FIRMX vs. VTMFX

Last updated Jun 3, 2026

FIRMX (Fidelity Managed Retirement Income Fund) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both mutual funds - FIRMX is a Target Retirement Date fund managed by BlackRock, while VTMFX is a Diversified Portfolio fund managed by BlackRock. Over the past 10 years, FIRMX returned 4.19%/yr vs 8.68%/yr for VTMFX. Their correlation of 0.84 suggests significant overlap in exposure. FIRMX charges 0.45%/yr vs 0.09%/yr for VTMFX.

Performance

FIRMX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement Income Fund (FIRMX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIRMX achieves a 3.83% return, which is significantly lower than VTMFX's 5.85% return. Over the past 10 years, FIRMX has underperformed VTMFX with an annualized return of 4.19%, while VTMFX has yielded a comparatively higher 8.68% annualized return.

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%

VTMFX

• 1D: 0.15%
• 1M: 2.66%
• YTD: 5.85%
• 6M: 6.14%
• 1Y: 17.04%
• 3Y*: 12.68%
• 5Y*: 7.25%
• 10Y*: 8.68%

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

FIRMX vs. VTMFX - 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%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	5.85%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between FIRMX and VTMFX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Aug 31, 2007	0.84

The correlation between FIRMX and VTMFX shifts across timeframes, from 0.68 (5 years) to 0.84 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FIRMX vs. VTMFX — 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

VTMFX

VTMFX Risk / Return Rank: 81
VTMFX Sharpe Ratio Rank: 87
VTMFX Sortino Ratio Rank: 85
VTMFX Omega Ratio Rank: 82
VTMFX Calmar Ratio Rank: 68
VTMFX Martin Ratio Rank: 81

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. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement Income Fund (FIRMX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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	VTMFX	Difference
Sharpe ratio Return per unit of total volatility	2.46	2.82	-0.36
Sortino ratio Return per unit of downside risk	3.62	4.04	-0.41
Omega ratio Gain probability vs. loss probability	1.49	1.55	-0.05
Calmar ratio Return relative to maximum drawdown	2.99	3.19	-0.21
Martin ratio Return relative to average drawdown	12.78	15.32	-2.54
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. VTMFX - Sharpe Ratio Comparison

The current FIRMX Sharpe Ratio is 2.46, which is comparable to the VTMFX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of FIRMX and VTMFX, 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	VTMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	2.82	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.85	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.93	0.95	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.85	-0.29

Drawdowns

FIRMX vs. VTMFX - Drawdown Comparison

The maximum FIRMX drawdown since its inception was -33.73%, which is greater than VTMFX's maximum drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for FIRMX and VTMFX.

Drawdown Indicators

	FIRMX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-33.73%	-28.49%	-5.24%
Max Drawdown (1Y) Largest decline over 1 year	-3.44%	-5.38%	+1.94%
Max Drawdown (3Y) Largest decline over 3 years	-4.96%	-10.61%	+5.65%
Max Drawdown (5Y) Largest decline over 5 years	-16.11%	-17.40%	+1.29%
Max Drawdown (10Y) Largest decline over 10 years	-16.11%	-21.87%	+5.76%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.71%	-3.55%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	1.12%	-0.31%

Volatility

FIRMX vs. VTMFX - Volatility Comparison

Fidelity Managed Retirement Income Fund (FIRMX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) have volatilities of 1.64% and 1.70%, 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	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	1.70%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	3.42%	4.76%	-1.34%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	6.14%	-1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.28%	8.52%	-3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.51%	9.12%	-4.61%

FIRMX vs. VTMFX - Expense Ratio Comparison

FIRMX has a 0.45% expense ratio, which is higher than VTMFX's 0.09% expense ratio.

Dividends

FIRMX vs. VTMFX - Dividend Comparison

FIRMX's dividend yield for the trailing twelve months is around 3.10%, more than VTMFX's 2.11% 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%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.11%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%

Frequently Asked Questions

Can I hold both FIRMX and VTMFX in my portfolio?

FIRMX and VTMFX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIRMX or VTMFX?

VTMFX has higher volatility (1.70%) compared to FIRMX (1.64%). In terms of maximum drawdown, FIRMX dropped -33.73% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.82 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.