FIRVX vs. SWMRX

Last updated Jun 25, 2026

FIRVX (Fidelity Managed Retirement 2020 Fund) and SWMRX (Schwab Target 2045 Fund) are both Target Retirement Date funds. Over the past 10 years, FIRVX returned 176.04%/yr vs 10.92%/yr for SWMRX. Their correlation of 0.92 suggests significant overlap in exposure. FIRVX charges 0.47%/yr vs 0.00%/yr for SWMRX.

Performance

FIRVX vs. SWMRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement 2020 Fund (FIRVX) and Schwab Target 2045 Fund (SWMRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIRVX achieves a 1,440,933.92% return, which is significantly higher than SWMRX's 8.11% return. Over the past 10 years, FIRVX has outperformed SWMRX with an annualized return of 176.04%, while SWMRX has yielded a comparatively lower 10.92% annualized return.

FIRVX

• 1D: 1,371,718.18%
• 1M: 1,382,668.54%
• YTD: 1,440,933.92%
• 6M: 1,436,828.54%
• 1Y: 1,530,611.82%
• 3Y*: 2,512.79%
• 5Y*: 597.67%
• 10Y*: 176.04%

SWMRX

• 1D: -1.51%
• 1M: -0.34%
• YTD: 8.11%
• 6M: 7.26%
• 1Y: 19.74%
• 3Y*: 16.65%
• 5Y*: 8.10%
• 10Y*: 10.92%

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

FIRVX vs. SWMRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIRVX Fidelity Managed Retirement 2020 Fund	1,440,933.92%	12.25%	5.86%	10.72%	-14.63%	6.77%	12.06%	16.19%	-4.45%	13.32%
SWMRX Schwab Target 2045 Fund	8.11%	18.84%	13.37%	20.10%	-19.24%	16.85%	14.95%	23.95%	-9.82%	21.39%

Correlation

The correlation between FIRVX and SWMRX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 23, 2013	0.92

The correlation between FIRVX and SWMRX has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

Return for Risk

FIRVX vs. SWMRX — Risk / Return Rank

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

FIRVX

FIRVX Risk / Return Rank: 85
FIRVX Sharpe Ratio Rank: 24
FIRVX Sortino Ratio Rank: 100
FIRVX Omega Ratio Rank: 100
FIRVX Calmar Ratio Rank: 100
FIRVX Martin Ratio Rank: 100

SWMRX

SWMRX Risk / Return Rank: 49
SWMRX Sharpe Ratio Rank: 47
SWMRX Sortino Ratio Rank: 45
SWMRX Omega Ratio Rank: 47
SWMRX Calmar Ratio Rank: 47
SWMRX Martin Ratio Rank: 57

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. SWMRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement 2020 Fund (FIRVX) and Schwab Target 2045 Fund (SWMRX). 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.

	FIRVX	SWMRX	Difference
Sharpe ratio: Return per unit of total volatility	1.17	1.84	-0.67
Sortino ratio: Return per unit of downside risk	351,355.56	2.55	+351,353.01
Omega ratio: Gain probability vs. loss probability	49,085.82	1.34	+49,084.48
Calmar ratio: Return relative to maximum drawdown	356,370.91	2.46	+356,368.45
Martin ratio: Return relative to average drawdown	1,512,145.77	10.63	+1,512,135.14

FIRVX vs. SWMRX - Sharpe Ratio Comparison

The current FIRVX Sharpe Ratio is 1.17, which is lower than the SWMRX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of FIRVX and SWMRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FIRVX vs. SWMRX - Drawdown Comparison

The maximum FIRVX drawdown since its inception was -40.59%, which is greater than SWMRX's maximum drawdown of -30.41%. Use the drawdown chart below to compare losses from any high point for FIRVX and SWMRX.

Drawdown Indicators

	FIRVX	SWMRX	Difference
Max Drawdown Largest peak-to-trough decline	-40.59%	-30.41%	-10.18%
Max Drawdown (1Y) Largest decline over 1 year	-4.51%	-8.62%	+4.11%
Max Drawdown (3Y) Largest decline over 3 years	-6.52%	-14.20%	+7.68%
Max Drawdown (5Y) Largest decline over 5 years	-20.10%	-30.12%	+10.02%
Max Drawdown (10Y) Largest decline over 10 years	-20.10%	-30.41%	+10.31%
Current Drawdown Current decline from peak	0.00%	-1.98%	+1.98%
Average Drawdown Average peak-to-trough decline	-4.97%	-5.16%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	1.99%	-0.93%

Volatility

FIRVX vs. SWMRX - Volatility Comparison

Fidelity Managed Retirement 2020 Fund (FIRVX) has a higher volatility of 952.63% compared to Schwab Target 2045 Fund (SWMRX) at 4.66%. This indicates that FIRVX's price experiences larger fluctuations and is considered to be riskier than SWMRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIRVX	SWMRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	952.63%	4.66%	+947.97%
Volatility (6M) Calculated over the trailing 6-month period	952.62%	9.47%	+943.15%
Volatility (1Y) Calculated over the trailing 1-year period	1,374,447.92%	11.56%	+1,374,436.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	614,671.81%	15.51%	+614,656.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	434,465.54%	15.48%	+434,450.06%

FIRVX vs. SWMRX - Expense Ratio Comparison

FIRVX has a 0.47% expense ratio, which is higher than SWMRX's 0.00% expense ratio.

Dividends

FIRVX vs. SWMRX - Dividend Comparison

FIRVX's dividend yield for the trailing twelve months is around 102.87%, more than SWMRX's 4.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRVX Fidelity Managed Retirement 2020 Fund	102.87%	2.83%	2.74%	2.57%	3.52%	4.61%	3.74%	3.18%	6.90%	25.16%	2.28%	4.45%
SWMRX Schwab Target 2045 Fund	4.79%	5.18%	3.14%	2.98%	7.88%	5.18%	2.45%	5.46%	6.63%	2.79%	5.28%	5.76%

Frequently Asked Questions

Can I hold both FIRVX and SWMRX in my portfolio?

With a correlation of 0.91, FIRVX and SWMRX 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, FIRVX or SWMRX?

FIRVX has higher volatility (952.63%) compared to SWMRX (4.66%). In terms of maximum drawdown, FIRVX dropped -40.59% vs SWMRX's -30.41%.

Which has better risk-adjusted returns?

SWMRX currently has the higher Sharpe Ratio (1.84 vs 1.17), 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.