FRQAX vs. FIRMX
FRQAX (Fidelity Advisor Managed Retirement 2010 Fund Class A) and FIRMX (Fidelity Managed Retirement Income Fund) are both Target Retirement Date funds from BlackRock. Over the past 10 years, FRQAX returned 4.87%/yr vs 4.21%/yr for FIRMX. With a 0.99 correlation, they move nearly in lockstep. FRQAX charges 0.71%/yr vs 0.45%/yr for FIRMX.
Performance
FRQAX vs. FIRMX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FRQAX having a 3.51% return and FIRMX slightly higher at 3.60%. Over the past 10 years, FRQAX has outperformed FIRMX with an annualized return of 4.87%, while FIRMX has yielded a comparatively lower 4.21% annualized return.
FRQAX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 2.66%
- YTD
- 3.51%
- 1Y
- 8.05%
- 3Y*
- 7.10%
- 5Y*
- 2.44%
- 10Y*
- 4.87%
FIRMX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 2.74%
- YTD
- 3.60%
- 1Y
- 8.29%
- 3Y*
- 7.18%
- 5Y*
- 2.79%
- 10Y*
- 4.21%
FRQAX vs. FIRMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRQAX Fidelity Advisor Managed Retirement 2010 Fund Class A | 3.51% | 9.54% | 4.21% | 8.24% | -12.60% | 3.56% | 9.32% | 12.33% | -3.06% | 10.34% |
FIRMX Fidelity Managed Retirement Income Fund | 3.60% | 9.95% | 4.29% | 8.07% | -11.66% | 2.77% | 8.57% | 10.57% | -1.80% | 7.08% |
Correlation
The correlation between FRQAX and FIRMX 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 (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2007 | 0.99 |
The correlation between FRQAX and FIRMX has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.
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Return for Risk
FRQAX vs. FIRMX — Risk / Return Rank
FRQAX
FIRMX
FRQAX vs. FIRMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX) and Fidelity Managed Retirement Income Fund (FIRMX). 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.
| FRQAX | FIRMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.44 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.30 | 2.77 | -0.48 |
| Martin ratioReturn relative to average drawdown | 9.55 | 11.63 | -2.08 |
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Drawdowns
FRQAX vs. FIRMX - Drawdown Comparison
The maximum FRQAX drawdown since its inception was -38.22%, which is greater than FIRMX's maximum drawdown of -33.73%. Use the drawdown chart below to compare losses from any high point for FRQAX and FIRMX.
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Drawdown Indicators
| FRQAX | FIRMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.22% | -33.73% | -4.49% |
Max Drawdown (1Y)Largest decline over 1 year | -3.46% | -3.44% | -0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -5.27% | -4.96% | -0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -17.24% | -16.11% | -1.13% |
Max Drawdown (10Y)Largest decline over 10 years | -17.24% | -16.11% | -1.13% |
Current DrawdownCurrent decline from peak | -0.43% | -0.42% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -4.56% | -3.70% | -0.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 0.82% | +0.01% |
Volatility
FRQAX vs. FIRMX - Volatility Comparison
The current volatility for Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX) is 1.58%, while Fidelity Managed Retirement Income Fund (FIRMX) has a volatility of 2.02%. This indicates that FRQAX experiences smaller price fluctuations and is considered to be less risky than FIRMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRQAX | FIRMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 2.02% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 3.67% | 3.70% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.33% | 4.36% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.59% | 5.32% | +0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.28% | 4.54% | +0.74% |
FRQAX vs. FIRMX - Expense Ratio Comparison
FRQAX has a 0.71% expense ratio, which is higher than FIRMX's 0.45% expense ratio.
Dividends
FRQAX vs. FIRMX - Dividend Comparison
FRQAX's dividend yield for the trailing twelve months is around 2.99%, less than FIRMX's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIRMX Fidelity Managed Retirement Income Fund | 3.12% | 3.13% | 3.02% | 2.81% | 4.54% | 3.56% | 2.48% | 2.59% | 4.65% | 8.57% | 1.67% | 1.68% |
FRQAX Fidelity Advisor Managed Retirement 2010 Fund Class A | 2.89% | 2.72% | 2.71% | 2.46% | 4.74% | 5.76% | 3.26% | 2.93% | 5.33% | 16.05% | 2.18% | 3.81% |
Frequently Asked Questions
With a correlation of 1.00, FRQAX and FIRMX 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.
FIRMX has higher volatility (2.02%) compared to FRQAX (1.58%). In terms of maximum drawdown, FRQAX dropped -38.22% vs FIRMX's -33.73%.
FIRMX currently has the higher Sharpe Ratio (2.19 vs 1.84), 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.
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