IRSPX vs. FRAMX

Last updated Aug 1, 2026

IRSPX (Voya Target Retirement 2045 Fund) and FRAMX (Fidelity Advisor Managed Retirement Income Fund Class A) are both Target Retirement Date funds. Their 0.78 correlation means they have sometimes moved together and sometimes differently. IRSPX charges 0.19%/yr vs 0.70%/yr for FRAMX.

Performance

IRSPX vs. FRAMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Target Retirement 2045 Fund (IRSPX) and Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IRSPX

• 1D: 1.81%
• 1M: -0.57%
• 6M: 6.33%
• YTD: 10.29%
• 1Y: 21.78%
• 3Y*: 16.43%
• 5Y*: 9.40%
• 10Y*: 11.31%
• ALL TIME*: 10.74%

FRAMX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IRSPX Voya Target Retirement 2045 Fund	$0.00	$0.00	$0.00

IRSPX vs. FRAMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IRSPX Voya Target Retirement 2045 Fund	10.29%	20.26%	14.80%	20.14%	-18.48%	18.90%	17.49%	24.79%	-9.02%	20.77%
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A	1,644,791.35%	9.55%	4.04%	7.80%	-11.87%	2.52%	8.30%	10.28%	-2.05%	6.82%

Correlation

The correlation between IRSPX and FRAMX is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (10Y) Provides a long-term view across more market conditions.	0.71
Correlation (All Time) Calculated using the full available price history since Dec 24, 2012	0.78

The correlation between IRSPX and FRAMX has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.

Return for Risk

IRSPX vs. FRAMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IRSPX

IRSPX Risk / Return Rank: 73
IRSPX Sharpe Ratio Rank: 70
IRSPX Sortino Ratio Rank: 71
IRSPX Omega Ratio Rank: 68
IRSPX Calmar Ratio Rank: 73
IRSPX Martin Ratio Rank: 84

FRAMX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IRSPX vs. FRAMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Target Retirement 2045 Fund (IRSPX) and Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX). 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.

	IRSPX	FRAMX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	—	—
Sortino ratio: Return per unit of downside risk	2.48	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	2.44	—	—
Martin ratio: Return relative to average drawdown	10.81	—	—

Drawdowns

Drawdown Indicators

	IRSPX	FRAMX	Difference
Max Drawdown Largest peak-to-trough decline	-32.60%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.18%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.60%	—	—
Current Drawdown Current decline from peak	-2.02%	—	—
Average Drawdown Average peak-to-trough decline	-4.37%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	—	—

Volatility

Volatility by Period

	IRSPX	FRAMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.34%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.83%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.99%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.76%	—	—

IRSPX vs. FRAMX - Expense Ratio Comparison

IRSPX has a 0.19% expense ratio, which is lower than FRAMX's 0.70% expense ratio.

Dividends

IRSPX vs. FRAMX - Dividend Comparison

IRSPX's dividend yield for the trailing twelve months is around 10.59%, less than FRAMX's 102.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A	102.56%	2.77%	2.77%	2.58%	4.26%	3.31%	2.23%	2.37%	4.40%	8.26%	1.42%	1.42%
IRSPX Voya Target Retirement 2045 Fund	10.59%	11.68%	3.04%	2.02%	6.08%	22.70%	3.26%	4.76%	5.54%	5.68%	2.00%	0.44%

Frequently Asked Questions

Can I hold both IRSPX and FRAMX in my portfolio?

IRSPX and FRAMX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.