MLLIX vs. FRIMX

Last updated Jun 25, 2026

MLLIX (MFS Lifetime Income Fund) and FRIMX (Fidelity Advisor Managed Retirement Income Fund Class I) are both Target Retirement Date funds. Over the past 10 years, MLLIX returned 5.11%/yr vs 4.26%/yr for FRIMX. Their correlation of 0.88 suggests significant overlap in exposure. MLLIX charges 0.00%/yr vs 0.45%/yr for FRIMX.

Performance

MLLIX vs. FRIMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Lifetime Income Fund (MLLIX) and Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLLIX achieves a 3.06% return, which is significantly lower than FRIMX's 3.59% return. Over the past 10 years, MLLIX has outperformed FRIMX with an annualized return of 5.11%, while FRIMX has yielded a comparatively lower 4.26% annualized return.

MLLIX

• 1D: -0.32%
• 1M: 0.49%
• YTD: 3.06%
• 6M: 3.15%
• 1Y: 8.12%
• 3Y*: 7.74%
• 5Y*: 3.28%
• 10Y*: 5.11%

FRIMX

• 1D: 0.00%
• 1M: 0.65%
• YTD: 3.59%
• 6M: 3.41%
• 1Y: 8.60%
• 3Y*: 7.33%
• 5Y*: 2.73%
• 10Y*: 4.26%

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

MLLIX vs. FRIMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLLIX MFS Lifetime Income Fund	3.06%	9.32%	5.62%	9.12%	-11.99%	6.63%	10.06%	13.91%	-2.37%	8.24%
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.59%	9.94%	4.30%	8.06%	-11.66%	2.78%	8.57%	10.57%	-1.82%	7.08%

Correlation

The correlation between MLLIX and FRIMX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 30, 2007	0.88

The correlation between MLLIX and FRIMX has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

MLLIX vs. FRIMX — Risk / Return Rank

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

MLLIX

MLLIX Risk / Return Rank: 56
MLLIX Sharpe Ratio Rank: 58
MLLIX Sortino Ratio Rank: 64
MLLIX Omega Ratio Rank: 60
MLLIX Calmar Ratio Rank: 43
MLLIX Martin Ratio Rank: 56

FRIMX

FRIMX Risk / Return Rank: 64
FRIMX Sharpe Ratio Rank: 64
FRIMX Sortino Ratio Rank: 67
FRIMX Omega Ratio Rank: 73
FRIMX Calmar Ratio Rank: 55
FRIMX 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.

MLLIX vs. FRIMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Lifetime Income Fund (MLLIX) and Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX). 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.

	MLLIX	FRIMX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.10	-0.20
Sortino ratio: Return per unit of downside risk	2.82	3.04	-0.22
Omega ratio: Gain probability vs. loss probability	1.36	1.43	-0.07
Calmar ratio: Return relative to maximum drawdown	2.23	2.65	-0.42
Martin ratio: Return relative to average drawdown	9.92	11.11	-1.19

MLLIX vs. FRIMX - Sharpe Ratio Comparison

The current MLLIX Sharpe Ratio is 1.90, which is comparable to the FRIMX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of MLLIX and FRIMX, 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

MLLIX vs. FRIMX - Drawdown Comparison

The maximum MLLIX drawdown since its inception was -17.32%, smaller than the maximum FRIMX drawdown of -33.73%. Use the drawdown chart below to compare losses from any high point for MLLIX and FRIMX.

Drawdown Indicators

	MLLIX	FRIMX	Difference
Max Drawdown Largest peak-to-trough decline	-17.32%	-33.73%	+16.41%
Max Drawdown (1Y) Largest decline over 1 year	-3.86%	-3.44%	-0.42%
Max Drawdown (3Y) Largest decline over 3 years	-5.74%	-4.97%	-0.77%
Max Drawdown (5Y) Largest decline over 5 years	-16.08%	-16.12%	+0.04%
Max Drawdown (10Y) Largest decline over 10 years	-16.08%	-16.12%	+0.04%
Current Drawdown Current decline from peak	-0.72%	-0.44%	-0.28%
Average Drawdown Average peak-to-trough decline	-2.15%	-3.70%	+1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.82%	+0.05%

Volatility

MLLIX vs. FRIMX - Volatility Comparison

MFS Lifetime Income Fund (MLLIX) and Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX) have volatilities of 1.64% and 1.67%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLLIX	FRIMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	1.67%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	3.66%	3.67%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	4.52%	4.35%	+0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.94%	5.32%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.71%	4.52%	+1.19%

MLLIX vs. FRIMX - Expense Ratio Comparison

MLLIX has a 0.00% expense ratio, which is lower than FRIMX's 0.45% expense ratio.

Dividends

MLLIX vs. FRIMX - Dividend Comparison

MLLIX's dividend yield for the trailing twelve months is around 7.72%, more than FRIMX's 3.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.24%	3.11%	3.01%	2.82%	4.52%	3.54%	2.41%	2.56%	4.67%	8.56%	1.67%	1.68%
MLLIX MFS Lifetime Income Fund	7.72%	6.01%	6.26%	3.70%	3.92%	6.12%	3.18%	3.80%	4.20%	3.56%	4.21%	2.51%

Frequently Asked Questions

Can I hold both MLLIX and FRIMX in my portfolio?

MLLIX and FRIMX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLLIX or FRIMX?

FRIMX has higher volatility (1.67%) compared to MLLIX (1.64%). In terms of maximum drawdown, MLLIX dropped -17.32% vs FRIMX's -33.73%.

Which has better risk-adjusted returns?

FRIMX currently has the higher Sharpe Ratio (2.10 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.