FRIMX vs. TDIFX

Last updated Jun 4, 2026

FRIMX (Fidelity Advisor Managed Retirement Income Fund Class I) and TDIFX (Dimensional Retirement Income Fund) are both Target Retirement Date funds. Over the past 10 years, FRIMX returned 4.21%/yr vs 5.12%/yr for TDIFX. Their correlation of 0.86 suggests significant overlap in exposure. FRIMX charges 0.45%/yr vs 0.06%/yr for TDIFX.

Performance

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

Returns By Period

The year-to-date returns for both stocks are quite close, with FRIMX having a 4.05% return and TDIFX slightly lower at 3.88%. Over the past 10 years, FRIMX has underperformed TDIFX with an annualized return of 4.21%, while TDIFX has yielded a comparatively higher 5.12% 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%

TDIFX

• 1D: 0.08%
• 1M: 1.22%
• YTD: 3.88%
• 6M: 3.88%
• 1Y: 8.34%
• 3Y*: 7.14%
• 5Y*: 5.13%
• 10Y*: 5.12%

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

FRIMX vs. TDIFX - 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%
TDIFX Dimensional Retirement Income Fund	3.88%	7.22%	6.21%	7.76%	-9.37%	14.53%	9.33%	9.96%	-1.98%	5.17%

Correlation

The correlation between FRIMX and TDIFX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.86

The correlation between FRIMX and TDIFX has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

Return for Risk

FRIMX vs. TDIFX — 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

TDIFX

TDIFX Risk / Return Rank: 83
TDIFX Sharpe Ratio Rank: 86
TDIFX Sortino Ratio Rank: 85
TDIFX Omega Ratio Rank: 84
TDIFX Calmar Ratio Rank: 78
TDIFX Martin Ratio Rank: 82

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. TDIFX - 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 Dimensional Retirement Income Fund (TDIFX). 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	TDIFX	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.79	-0.26
Sortino ratio: Return per unit of downside risk	3.72	4.05	-0.33
Omega ratio: Gain probability vs. loss probability	1.51	1.57	-0.06
Calmar ratio: Return relative to maximum drawdown	3.05	3.56	-0.51
Martin ratio: Return relative to average drawdown	13.04	15.52	-2.47
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. TDIFX - Sharpe Ratio Comparison

The current FRIMX Sharpe Ratio is 2.53, which is comparable to the TDIFX Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of FRIMX and TDIFX, 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	TDIFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.79	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.89	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	1.02	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	1.06	-0.51

Drawdowns

FRIMX vs. TDIFX - Drawdown Comparison

The maximum FRIMX drawdown since its inception was -33.73%, which is greater than TDIFX's maximum drawdown of -12.21%. Use the drawdown chart below to compare losses from any high point for FRIMX and TDIFX.

Drawdown Indicators

	FRIMX	TDIFX	Difference
Max Drawdown Largest peak-to-trough decline	-33.73%	-12.21%	-21.52%
Max Drawdown (1Y) Largest decline over 1 year	-3.44%	-2.61%	-0.83%
Max Drawdown (3Y) Largest decline over 3 years	-4.97%	-3.51%	-1.46%
Max Drawdown (5Y) Largest decline over 5 years	-16.12%	-12.21%	-3.91%
Max Drawdown (10Y) Largest decline over 10 years	-16.12%	-12.21%	-3.91%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.71%	-1.75%	-1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.58%	+0.22%

Volatility

FRIMX vs. TDIFX - Volatility Comparison

Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX) has a higher volatility of 1.65% compared to Dimensional Retirement Income Fund (TDIFX) at 1.01%. This indicates that FRIMX's price experiences larger fluctuations and is considered to be riskier than TDIFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRIMX	TDIFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	1.01%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	3.42%	2.49%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	3.33%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.28%	5.89%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.52%	5.06%	-0.54%

FRIMX vs. TDIFX - Expense Ratio Comparison

FRIMX has a 0.45% expense ratio, which is higher than TDIFX's 0.06% expense ratio.

Dividends

FRIMX vs. TDIFX - Dividend Comparison

FRIMX's dividend yield for the trailing twelve months is around 3.08%, more than TDIFX's 1.99% 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%
TDIFX Dimensional Retirement Income Fund	1.99%	1.77%	3.11%	3.09%	4.66%	9.39%	1.39%	1.98%	2.11%	0.98%	0.89%	0.00%

Frequently Asked Questions

Can I hold both FRIMX and TDIFX in my portfolio?

FRIMX and TDIFX have a correlation of 0.83, 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 TDIFX?

FRIMX has higher volatility (1.65%) compared to TDIFX (1.01%). In terms of maximum drawdown, FRIMX dropped -33.73% vs TDIFX's -12.21%.

Which has better risk-adjusted returns?

TDIFX currently has the higher Sharpe Ratio (2.79 vs 2.53), 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.