FRKMX vs. FRAMX

Last updated Jun 25, 2026

FRKMX (Fidelity Managed Retirement Income Fund Class K) and FRAMX (Fidelity Advisor Managed Retirement Income Fund Class A) are both Target Retirement Date funds from BlackRock. Over the past 5 years, FRKMX returned 1016.85%/yr vs 609.20%/yr for FRAMX. With a 1.00 correlation, they move nearly in lockstep. FRKMX charges 0.35%/yr vs 0.70%/yr for FRAMX.

Performance

FRKMX vs. FRAMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement Income Fund Class K (FRKMX) and Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX). 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 FRAMX's 1,644,791.35% return.

FRKMX

• 1D: 15,089,900.00%
• 1M: 15,188,508.30%
• YTD: 15,640,638.04%
• 6M: 15,611,276.39%
• 1Y: 16,405,118.58%
• 3Y*: 5,609.31%
• 5Y*: 1,016.85%
• 10Y*: —

FRAMX

• 1D: 0.00%
• 1M: 1,599,541.56%
• YTD: 1,644,791.35%
• 6M: 1,641,761.62%
• 1Y: 1,722,160.75%
• 3Y*: 2,590.99%
• 5Y*: 609.20%
• 10Y*: 173.61%

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

FRKMX vs. FRAMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FRKMX Fidelity Managed Retirement Income Fund Class K	15,640,638.04%	9.91%	4.40%	8.17%	-11.57%	2.88%	8.68%	3.08%
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A	1,644,791.35%	9.55%	4.04%	7.80%	-11.87%	2.52%	8.30%	3.12%

Correlation

The correlation between FRKMX and FRAMX 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 (All Time) Calculated using the full available price history since Aug 1, 2019	1.00

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

Return for Risk

FRKMX vs. FRAMX — 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: 21
FRKMX Sortino Ratio Rank: 100
FRKMX Omega Ratio Rank: 100
FRKMX Calmar Ratio Rank: 100
FRKMX Martin Ratio Rank: 100

FRAMX

FRAMX Risk / Return Rank: 84
FRAMX Sharpe Ratio Rank: 21
FRAMX Sortino Ratio Rank: 100
FRAMX Omega Ratio Rank: 100
FRAMX Calmar Ratio Rank: 100
FRAMX Martin Ratio Rank: 100

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. FRAMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement Income Fund Class K (FRKMX) and Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX). 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	FRAMX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.13	+0.02
Sortino ratio: Return per unit of downside risk	5,218,028.60	548,105.79	+4,669,922.81
Omega ratio: Gain probability vs. loss probability	727,316.16	76,384.46	+650,931.70
Calmar ratio: Return relative to maximum drawdown	5,078,659.88	521,966.18	+4,556,693.70
Martin ratio: Return relative to average drawdown	21,305,391.80	2,179,629.76	+19,125,762.05

FRKMX vs. FRAMX - Sharpe Ratio Comparison

The current FRKMX Sharpe Ratio is 1.15, which is comparable to the FRAMX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of FRKMX and FRAMX, 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. FRAMX - Drawdown Comparison

The maximum FRKMX drawdown since its inception was -16.04%, smaller than the maximum FRAMX drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for FRKMX and FRAMX.

Drawdown Indicators

	FRKMX	FRAMX	Difference
Max Drawdown Largest peak-to-trough decline	-16.04%	-33.94%	+17.90%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-3.45%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-4.93%	-5.02%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	-16.04%	-16.31%	+0.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.31%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.54%	-3.82%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.82%	-0.01%

Volatility

FRKMX vs. FRAMX - Volatility Comparison

Fidelity Managed Retirement Income Fund Class K (FRKMX) has a higher volatility of 1,192.42% compared to Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX) at 967.34%. This indicates that FRKMX's price experiences larger fluctuations and is considered to be riskier than FRAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRKMX	FRAMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1,192.42%	967.34%	+225.08%
Volatility (6M) Calculated over the trailing 6-month period	1,192.41%	967.35%	+225.06%
Volatility (1Y) Calculated over the trailing 1-year period	15,119,929.64%	1,589,373.65%	+13,530,555.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6,761,838.11%	712,487.94%	+6,049,350.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5,765,888.45%	503,504.00%	+5,262,384.45%

FRKMX vs. FRAMX - Expense Ratio Comparison

FRKMX has a 0.35% expense ratio, which is lower than FRAMX's 0.70% expense ratio.

Dividends

FRKMX vs. FRAMX - Dividend Comparison

FRKMX's dividend yield for the trailing twelve months is around 103.36%, which matches FRAMX's 102.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A	102.97%	2.77%	2.77%	2.58%	4.26%	3.31%	2.23%	2.37%	4.40%	8.26%	1.42%	1.42%
FRKMX Fidelity Managed Retirement Income Fund Class K	103.36%	3.11%	3.12%	2.92%	4.66%	3.65%	2.56%	1.85%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRKMX and FRAMX in my portfolio?

With a correlation of 1.00, FRKMX and FRAMX 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 FRAMX?

FRKMX has higher volatility (1192.42%) compared to FRAMX (967.34%). In terms of maximum drawdown, FRKMX dropped -16.04% vs FRAMX's -33.94%.

Which has better risk-adjusted returns?

FRKMX currently has the higher Sharpe Ratio (1.15 vs 1.13), 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.