FMRAX vs. VTMFX

Last updated Jun 23, 2026

FMRAX (Fidelity Managed Retirement 2030) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both mutual funds - FMRAX is a Target Retirement Date fund managed by BlackRock, while VTMFX is a Diversified Portfolio fund tracking the Composite benchmark: Russell 1000 Index and Bloomberg 1-15 Year Municipal Bond Index. Over the past 5 years, FMRAX returned 4.42%/yr vs 7.23%/yr for VTMFX. Their correlation of 0.88 suggests significant overlap in exposure. FMRAX charges 0.48%/yr vs 0.05%/yr for VTMFX.

Performance

FMRAX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement 2030 (FMRAX) 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, FMRAX achieves a 4.99% return, which is significantly lower than VTMFX's 5.44% return.

FMRAX

• 1D: 0.00%
• 1M: -0.46%
• YTD: 4.99%
• 6M: 5.10%
• 1Y: 14.26%
• 3Y*: 10.83%
• 5Y*: 4.42%
• 10Y*: —

VTMFX

• 1D: 0.57%
• 1M: 0.96%
• YTD: 5.44%
• 6M: 5.27%
• 1Y: 15.82%
• 3Y*: 11.93%
• 5Y*: 7.23%
• 10Y*: 8.63%

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

FMRAX vs. VTMFX - 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%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	5.44%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	5.91%

Correlation

The correlation between FMRAX and VTMFX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Aug 27, 2019	0.88

The correlation between FMRAX and VTMFX has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

FMRAX vs. VTMFX — Risk / Return Rank

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

FMRAX

FMRAX Risk / Return Rank: 54
FMRAX Sharpe Ratio Rank: 53
FMRAX Sortino Ratio Rank: 51
FMRAX Omega Ratio Rank: 59
FMRAX Calmar Ratio Rank: 50
FMRAX Martin Ratio Rank: 59

VTMFX

VTMFX Risk / Return Rank: 76
VTMFX Sharpe Ratio Rank: 81
VTMFX Sortino Ratio Rank: 79
VTMFX Omega Ratio Rank: 79
VTMFX Calmar Ratio Rank: 64
VTMFX Martin Ratio Rank: 79

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.

FMRAX vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement 2030 (FMRAX) 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.

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.

	FMRAX	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.45	-0.48
Sortino ratio: Return per unit of downside risk	2.76	3.45	-0.70
Omega ratio: Gain probability vs. loss probability	1.39	1.47	-0.08
Calmar ratio: Return relative to maximum drawdown	2.57	2.93	-0.36
Martin ratio: Return relative to average drawdown	11.01	13.72	-2.72

FMRAX vs. VTMFX - Sharpe Ratio Comparison

The current FMRAX Sharpe Ratio is 1.97, which is comparable to the VTMFX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of FMRAX 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.

Drawdowns

FMRAX vs. VTMFX - Drawdown Comparison

The maximum FMRAX drawdown since its inception was -22.45%, smaller than the maximum VTMFX drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for FMRAX and VTMFX.

Drawdown Indicators

	FMRAX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-22.45%	-28.49%	+6.04%
Max Drawdown (1Y) Largest decline over 1 year	-5.61%	-5.38%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-7.76%	-10.61%	+2.85%
Max Drawdown (5Y) Largest decline over 5 years	-22.45%	-17.40%	-5.05%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.87%	—
Current Drawdown Current decline from peak	-2.10%	-0.56%	-1.54%
Average Drawdown Average peak-to-trough decline	-5.20%	-3.54%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	1.15%	+0.16%

Volatility

FMRAX vs. VTMFX - Volatility Comparison

Fidelity Managed Retirement 2030 (FMRAX) has a higher volatility of 2.99% compared to Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) at 2.50%. This indicates that FMRAX's price experiences larger fluctuations and is considered to be riskier than VTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMRAX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	2.50%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	6.19%	5.21%	+0.98%
Volatility (1Y) Calculated over the trailing 1-year period	7.34%	6.45%	+0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.89%	8.57%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.03%	9.15%	+0.88%

FMRAX vs. VTMFX - Expense Ratio Comparison

FMRAX has a 0.48% expense ratio, which is higher than VTMFX's 0.05% expense ratio.

Dividends

FMRAX vs. VTMFX - Dividend Comparison

FMRAX's dividend yield for the trailing twelve months is around 2.73%, more than VTMFX's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMRAX Fidelity Managed Retirement 2030	2.73%	2.57%	2.50%	2.39%	4.02%	4.74%	3.01%	1.60%	0.00%	0.00%	0.00%	0.00%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.12%	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 FMRAX and VTMFX in my portfolio?

FMRAX and VTMFX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMRAX or VTMFX?

FMRAX has higher volatility (2.99%) compared to VTMFX (2.50%). In terms of maximum drawdown, FMRAX dropped -22.45% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.45 vs 1.97), 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.