FRIMX vs. RFGTX

Last updated Jun 4, 2026

FRIMX (Fidelity Advisor Managed Retirement Income Fund Class I) and RFGTX (American Funds 2040 Target Date Retirement Fund Class R6) are both Target Retirement Date funds. Over the past 10 years, FRIMX returned 4.21%/yr vs 11.86%/yr for RFGTX. Their correlation of 0.83 suggests significant overlap in exposure. FRIMX charges 0.45%/yr vs 0.36%/yr for RFGTX.

Performance

FRIMX vs. RFGTX - 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 American Funds 2040 Target Date Retirement Fund Class R6 (RFGTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRIMX achieves a 4.05% return, which is significantly lower than RFGTX's 9.16% return. Over the past 10 years, FRIMX has underperformed RFGTX with an annualized return of 4.21%, while RFGTX has yielded a comparatively higher 11.86% annualized return.

FRIMX

• 1D: 0.21%
• 1M: 1.55%
• YTD: 4.05%
• 6M: 4.27%
• 1Y: 10.43%
• 3Y*: 7.59%
• 5Y*: 2.91%
• 10Y*: 4.21%

RFGTX

• 1D: 0.20%
• 1M: 3.95%
• YTD: 9.16%
• 6M: 9.80%
• 1Y: 22.99%
• 3Y*: 18.15%
• 5Y*: 9.57%
• 10Y*: 11.86%

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

FRIMX vs. RFGTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	4.05%	9.94%	4.30%	8.06%	-11.66%	2.78%	8.57%	10.57%	-1.82%	7.08%
RFGTX American Funds 2040 Target Date Retirement Fund Class R6	9.16%	19.52%	14.80%	19.33%	-17.53%	16.88%	18.79%	24.37%	-5.51%	21.98%

Correlation

The correlation between FRIMX and RFGTX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010	0.83

The correlation between FRIMX and RFGTX shifts across timeframes, from 0.72 (5 years) to 0.83 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FRIMX vs. RFGTX — Risk / Return Rank

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

FRIMX

FRIMX Risk / Return Rank: 72
FRIMX Sharpe Ratio Rank: 76
FRIMX Sortino Ratio Rank: 78
FRIMX Omega Ratio Rank: 78
FRIMX Calmar Ratio Rank: 63
FRIMX Martin Ratio Rank: 67

RFGTX

RFGTX Risk / Return Rank: 59
RFGTX Sharpe Ratio Rank: 60
RFGTX Sortino Ratio Rank: 58
RFGTX Omega Ratio Rank: 58
RFGTX Calmar Ratio Rank: 54
RFGTX Martin Ratio Rank: 64

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. RFGTX - 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 American Funds 2040 Target Date Retirement Fund Class R6 (RFGTX). 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.

	FRIMX	RFGTX	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.27	+0.26
Sortino ratio: Return per unit of downside risk	3.72	3.21	+0.51
Omega ratio: Gain probability vs. loss probability	1.51	1.42	+0.08
Calmar ratio: Return relative to maximum drawdown	3.05	2.79	+0.26
Martin ratio: Return relative to average drawdown	13.04	12.62	+0.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRIMX vs. RFGTX - Sharpe Ratio Comparison

The current FRIMX Sharpe Ratio is 2.53, which is comparable to the RFGTX Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of FRIMX and RFGTX, 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

	FRIMX	RFGTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.27	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.72	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	0.84	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.78	-0.23

Drawdowns

FRIMX vs. RFGTX - Drawdown Comparison

The maximum FRIMX drawdown since its inception was -33.73%, which is greater than RFGTX's maximum drawdown of -28.52%. Use the drawdown chart below to compare losses from any high point for FRIMX and RFGTX.

Drawdown Indicators

	FRIMX	RFGTX	Difference
Max Drawdown Largest peak-to-trough decline	-33.73%	-28.52%	-5.21%
Max Drawdown (1Y) Largest decline over 1 year	-3.44%	-8.39%	+4.95%
Max Drawdown (3Y) Largest decline over 3 years	-4.97%	-13.48%	+8.51%
Max Drawdown (5Y) Largest decline over 5 years	-16.12%	-24.85%	+8.73%
Max Drawdown (10Y) Largest decline over 10 years	-16.12%	-28.52%	+12.40%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.71%	-3.91%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	1.85%	-1.05%

Volatility

FRIMX vs. RFGTX - Volatility Comparison

The current volatility for Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX) is 1.65%, while American Funds 2040 Target Date Retirement Fund Class R6 (RFGTX) has a volatility of 2.98%. This indicates that FRIMX experiences smaller price fluctuations and is considered to be less risky than RFGTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRIMX	RFGTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	2.98%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	3.42%	8.18%	-4.76%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	10.33%	-6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.28%	13.27%	-7.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.52%	14.10%	-9.58%

FRIMX vs. RFGTX - Expense Ratio Comparison

FRIMX has a 0.45% expense ratio, which is higher than RFGTX's 0.36% expense ratio.

Dividends

FRIMX vs. RFGTX - Dividend Comparison

FRIMX's dividend yield for the trailing twelve months is around 3.08%, less than RFGTX's 5.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.08%	3.11%	3.01%	2.82%	4.52%	3.54%	2.41%	2.56%	4.67%	8.56%	1.67%	1.68%
RFGTX American Funds 2040 Target Date Retirement Fund Class R6	5.70%	6.22%	3.80%	2.81%	6.71%	5.22%	3.53%	4.59%	5.29%	2.70%	3.88%	5.43%

Frequently Asked Questions

Can I hold both FRIMX and RFGTX in my portfolio?

FRIMX and RFGTX have a correlation of 0.82, 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 RFGTX?

RFGTX has higher volatility (2.98%) compared to FRIMX (1.65%). In terms of maximum drawdown, FRIMX dropped -33.73% vs RFGTX's -28.52%.

Which has better risk-adjusted returns?

FRIMX currently has the higher Sharpe Ratio (2.53 vs 2.27), 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.