maximum FRQIX drawdown of -38.01%. Use the drawdown chart below to compare losses from any high point for FIRMX and FRQIX.
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Drawdown Indicators
| FIRMX | FRQIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.73% | -38.01% | +4.28% |
Max Drawdown (1Y)Largest decline over 1 year | -3.44% | -3.43% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -4.96% | -5.21% | +0.25% |
Max Drawdown (5Y)Largest decline over 5 years | -16.11% | -17.04% | +0.93% |
Max Drawdown (10Y)Largest decline over 10 years | -16.11% | -17.04% | +0.93% |
Current DrawdownCurrent decline from peak | -0.25% | -0.26% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -3.70% | -4.43% | +0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 0.80% | +0.01% |
Volatility
FIRMX vs. FRQIX - Volatility Comparison
Fidelity Managed Retirement Income Fund (FIRMX) and Fidelity Advisor Managed Retirement 2010 Fund Class I (FRQIX) have volatilities of 1.65% and 1.67%, 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.
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Volatility by Period
| FIRMX | FRQIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 1.67% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 3.41% | 3.41% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.17% | 4.16% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.28% | 5.56% | -0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.51% | 5.33% | -0.82% |
FIRMX vs. FRQIX - Expense Ratio Comparison
FIRMX has a 0.45% expense ratio, which is lower than FRQIX's 0.46% expense ratio.
Dividends
FIRMX vs. FRQIX - Dividend Comparison
FIRMX's dividend yield for the trailing twelve months is around 3.10%, more than FRQIX's 3.04% 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% |
FRQIX Fidelity Advisor Managed Retirement 2010 Fund Class I | 3.04% | 3.14% | 2.97% | 2.75% | 5.01% | 6.00% | 3.51% | 3.14% | 5.60% | 16.32% | 2.43% | 4.08% |
Frequently Asked Questions
With a correlation of 1.00, FIRMX and FRQIX 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.
FRQIX has higher volatility (1.67%) compared to FIRMX (1.65%). In terms of maximum drawdown, FIRMX dropped -33.73% vs FRQIX's -38.01%.
FRQIX currently has the higher Sharpe Ratio (2.45 vs 2.44), 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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