FMRAX vs. FRAMX

Last updated Aug 1, 2026

FMRAX (Fidelity Managed Retirement 2030) and FRAMX (Fidelity Advisor Managed Retirement Income Fund Class A) are both Target Retirement Date funds from BlackRock. Their correlation of 0.89 means they have usually moved in the same direction. FMRAX charges 0.48%/yr vs 0.70%/yr for FRAMX.

Performance

FMRAX vs. FRAMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement 2030 (FMRAX) and Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FMRAX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

FRAMX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

FMRAX vs. FRAMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FMRAX Fidelity Managed Retirement 2030	4.99%	14.35%	7.19%	12.51%	-16.27%	8.90%	13.83%	7.61%
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A	1,644,791.35%	9.55%	4.04%	7.80%	-11.87%	2.52%	8.30%	2.59%

Correlation

The correlation between FMRAX and FRAMX is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since Aug 27, 2019	0.89

The correlation between FMRAX and FRAMX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

FMRAX vs. FRAMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement 2030 (FMRAX) and Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

Volatility

FMRAX vs. FRAMX - Expense Ratio Comparison

FMRAX has a 0.48% expense ratio, which is lower than FRAMX's 0.70% expense ratio.

Dividends

FMRAX vs. FRAMX - Dividend Comparison

FMRAX's dividend yield for the trailing twelve months is around 2.66%, less than FRAMX's 102.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMRAX Fidelity Managed Retirement 2030	2.46%	2.57%	2.50%	2.39%	4.02%	4.74%	3.01%	1.60%	0.00%	0.00%	0.00%	0.00%
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A	102.56%	2.77%	2.77%	2.58%	4.26%	3.31%	2.23%	2.37%	4.40%	8.26%	1.42%	1.42%

Frequently Asked Questions

Can I hold both FMRAX and FRAMX in my portfolio?

With a correlation of 0.92, FMRAX and FRAMX 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.