FRQIX vs. FRQAX

Last updated Jun 24, 2026

FRQIX (Fidelity Advisor Managed Retirement 2010 Fund Class I) and FRQAX (Fidelity Advisor Managed Retirement 2010 Fund Class A) are both Target Retirement Date funds from BlackRock. Over the past 10 years, FRQIX returned 5.14%/yr vs 4.86%/yr for FRQAX. With a 1.00 correlation, they move nearly in lockstep. FRQIX charges 0.46%/yr vs 0.71%/yr for FRQAX.

Performance

FRQIX vs. FRQAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Managed Retirement 2010 Fund Class I (FRQIX) and Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX). 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 FRQIX having a 3.60% return and FRQAX slightly lower at 3.51%. Over the past 10 years, FRQIX has outperformed FRQAX with an annualized return of 5.14%, while FRQAX has yielded a comparatively lower 4.86% annualized return.

FRQIX

• 1D: 0.00%
• 1M: 0.65%
• YTD: 3.60%
• 6M: 3.60%
• 1Y: 9.10%
• 3Y*: 7.45%
• 5Y*: 2.77%
• 10Y*: 5.14%

FRQAX

• 1D: 0.00%
• 1M: 0.65%
• YTD: 3.51%
• 6M: 3.48%
• 1Y: 8.84%
• 3Y*: 7.14%
• 5Y*: 2.49%
• 10Y*: 4.86%

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

FRQIX vs. FRQAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRQIX Fidelity Advisor Managed Retirement 2010 Fund Class I	3.60%	9.97%	4.48%	8.52%	-12.39%	3.82%	9.58%	12.63%	-2.84%	10.64%
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%

Correlation

The correlation between FRQIX and FRQAX 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	1.00
Correlation (All Time) Calculated using the full available price history since Aug 30, 2007	1.00

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

Return for Risk

FRQIX vs. FRQAX — Risk / Return Rank

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

FRQIX

FRQIX Risk / Return Rank: 65
FRQIX Sharpe Ratio Rank: 65
FRQIX Sortino Ratio Rank: 69
FRQIX Omega Ratio Rank: 73
FRQIX Calmar Ratio Rank: 56
FRQIX Martin Ratio Rank: 62

FRQAX

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

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.

FRQIX vs. FRQAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Managed Retirement 2010 Fund Class I (FRQIX) and Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX). 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.

	FRQIX	FRQAX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.11	+0.06
Sortino ratio: Return per unit of downside risk	3.15	3.05	+0.10
Omega ratio: Gain probability vs. loss probability	1.44	1.43	+0.01
Calmar ratio: Return relative to maximum drawdown	2.76	2.66	+0.10
Martin ratio: Return relative to average drawdown	11.55	11.08	+0.47

FRQIX vs. FRQAX - Sharpe Ratio Comparison

The current FRQIX Sharpe Ratio is 2.17, which is comparable to the FRQAX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FRQIX and FRQAX, 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

FRQIX vs. FRQAX - Drawdown Comparison

The maximum FRQIX drawdown since its inception was -38.01%, roughly equal to the maximum FRQAX drawdown of -38.22%. Use the drawdown chart below to compare losses from any high point for FRQIX and FRQAX.

Drawdown Indicators

	FRQIX	FRQAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.01%	-38.22%	+0.21%
Max Drawdown (1Y) Largest decline over 1 year	-3.43%	-3.46%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-5.21%	-5.27%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-17.04%	-17.24%	+0.20%
Max Drawdown (10Y) Largest decline over 10 years	-17.04%	-17.24%	+0.20%
Current Drawdown Current decline from peak	-0.42%	-0.43%	+0.01%
Average Drawdown Average peak-to-trough decline	-4.42%	-4.56%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.83%	-0.01%

Volatility

FRQIX vs. FRQAX - Volatility Comparison

Fidelity Advisor Managed Retirement 2010 Fund Class I (FRQIX) and Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX) have volatilities of 1.68% and 1.67%, 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

	FRQIX	FRQAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	1.67%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	3.67%	3.68%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	4.36%	4.36%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.60%	5.59%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.34%	5.34%	0.00%

FRQIX vs. FRQAX - Expense Ratio Comparison

FRQIX has a 0.46% expense ratio, which is lower than FRQAX's 0.71% expense ratio.

Dividends

FRQIX vs. FRQAX - Dividend Comparison

FRQIX's dividend yield for the trailing twelve months is around 3.22%, more than FRQAX's 2.99% 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%
FRQIX Fidelity Advisor Managed Retirement 2010 Fund Class I	3.22%	3.14%	2.97%	2.75%	5.01%	6.00%	3.51%	3.14%	5.60%	16.32%	2.43%	4.08%

Frequently Asked Questions

Can I hold both FRQIX and FRQAX in my portfolio?

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

FRQIX has higher volatility (1.68%) compared to FRQAX (1.67%). In terms of maximum drawdown, FRQIX dropped -38.01% vs FRQAX's -38.22%.

Which has better risk-adjusted returns?

FRQIX currently has the higher Sharpe Ratio (2.17 vs 2.11), 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.