LIWKX vs. FRIMX

Last updated Jun 24, 2026

LIWKX (BlackRock LifePath Index 2065 Fund Class K) and FRIMX (Fidelity Advisor Managed Retirement Income Fund Class I) are both Target Retirement Date funds from BlackRock. Over the past 5 years, LIWKX returned 10.49%/yr vs 2.76%/yr for FRIMX. A 0.72 correlation means they provide meaningful diversification when combined. LIWKX charges 0.09%/yr vs 0.45%/yr for FRIMX.

Performance

LIWKX vs. FRIMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock LifePath Index 2065 Fund Class K (LIWKX) 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, LIWKX achieves a 12.51% return, which is significantly higher than FRIMX's 3.59% return.

LIWKX

• 1D: -0.10%
• 1M: 1.69%
• YTD: 12.51%
• 6M: 11.75%
• 1Y: 28.39%
• 3Y*: 19.80%
• 5Y*: 10.49%
• 10Y*: —

FRIMX

• 1D: 0.00%
• 1M: 0.65%
• YTD: 3.59%
• 6M: 3.58%
• 1Y: 9.08%
• 3Y*: 7.33%
• 5Y*: 2.76%
• 10Y*: 4.26%

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

LIWKX vs. FRIMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
LIWKX BlackRock LifePath Index 2065 Fund Class K	12.51%	21.71%	14.22%	21.64%	-18.33%	18.87%	15.47%	5.73%
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.59%	9.94%	4.30%	8.06%	-11.66%	2.78%	8.57%	1.77%

Correlation

The correlation between LIWKX and FRIMX 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	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 30, 2019	0.72

The correlation between LIWKX and FRIMX shifts across timeframes, from 0.70 (5 years) to 0.82 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LIWKX vs. FRIMX — Risk / Return Rank

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

LIWKX

LIWKX Risk / Return Rank: 69
LIWKX Sharpe Ratio Rank: 68
LIWKX Sortino Ratio Rank: 63
LIWKX Omega Ratio Rank: 63
LIWKX Calmar Ratio Rank: 71
LIWKX Martin Ratio Rank: 77

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.

LIWKX vs. FRIMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock LifePath Index 2065 Fund Class K (LIWKX) 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.

	LIWKX	FRIMX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.17	+0.05
Sortino ratio: Return per unit of downside risk	3.04	3.14	-0.10
Omega ratio: Gain probability vs. loss probability	1.40	1.44	-0.04
Calmar ratio: Return relative to maximum drawdown	3.11	2.74	+0.37
Martin ratio: Return relative to average drawdown	13.49	11.49	+2.01

LIWKX vs. FRIMX - Sharpe Ratio Comparison

The current LIWKX Sharpe Ratio is 2.22, which is comparable to the FRIMX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of LIWKX 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

LIWKX vs. FRIMX - Drawdown Comparison

The maximum LIWKX drawdown since its inception was -33.02%, roughly equal to the maximum FRIMX drawdown of -33.73%. Use the drawdown chart below to compare losses from any high point for LIWKX and FRIMX.

Drawdown Indicators

	LIWKX	FRIMX	Difference
Max Drawdown Largest peak-to-trough decline	-33.02%	-33.73%	+0.71%
Max Drawdown (1Y) Largest decline over 1 year	-9.54%	-3.44%	-6.10%
Max Drawdown (3Y) Largest decline over 3 years	-17.14%	-4.97%	-12.17%
Max Drawdown (5Y) Largest decline over 5 years	-26.41%	-16.12%	-10.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.12%	—
Current Drawdown Current decline from peak	-0.63%	-0.44%	-0.19%
Average Drawdown Average peak-to-trough decline	-5.75%	-3.70%	-2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	0.82%	+1.37%

Volatility

LIWKX vs. FRIMX - Volatility Comparison

BlackRock LifePath Index 2065 Fund Class K (LIWKX) has a higher volatility of 5.19% compared to Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX) at 1.68%. This indicates that LIWKX'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

	LIWKX	FRIMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	1.68%	+3.51%
Volatility (6M) Calculated over the trailing 6-month period	11.12%	3.68%	+7.44%
Volatility (1Y) Calculated over the trailing 1-year period	13.40%	4.36%	+9.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.03%	5.32%	+10.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.65%	4.54%	+14.11%

LIWKX vs. FRIMX - Expense Ratio Comparison

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

Dividends

LIWKX vs. FRIMX - Dividend Comparison

LIWKX's dividend yield for the trailing twelve months is around 1.61%, 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%
LIWKX BlackRock LifePath Index 2065 Fund Class K	1.61%	1.81%	0.00%	2.02%	1.80%	1.81%	1.32%	0.88%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LIWKX and FRIMX in my portfolio?

LIWKX and FRIMX 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, LIWKX or FRIMX?

LIWKX has higher volatility (5.19%) compared to FRIMX (1.68%). In terms of maximum drawdown, LIWKX dropped -33.02% vs FRIMX's -33.73%.

Which has better risk-adjusted returns?

LIWKX currently has the higher Sharpe Ratio (2.22 vs 2.17), 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.