LPJIX vs. FIRMX

Last updated Jun 4, 2026

LPJIX (BlackRock LifePath Dynamic 2035 Fund) and FIRMX (Fidelity Managed Retirement Income Fund) are both Target Retirement Date funds from BlackRock. Over the past 10 years, LPJIX returned 8.97%/yr vs 4.21%/yr for FIRMX. Their correlation of 0.84 suggests significant overlap in exposure. LPJIX charges 0.48%/yr vs 0.45%/yr for FIRMX.

Performance

LPJIX vs. FIRMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock LifePath Dynamic 2035 Fund (LPJIX) and Fidelity Managed Retirement Income Fund (FIRMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LPJIX achieves a 8.98% return, which is significantly higher than FIRMX's 4.04% return. Over the past 10 years, LPJIX has outperformed FIRMX with an annualized return of 8.97%, while FIRMX has yielded a comparatively lower 4.21% annualized return.

LPJIX

• 1D: 0.21%
• 1M: 3.41%
• YTD: 8.98%
• 6M: 9.67%
• 1Y: 19.85%
• 3Y*: 12.62%
• 5Y*: 5.93%
• 10Y*: 8.97%

FIRMX

• 1D: 0.20%
• 1M: 1.54%
• YTD: 4.04%
• 6M: 4.26%
• 1Y: 10.41%
• 3Y*: 7.59%
• 5Y*: 2.91%
• 10Y*: 4.21%

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

LPJIX vs. FIRMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LPJIX BlackRock LifePath Dynamic 2035 Fund	8.98%	15.27%	4.57%	17.50%	-16.57%	12.73%	13.52%	23.67%	-6.36%	18.98%
FIRMX Fidelity Managed Retirement Income Fund	4.04%	9.95%	4.29%	8.07%	-11.66%	2.77%	8.57%	10.57%	-1.80%	7.08%

Correlation

The correlation between LPJIX and FIRMX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jul 1, 2010	0.84

The correlation between LPJIX and FIRMX has been stable across timeframes, ranging from 0.75 to 0.85 - a consistent structural relationship.

Return for Risk

LPJIX vs. FIRMX — Risk / Return Rank

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

LPJIX

LPJIX Risk / Return Rank: 56
LPJIX Sharpe Ratio Rank: 51
LPJIX Sortino Ratio Rank: 51
LPJIX Omega Ratio Rank: 50
LPJIX Calmar Ratio Rank: 61
LPJIX Martin Ratio Rank: 67

FIRMX

FIRMX Risk / Return Rank: 72
FIRMX Sharpe Ratio Rank: 76
FIRMX Sortino Ratio Rank: 78
FIRMX Omega Ratio Rank: 77
FIRMX Calmar Ratio Rank: 63
FIRMX Martin Ratio Rank: 66

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.

LPJIX vs. FIRMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock LifePath Dynamic 2035 Fund (LPJIX) and Fidelity Managed Retirement Income Fund (FIRMX). 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.

	LPJIX	FIRMX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.52	-0.40
Sortino ratio: Return per unit of downside risk	3.02	3.71	-0.69
Omega ratio: Gain probability vs. loss probability	1.39	1.50	-0.12
Calmar ratio: Return relative to maximum drawdown	3.00	3.04	-0.04
Martin ratio: Return relative to average drawdown	13.01	12.98	+0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LPJIX vs. FIRMX - Sharpe Ratio Comparison

The current LPJIX Sharpe Ratio is 2.12, which is comparable to the FIRMX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of LPJIX and FIRMX, 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

	LPJIX	FIRMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.52	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.55	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.94	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.55	+0.12

Drawdowns

LPJIX vs. FIRMX - Drawdown Comparison

The maximum LPJIX drawdown since its inception was -29.86%, smaller than the maximum FIRMX drawdown of -33.73%. Use the drawdown chart below to compare losses from any high point for LPJIX and FIRMX.

Drawdown Indicators

	LPJIX	FIRMX	Difference
Max Drawdown Largest peak-to-trough decline	-29.86%	-33.73%	+3.87%
Max Drawdown (1Y) Largest decline over 1 year	-6.64%	-3.44%	-3.20%
Max Drawdown (3Y) Largest decline over 3 years	-16.69%	-4.96%	-11.73%
Max Drawdown (5Y) Largest decline over 5 years	-23.71%	-16.11%	-7.60%
Max Drawdown (10Y) Largest decline over 10 years	-29.86%	-16.11%	-13.75%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.93%	-3.71%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	0.81%	+0.72%

Volatility

LPJIX vs. FIRMX - Volatility Comparison

BlackRock LifePath Dynamic 2035 Fund (LPJIX) has a higher volatility of 2.79% compared to Fidelity Managed Retirement Income Fund (FIRMX) at 1.65%. This indicates that LPJIX's price experiences larger fluctuations and is considered to be riskier than FIRMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LPJIX	FIRMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	1.65%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	7.49%	3.42%	+4.07%
Volatility (1Y) Calculated over the trailing 1-year period	9.40%	4.16%	+5.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.74%	5.28%	+7.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.93%	4.51%	+8.42%

LPJIX vs. FIRMX - Expense Ratio Comparison

LPJIX has a 0.48% expense ratio, which is higher than FIRMX's 0.45% expense ratio.

Dividends

LPJIX vs. FIRMX - Dividend Comparison

LPJIX's dividend yield for the trailing twelve months is around 3.65%, more than FIRMX's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRMX Fidelity Managed Retirement Income Fund	3.09%	3.13%	3.02%	2.81%	4.54%	3.56%	2.48%	2.59%	4.65%	8.57%	1.67%	1.68%
LPJIX BlackRock LifePath Dynamic 2035 Fund	3.65%	3.98%	0.77%	3.17%	2.12%	11.29%	1.89%	5.20%	11.21%	8.99%	1.89%	4.52%

Frequently Asked Questions

Can I hold both LPJIX and FIRMX in my portfolio?

LPJIX and FIRMX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LPJIX or FIRMX?

LPJIX has higher volatility (2.79%) compared to FIRMX (1.65%). In terms of maximum drawdown, LPJIX dropped -29.86% vs FIRMX's -33.73%.

Which has better risk-adjusted returns?

FIRMX currently has the higher Sharpe Ratio (2.52 vs 2.12), 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.