MURMX vs. FRIMX

Last updated Jun 5, 2026

MURMX (Mutual of America 2045 Retirement Fund) and FRIMX (Fidelity Advisor Managed Retirement Income Fund Class I) are both Target Retirement Date funds. Over the past 5 years, MURMX returned 8.01%/yr vs 2.77%/yr for FRIMX. A 0.61 correlation means they provide meaningful diversification when combined. MURMX charges 0.08%/yr vs 0.45%/yr for FRIMX.

Performance

MURMX vs. FRIMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mutual of America 2045 Retirement Fund (MURMX) 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, MURMX achieves a 8.88% return, which is significantly higher than FRIMX's 3.77% return.

MURMX

• 1D: -0.60%
• 1M: 2.54%
• YTD: 8.88%
• 6M: 9.30%
• 1Y: 22.39%
• 3Y*: 16.02%
• 5Y*: 8.01%
• 10Y*: —

FRIMX

• 1D: -0.26%
• 1M: 1.00%
• YTD: 3.77%
• 6M: 4.06%
• 1Y: 9.64%
• 3Y*: 7.50%
• 5Y*: 2.77%
• 10Y*: 4.19%

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

MURMX vs. FRIMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MURMX Mutual of America 2045 Retirement Fund	8.88%	17.76%	13.85%	15.43%	-16.20%	17.37%	891.67%
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.77%	9.94%	4.30%	8.06%	-11.66%	2.78%	8.18%

Correlation

The correlation between MURMX and FRIMX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jan 3, 2020	0.61

The correlation between MURMX and FRIMX shifts across timeframes, from 0.60 (5 years) to 0.72 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MURMX vs. FRIMX — Risk / Return Rank

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

MURMX

MURMX Risk / Return Rank: 66
MURMX Sharpe Ratio Rank: 61
MURMX Sortino Ratio Rank: 66
MURMX Omega Ratio Rank: 59
MURMX Calmar Ratio Rank: 66
MURMX Martin Ratio Rank: 79

FRIMX

FRIMX Risk / Return Rank: 69
FRIMX Sharpe Ratio Rank: 72
FRIMX Sortino Ratio Rank: 75
FRIMX Omega Ratio Rank: 74
FRIMX Calmar Ratio Rank: 60
FRIMX 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.

MURMX vs. FRIMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mutual of America 2045 Retirement Fund (MURMX) 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.

	MURMX	FRIMX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.45	-0.20
Sortino ratio: Return per unit of downside risk	3.33	3.60	-0.27
Omega ratio: Gain probability vs. loss probability	1.41	1.49	-0.07
Calmar ratio: Return relative to maximum drawdown	3.04	2.96	+0.08
Martin ratio: Return relative to average drawdown	14.36	12.66	+1.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MURMX vs. FRIMX - Sharpe Ratio Comparison

The current MURMX Sharpe Ratio is 2.24, which is comparable to the FRIMX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of MURMX 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.

Sharpe Ratios by Period

	MURMX	FRIMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.45	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.53	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.93	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.56	-0.39

Drawdowns

MURMX vs. FRIMX - Drawdown Comparison

The maximum MURMX drawdown since its inception was -32.65%, roughly equal to the maximum FRIMX drawdown of -33.73%. Use the drawdown chart below to compare losses from any high point for MURMX and FRIMX.

Drawdown Indicators

	MURMX	FRIMX	Difference
Max Drawdown Largest peak-to-trough decline	-32.65%	-33.73%	+1.08%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-3.44%	-4.90%
Max Drawdown (3Y) Largest decline over 3 years	-14.67%	-4.97%	-9.70%
Max Drawdown (5Y) Largest decline over 5 years	-23.56%	-16.12%	-7.44%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.12%	—
Current Drawdown Current decline from peak	-0.60%	-0.26%	-0.34%
Average Drawdown Average peak-to-trough decline	-5.48%	-3.71%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	0.80%	+0.89%

Volatility

MURMX vs. FRIMX - Volatility Comparison

Mutual of America 2045 Retirement Fund (MURMX) has a higher volatility of 3.18% compared to Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX) at 1.66%. This indicates that MURMX's price experiences larger fluctuations and is considered to be riskier than FRIMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MURMX	FRIMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	1.66%	+1.52%
Volatility (6M) Calculated over the trailing 6-month period	9.08%	3.41%	+5.67%
Volatility (1Y) Calculated over the trailing 1-year period	11.29%	4.16%	+7.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	5.28%	+11.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	380.62%	4.52%	+376.10%

MURMX vs. FRIMX - Expense Ratio Comparison

MURMX has a 0.08% expense ratio, which is lower than FRIMX's 0.45% expense ratio.

Dividends

MURMX vs. FRIMX - Dividend Comparison

MURMX's dividend yield for the trailing twelve months is around 8.07%, more than FRIMX's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.09%	3.11%	3.01%	2.82%	4.52%	3.54%	2.41%	2.56%	4.67%	8.56%	1.67%	1.68%
MURMX Mutual of America 2045 Retirement Fund	8.07%	8.79%	8.17%	2.95%	11.94%	4.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MURMX and FRIMX in my portfolio?

MURMX and FRIMX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MURMX or FRIMX?

MURMX has higher volatility (3.18%) compared to FRIMX (1.66%). In terms of maximum drawdown, MURMX dropped -32.65% vs FRIMX's -33.73%.

Which has better risk-adjusted returns?

FRIMX currently has the higher Sharpe Ratio (2.45 vs 2.24), 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.