FRIMX vs. BDJ

Last updated Jun 20, 2026

FRIMX (Fidelity Advisor Managed Retirement Income Fund Class I) and BDJ (BlackRock Enhanced Equity Dividend Fund) are both mutual funds - FRIMX is a Target Retirement Date fund managed by BlackRock, while BDJ is a Derivative Income fund managed by BlackRock. Over the past 10 years, FRIMX returned 4.19%/yr vs 10.35%/yr for BDJ. A 0.60 correlation means they provide meaningful diversification when combined. FRIMX charges 0.45%/yr vs 0.86%/yr for BDJ.

Performance

FRIMX vs. BDJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX) and BlackRock Enhanced Equity Dividend Fund (BDJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRIMX achieves a 3.59% return, which is significantly higher than BDJ's 1.58% return. Over the past 10 years, FRIMX has underperformed BDJ with an annualized return of 4.19%, while BDJ has yielded a comparatively higher 10.35% annualized return.

FRIMX

• 1D: 0.00%
• 1M: 0.68%
• YTD: 3.59%
• 6M: 3.81%
• 1Y: 9.38%
• 3Y*: 7.18%
• 5Y*: 2.79%
• 10Y*: 4.19%

BDJ

• 1D: 0.11%
• 1M: 1.88%
• YTD: 1.58%
• 6M: 4.61%
• 1Y: 19.06%
• 3Y*: 13.51%
• 5Y*: 8.25%
• 10Y*: 10.35%

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

FRIMX vs. BDJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.59%	9.94%	4.30%	8.06%	-11.66%	2.78%	8.57%	10.57%	-1.82%	7.08%
BDJ BlackRock Enhanced Equity Dividend Fund	1.58%	26.12%	16.87%	-6.67%	0.83%	26.56%	-7.58%	37.43%	-10.42%	20.78%

Correlation

The correlation between FRIMX and BDJ is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Aug 30, 2007	0.60

The correlation between FRIMX and BDJ shifts across timeframes, from 0.50 (10 years) to 0.60 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FRIMX vs. BDJ — Risk / Return Rank

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

FRIMX

FRIMX Risk / Return Rank: 67
FRIMX Sharpe Ratio Rank: 68
FRIMX Sortino Ratio Rank: 71
FRIMX Omega Ratio Rank: 75
FRIMX Calmar Ratio Rank: 58
FRIMX Martin Ratio Rank: 64

BDJ

BDJ Risk / Return Rank: 31
BDJ Sharpe Ratio Rank: 37
BDJ Sortino Ratio Rank: 36
BDJ Omega Ratio Rank: 34
BDJ Calmar Ratio Rank: 22
BDJ Martin Ratio Rank: 27

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.

FRIMX vs. BDJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX) and BlackRock Enhanced Equity Dividend Fund (BDJ). 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.

	FRIMX	BDJ	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.59	+0.57
Sortino ratio: Return per unit of downside risk	3.13	2.24	+0.89
Omega ratio: Gain probability vs. loss probability	1.44	1.28	+0.16
Calmar ratio: Return relative to maximum drawdown	2.74	1.57	+1.17
Martin ratio: Return relative to average drawdown	11.47	5.73	+5.74

FRIMX vs. BDJ - Sharpe Ratio Comparison

The current FRIMX Sharpe Ratio is 2.16, which is higher than the BDJ Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of FRIMX and BDJ, 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

FRIMX vs. BDJ - Drawdown Comparison

The maximum FRIMX drawdown since its inception was -33.73%, smaller than the maximum BDJ drawdown of -59.46%. Use the drawdown chart below to compare losses from any high point for FRIMX and BDJ.

Drawdown Indicators

	FRIMX	BDJ	Difference
Max Drawdown Largest peak-to-trough decline	-33.73%	-59.46%	+25.73%
Max Drawdown (1Y) Largest decline over 1 year	-3.44%	-12.28%	+8.84%
Max Drawdown (3Y) Largest decline over 3 years	-4.97%	-15.70%	+10.73%
Max Drawdown (5Y) Largest decline over 5 years	-16.12%	-21.39%	+5.27%
Max Drawdown (10Y) Largest decline over 10 years	-16.12%	-48.14%	+32.02%
Current Drawdown Current decline from peak	-0.44%	-2.02%	+1.58%
Average Drawdown Average peak-to-trough decline	-3.70%	-8.94%	+5.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	3.36%	-2.54%

Volatility

FRIMX vs. BDJ - Volatility Comparison

The current volatility for Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX) is 1.77%, while BlackRock Enhanced Equity Dividend Fund (BDJ) has a volatility of 3.59%. This indicates that FRIMX experiences smaller price fluctuations and is considered to be less risky than BDJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRIMX	BDJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	3.59%	-1.82%
Volatility (6M) Calculated over the trailing 6-month period	3.68%	9.48%	-5.80%
Volatility (1Y) Calculated over the trailing 1-year period	4.35%	12.15%	-7.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.32%	16.11%	-10.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.54%	18.42%	-13.88%

FRIMX vs. BDJ - Expense Ratio Comparison

FRIMX has a 0.45% expense ratio, which is lower than BDJ's 0.86% expense ratio.

Dividends

FRIMX vs. BDJ - Dividend Comparison

FRIMX's dividend yield for the trailing twelve months is around 3.24%, less than BDJ's 9.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDJ BlackRock Enhanced Equity Dividend Fund	9.25%	9.03%	8.21%	9.49%	12.18%	5.95%	7.08%	6.66%	7.21%	6.07%	6.88%	7.36%
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.24%	3.11%	3.01%	2.82%	4.52%	3.54%	2.41%	2.56%	4.67%	8.56%	1.67%	1.68%

Frequently Asked Questions

Can I hold both FRIMX and BDJ in my portfolio?

FRIMX and BDJ have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRIMX or BDJ?

BDJ has higher volatility (3.59%) compared to FRIMX (1.77%). In terms of maximum drawdown, FRIMX dropped -33.73% vs BDJ's -59.46%.

Which has better risk-adjusted returns?

FRIMX currently has the higher Sharpe Ratio (2.16 vs 1.59), 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.