FRQAX vs. FRKMX

Last updated Jun 5, 2026

FRQAX (Fidelity Advisor Managed Retirement 2010 Fund Class A) and FRKMX (Fidelity Managed Retirement Income Fund Class K) are both Target Retirement Date funds from BlackRock. Over the past 5 years, FRQAX returned 2.49%/yr vs 2.85%/yr for FRKMX. With a 0.99 correlation, they move nearly in lockstep. FRQAX charges 0.71%/yr vs 0.35%/yr for FRKMX.

Performance

FRQAX vs. FRKMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX) and Fidelity Managed Retirement Income Fund Class K (FRKMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FRQAX having a 3.69% return and FRKMX slightly higher at 3.83%.

FRQAX

• 1D: -0.26%
• 1M: 0.97%
• YTD: 3.69%
• 6M: 3.95%
• 1Y: 9.39%
• 3Y*: 7.30%
• 5Y*: 2.49%
• 10Y*: 4.67%

FRKMX

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

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

FRQAX vs. FRKMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FRQAX Fidelity Advisor Managed Retirement 2010 Fund Class A	3.69%	9.54%	4.21%	8.24%	-12.60%	3.56%	9.32%	3.80%
FRKMX Fidelity Managed Retirement Income Fund Class K	3.83%	9.91%	4.40%	8.17%	-11.57%	2.88%	8.68%	3.08%

Correlation

The correlation between FRQAX and FRKMX 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 2, 2019	0.99

The correlation between FRQAX and FRKMX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

FRQAX vs. FRKMX — Risk / Return Rank

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

FRQAX

FRQAX Risk / Return Rank: 67
FRQAX Sharpe Ratio Rank: 69
FRQAX Sortino Ratio Rank: 72
FRQAX Omega Ratio Rank: 73
FRQAX Calmar Ratio Rank: 59
FRQAX Martin Ratio Rank: 64

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

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.

FRQAX vs. FRKMX - 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 Class K (FRKMX). 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.

	FRQAX	FRKMX	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.47	-0.09
Sortino ratio: Return per unit of downside risk	3.49	3.64	-0.15
Omega ratio: Gain probability vs. loss probability	1.47	1.49	-0.02
Calmar ratio: Return relative to maximum drawdown	2.86	3.01	-0.15
Martin ratio: Return relative to average drawdown	12.17	12.84	-0.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRQAX vs. FRKMX - Sharpe Ratio Comparison

The current FRQAX Sharpe Ratio is 2.38, which is comparable to the FRKMX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of FRQAX and FRKMX, 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

	FRQAX	FRKMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.47	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.54	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.79	-0.29

Drawdowns

FRQAX vs. FRKMX - Drawdown Comparison

The maximum FRQAX drawdown since its inception was -38.22%, which is greater than FRKMX's maximum drawdown of -16.04%. Use the drawdown chart below to compare losses from any high point for FRQAX and FRKMX.

Drawdown Indicators

	FRQAX	FRKMX	Difference
Max Drawdown Largest peak-to-trough decline	-38.22%	-16.04%	-22.18%
Max Drawdown (1Y) Largest decline over 1 year	-3.46%	-3.42%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-5.27%	-4.93%	-0.34%
Max Drawdown (5Y) Largest decline over 5 years	-17.24%	-16.04%	-1.20%
Max Drawdown (10Y) Largest decline over 10 years	-17.24%	—	—
Current Drawdown Current decline from peak	-0.26%	-0.25%	-0.01%
Average Drawdown Average peak-to-trough decline	-4.57%	-3.56%	-1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.80%	+0.01%

Volatility

FRQAX vs. FRKMX - Volatility Comparison

Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX) and Fidelity Managed Retirement Income Fund Class K (FRKMX) have volatilities of 1.68% and 1.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRQAX	FRKMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	1.68%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	3.42%	3.41%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	4.16%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.56%	5.29%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.33%	5.14%	+0.19%

FRQAX vs. FRKMX - Expense Ratio Comparison

FRQAX has a 0.71% expense ratio, which is higher than FRKMX's 0.35% expense ratio.

Dividends

FRQAX vs. FRKMX - Dividend Comparison

FRQAX's dividend yield for the trailing twelve months is around 2.83%, less than FRKMX's 3.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
FRQAX Fidelity Advisor Managed Retirement 2010 Fund Class A	2.83%	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

Can I hold both FRQAX and FRKMX in my portfolio?

With a correlation of 1.00, FRQAX and FRKMX 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, FRQAX or FRKMX?

FRKMX has higher volatility (1.68%) compared to FRQAX (1.68%). In terms of maximum drawdown, FRQAX dropped -38.22% vs FRKMX's -16.04%.

Which has better risk-adjusted returns?

FRKMX currently has the higher Sharpe Ratio (2.47 vs 2.38), 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.