FRKMX vs. AAAMX

Last updated Jun 20, 2026

FRKMX (Fidelity Managed Retirement Income Fund Class K) and AAAMX (American Century One Choice Blend+ 2020 Portfolio) are both Target Retirement Date funds. Over the past 5 years, FRKMX returned 1016.85%/yr vs 4.43%/yr for AAAMX. Their correlation of 0.87 suggests significant overlap in exposure. FRKMX charges 0.35%/yr vs 0.57%/yr for AAAMX.

Performance

FRKMX vs. AAAMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement Income Fund Class K (FRKMX) and American Century One Choice Blend+ 2020 Portfolio (AAAMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRKMX achieves a 15,640,638.04% return, which is significantly higher than AAAMX's 4.29% return.

FRKMX

• 1D: 15,089,900.00%
• 1M: 15,196,086.18%
• YTD: 15,640,638.04%
• 6M: 15,674,310.21%
• 1Y: 16,523,017.61%
• 3Y*: 5,609.31%
• 5Y*: 1,016.85%
• 10Y*: —

AAAMX

• 1D: 0.46%
• 1M: 0.83%
• YTD: 4.29%
• 6M: 4.49%
• 1Y: 12.19%
• 3Y*: 9.35%
• 5Y*: 4.43%
• 10Y*: —

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

FRKMX vs. AAAMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FRKMX Fidelity Managed Retirement Income Fund Class K	15,640,638.04%	9.91%	4.40%	8.17%	-11.57%	3.42%
AAAMX American Century One Choice Blend+ 2020 Portfolio	4.29%	11.63%	6.87%	10.81%	-13.19%	6.88%

Correlation

The correlation between FRKMX and AAAMX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 10, 2021	0.87

The correlation between FRKMX and AAAMX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

FRKMX vs. AAAMX — Risk / Return Rank

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

FRKMX

FRKMX Risk / Return Rank: 84
FRKMX Sharpe Ratio Rank: 20
FRKMX Sortino Ratio Rank: 100
FRKMX Omega Ratio Rank: 100
FRKMX Calmar Ratio Rank: 100
FRKMX Martin Ratio Rank: 100

AAAMX

AAAMX Risk / Return Rank: 63
AAAMX Sharpe Ratio Rank: 66
AAAMX Sortino Ratio Rank: 69
AAAMX Omega Ratio Rank: 67
AAAMX Calmar Ratio Rank: 52
AAAMX Martin Ratio Rank: 63

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.

FRKMX vs. AAAMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement Income Fund Class K (FRKMX) and American Century One Choice Blend+ 2020 Portfolio (AAAMX). 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.

	FRKMX	AAAMX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	2.14	-0.99
Sortino ratio: Return per unit of downside risk	5,218,028.60	3.09	+5,218,025.51
Omega ratio: Gain probability vs. loss probability	727,316.16	1.41	+727,314.75
Calmar ratio: Return relative to maximum drawdown	5,078,659.88	2.60	+5,078,657.29
Martin ratio: Return relative to average drawdown	21,305,391.80	11.41	+21,305,380.39

FRKMX vs. AAAMX - Sharpe Ratio Comparison

The current FRKMX Sharpe Ratio is 1.15, which is lower than the AAAMX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of FRKMX and AAAMX, 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

FRKMX vs. AAAMX - Drawdown Comparison

The maximum FRKMX drawdown since its inception was -16.04%, smaller than the maximum AAAMX drawdown of -19.03%. Use the drawdown chart below to compare losses from any high point for FRKMX and AAAMX.

Drawdown Indicators

	FRKMX	AAAMX	Difference
Max Drawdown Largest peak-to-trough decline	-16.04%	-19.03%	+2.99%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-4.72%	+1.30%
Max Drawdown (3Y) Largest decline over 3 years	-4.93%	-6.33%	+1.40%
Max Drawdown (5Y) Largest decline over 5 years	-16.04%	-19.03%	+2.99%
Current Drawdown Current decline from peak	0.00%	-0.36%	+0.36%
Average Drawdown Average peak-to-trough decline	-3.54%	-4.80%	+1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	1.07%	-0.26%

Volatility

FRKMX vs. AAAMX - Volatility Comparison

Fidelity Managed Retirement Income Fund Class K (FRKMX) has a higher volatility of 1,192.42% compared to American Century One Choice Blend+ 2020 Portfolio (AAAMX) at 2.19%. This indicates that FRKMX's price experiences larger fluctuations and is considered to be riskier than AAAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRKMX	AAAMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1,192.42%	2.19%	+1,190.23%
Volatility (6M) Calculated over the trailing 6-month period	1,192.41%	4.73%	+1,187.68%
Volatility (1Y) Calculated over the trailing 1-year period	15,119,929.64%	5.74%	+15,119,923.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6,761,838.11%	7.71%	+6,761,830.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5,765,888.45%	7.60%	+5,765,880.85%

FRKMX vs. AAAMX - Expense Ratio Comparison

FRKMX has a 0.35% expense ratio, which is lower than AAAMX's 0.57% expense ratio.

Dividends

FRKMX vs. AAAMX - Dividend Comparison

FRKMX's dividend yield for the trailing twelve months is around 103.36%, more than AAAMX's 2.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AAAMX American Century One Choice Blend+ 2020 Portfolio	2.93%	5.13%	3.20%	2.10%	2.85%	2.28%	0.00%	0.00%
FRKMX Fidelity Managed Retirement Income Fund Class K	103.36%	3.11%	3.12%	2.92%	4.66%	3.65%	2.56%	1.85%

Frequently Asked Questions

Can I hold both FRKMX and AAAMX in my portfolio?

With a correlation of 0.91, FRKMX and AAAMX 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, FRKMX or AAAMX?

FRKMX has higher volatility (1192.42%) compared to AAAMX (2.19%). In terms of maximum drawdown, FRKMX dropped -16.04% vs AAAMX's -19.03%.

Which has better risk-adjusted returns?

AAAMX currently has the higher Sharpe Ratio (2.14 vs 1.15), 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.