FRKMX vs. TDIFX

Last updated Jun 5, 2026

FRKMX (Fidelity Managed Retirement Income Fund Class K) and TDIFX (Dimensional Retirement Income Fund) are both Target Retirement Date funds. Over the past 5 years, FRKMX returned 2.85%/yr vs 5.03%/yr for TDIFX. Their correlation of 0.88 suggests significant overlap in exposure. FRKMX charges 0.35%/yr vs 0.06%/yr for TDIFX.

Performance

FRKMX vs. TDIFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement Income Fund Class K (FRKMX) 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 FRKMX having a 3.83% return and TDIFX slightly lower at 3.71%.

FRKMX

• 1D: -0.25%
• 1M: 1.02%
• YTD: 3.83%
• 6M: 4.13%
• 1Y: 9.76%
• 3Y*: 7.56%
• 5Y*: 2.85%
• 10Y*: —

TDIFX

• 1D: -0.16%
• 1M: 0.89%
• YTD: 3.71%
• 6M: 3.71%
• 1Y: 7.98%
• 3Y*: 7.09%
• 5Y*: 5.03%
• 10Y*: 5.10%

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

FRKMX vs. TDIFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FRKMX Fidelity Managed Retirement Income Fund Class K	3.83%	9.91%	4.40%	8.17%	-11.57%	2.88%	8.68%	3.08%
TDIFX Dimensional Retirement Income Fund	3.71%	7.22%	6.21%	7.76%	-9.37%	14.53%	9.33%	2.54%

Correlation

The correlation between FRKMX 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 (All Time) Calculated using the full available price history since Aug 2, 2019	0.88

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

Return for Risk

FRKMX vs. TDIFX — Risk / Return Rank

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

FRKMX

FRKMX Risk / Return Rank: 71
FRKMX Sharpe Ratio Rank: 73
FRKMX Sortino Ratio Rank: 76
FRKMX Omega Ratio Rank: 75
FRKMX Calmar Ratio Rank: 62
FRKMX Martin Ratio Rank: 67

TDIFX

TDIFX Risk / Return Rank: 81
TDIFX Sharpe Ratio Rank: 83
TDIFX Sortino Ratio Rank: 82
TDIFX Omega Ratio Rank: 82
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.

FRKMX vs. TDIFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement Income Fund Class K (FRKMX) 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.

	FRKMX	TDIFX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.69	-0.22
Sortino ratio: Return per unit of downside risk	3.64	3.92	-0.28
Omega ratio: Gain probability vs. loss probability	1.49	1.54	-0.05
Calmar ratio: Return relative to maximum drawdown	3.01	3.45	-0.44
Martin ratio: Return relative to average drawdown	12.84	15.02	-2.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRKMX vs. TDIFX - Sharpe Ratio Comparison

The current FRKMX Sharpe Ratio is 2.47, which is comparable to the TDIFX Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of FRKMX 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

	FRKMX	TDIFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.69	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.87	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.02	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	1.06	-0.27

Drawdowns

FRKMX vs. TDIFX - Drawdown Comparison

The maximum FRKMX drawdown since its inception was -16.04%, which is greater than TDIFX's maximum drawdown of -12.21%. Use the drawdown chart below to compare losses from any high point for FRKMX and TDIFX.

Drawdown Indicators

	FRKMX	TDIFX	Difference
Max Drawdown Largest peak-to-trough decline	-16.04%	-12.21%	-3.83%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-2.61%	-0.81%
Max Drawdown (3Y) Largest decline over 3 years	-4.93%	-3.51%	-1.42%
Max Drawdown (5Y) Largest decline over 5 years	-16.04%	-12.21%	-3.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-12.21%	—
Current Drawdown Current decline from peak	-0.25%	-0.16%	-0.09%
Average Drawdown Average peak-to-trough decline	-3.56%	-1.75%	-1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.58%	+0.22%

Volatility

FRKMX vs. TDIFX - Volatility Comparison

Fidelity Managed Retirement Income Fund Class K (FRKMX) has a higher volatility of 1.68% compared to Dimensional Retirement Income Fund (TDIFX) at 1.01%. This indicates that FRKMX'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

	FRKMX	TDIFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	1.01%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	3.41%	2.50%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	3.33%	+0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.29%	5.89%	-0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.14%	5.06%	+0.08%

FRKMX vs. TDIFX - Expense Ratio Comparison

FRKMX has a 0.35% expense ratio, which is higher than TDIFX's 0.06% expense ratio.

Dividends

FRKMX vs. TDIFX - Dividend Comparison

FRKMX's dividend yield for the trailing twelve months is around 3.20%, more than TDIFX's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FRKMX Fidelity Managed Retirement Income Fund Class K	3.20%	3.11%	3.12%	2.92%	4.66%	3.65%	2.56%	1.85%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both FRKMX and TDIFX in my portfolio?

FRKMX 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, FRKMX or TDIFX?

FRKMX has higher volatility (1.68%) compared to TDIFX (1.01%). In terms of maximum drawdown, FRKMX dropped -16.04% vs TDIFX's -12.21%.

Which has better risk-adjusted returns?

TDIFX currently has the higher Sharpe Ratio (2.69 vs 2.47), 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.