FIRSX vs. FRQIX

Last updated Jun 4, 2026

FIRSX (Fidelity Managed Retirement 2015 Fund) and FRQIX (Fidelity Advisor Managed Retirement 2010 Fund Class I) are both Target Retirement Date funds from BlackRock. Over the past 10 years, FIRSX returned 5.71%/yr vs 4.98%/yr for FRQIX. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.46% expense ratio.

Performance

FIRSX vs. FRQIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement 2015 Fund (FIRSX) and Fidelity Advisor Managed Retirement 2010 Fund Class I (FRQIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIRSX achieves a 4.77% return, which is significantly higher than FRQIX's 4.05% return. Over the past 10 years, FIRSX has outperformed FRQIX with an annualized return of 5.71%, while FRQIX has yielded a comparatively lower 4.98% annualized return.

FIRSX

• 1D: 0.24%
• 1M: 1.84%
• YTD: 4.77%
• 6M: 5.08%
• 1Y: 12.05%
• 3Y*: 8.72%
• 5Y*: 3.44%
• 10Y*: 5.71%

FRQIX

• 1D: 0.21%
• 1M: 1.53%
• YTD: 4.05%
• 6M: 4.28%
• 1Y: 10.42%
• 3Y*: 7.71%
• 5Y*: 2.92%
• 10Y*: 4.98%

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

FIRSX vs. FRQIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIRSX Fidelity Managed Retirement 2015 Fund	4.77%	11.12%	5.17%	9.63%	-13.52%	5.32%	10.88%	14.45%	-3.68%	12.08%
FRQIX Fidelity Advisor Managed Retirement 2010 Fund Class I	4.05%	9.97%	4.48%	8.52%	-12.39%	3.82%	9.58%	12.63%	-2.84%	10.64%

Correlation

The correlation between FIRSX and FRQIX is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Aug 31, 2007	1.00

The correlation between FIRSX and FRQIX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

FIRSX vs. FRQIX — Risk / Return Rank

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

FIRSX

FIRSX Risk / Return Rank: 72
FIRSX Sharpe Ratio Rank: 75
FIRSX Sortino Ratio Rank: 76
FIRSX Omega Ratio Rank: 77
FIRSX Calmar Ratio Rank: 65
FIRSX Martin Ratio Rank: 69

FRQIX

FRQIX Risk / Return Rank: 72
FRQIX Sharpe Ratio Rank: 76
FRQIX Sortino Ratio Rank: 78
FRQIX Omega Ratio Rank: 77
FRQIX Calmar Ratio Rank: 63
FRQIX Martin Ratio Rank: 67

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.

FIRSX vs. FRQIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement 2015 Fund (FIRSX) 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.

	FIRSX	FRQIX	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.53	-0.01
Sortino ratio: Return per unit of downside risk	3.70	3.73	-0.03
Omega ratio: Gain probability vs. loss probability	1.51	1.51	0.00
Calmar ratio: Return relative to maximum drawdown	3.10	3.07	+0.03
Martin ratio: Return relative to average drawdown	13.28	13.08	+0.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIRSX vs. FRQIX - Sharpe Ratio Comparison

The current FIRSX Sharpe Ratio is 2.53, which is comparable to the FRQIX Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of FIRSX and FRQIX, 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

	FIRSX	FRQIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.53	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.53	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.94	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.56	-0.03

Drawdowns

FIRSX vs. FRQIX - Drawdown Comparison

The maximum FIRSX drawdown since its inception was -40.08%, which is greater than FRQIX's maximum drawdown of -38.01%. Use the drawdown chart below to compare losses from any high point for FIRSX and FRQIX.

Drawdown Indicators

	FIRSX	FRQIX	Difference
Max Drawdown Largest peak-to-trough decline	-40.08%	-38.01%	-2.07%
Max Drawdown (1Y) Largest decline over 1 year	-3.92%	-3.43%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	-5.86%	-5.21%	-0.65%
Max Drawdown (5Y) Largest decline over 5 years	-18.54%	-17.04%	-1.50%
Max Drawdown (10Y) Largest decline over 10 years	-18.54%	-17.04%	-1.50%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.89%	-4.43%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.80%	+0.11%

Volatility

FIRSX vs. FRQIX - Volatility Comparison

Fidelity Managed Retirement 2015 Fund (FIRSX) has a higher volatility of 1.88% compared to Fidelity Advisor Managed Retirement 2010 Fund Class I (FRQIX) at 1.66%. This indicates that FIRSX's price experiences larger fluctuations and is considered to be riskier than FRQIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIRSX	FRQIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.88%	1.66%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	3.98%	3.42%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	4.81%	4.15%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.38%	5.57%	+0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.35%	5.33%	+1.02%

FIRSX vs. FRQIX - Expense Ratio Comparison

Both FIRSX and FRQIX have an expense ratio of 0.46%.

Dividends

FIRSX vs. FRQIX - Dividend Comparison

FIRSX's dividend yield for the trailing twelve months is around 2.88%, less than FRQIX's 3.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRSX Fidelity Managed Retirement 2015 Fund	2.88%	3.01%	2.89%	2.68%	4.92%	5.21%	3.39%	3.24%	6.33%	24.28%	2.04%	4.48%
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

Can I hold both FIRSX and FRQIX in my portfolio?

With a correlation of 0.99, FIRSX 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.

Which is riskier, FIRSX or FRQIX?

FIRSX has higher volatility (1.88%) compared to FRQIX (1.66%). In terms of maximum drawdown, FIRSX dropped -40.08% vs FRQIX's -38.01%.

Which has better risk-adjusted returns?

FRQIX currently has the higher Sharpe Ratio (2.53 vs 2.53), 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.