FRQAX vs. LTTIX

Last updated Jun 23, 2026

FRQAX (Fidelity Advisor Managed Retirement 2010 Fund Class A) and LTTIX (MFS Lifetime 2025 Fund) are both Target Retirement Date funds. Over the past 10 years, FRQAX returned 4.71%/yr vs 6.24%/yr for LTTIX. Their correlation of 0.93 suggests significant overlap in exposure. FRQAX charges 0.71%/yr vs 0.00%/yr for LTTIX.

Performance

FRQAX vs. LTTIX - 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 MFS Lifetime 2025 Fund (LTTIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRQAX achieves a 3.51% return, which is significantly higher than LTTIX's 2.74% return. Over the past 10 years, FRQAX has underperformed LTTIX with an annualized return of 4.71%, while LTTIX has yielded a comparatively higher 6.24% annualized return.

FRQAX

• 1D: 0.00%
• 1M: 0.65%
• YTD: 3.51%
• 6M: 3.63%
• 1Y: 9.16%
• 3Y*: 6.96%
• 5Y*: 2.54%
• 10Y*: 4.71%

LTTIX

• 1D: 0.00%
• 1M: 0.08%
• YTD: 2.74%
• 6M: 2.70%
• 1Y: 8.28%
• 3Y*: 8.33%
• 5Y*: 3.72%
• 10Y*: 6.24%

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

FRQAX vs. LTTIX - 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%
LTTIX MFS Lifetime 2025 Fund	2.74%	9.29%	6.73%	10.36%	-12.36%	8.61%	10.61%	17.82%	-3.97%	13.16%

Correlation

The correlation between FRQAX and LTTIX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.93

The correlation between FRQAX and LTTIX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

FRQAX vs. LTTIX — Risk / Return Rank

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

FRQAX

FRQAX Risk / Return Rank: 61
FRQAX Sharpe Ratio Rank: 60
FRQAX Sortino Ratio Rank: 64
FRQAX Omega Ratio Rank: 70
FRQAX Calmar Ratio Rank: 53
FRQAX Martin Ratio Rank: 59

LTTIX

LTTIX Risk / Return Rank: 61
LTTIX Sharpe Ratio Rank: 64
LTTIX Sortino Ratio Rank: 71
LTTIX Omega Ratio Rank: 70
LTTIX Calmar Ratio Rank: 46
LTTIX Martin Ratio Rank: 57

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. LTTIX - 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 MFS Lifetime 2025 Fund (LTTIX). 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	LTTIX	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.16	-0.05
Sortino ratio: Return per unit of downside risk	3.04	3.20	-0.16
Omega ratio: Gain probability vs. loss probability	1.42	1.42	0.00
Calmar ratio: Return relative to maximum drawdown	2.65	2.47	+0.17
Martin ratio: Return relative to average drawdown	11.04	10.68	+0.35

FRQAX vs. LTTIX - Sharpe Ratio Comparison

The current FRQAX Sharpe Ratio is 2.10, which is comparable to the LTTIX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of FRQAX and LTTIX, 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

FRQAX vs. LTTIX - Drawdown Comparison

The maximum FRQAX drawdown since its inception was -38.22%, which is greater than LTTIX's maximum drawdown of -19.33%. Use the drawdown chart below to compare losses from any high point for FRQAX and LTTIX.

Drawdown Indicators

	FRQAX	LTTIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.22%	-19.33%	-18.89%
Max Drawdown (1Y) Largest decline over 1 year	-3.46%	-3.64%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	-5.27%	-5.77%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-17.24%	-16.92%	-0.32%
Max Drawdown (10Y) Largest decline over 10 years	-17.24%	-19.33%	+2.09%
Current Drawdown Current decline from peak	-0.43%	-0.45%	+0.02%
Average Drawdown Average peak-to-trough decline	-4.56%	-2.68%	-1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.84%	-0.01%

Volatility

FRQAX vs. LTTIX - Volatility Comparison

Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX) has a higher volatility of 1.77% compared to MFS Lifetime 2025 Fund (LTTIX) at 1.34%. This indicates that FRQAX's price experiences larger fluctuations and is considered to be riskier than LTTIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRQAX	LTTIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	1.34%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	3.68%	3.32%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	4.35%	4.18%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.59%	6.37%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.34%	7.24%	-1.90%

FRQAX vs. LTTIX - Expense Ratio Comparison

FRQAX has a 0.71% expense ratio, which is higher than LTTIX's 0.00% expense ratio.

Dividends

FRQAX vs. LTTIX - Dividend Comparison

FRQAX's dividend yield for the trailing twelve months is around 2.99%, less than LTTIX's 11.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRQAX Fidelity Advisor Managed Retirement 2010 Fund Class A	2.99%	2.72%	2.71%	2.46%	4.74%	5.76%	3.26%	2.93%	5.33%	16.05%	2.18%	3.81%
LTTIX MFS Lifetime 2025 Fund	11.54%	8.13%	7.07%	3.30%	5.88%	7.35%	2.83%	3.68%	4.32%	3.51%	4.03%	1.82%

Frequently Asked Questions

Can I hold both FRQAX and LTTIX in my portfolio?

With a correlation of 0.92, FRQAX and LTTIX 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 LTTIX?

FRQAX has higher volatility (1.77%) compared to LTTIX (1.34%). In terms of maximum drawdown, FRQAX dropped -38.22% vs LTTIX's -19.33%.

Which has better risk-adjusted returns?

LTTIX currently has the higher Sharpe Ratio (2.16 vs 2.10), 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.