FRAMX vs. FIRVX

Last updated Jun 24, 2026

FRAMX (Fidelity Advisor Managed Retirement Income Fund Class A) and FIRVX (Fidelity Managed Retirement 2020 Fund) are both Target Retirement Date funds from BlackRock. Over the past 10 years, FRAMX returned 173.61%/yr vs 176.04%/yr for FIRVX. With a 0.96 correlation, they move nearly in lockstep. FRAMX charges 0.70%/yr vs 0.47%/yr for FIRVX.

Performance

FRAMX vs. FIRVX - 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 2020 Fund (FIRVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRAMX achieves a 1,644,791.35% return, which is significantly higher than FIRVX's 1,440,933.92% return. Both investments have delivered pretty close results over the past 10 years, with FRAMX having a 173.61% annualized return and FIRVX not far ahead at 176.04%.

FRAMX

• 1D: 0.00%
• 1M: 1,599,541.56%
• YTD: 1,644,791.35%
• 6M: 1,644,517.81%
• 1Y: 1,729,686.80%
• 3Y*: 2,590.99%
• 5Y*: 609.45%
• 10Y*: 173.61%

FIRVX

• 1D: 1,371,718.18%
• 1M: 1,382,668.54%
• YTD: 1,440,933.92%
• 6M: 1,439,520.33%
• 1Y: 1,540,007.78%
• 3Y*: 2,512.79%
• 5Y*: 597.67%
• 10Y*: 176.04%

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

FRAMX vs. FIRVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	10.28%	-2.05%	6.82%
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%

Correlation

The correlation between FRAMX and FIRVX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Dec 31, 2007	0.96

The correlation between FRAMX and FIRVX has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.

Return for Risk

FRAMX vs. FIRVX — Risk / Return Rank

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

FRAMX

FRAMX Risk / Return Rank: 84
FRAMX Sharpe Ratio Rank: 18
FRAMX Sortino Ratio Rank: 100
FRAMX Omega Ratio Rank: 100
FRAMX Calmar Ratio Rank: 100
FRAMX Martin Ratio Rank: 100

FIRVX

FIRVX Risk / Return Rank: 84
FIRVX Sharpe Ratio Rank: 20
FIRVX Sortino Ratio Rank: 100
FIRVX Omega Ratio Rank: 100
FIRVX Calmar Ratio Rank: 100
FIRVX Martin Ratio Rank: 100

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. FIRVX - 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 2020 Fund (FIRVX). 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.

	FRAMX	FIRVX	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.17	-0.04
Sortino ratio: Return per unit of downside risk	548,105.89	351,355.56	+196,750.33
Omega ratio: Gain probability vs. loss probability	76,384.47	49,085.82	+27,298.65
Calmar ratio: Return relative to maximum drawdown	523,435.99	356,370.91	+167,065.08
Martin ratio: Return relative to average drawdown	2,185,767.38	1,512,145.77	+673,621.61

FRAMX vs. FIRVX - Sharpe Ratio Comparison

The current FRAMX Sharpe Ratio is 1.13, which is comparable to the FIRVX Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of FRAMX and FIRVX, 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

FRAMX vs. FIRVX - Drawdown Comparison

The maximum FRAMX drawdown since its inception was -33.94%, smaller than the maximum FIRVX drawdown of -40.59%. Use the drawdown chart below to compare losses from any high point for FRAMX and FIRVX.

Drawdown Indicators

	FRAMX	FIRVX	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-40.59%	+6.65%
Max Drawdown (1Y) Largest decline over 1 year	-3.45%	-4.51%	+1.06%
Max Drawdown (3Y) Largest decline over 3 years	-5.02%	-6.52%	+1.50%
Max Drawdown (5Y) Largest decline over 5 years	-16.31%	-20.10%	+3.79%
Max Drawdown (10Y) Largest decline over 10 years	-16.31%	-20.10%	+3.79%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.82%	-4.97%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	1.06%	-0.24%

Volatility

FRAMX vs. FIRVX - Volatility Comparison

Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX) and Fidelity Managed Retirement 2020 Fund (FIRVX) have volatilities of 967.33% and 952.63%, 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	FIRVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	967.33%	952.63%	+14.70%
Volatility (6M) Calculated over the trailing 6-month period	967.35%	952.62%	+14.73%
Volatility (1Y) Calculated over the trailing 1-year period	1,592,536.58%	1,374,447.92%	+218,088.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	712,487.94%	614,671.81%	+97,816.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	503,504.00%	434,465.54%	+69,038.46%

FRAMX vs. FIRVX - Expense Ratio Comparison

FRAMX has a 0.70% expense ratio, which is higher than FIRVX's 0.47% expense ratio.

Dividends

FRAMX vs. FIRVX - Dividend Comparison

FRAMX's dividend yield for the trailing twelve months is around 102.97%, which matches FIRVX's 102.87% 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%
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A	102.97%	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 FRAMX and FIRVX in my portfolio?

With a correlation of 0.98, FRAMX and FIRVX 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, FRAMX or FIRVX?

FRAMX has higher volatility (967.33%) compared to FIRVX (952.63%). In terms of maximum drawdown, FRAMX dropped -33.94% vs FIRVX's -40.59%.

Which has better risk-adjusted returns?

FIRVX currently has the higher Sharpe Ratio (1.17 vs 1.13), 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.