FRIMX vs. FIRMX

Last updated Jun 25, 2026

FRIMX (Fidelity Advisor Managed Retirement Income Fund Class I) and FIRMX (Fidelity Managed Retirement Income Fund) are both Target Retirement Date funds from BlackRock. Over the past 10 years, FRIMX returned 4.26%/yr vs 4.21%/yr for FIRMX. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.45% expense ratio.

Performance

FRIMX vs. FIRMX - 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 Fidelity Managed Retirement Income Fund (FIRMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FRIMX having a 3.59% return and FIRMX slightly higher at 3.60%. Both investments have delivered pretty close results over the past 10 years, with FRIMX having a 4.26% annualized return and FIRMX not far behind at 4.21%.

FRIMX

• 1D: 0.00%
• 1M: 0.65%
• YTD: 3.59%
• 6M: 3.41%
• 1Y: 8.60%
• 3Y*: 7.33%
• 5Y*: 2.73%
• 10Y*: 4.26%

FIRMX

• 1D: 0.00%
• 1M: 0.65%
• YTD: 3.60%
• 6M: 3.40%
• 1Y: 8.61%
• 3Y*: 7.18%
• 5Y*: 2.79%
• 10Y*: 4.21%

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

FRIMX vs. FIRMX - 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%
FIRMX Fidelity Managed Retirement Income Fund	3.60%	9.95%	4.29%	8.07%	-11.66%	2.77%	8.57%	10.57%	-1.80%	7.08%

Correlation

The correlation between FRIMX and FIRMX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Aug 30, 2007	1.00

The correlation between FRIMX and FIRMX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

FRIMX vs. FIRMX — Risk / Return Rank

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

FRIMX

FRIMX Risk / Return Rank: 64
FRIMX Sharpe Ratio Rank: 64
FRIMX Sortino Ratio Rank: 67
FRIMX Omega Ratio Rank: 73
FRIMX Calmar Ratio Rank: 55
FRIMX Martin Ratio Rank: 61

FIRMX

FIRMX Risk / Return Rank: 69
FIRMX Sharpe Ratio Rank: 69
FIRMX Sortino Ratio Rank: 72
FIRMX Omega Ratio Rank: 76
FIRMX Calmar Ratio Rank: 60
FIRMX Martin Ratio Rank: 65

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. FIRMX - 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 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.

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	FIRMX	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.19	-0.09
Sortino ratio: Return per unit of downside risk	3.04	3.17	-0.13
Omega ratio: Gain probability vs. loss probability	1.43	1.44	-0.02
Calmar ratio: Return relative to maximum drawdown	2.65	2.77	-0.12
Martin ratio: Return relative to average drawdown	11.11	11.63	-0.53

FRIMX vs. FIRMX - Sharpe Ratio Comparison

The current FRIMX Sharpe Ratio is 2.10, which is comparable to the FIRMX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of FRIMX and FIRMX, 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. FIRMX - Drawdown Comparison

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

Drawdown Indicators

	FRIMX	FIRMX	Difference
Max Drawdown Largest peak-to-trough decline	-33.73%	-33.73%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-3.44%	-3.44%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-4.97%	-4.96%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-16.12%	-16.11%	-0.01%
Max Drawdown (10Y) Largest decline over 10 years	-16.12%	-16.11%	-0.01%
Current Drawdown Current decline from peak	-0.44%	-0.42%	-0.02%
Average Drawdown Average peak-to-trough decline	-3.70%	-3.70%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.82%	0.00%

Volatility

FRIMX vs. FIRMX - Volatility Comparison

The current volatility for Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX) is 1.67%, while Fidelity Managed Retirement Income Fund (FIRMX) has a volatility of 2.02%. This indicates that FRIMX experiences smaller price fluctuations and is considered to be less risky than FIRMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRIMX	FIRMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.67%	2.02%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	3.67%	3.70%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	4.35%	4.36%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.32%	5.32%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.52%	4.54%	-0.02%

FRIMX vs. FIRMX - Expense Ratio Comparison

Both FRIMX and FIRMX have an expense ratio of 0.45%.

Dividends

FRIMX vs. FIRMX - Dividend Comparison

FRIMX's dividend yield for the trailing twelve months is around 3.24%, which matches FIRMX's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRMX Fidelity Managed Retirement Income Fund	3.25%	3.13%	3.02%	2.81%	4.54%	3.56%	2.48%	2.59%	4.65%	8.57%	1.67%	1.68%
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 FIRMX in my portfolio?

With a correlation of 1.00, FRIMX and FIRMX 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, FRIMX or FIRMX?

FIRMX has higher volatility (2.02%) compared to FRIMX (1.67%). In terms of maximum drawdown, FRIMX dropped -33.73% vs FIRMX's -33.73%.

Which has better risk-adjusted returns?

FIRMX currently has the higher Sharpe Ratio (2.19 vs 2.10), 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.