FRASX vs. FRQKX
FRASX (Fidelity Advisor Managed Retirement 2015 Fund) and FRQKX (Fidelity Managed Retirement 2010 Fund Class K) are both Target Retirement Date funds. Over the past 5 years, FRASX returned 3.35%/yr vs 2.83%/yr for FRQKX. With a 0.99 correlation, they move nearly in lockstep. FRASX charges 0.46%/yr vs 0.36%/yr for FRQKX.
Performance
FRASX vs. FRQKX - Performance Comparison
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Returns By Period
In the year-to-date period, FRASX achieves a 4.26% return, which is significantly higher than FRQKX's 3.66% return.
FRASX
- 1D
- 0.00%
- 1M
- 0.72%
- YTD
- 4.26%
- 6M
- 4.38%
- 1Y
- 10.96%
- 3Y*
- 8.18%
- 5Y*
- 3.35%
- 10Y*
- 5.73%
FRQKX
- 1D
- 0.00%
- 1M
- 0.67%
- YTD
- 3.66%
- 6M
- 3.80%
- 1Y
- 9.52%
- 3Y*
- 7.28%
- 5Y*
- 2.83%
- 10Y*
- —
FRASX vs. FRQKX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FRASX Fidelity Advisor Managed Retirement 2015 Fund | 4.26% | 11.05% | 5.18% | 9.62% | -13.50% | 5.33% | 10.89% | 4.65% |
FRQKX Fidelity Managed Retirement 2010 Fund Class K | 3.66% | 9.91% | 4.42% | 8.62% | -12.30% | 3.95% | 9.68% | 3.94% |
Correlation
The correlation between FRASX and FRQKX is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019 | 0.99 |
The correlation between FRASX and FRQKX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
FRASX vs. FRQKX — Risk / Return Rank
FRASX
FRQKX
FRASX vs. FRQKX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Managed Retirement 2015 Fund (FRASX) and Fidelity Managed Retirement 2010 Fund Class K (FRQKX). 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.
| FRASX | FRQKX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.45 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 2.84 | -0.05 |
| Martin ratioReturn relative to average drawdown | 11.74 | 11.89 | -0.15 |
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Drawdowns
FRASX vs. FRQKX - Drawdown Comparison
The maximum FRASX drawdown since its inception was -40.08%, which is greater than FRQKX's maximum drawdown of -16.97%. Use the drawdown chart below to compare losses from any high point for FRASX and FRQKX.
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Drawdown Indicators
| FRASX | FRQKX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.08% | -16.97% | -23.11% |
Max Drawdown (1Y)Largest decline over 1 year | -3.92% | -3.42% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -5.86% | -5.17% | -0.69% |
Max Drawdown (5Y)Largest decline over 5 years | -18.55% | -16.97% | -1.58% |
Max Drawdown (10Y)Largest decline over 10 years | -18.55% | — | — |
Current DrawdownCurrent decline from peak | -0.49% | -0.42% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -4.87% | -3.84% | -1.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.82% | +0.11% |
Volatility
FRASX vs. FRQKX - Volatility Comparison
Fidelity Advisor Managed Retirement 2015 Fund (FRASX) and Fidelity Managed Retirement 2010 Fund Class K (FRQKX) have volatilities of 2.05% and 2.02%, 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.
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Volatility by Period
| FRASX | FRQKX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.05% | 2.02% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 4.28% | 3.71% | +0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.05% | 4.37% | +0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.41% | 5.60% | +0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.36% | 5.78% | +0.58% |
FRASX vs. FRQKX - Expense Ratio Comparison
FRASX has a 0.46% expense ratio, which is higher than FRQKX's 0.36% expense ratio.
Dividends
FRASX vs. FRQKX - Dividend Comparison
FRASX's dividend yield for the trailing twelve months is around 3.04%, less than FRQKX's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRASX Fidelity Advisor Managed Retirement 2015 Fund | 3.04% | 2.51% | 2.88% | 2.67% | 4.93% | 5.21% | 3.38% | 3.23% | 6.32% | 24.29% | 2.17% | 4.48% |
FRQKX Fidelity Managed Retirement 2010 Fund Class K | 3.42% | 3.09% | 2.91% | 2.86% | 5.12% | 6.11% | 3.61% | 2.57% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.99, FRASX and FRQKX 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.
FRASX has higher volatility (2.05%) compared to FRQKX (2.02%). In terms of maximum drawdown, FRASX dropped -40.08% vs FRQKX's -16.97%.
FRQKX currently has the higher Sharpe Ratio (2.23 vs 2.17), 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.
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