LEWIX vs. FRQIX

Last updated Jun 6, 2026

LEWIX (BlackRock LifePath ESG Index 2065 Fund) and FRQIX (Fidelity Advisor Managed Retirement 2010 Fund Class I) are both Target Retirement Date funds from BlackRock. Over the past 5 years, LEWIX returned 9.88%/yr vs 2.79%/yr for FRQIX. A 0.76 correlation means they provide meaningful diversification when combined. LEWIX charges 0.05%/yr vs 0.46%/yr for FRQIX.

Performance

LEWIX vs. FRQIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock LifePath ESG Index 2065 Fund (LEWIX) and Fidelity Advisor Managed Retirement 2010 Fund Class I (FRQIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LEWIX achieves a 12.52% return, which is significantly higher than FRQIX's 3.87% return.

LEWIX

• 1D: 0.38%
• 1M: 2.24%
• YTD: 12.52%
• 6M: 12.96%
• 1Y: 28.80%
• 3Y*: 19.31%
• 5Y*: 9.88%
• 10Y*: —

FRQIX

• 1D: 0.09%
• 1M: 0.34%
• YTD: 3.87%
• 6M: 4.23%
• 1Y: 9.89%
• 3Y*: 7.66%
• 5Y*: 2.79%
• 10Y*: 4.92%

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

LEWIX vs. FRQIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
LEWIX BlackRock LifePath ESG Index 2065 Fund	12.52%	20.94%	12.84%	21.30%	-18.61%	19.97%	13.76%
FRQIX Fidelity Advisor Managed Retirement 2010 Fund Class I	3.87%	9.97%	4.48%	8.52%	-12.39%	3.82%	4.97%

Correlation

The correlation between LEWIX and FRQIX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Aug 19, 2020	0.76

The correlation between LEWIX and FRQIX has been stable across timeframes, ranging from 0.74 to 0.82 - a consistent structural relationship.

Return for Risk

LEWIX vs. FRQIX — Risk / Return Rank

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

LEWIX

LEWIX Risk / Return Rank: 64
LEWIX Sharpe Ratio Rank: 64
LEWIX Sortino Ratio Rank: 60
LEWIX Omega Ratio Rank: 59
LEWIX Calmar Ratio Rank: 64
LEWIX Martin Ratio Rank: 72

FRQIX

FRQIX Risk / Return Rank: 68
FRQIX Sharpe Ratio Rank: 70
FRQIX Sortino Ratio Rank: 73
FRQIX Omega Ratio Rank: 73
FRQIX Calmar Ratio Rank: 59
FRQIX Martin Ratio Rank: 65

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.

LEWIX vs. FRQIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock LifePath ESG Index 2065 Fund (LEWIX) and Fidelity Advisor Managed Retirement 2010 Fund Class I (FRQIX). 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.

	LEWIX	FRQIX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.37	-0.09
Sortino ratio: Return per unit of downside risk	3.16	3.48	-0.32
Omega ratio: Gain probability vs. loss probability	1.41	1.47	-0.06
Calmar ratio: Return relative to maximum drawdown	2.97	2.86	+0.11
Martin ratio: Return relative to average drawdown	13.18	12.19	+1.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LEWIX vs. FRQIX - Sharpe Ratio Comparison

The current LEWIX Sharpe Ratio is 2.28, which is comparable to the FRQIX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of LEWIX and FRQIX, 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

	LEWIX	FRQIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.37	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.50	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.93	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.56	+0.29

Drawdowns

LEWIX vs. FRQIX - Drawdown Comparison

The maximum LEWIX drawdown since its inception was -27.20%, smaller than the maximum FRQIX drawdown of -38.01%. Use the drawdown chart below to compare losses from any high point for LEWIX and FRQIX.

Drawdown Indicators

	LEWIX	FRQIX	Difference
Max Drawdown Largest peak-to-trough decline	-27.20%	-38.01%	+10.81%
Max Drawdown (1Y) Largest decline over 1 year	-9.64%	-3.43%	-6.21%
Max Drawdown (3Y) Largest decline over 3 years	-17.79%	-5.21%	-12.58%
Max Drawdown (5Y) Largest decline over 5 years	-27.20%	-17.04%	-10.16%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.04%	—
Current Drawdown Current decline from peak	-0.48%	-0.17%	-0.31%
Average Drawdown Average peak-to-trough decline	-5.74%	-4.43%	-1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	0.80%	+1.36%

Volatility

LEWIX vs. FRQIX - Volatility Comparison

BlackRock LifePath ESG Index 2065 Fund (LEWIX) has a higher volatility of 3.71% compared to Fidelity Advisor Managed Retirement 2010 Fund Class I (FRQIX) at 1.65%. This indicates that LEWIX's price experiences larger fluctuations and is considered to be riskier than FRQIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LEWIX	FRQIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	1.65%	+2.06%
Volatility (6M) Calculated over the trailing 6-month period	10.02%	3.41%	+6.61%
Volatility (1Y) Calculated over the trailing 1-year period	12.55%	4.16%	+8.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.00%	5.56%	+10.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.83%	5.33%	+10.50%

LEWIX vs. FRQIX - Expense Ratio Comparison

LEWIX has a 0.05% expense ratio, which is lower than FRQIX's 0.46% expense ratio.

Dividends

LEWIX vs. FRQIX - Dividend Comparison

LEWIX's dividend yield for the trailing twelve months is around 1.54%, less than FRQIX's 3.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRQIX Fidelity Advisor Managed Retirement 2010 Fund Class I	2.89%	3.14%	2.97%	2.75%	5.01%	6.00%	3.51%	3.14%	5.60%	16.32%	2.43%	4.08%
LEWIX BlackRock LifePath ESG Index 2065 Fund	1.54%	1.73%	0.00%	2.55%	2.10%	2.77%	0.91%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LEWIX and FRQIX in my portfolio?

LEWIX and FRQIX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LEWIX or FRQIX?

LEWIX has higher volatility (3.71%) compared to FRQIX (1.65%). In terms of maximum drawdown, LEWIX dropped -27.20% vs FRQIX's -38.01%.

Which has better risk-adjusted returns?

FRQIX currently has the higher Sharpe Ratio (2.37 vs 2.28), 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.