LIRAX vs. FRQKX

Last updated Jun 4, 2026

LIRAX (BlackRock LifePath Index Retirement Fund Investor A Shares) and FRQKX (Fidelity Managed Retirement 2010 Fund Class K) are both Target Retirement Date funds from BlackRock. Over the past 5 years, LIRAX returned 3.97%/yr vs 2.96%/yr for FRQKX. Their correlation of 0.93 suggests significant overlap in exposure. LIRAX charges 0.44%/yr vs 0.36%/yr for FRQKX.

Performance

LIRAX vs. FRQKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock LifePath Index Retirement Fund Investor A Shares (LIRAX) and Fidelity Managed Retirement 2010 Fund Class K (FRQKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LIRAX achieves a 5.70% return, which is significantly higher than FRQKX's 4.10% return.

LIRAX

• 1D: 0.19%
• 1M: 2.21%
• YTD: 5.70%
• 6M: 5.87%
• 1Y: 14.33%
• 3Y*: 9.86%
• 5Y*: 3.97%
• 10Y*: 5.70%

FRQKX

• 1D: 0.21%
• 1M: 1.55%
• YTD: 4.10%
• 6M: 4.33%
• 1Y: 10.54%
• 3Y*: 7.71%
• 5Y*: 2.96%
• 10Y*: —

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

LIRAX vs. FRQKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
LIRAX BlackRock LifePath Index Retirement Fund Investor A Shares	5.70%	12.09%	5.84%	11.22%	-15.49%	6.42%	11.05%	4.66%
FRQKX Fidelity Managed Retirement 2010 Fund Class K	4.10%	9.91%	4.42%	8.62%	-12.30%	3.95%	9.68%	3.94%

Correlation

The correlation between LIRAX and FRQKX is 0.95 - 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	0.93

The correlation between LIRAX and FRQKX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

LIRAX vs. FRQKX — Risk / Return Rank

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

LIRAX

LIRAX Risk / Return Rank: 79
LIRAX Sharpe Ratio Rank: 80
LIRAX Sortino Ratio Rank: 80
LIRAX Omega Ratio Rank: 78
LIRAX Calmar Ratio Rank: 74
LIRAX Martin Ratio Rank: 80

FRQKX

FRQKX Risk / Return Rank: 74
FRQKX Sharpe Ratio Rank: 78
FRQKX Sortino Ratio Rank: 80
FRQKX Omega Ratio Rank: 79
FRQKX Calmar Ratio Rank: 66
FRQKX Martin Ratio Rank: 68

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.

LIRAX vs. FRQKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock LifePath Index Retirement Fund Investor A Shares (LIRAX) and Fidelity Managed Retirement 2010 Fund Class K (FRQKX). 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.

	LIRAX	FRQKX	Difference
Sharpe ratio: Return per unit of total volatility	2.61	2.57	+0.04
Sortino ratio: Return per unit of downside risk	3.78	3.78	0.00
Omega ratio: Gain probability vs. loss probability	1.51	1.52	0.00
Calmar ratio: Return relative to maximum drawdown	3.37	3.12	+0.25
Martin ratio: Return relative to average drawdown	15.02	13.27	+1.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LIRAX vs. FRQKX - Sharpe Ratio Comparison

The current LIRAX Sharpe Ratio is 2.61, which is comparable to the FRQKX Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of LIRAX and FRQKX, 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

	LIRAX	FRQKX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	2.57	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.54	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.78	-0.02

Drawdowns

LIRAX vs. FRQKX - Drawdown Comparison

The maximum LIRAX drawdown since its inception was -20.67%, which is greater than FRQKX's maximum drawdown of -16.97%. Use the drawdown chart below to compare losses from any high point for LIRAX and FRQKX.

Drawdown Indicators

	LIRAX	FRQKX	Difference
Max Drawdown Largest peak-to-trough decline	-20.67%	-16.97%	-3.70%
Max Drawdown (1Y) Largest decline over 1 year	-4.29%	-3.42%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-7.63%	-5.17%	-2.46%
Max Drawdown (5Y) Largest decline over 5 years	-20.67%	-16.97%	-3.70%
Max Drawdown (10Y) Largest decline over 10 years	-20.67%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.94%	-3.86%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.80%	+0.16%

Volatility

LIRAX vs. FRQKX - Volatility Comparison

BlackRock LifePath Index Retirement Fund Investor A Shares (LIRAX) has a higher volatility of 1.98% compared to Fidelity Managed Retirement 2010 Fund Class K (FRQKX) at 1.66%. This indicates that LIRAX's price experiences larger fluctuations and is considered to be riskier than FRQKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LIRAX	FRQKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.98%	1.66%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	4.52%	3.43%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	5.55%	4.16%	+1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.83%	5.56%	+2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.50%	5.76%	+1.74%

LIRAX vs. FRQKX - Expense Ratio Comparison

LIRAX has a 0.44% expense ratio, which is higher than FRQKX's 0.36% expense ratio.

Dividends

LIRAX vs. FRQKX - Dividend Comparison

LIRAX's dividend yield for the trailing twelve months is around 3.34%, more than FRQKX's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRQKX Fidelity Managed Retirement 2010 Fund Class K	3.22%	3.09%	2.91%	2.86%	5.12%	6.11%	3.61%	2.57%	0.00%	0.00%	0.00%	0.00%
LIRAX BlackRock LifePath Index Retirement Fund Investor A Shares	3.34%	3.53%	1.82%	2.37%	2.42%	2.42%	1.70%	2.22%	2.18%	1.99%	2.23%	2.67%

Frequently Asked Questions

Can I hold both LIRAX and FRQKX in my portfolio?

With a correlation of 0.95, LIRAX and FRQKX 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, LIRAX or FRQKX?

LIRAX has higher volatility (1.98%) compared to FRQKX (1.66%). In terms of maximum drawdown, LIRAX dropped -20.67% vs FRQKX's -16.97%.

Which has better risk-adjusted returns?

LIRAX currently has the higher Sharpe Ratio (2.61 vs 2.57), 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.