LIWKX vs. FRKMX

Last updated Aug 1, 2026

LIWKX (BlackRock LifePath Index 2065 Fund Class K) and FRKMX (Fidelity Managed Retirement Income Fund Class K) are both Target Retirement Date funds from BlackRock. Their 0.71 correlation means they have sometimes moved together and sometimes differently. LIWKX charges 0.09%/yr vs 0.35%/yr for FRKMX.

Performance

LIWKX vs. FRKMX - 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 Managed Retirement Income Fund Class K (FRKMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

LIWKX

• 1D: 2.02%
• 1M: -0.54%
• 6M: 7.75%
• YTD: 11.13%
• 1Y: 23.46%
• 3Y*: 16.98%
• 5Y*: 9.88%
• 10Y*: —
• ALL TIME*: 12.60%

FRKMX

• 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)
LIWKX BlackRock LifePath Index 2065 Fund Class K	$0.00	$0.00	$0.00

LIWKX vs. FRKMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
LIWKX BlackRock LifePath Index 2065 Fund Class K	11.13%	21.71%	14.22%	21.64%	-18.33%	18.87%	15.47%	5.73%
FRKMX Fidelity Managed Retirement Income Fund Class K	15,640,638.04%	9.91%	4.40%	8.17%	-11.57%	2.88%	8.68%	1.79%

Correlation

The correlation between LIWKX and FRKMX is 0.78, 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.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (All Time) Calculated using the full available price history since Oct 30, 2019	0.71

The correlation between LIWKX and FRKMX has been stable across timeframes, ranging from 0.70 to 0.78 - a consistent structural relationship.

Return for Risk

LIWKX vs. FRKMX — Risk / Return Rank

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

LIWKX

LIWKX Risk / Return Rank: 68
LIWKX Sharpe Ratio Rank: 67
LIWKX Sortino Ratio Rank: 64
LIWKX Omega Ratio Rank: 64
LIWKX Calmar Ratio Rank: 69
LIWKX Martin Ratio Rank: 78

FRKMX

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.

LIWKX vs. FRKMX - 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 Managed Retirement Income Fund Class K (FRKMX). 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	FRKMX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	—	—
Sortino ratio: Return per unit of downside risk	2.20	—	—
Omega ratio: Gain probability vs. loss probability	1.28	—	—
Calmar ratio: Return relative to maximum drawdown	2.26	—	—
Martin ratio: Return relative to average drawdown	9.48	—	—

Drawdowns

Drawdown Indicators

	LIWKX	FRKMX	Difference
Max Drawdown Largest peak-to-trough decline	-33.02%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-9.54%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.41%	—	—
Current Drawdown Current decline from peak	-1.85%	—	—
Average Drawdown Average peak-to-trough decline	-5.68%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	—	—

Volatility

Volatility by Period

	LIWKX	FRKMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.61%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.83%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.08%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.58%	—	—

LIWKX vs. FRKMX - Expense Ratio Comparison

LIWKX has a 0.09% expense ratio, which is lower than FRKMX's 0.35% expense ratio.

Dividends

LIWKX vs. FRKMX - Dividend Comparison

LIWKX's dividend yield for the trailing twelve months is around 1.63%, less than FRKMX's 103.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FRKMX Fidelity Managed Retirement Income Fund Class K	102.91%	3.11%	3.12%	2.92%	4.66%	3.65%	2.56%	1.85%
LIWKX BlackRock LifePath Index 2065 Fund Class K	1.63%	1.81%	0.00%	2.02%	1.80%	1.81%	1.32%	0.88%

Frequently Asked Questions

Can I hold both LIWKX and FRKMX in my portfolio?

LIWKX and FRKMX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.