FRAMX vs. FIRMX

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX) and Fidelity Managed Retirement Income Fund (FIRMX).

FRAMX is managed by BlackRock. It was launched on Aug 30, 2007. FIRMX is managed by BlackRock. It was launched on Aug 30, 2007.

Performance

FRAMX vs. FIRMX - Performance Comparison

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

FRAMX vs. FIRMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A	-0.57%	9.55%	4.04%	7.80%	-11.87%	2.52%	8.30%	10.28%	-2.05%	6.82%
FIRMX Fidelity Managed Retirement Income Fund	-0.50%	9.95%	4.29%	8.07%	-11.66%	2.77%	8.57%	10.57%	-1.80%	7.08%

Returns By Period

In the year-to-date period, FRAMX achieves a -0.57% return, which is significantly lower than FIRMX's -0.50% return. Over the past 10 years, FRAMX has underperformed FIRMX with an annualized return of 3.65%, while FIRMX has yielded a comparatively higher 3.92% annualized return.

FRAMX

• 1D: 0.26%
• 1M: -3.20%
• YTD: -0.57%
• 6M: 0.62%
• 1Y: 6.78%
• 3Y*: 5.66%
• 5Y*: 2.13%
• 10Y*: 3.65%

FIRMX

• 1D: 0.27%
• 1M: -3.18%
• YTD: -0.50%
• 6M: 0.75%
• 1Y: 7.05%
• 3Y*: 5.96%
• 5Y*: 2.41%
• 10Y*: 3.92%

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

FRAMX vs. FIRMX - Expense Ratio Comparison

FRAMX has a 0.70% expense ratio, which is higher than FIRMX's 0.45% expense ratio.

FRAMX

Fidelity Advisor Managed Retirement Income Fund Class A

FIRMX

Fidelity Managed Retirement Income Fund

Return for Risk

FRAMX vs. FIRMX — Risk / Return Rank

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

FRAMX

FRAMX Risk / Return Rank: 80
FRAMX Sharpe Ratio Rank: 81
FRAMX Sortino Ratio Rank: 81
FRAMX Omega Ratio Rank: 77
FRAMX Calmar Ratio Rank: 82
FRAMX Martin Ratio Rank: 81

FIRMX

FIRMX Risk / Return Rank: 83
FIRMX Sharpe Ratio Rank: 83
FIRMX Sortino Ratio Rank: 84
FIRMX Omega Ratio Rank: 80
FIRMX Calmar Ratio Rank: 84
FIRMX Martin Ratio Rank: 84

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.

FRAMX vs. FIRMX - Risk-Adjusted Trends Comparison

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

	FRAMX	FIRMX	Difference
Sharpe ratio Return per unit of total volatility	1.50	1.56	-0.06
Sortino ratio Return per unit of downside risk	2.09	2.17	-0.09
Omega ratio Gain probability vs. loss probability	1.30	1.31	-0.01
Calmar ratio Return relative to maximum drawdown	2.00	2.08	-0.08
Martin ratio Return relative to average drawdown	8.06	8.41	-0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRAMX vs. FIRMX - Sharpe Ratio Comparison

The current FRAMX Sharpe Ratio is 1.50, which is comparable to the FIRMX Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of FRAMX and FIRMX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FRAMX	FIRMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.50	1.56	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.46	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.88	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.52	-0.03

Correlation

The correlation between FRAMX and FIRMX is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FRAMX vs. FIRMX - Dividend Comparison

FRAMX's dividend yield for the trailing twelve months is around 2.91%, less than FIRMX's 3.16% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A	2.91%	2.77%	2.77%	2.58%	4.26%	3.31%	2.23%	2.37%	4.40%	8.26%	1.42%	1.42%
FIRMX Fidelity Managed Retirement Income Fund	3.16%	3.13%	3.02%	2.81%	4.54%	3.56%	2.48%	2.59%	4.65%	8.57%	1.67%	1.68%

Drawdowns

FRAMX vs. FIRMX - Drawdown Comparison

The maximum FRAMX drawdown since its inception was -33.94%, roughly equal to the maximum FIRMX drawdown of -33.73%. Use the drawdown chart below to compare losses from any high point for FRAMX and FIRMX.

Drawdown Indicators

	FRAMX	FIRMX	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-33.73%	-0.21%
Max Drawdown (1Y) Largest decline over 1 year	-3.45%	-3.44%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-16.31%	-16.11%	-0.20%
Max Drawdown (10Y) Largest decline over 10 years	-16.31%	-16.11%	-0.20%
Current Drawdown Current decline from peak	-3.20%	-3.18%	-0.02%
Average Drawdown Average peak-to-trough decline	-3.87%	-3.73%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.85%	+0.01%

Volatility

FRAMX vs. FIRMX - Volatility Comparison

Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX) and Fidelity Managed Retirement Income Fund (FIRMX) have volatilities of 1.96% and 1.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRAMX	FIRMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	1.96%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	2.86%	2.86%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	4.59%	4.59%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.21%	5.21%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.47%	4.47%	0.00%