LPHIX vs. FIRVX

Last updated Jun 24, 2026

LPHIX (BlackRock LifePath Dynamic 2045 Fund) and FIRVX (Fidelity Managed Retirement 2020 Fund) are both Target Retirement Date funds from BlackRock. Over the past 10 years, LPHIX returned 11.11%/yr vs 176.04%/yr for FIRVX. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.47% expense ratio.

Performance

LPHIX vs. FIRVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock LifePath Dynamic 2045 Fund (LPHIX) and Fidelity Managed Retirement 2020 Fund (FIRVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LPHIX achieves a 11.24% return, which is significantly lower than FIRVX's 1,440,933.92% return. Over the past 10 years, LPHIX has underperformed FIRVX with an annualized return of 11.11%, while FIRVX has yielded a comparatively higher 176.04% annualized return.

LPHIX

• 1D: -0.09%
• 1M: 1.34%
• YTD: 11.24%
• 6M: 10.49%
• 1Y: 24.30%
• 3Y*: 15.29%
• 5Y*: 7.96%
• 10Y*: 11.11%

FIRVX

• 1D: 1,371,718.18%
• 1M: 1,382,668.54%
• YTD: 1,440,933.92%
• 6M: 1,439,520.33%
• 1Y: 1,540,007.78%
• 3Y*: 2,512.79%
• 5Y*: 597.67%
• 10Y*: 176.04%

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

LPHIX vs. FIRVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LPHIX BlackRock LifePath Dynamic 2045 Fund	11.24%	18.46%	6.12%	21.28%	-17.70%	17.37%	13.99%	26.39%	-8.12%	21.70%
FIRVX Fidelity Managed Retirement 2020 Fund	1,440,933.92%	12.25%	5.86%	10.72%	-14.63%	6.77%	12.06%	16.19%	-4.45%	13.32%

Correlation

The correlation between LPHIX and FIRVX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 30, 2010	0.91

The correlation between LPHIX and FIRVX has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

Return for Risk

LPHIX vs. FIRVX — Risk / Return Rank

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

LPHIX

LPHIX Risk / Return Rank: 59
LPHIX Sharpe Ratio Rank: 54
LPHIX Sortino Ratio Rank: 52
LPHIX Omega Ratio Rank: 52
LPHIX Calmar Ratio Rank: 66
LPHIX Martin Ratio Rank: 72

FIRVX

FIRVX Risk / Return Rank: 84
FIRVX Sharpe Ratio Rank: 20
FIRVX Sortino Ratio Rank: 100
FIRVX Omega Ratio Rank: 100
FIRVX Calmar Ratio Rank: 100
FIRVX Martin Ratio Rank: 100

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.

LPHIX vs. FIRVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock LifePath Dynamic 2045 Fund (LPHIX) and Fidelity Managed Retirement 2020 Fund (FIRVX). 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.

	LPHIX	FIRVX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.17	+0.83
Sortino ratio: Return per unit of downside risk	2.77	351,355.56	-351,352.78
Omega ratio: Gain probability vs. loss probability	1.36	49,085.82	-49,084.46
Calmar ratio: Return relative to maximum drawdown	2.99	356,370.91	-356,367.91
Martin ratio: Return relative to average drawdown	12.89	1,512,145.77	-1,512,132.88

LPHIX vs. FIRVX - Sharpe Ratio Comparison

The current LPHIX Sharpe Ratio is 2.00, which is higher than the FIRVX Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of LPHIX and FIRVX, 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

LPHIX vs. FIRVX - Drawdown Comparison

The maximum LPHIX drawdown since its inception was -34.35%, smaller than the maximum FIRVX drawdown of -40.59%. Use the drawdown chart below to compare losses from any high point for LPHIX and FIRVX.

Drawdown Indicators

	LPHIX	FIRVX	Difference
Max Drawdown Largest peak-to-trough decline	-34.35%	-40.59%	+6.24%
Max Drawdown (1Y) Largest decline over 1 year	-8.53%	-4.51%	-4.02%
Max Drawdown (3Y) Largest decline over 3 years	-21.26%	-6.52%	-14.74%
Max Drawdown (5Y) Largest decline over 5 years	-25.91%	-20.10%	-5.81%
Max Drawdown (10Y) Largest decline over 10 years	-34.35%	-20.10%	-14.25%
Current Drawdown Current decline from peak	-0.63%	0.00%	-0.63%
Average Drawdown Average peak-to-trough decline	-4.49%	-4.97%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	1.06%	+0.92%

Volatility

LPHIX vs. FIRVX - Volatility Comparison

The current volatility for BlackRock LifePath Dynamic 2045 Fund (LPHIX) is 5.01%, while Fidelity Managed Retirement 2020 Fund (FIRVX) has a volatility of 952.63%. This indicates that LPHIX experiences smaller price fluctuations and is considered to be less risky than FIRVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LPHIX	FIRVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	952.63%	-947.62%
Volatility (6M) Calculated over the trailing 6-month period	10.53%	952.62%	-942.09%
Volatility (1Y) Calculated over the trailing 1-year period	12.82%	1,374,447.92%	-1,374,435.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.98%	614,671.81%	-614,655.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.83%	434,465.54%	-434,449.71%

LPHIX vs. FIRVX - Expense Ratio Comparison

Both LPHIX and FIRVX have an expense ratio of 0.47%.

Dividends

LPHIX vs. FIRVX - Dividend Comparison

LPHIX's dividend yield for the trailing twelve months is around 5.20%, less than FIRVX's 102.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRVX Fidelity Managed Retirement 2020 Fund	102.87%	2.83%	2.74%	2.57%	3.52%	4.61%	3.74%	3.18%	6.90%	25.16%	2.28%	4.45%
LPHIX BlackRock LifePath Dynamic 2045 Fund	5.20%	5.78%	1.10%	3.13%	2.54%	12.37%	1.92%	5.15%	11.30%	9.47%	2.01%	4.78%

Frequently Asked Questions

Can I hold both LPHIX and FIRVX in my portfolio?

With a correlation of 0.90, LPHIX and FIRVX 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, LPHIX or FIRVX?

FIRVX has higher volatility (952.63%) compared to LPHIX (5.01%). In terms of maximum drawdown, LPHIX dropped -34.35% vs FIRVX's -40.59%.

Which has better risk-adjusted returns?

LPHIX currently has the higher Sharpe Ratio (2.00 vs 1.17), 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.