LIKKX vs. FRIMX

Last updated Jun 23, 2026

LIKKX (BlackRock LifePath Index 2040 Fund Class K) and FRIMX (Fidelity Advisor Managed Retirement Income Fund Class I) are both Target Retirement Date funds from BlackRock. Over the past 10 years, LIKKX returned 10.18%/yr vs 4.19%/yr for FRIMX. Their correlation of 0.83 suggests significant overlap in exposure. LIKKX charges 0.09%/yr vs 0.45%/yr for FRIMX.

Performance

LIKKX vs. FRIMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock LifePath Index 2040 Fund Class K (LIKKX) and Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LIKKX achieves a 9.40% return, which is significantly higher than FRIMX's 3.59% return. Over the past 10 years, LIKKX has outperformed FRIMX with an annualized return of 10.18%, while FRIMX has yielded a comparatively lower 4.19% annualized return.

LIKKX

• 1D: 0.91%
• 1M: 1.47%
• YTD: 9.40%
• 6M: 9.26%
• 1Y: 22.43%
• 3Y*: 14.61%
• 5Y*: 8.00%
• 10Y*: 10.18%

FRIMX

• 1D: 0.00%
• 1M: 0.65%
• YTD: 3.59%
• 6M: 3.72%
• 1Y: 9.38%
• 3Y*: 7.18%
• 5Y*: 2.79%
• 10Y*: 4.19%

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

LIKKX vs. FRIMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LIKKX BlackRock LifePath Index 2040 Fund Class K	9.40%	17.65%	9.85%	18.59%	-17.66%	15.98%	13.37%	25.02%	-7.07%	19.95%
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.59%	9.94%	4.30%	8.06%	-11.66%	2.78%	8.57%	10.57%	-1.82%	7.08%

Correlation

The correlation between LIKKX and FRIMX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since May 31, 2011	0.83

The correlation between LIKKX and FRIMX shifts across timeframes, from 0.77 (5 years) to 0.87 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LIKKX vs. FRIMX — Risk / Return Rank

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

LIKKX

LIKKX Risk / Return Rank: 67
LIKKX Sharpe Ratio Rank: 67
LIKKX Sortino Ratio Rank: 65
LIKKX Omega Ratio Rank: 65
LIKKX Calmar Ratio Rank: 67
LIKKX Martin Ratio Rank: 73

FRIMX

FRIMX Risk / Return Rank: 65
FRIMX Sharpe Ratio Rank: 64
FRIMX Sortino Ratio Rank: 68
FRIMX Omega Ratio Rank: 74
FRIMX Calmar Ratio Rank: 56
FRIMX Martin Ratio Rank: 62

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.

LIKKX vs. FRIMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock LifePath Index 2040 Fund Class K (LIKKX) and Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX). 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.

	LIKKX	FRIMX	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.16	+0.03
Sortino ratio: Return per unit of downside risk	3.07	3.13	-0.07
Omega ratio: Gain probability vs. loss probability	1.41	1.44	-0.03
Calmar ratio: Return relative to maximum drawdown	3.01	2.74	+0.27
Martin ratio: Return relative to average drawdown	12.92	11.47	+1.46

LIKKX vs. FRIMX - Sharpe Ratio Comparison

The current LIKKX Sharpe Ratio is 2.19, which is comparable to the FRIMX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of LIKKX and FRIMX, 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

LIKKX vs. FRIMX - Drawdown Comparison

The maximum LIKKX drawdown since its inception was -31.13%, smaller than the maximum FRIMX drawdown of -33.73%. Use the drawdown chart below to compare losses from any high point for LIKKX and FRIMX.

Drawdown Indicators

	LIKKX	FRIMX	Difference
Max Drawdown Largest peak-to-trough decline	-31.13%	-33.73%	+2.60%
Max Drawdown (1Y) Largest decline over 1 year	-7.37%	-3.44%	-3.93%
Max Drawdown (3Y) Largest decline over 3 years	-14.29%	-4.97%	-9.32%
Max Drawdown (5Y) Largest decline over 5 years	-25.02%	-16.12%	-8.90%
Max Drawdown (10Y) Largest decline over 10 years	-31.13%	-16.12%	-15.01%
Current Drawdown Current decline from peak	-0.31%	-0.44%	+0.13%
Average Drawdown Average peak-to-trough decline	-4.18%	-3.70%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	0.82%	+0.89%

Volatility

LIKKX vs. FRIMX - Volatility Comparison

BlackRock LifePath Index 2040 Fund Class K (LIKKX) has a higher volatility of 4.05% compared to Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX) at 1.77%. This indicates that LIKKX's price experiences larger fluctuations and is considered to be riskier than FRIMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LIKKX	FRIMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	1.77%	+2.28%
Volatility (6M) Calculated over the trailing 6-month period	8.49%	3.68%	+4.81%
Volatility (1Y) Calculated over the trailing 1-year period	10.14%	4.35%	+5.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.17%	5.32%	+7.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.42%	4.54%	+9.88%

LIKKX vs. FRIMX - Expense Ratio Comparison

LIKKX has a 0.09% expense ratio, which is lower than FRIMX's 0.45% expense ratio.

Dividends

LIKKX vs. FRIMX - Dividend Comparison

LIKKX's dividend yield for the trailing twelve months is around 2.99%, less than FRIMX's 3.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.24%	3.11%	3.01%	2.82%	4.52%	3.54%	2.41%	2.56%	4.67%	8.56%	1.67%	1.68%
LIKKX BlackRock LifePath Index 2040 Fund Class K	2.99%	3.27%	0.01%	2.33%	2.36%	2.40%	1.16%	3.40%	2.45%	2.33%	1.70%	3.30%

Frequently Asked Questions

Can I hold both LIKKX and FRIMX in my portfolio?

LIKKX and FRIMX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LIKKX or FRIMX?

LIKKX has higher volatility (4.05%) compared to FRIMX (1.77%). In terms of maximum drawdown, LIKKX dropped -31.13% vs FRIMX's -33.73%.

Which has better risk-adjusted returns?

LIKKX currently has the higher Sharpe Ratio (2.19 vs 2.16), 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.