LPJIX vs. FRAMX

Last updated Jun 24, 2026

LPJIX (BlackRock LifePath Dynamic 2035 Fund) and FRAMX (Fidelity Advisor Managed Retirement Income Fund Class A) are both Target Retirement Date funds from BlackRock. Over the past 10 years, LPJIX returned 9.24%/yr vs 173.61%/yr for FRAMX. Their correlation of 0.84 suggests significant overlap in exposure. LPJIX charges 0.48%/yr vs 0.70%/yr for FRAMX.

Performance

LPJIX vs. FRAMX - Performance Comparison

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

Returns By Period

In the year-to-date period, LPJIX achieves a 8.29% return, which is significantly lower than FRAMX's 1,644,791.35% return. Over the past 10 years, LPJIX has underperformed FRAMX with an annualized return of 9.24%, while FRAMX has yielded a comparatively higher 173.61% annualized return.

LPJIX

• 1D: -0.21%
• 1M: 0.92%
• YTD: 8.29%
• 6M: 7.76%
• 1Y: 18.58%
• 3Y*: 12.09%
• 5Y*: 5.75%
• 10Y*: 9.24%

FRAMX

• 1D: 0.00%
• 1M: 1,599,541.56%
• YTD: 1,644,791.35%
• 6M: 1,644,517.81%
• 1Y: 1,729,686.80%
• 3Y*: 2,590.99%
• 5Y*: 609.45%
• 10Y*: 173.61%

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

LPJIX vs. FRAMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LPJIX BlackRock LifePath Dynamic 2035 Fund	8.29%	15.27%	4.57%	17.50%	-16.57%	12.73%	13.52%	23.67%	-6.36%	18.98%
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A	1,644,791.35%	9.55%	4.04%	7.80%	-11.87%	2.52%	8.30%	10.28%	-2.05%	6.82%

Correlation

The correlation between LPJIX and FRAMX 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 Jun 30, 2010	0.84

The correlation between LPJIX and FRAMX shifts across timeframes, from 0.75 (10 years) to 0.85 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LPJIX vs. FRAMX — Risk / Return Rank

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

LPJIX

LPJIX Risk / Return Rank: 57
LPJIX Sharpe Ratio Rank: 51
LPJIX Sortino Ratio Rank: 51
LPJIX Omega Ratio Rank: 51
LPJIX Calmar Ratio Rank: 64
LPJIX Martin Ratio Rank: 69

FRAMX

FRAMX Risk / Return Rank: 84
FRAMX Sharpe Ratio Rank: 18
FRAMX Sortino Ratio Rank: 100
FRAMX Omega Ratio Rank: 100
FRAMX Calmar Ratio Rank: 100
FRAMX 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.

LPJIX vs. FRAMX - Risk-Adjusted Trends Comparison

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

	LPJIX	FRAMX	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.13	+0.82
Sortino ratio: Return per unit of downside risk	2.76	548,105.89	-548,103.13
Omega ratio: Gain probability vs. loss probability	1.36	76,384.47	-76,383.11
Calmar ratio: Return relative to maximum drawdown	2.94	523,435.99	-523,433.05
Martin ratio: Return relative to average drawdown	12.48	2,185,767.38	-2,185,754.90

LPJIX vs. FRAMX - Sharpe Ratio Comparison

The current LPJIX Sharpe Ratio is 1.96, which is higher than the FRAMX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of LPJIX and FRAMX, 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

LPJIX vs. FRAMX - Drawdown Comparison

The maximum LPJIX drawdown since its inception was -29.86%, smaller than the maximum FRAMX drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for LPJIX and FRAMX.

Drawdown Indicators

	LPJIX	FRAMX	Difference
Max Drawdown Largest peak-to-trough decline	-29.86%	-33.94%	+4.08%
Max Drawdown (1Y) Largest decline over 1 year	-6.64%	-3.45%	-3.19%
Max Drawdown (3Y) Largest decline over 3 years	-16.69%	-5.02%	-11.67%
Max Drawdown (5Y) Largest decline over 5 years	-23.71%	-16.31%	-7.40%
Max Drawdown (10Y) Largest decline over 10 years	-29.86%	-16.31%	-13.55%
Current Drawdown Current decline from peak	-0.64%	0.00%	-0.64%
Average Drawdown Average peak-to-trough decline	-3.92%	-3.82%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	0.82%	+0.74%

Volatility

LPJIX vs. FRAMX - Volatility Comparison

The current volatility for BlackRock LifePath Dynamic 2035 Fund (LPJIX) is 3.97%, while Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX) has a volatility of 967.33%. This indicates that LPJIX experiences smaller price fluctuations and is considered to be less risky than FRAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LPJIX	FRAMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.97%	967.33%	-963.36%
Volatility (6M) Calculated over the trailing 6-month period	8.24%	967.35%	-959.11%
Volatility (1Y) Calculated over the trailing 1-year period	10.01%	1,592,536.58%	-1,592,526.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.83%	712,487.94%	-712,475.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.97%	503,504.00%	-503,491.03%

LPJIX vs. FRAMX - Expense Ratio Comparison

LPJIX has a 0.48% expense ratio, which is lower than FRAMX's 0.70% expense ratio.

Dividends

LPJIX vs. FRAMX - Dividend Comparison

LPJIX's dividend yield for the trailing twelve months is around 3.67%, less than FRAMX's 102.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A	102.97%	2.77%	2.77%	2.58%	4.26%	3.31%	2.23%	2.37%	4.40%	8.26%	1.42%	1.42%
LPJIX BlackRock LifePath Dynamic 2035 Fund	3.67%	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 FRAMX in my portfolio?

LPJIX and FRAMX 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 FRAMX?

FRAMX has higher volatility (967.33%) compared to LPJIX (3.97%). In terms of maximum drawdown, LPJIX dropped -29.86% vs FRAMX's -33.94%.

Which has better risk-adjusted returns?

LPJIX currently has the higher Sharpe Ratio (1.96 vs 1.13), 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.