LPWRX vs. FIRMX

Last updated Jun 23, 2026

LPWRX (BlackRock LifePath Dynamic 2065 Fund) and FIRMX (Fidelity Managed Retirement Income Fund) are both Target Retirement Date funds from BlackRock. Over the past 5 years, LPWRX returned 9.43%/yr vs 2.79%/yr for FIRMX. A 0.70 correlation means they provide meaningful diversification when combined. LPWRX charges 0.93%/yr vs 0.45%/yr for FIRMX.

Performance

LPWRX vs. FIRMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock LifePath Dynamic 2065 Fund (LPWRX) 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, LPWRX achieves a 12.99% return, which is significantly higher than FIRMX's 3.60% return.

LPWRX

• 1D: 1.41%
• 1M: 1.83%
• YTD: 12.99%
• 6M: 12.65%
• 1Y: 29.37%
• 3Y*: 16.80%
• 5Y*: 9.43%
• 10Y*: —

FIRMX

• 1D: 0.00%
• 1M: 0.65%
• YTD: 3.60%
• 6M: 3.73%
• 1Y: 9.39%
• 3Y*: 7.18%
• 5Y*: 2.79%
• 10Y*: 4.21%

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

LPWRX vs. FIRMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
LPWRX BlackRock LifePath Dynamic 2065 Fund	12.99%	20.43%	8.99%	22.14%	-18.94%	17.84%	13.47%	5.28%
FIRMX Fidelity Managed Retirement Income Fund	3.60%	9.95%	4.29%	8.07%	-11.66%	2.77%	8.57%	1.76%

Correlation

The correlation between LPWRX and FIRMX 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	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Oct 30, 2019	0.70

The correlation between LPWRX and FIRMX shifts across timeframes, from 0.69 (5 years) to 0.82 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LPWRX vs. FIRMX — Risk / Return Rank

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

LPWRX

LPWRX Risk / Return Rank: 54
LPWRX Sharpe Ratio Rank: 49
LPWRX Sortino Ratio Rank: 46
LPWRX Omega Ratio Rank: 46
LPWRX Calmar Ratio Rank: 61
LPWRX Martin Ratio Rank: 67

FIRMX

FIRMX Risk / Return Rank: 66
FIRMX Sharpe Ratio Rank: 67
FIRMX Sortino Ratio Rank: 70
FIRMX Omega Ratio Rank: 74
FIRMX Calmar Ratio Rank: 57
FIRMX Martin Ratio Rank: 63

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.

LPWRX vs. FIRMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock LifePath Dynamic 2065 Fund (LPWRX) 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.

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.

	LPWRX	FIRMX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.19	-0.29
Sortino ratio: Return per unit of downside risk	2.63	3.17	-0.55
Omega ratio: Gain probability vs. loss probability	1.34	1.44	-0.10
Calmar ratio: Return relative to maximum drawdown	2.86	2.77	+0.08
Martin ratio: Return relative to average drawdown	12.18	11.63	+0.55

LPWRX vs. FIRMX - Sharpe Ratio Comparison

The current LPWRX Sharpe Ratio is 1.90, which is comparable to the FIRMX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of LPWRX 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.

Drawdowns

LPWRX vs. FIRMX - Drawdown Comparison

The maximum LPWRX drawdown since its inception was -33.27%, roughly equal to the maximum FIRMX drawdown of -33.73%. Use the drawdown chart below to compare losses from any high point for LPWRX and FIRMX.

Drawdown Indicators

	LPWRX	FIRMX	Difference
Max Drawdown Largest peak-to-trough decline	-33.27%	-33.73%	+0.46%
Max Drawdown (1Y) Largest decline over 1 year	-10.07%	-3.44%	-6.63%
Max Drawdown (3Y) Largest decline over 3 years	-21.36%	-4.96%	-16.40%
Max Drawdown (5Y) Largest decline over 5 years	-27.28%	-16.11%	-11.17%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.11%	—
Current Drawdown Current decline from peak	-0.69%	-0.42%	-0.27%
Average Drawdown Average peak-to-trough decline	-6.41%	-3.70%	-2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	0.82%	+1.53%

Volatility

LPWRX vs. FIRMX - Volatility Comparison

BlackRock LifePath Dynamic 2065 Fund (LPWRX) has a higher volatility of 6.16% compared to Fidelity Managed Retirement Income Fund (FIRMX) at 2.02%. This indicates that LPWRX'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

	LPWRX	FIRMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.16%	2.02%	+4.14%
Volatility (6M) Calculated over the trailing 6-month period	12.62%	3.70%	+8.92%
Volatility (1Y) Calculated over the trailing 1-year period	15.12%	4.36%	+10.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	5.32%	+11.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.65%	4.54%	+14.11%

LPWRX vs. FIRMX - Expense Ratio Comparison

LPWRX has a 0.93% expense ratio, which is higher than FIRMX's 0.45% expense ratio.

Dividends

LPWRX vs. FIRMX - Dividend Comparison

LPWRX's dividend yield for the trailing twelve months is around 2.00%, less than FIRMX's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRMX Fidelity Managed Retirement Income Fund	3.25%	3.13%	3.02%	2.81%	4.54%	3.56%	2.48%	2.59%	4.65%	8.57%	1.67%	1.68%
LPWRX BlackRock LifePath Dynamic 2065 Fund	2.00%	2.26%	1.00%	2.07%	2.35%	9.34%	1.00%	0.55%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LPWRX and FIRMX in my portfolio?

LPWRX and FIRMX 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, LPWRX or FIRMX?

LPWRX has higher volatility (6.16%) compared to FIRMX (2.02%). In terms of maximum drawdown, LPWRX dropped -33.27% vs FIRMX's -33.73%.

Which has better risk-adjusted returns?

FIRMX currently has the higher Sharpe Ratio (2.19 vs 1.90), 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.