LIWPX vs. FRQAX

Last updated Jun 26, 2026

LIWPX (BlackRock LifePath Index 2065 Fund) and FRQAX (Fidelity Advisor Managed Retirement 2010 Fund Class A) are both Target Retirement Date funds from BlackRock. Over the past 5 years, LIWPX returned 9.54%/yr vs 2.44%/yr for FRQAX. A 0.77 correlation means they provide meaningful diversification when combined. LIWPX charges 0.35%/yr vs 0.71%/yr for FRQAX.

Performance

LIWPX vs. FRQAX - Performance Comparison

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

Returns By Period

In the year-to-date period, LIWPX achieves a 10.17% return, which is significantly higher than FRQAX's 3.51% return.

LIWPX

• 1D: 0.00%
• 1M: -1.48%
• YTD: 10.17%
• 6M: 9.09%
• 1Y: 24.15%
• 3Y*: 18.74%
• 5Y*: 9.54%
• 10Y*: —

FRQAX

• 1D: 0.00%
• 1M: 0.12%
• YTD: 3.51%
• 6M: 3.30%
• 1Y: 8.32%
• 3Y*: 7.14%
• 5Y*: 2.44%
• 10Y*: 4.86%

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

LIWPX vs. FRQAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
LIWPX BlackRock LifePath Index 2065 Fund	10.17%	21.32%	14.17%	21.22%	-18.52%	18.51%	15.12%	5.67%
FRQAX Fidelity Advisor Managed Retirement 2010 Fund Class A	3.51%	9.54%	4.21%	8.24%	-12.60%	3.56%	9.32%	2.29%

Correlation

The correlation between LIWPX and FRQAX 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 Oct 30, 2019	0.77

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

Return for Risk

LIWPX vs. FRQAX — Risk / Return Rank

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

LIWPX

LIWPX Risk / Return Rank: 55
LIWPX Sharpe Ratio Rank: 53
LIWPX Sortino Ratio Rank: 51
LIWPX Omega Ratio Rank: 52
LIWPX Calmar Ratio Rank: 56
LIWPX Martin Ratio Rank: 65

FRQAX

FRQAX Risk / Return Rank: 65
FRQAX Sharpe Ratio Rank: 67
FRQAX Sortino Ratio Rank: 69
FRQAX Omega Ratio Rank: 73
FRQAX Calmar Ratio Rank: 55
FRQAX Martin Ratio Rank: 61

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.

LIWPX vs. FRQAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock LifePath Index 2065 Fund (LIWPX) and Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX). 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.

	LIWPX	FRQAX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.94	-0.16
Sortino ratio: Return per unit of downside risk	2.48	2.80	-0.32
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.07
Calmar ratio: Return relative to maximum drawdown	2.51	2.43	+0.09
Martin ratio: Return relative to average drawdown	10.84	10.11	+0.73

LIWPX vs. FRQAX - Sharpe Ratio Comparison

The current LIWPX Sharpe Ratio is 1.78, which is comparable to the FRQAX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of LIWPX and FRQAX, 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

LIWPX vs. FRQAX - Drawdown Comparison

The maximum LIWPX drawdown since its inception was -33.12%, smaller than the maximum FRQAX drawdown of -38.22%. Use the drawdown chart below to compare losses from any high point for LIWPX and FRQAX.

Drawdown Indicators

	LIWPX	FRQAX	Difference
Max Drawdown Largest peak-to-trough decline	-33.12%	-38.22%	+5.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.57%	-3.46%	-6.11%
Max Drawdown (3Y) Largest decline over 3 years	-16.97%	-5.27%	-11.70%
Max Drawdown (5Y) Largest decline over 5 years	-26.57%	-17.24%	-9.33%
Max Drawdown (10Y) Largest decline over 10 years	—	-17.24%	—
Current Drawdown Current decline from peak	-2.59%	-0.43%	-2.16%
Average Drawdown Average peak-to-trough decline	-5.84%	-4.56%	-1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	0.83%	+1.38%

Volatility

LIWPX vs. FRQAX - Volatility Comparison

BlackRock LifePath Index 2065 Fund (LIWPX) has a higher volatility of 5.57% compared to Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX) at 1.66%. This indicates that LIWPX's price experiences larger fluctuations and is considered to be riskier than FRQAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LIWPX	FRQAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	1.66%	+3.91%
Volatility (6M) Calculated over the trailing 6-month period	11.25%	3.67%	+7.58%
Volatility (1Y) Calculated over the trailing 1-year period	13.51%	4.34%	+9.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.99%	5.59%	+10.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.58%	5.29%	+13.29%

LIWPX vs. FRQAX - Expense Ratio Comparison

LIWPX has a 0.35% expense ratio, which is lower than FRQAX's 0.71% expense ratio.

Dividends

LIWPX vs. FRQAX - Dividend Comparison

LIWPX's dividend yield for the trailing twelve months is around 1.42%, less than FRQAX's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRQAX Fidelity Advisor Managed Retirement 2010 Fund Class A	2.99%	2.72%	2.71%	2.46%	4.74%	5.76%	3.26%	2.93%	5.33%	16.05%	2.18%	3.81%
LIWPX BlackRock LifePath Index 2065 Fund	1.42%	1.57%	0.00%	1.76%	1.50%	1.58%	1.13%	0.83%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LIWPX and FRQAX in my portfolio?

LIWPX and FRQAX 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, LIWPX or FRQAX?

LIWPX has higher volatility (5.57%) compared to FRQAX (1.66%). In terms of maximum drawdown, LIWPX dropped -33.12% vs FRQAX's -38.22%.

Which has better risk-adjusted returns?

FRQAX currently has the higher Sharpe Ratio (1.94 vs 1.78), 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.