FIRVX vs. DTDRX

Last updated Jun 4, 2026

FIRVX (Fidelity Managed Retirement 2020 Fund) and DTDRX (Dimensional 2065 Target Date Retirement Income Fund) are both Target Retirement Date funds. Over the past 5 years, FIRVX returned 3.97%/yr vs 11.65%/yr for DTDRX. Their correlation of 0.86 suggests significant overlap in exposure. FIRVX charges 0.47%/yr vs 0.22%/yr for DTDRX.

Performance

FIRVX vs. DTDRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement 2020 Fund (FIRVX) and Dimensional 2065 Target Date Retirement Income Fund (DTDRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIRVX achieves a 5.64% return, which is significantly lower than DTDRX's 12.39% return.

FIRVX

• 1D: 0.28%
• 1M: 2.18%
• YTD: 5.64%
• 6M: 6.02%
• 1Y: 13.84%
• 3Y*: 9.78%
• 5Y*: 3.97%
• 10Y*: 6.40%

DTDRX

• 1D: 0.36%
• 1M: 5.00%
• YTD: 12.39%
• 6M: 13.11%
• 1Y: 28.08%
• 3Y*: 20.33%
• 5Y*: 11.65%
• 10Y*: —

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

FIRVX vs. DTDRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FIRVX Fidelity Managed Retirement 2020 Fund	5.64%	12.25%	5.86%	10.72%	-14.63%	6.77%	12.06%
DTDRX Dimensional 2065 Target Date Retirement Income Fund	12.39%	19.28%	17.13%	21.29%	-15.25%	20.99%	13.15%

Correlation

The correlation between FIRVX and DTDRX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	0.86

The correlation between FIRVX and DTDRX has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

Return for Risk

FIRVX vs. DTDRX — Risk / Return Rank

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

FIRVX

FIRVX Risk / Return Rank: 71
FIRVX Sharpe Ratio Rank: 73
FIRVX Sortino Ratio Rank: 75
FIRVX Omega Ratio Rank: 75
FIRVX Calmar Ratio Rank: 64
FIRVX Martin Ratio Rank: 69

DTDRX

DTDRX Risk / Return Rank: 83
DTDRX Sharpe Ratio Rank: 87
DTDRX Sortino Ratio Rank: 84
DTDRX Omega Ratio Rank: 79
DTDRX Calmar Ratio Rank: 80
DTDRX Martin Ratio Rank: 85

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.

FIRVX vs. DTDRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement 2020 Fund (FIRVX) and Dimensional 2065 Target Date Retirement Income Fund (DTDRX). 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.

	FIRVX	DTDRX	Difference
Sharpe ratio Return per unit of total volatility	2.50	2.86	-0.36
Sortino ratio Return per unit of downside risk	3.64	4.02	-0.37
Omega ratio Gain probability vs. loss probability	1.50	1.52	-0.02
Calmar ratio Return relative to maximum drawdown	3.10	3.69	-0.59
Martin ratio Return relative to average drawdown	13.38	16.19	-2.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIRVX vs. DTDRX - Sharpe Ratio Comparison

The current FIRVX Sharpe Ratio is 2.50, which is comparable to the DTDRX Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of FIRVX and DTDRX, 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

	FIRVX	DTDRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	2.86	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.80	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.70	-0.19

Drawdowns

FIRVX vs. DTDRX - Drawdown Comparison

The maximum FIRVX drawdown since its inception was -40.59%, which is greater than DTDRX's maximum drawdown of -33.33%. Use the drawdown chart below to compare losses from any high point for FIRVX and DTDRX.

Drawdown Indicators

	FIRVX	DTDRX	Difference
Max Drawdown Largest peak-to-trough decline	-40.59%	-33.33%	-7.26%
Max Drawdown (1Y) Largest decline over 1 year	-4.51%	-8.57%	+4.06%
Max Drawdown (3Y) Largest decline over 3 years	-6.52%	-15.95%	+9.43%
Max Drawdown (5Y) Largest decline over 5 years	-20.10%	-23.47%	+3.37%
Max Drawdown (10Y) Largest decline over 10 years	-20.10%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.98%	-5.10%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	1.88%	-0.84%

Volatility

FIRVX vs. DTDRX - Volatility Comparison

The current volatility for Fidelity Managed Retirement 2020 Fund (FIRVX) is 2.13%, while Dimensional 2065 Target Date Retirement Income Fund (DTDRX) has a volatility of 3.10%. This indicates that FIRVX experiences smaller price fluctuations and is considered to be less risky than DTDRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIRVX	DTDRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.13%	3.10%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	4.63%	8.68%	-4.05%
Volatility (1Y) Calculated over the trailing 1-year period	5.58%	11.04%	-5.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.27%	14.87%	-7.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.42%	19.17%	-11.75%

FIRVX vs. DTDRX - Expense Ratio Comparison

FIRVX has a 0.47% expense ratio, which is higher than DTDRX's 0.22% expense ratio.

Dividends

FIRVX vs. DTDRX - Dividend Comparison

FIRVX's dividend yield for the trailing twelve months is around 2.72%, more than DTDRX's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DTDRX Dimensional 2065 Target Date Retirement Income Fund	1.37%	1.31%	2.07%	1.94%	2.01%	1.53%	2.55%	0.00%	0.00%	0.00%	0.00%	0.00%
FIRVX Fidelity Managed Retirement 2020 Fund	2.72%	2.83%	2.74%	2.57%	3.52%	4.61%	3.74%	3.18%	6.90%	25.16%	2.28%	4.45%

Frequently Asked Questions

Can I hold both FIRVX and DTDRX in my portfolio?

FIRVX and DTDRX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIRVX or DTDRX?

DTDRX has higher volatility (3.10%) compared to FIRVX (2.13%). In terms of maximum drawdown, FIRVX dropped -40.59% vs DTDRX's -33.33%.

Which has better risk-adjusted returns?

DTDRX currently has the higher Sharpe Ratio (2.86 vs 2.50), 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.