FRASX vs. SSFNX

Last updated Jun 6, 2026

FRASX (Fidelity Advisor Managed Retirement 2015 Fund) and SSFNX (State Street Target Retirement Fund) are both Target Retirement Date funds. Over the past 10 years, FRASX returned 5.66%/yr vs 5.84%/yr for SSFNX. Their correlation of 0.92 suggests significant overlap in exposure. FRASX charges 0.46%/yr vs 0.10%/yr for SSFNX.

Performance

FRASX vs. SSFNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Managed Retirement 2015 Fund (FRASX) and State Street Target Retirement Fund (SSFNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRASX achieves a 4.58% return, which is significantly lower than SSFNX's 5.40% return. Both investments have delivered pretty close results over the past 10 years, with FRASX having a 5.66% annualized return and SSFNX not far ahead at 5.84%.

FRASX

• 1D: 0.10%
• 1M: 0.53%
• YTD: 4.58%
• 6M: 4.99%
• 1Y: 11.67%
• 3Y*: 8.65%
• 5Y*: 3.29%
• 10Y*: 5.66%

SSFNX

• 1D: 0.08%
• 1M: 0.42%
• YTD: 5.40%
• 6M: 5.55%
• 1Y: 12.69%
• 3Y*: 9.91%
• 5Y*: 4.45%
• 10Y*: 5.84%

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

FRASX vs. SSFNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRASX Fidelity Advisor Managed Retirement 2015 Fund	4.58%	11.05%	5.18%	9.62%	-13.50%	5.33%	10.89%	14.42%	-3.67%	12.07%
SSFNX State Street Target Retirement Fund	5.40%	10.93%	7.05%	10.73%	-12.21%	6.87%	10.26%	13.97%	-2.49%	8.92%

Correlation

The correlation between FRASX and SSFNX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 2, 2014	0.92

The correlation between FRASX and SSFNX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

FRASX vs. SSFNX — Risk / Return Rank

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

FRASX

FRASX Risk / Return Rank: 69
FRASX Sharpe Ratio Rank: 70
FRASX Sortino Ratio Rank: 73
FRASX Omega Ratio Rank: 74
FRASX Calmar Ratio Rank: 61
FRASX Martin Ratio Rank: 67

SSFNX

SSFNX Risk / Return Rank: 86
SSFNX Sharpe Ratio Rank: 89
SSFNX Sortino Ratio Rank: 88
SSFNX Omega Ratio Rank: 86
SSFNX Calmar Ratio Rank: 81
SSFNX Martin Ratio Rank: 88

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.

FRASX vs. SSFNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Managed Retirement 2015 Fund (FRASX) and State Street Target Retirement Fund (SSFNX). 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.

	FRASX	SSFNX	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.86	-0.49
Sortino ratio: Return per unit of downside risk	3.47	4.20	-0.74
Omega ratio: Gain probability vs. loss probability	1.47	1.58	-0.11
Calmar ratio: Return relative to maximum drawdown	2.90	3.56	-0.66
Martin ratio: Return relative to average drawdown	12.45	16.20	-3.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRASX vs. SSFNX - Sharpe Ratio Comparison

The current FRASX Sharpe Ratio is 2.37, which is comparable to the SSFNX Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of FRASX and SSFNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FRASX	SSFNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	2.86	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.68	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.89	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.84	-0.31

Drawdowns

FRASX vs. SSFNX - Drawdown Comparison

The maximum FRASX drawdown since its inception was -40.08%, which is greater than SSFNX's maximum drawdown of -16.62%. Use the drawdown chart below to compare losses from any high point for FRASX and SSFNX.

Drawdown Indicators

	FRASX	SSFNX	Difference
Max Drawdown Largest peak-to-trough decline	-40.08%	-16.62%	-23.46%
Max Drawdown (1Y) Largest decline over 1 year	-3.92%	-3.52%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-5.86%	-5.40%	-0.46%
Max Drawdown (5Y) Largest decline over 5 years	-18.55%	-16.62%	-1.93%
Max Drawdown (10Y) Largest decline over 10 years	-18.55%	-16.62%	-1.93%
Current Drawdown Current decline from peak	-0.19%	-0.17%	-0.02%
Average Drawdown Average peak-to-trough decline	-4.88%	-2.52%	-2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.77%	+0.14%

Volatility

FRASX vs. SSFNX - Volatility Comparison

Fidelity Advisor Managed Retirement 2015 Fund (FRASX) has a higher volatility of 1.86% compared to State Street Target Retirement Fund (SSFNX) at 1.41%. This indicates that FRASX's price experiences larger fluctuations and is considered to be riskier than SSFNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRASX	SSFNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.86%	1.41%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	3.96%	3.52%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	4.82%	4.39%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.37%	6.58%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.35%	6.56%	-0.21%

FRASX vs. SSFNX - Expense Ratio Comparison

FRASX has a 0.46% expense ratio, which is higher than SSFNX's 0.10% expense ratio.

Dividends

FRASX vs. SSFNX - Dividend Comparison

FRASX's dividend yield for the trailing twelve months is around 2.71%, less than SSFNX's 4.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRASX Fidelity Advisor Managed Retirement 2015 Fund	2.71%	2.51%	2.88%	2.67%	4.93%	5.21%	3.38%	3.23%	6.32%	24.29%	2.17%	4.48%
SSFNX State Street Target Retirement Fund	4.61%	4.86%	5.78%	5.26%	5.12%	6.69%	1.61%	3.35%	4.40%	2.72%	1.84%	2.05%

Frequently Asked Questions

Can I hold both FRASX and SSFNX in my portfolio?

With a correlation of 0.94, FRASX and SSFNX 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, FRASX or SSFNX?

FRASX has higher volatility (1.86%) compared to SSFNX (1.41%). In terms of maximum drawdown, FRASX dropped -40.08% vs SSFNX's -16.62%.

Which has better risk-adjusted returns?

SSFNX currently has the higher Sharpe Ratio (2.86 vs 2.37), 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.