MXLLX vs. FRAMX

Last updated Jun 9, 2026

MXLLX (Great-West Lifetime 2035 Fund) and FRAMX (Fidelity Advisor Managed Retirement Income Fund Class A) are both Target Retirement Date funds. Over the past 10 years, MXLLX returned 7.81%/yr vs 3.78%/yr for FRAMX. Their correlation of 0.80 suggests significant overlap in exposure. MXLLX charges 0.56%/yr vs 0.70%/yr for FRAMX.

Performance

MXLLX vs. FRAMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Great-West Lifetime 2035 Fund (MXLLX) 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, MXLLX achieves a 5.78% return, which is significantly higher than FRAMX's 2.64% return. Over the past 10 years, MXLLX has outperformed FRAMX with an annualized return of 7.81%, while FRAMX has yielded a comparatively lower 3.78% annualized return.

MXLLX

• 1D: -1.93%
• 1M: -0.63%
• YTD: 5.78%
• 6M: 6.34%
• 1Y: 15.37%
• 3Y*: 12.29%
• 5Y*: 5.55%
• 10Y*: 7.81%

FRAMX

• 1D: -1.07%
• 1M: -0.68%
• YTD: 2.64%
• 6M: 3.06%
• 1Y: 8.66%
• 3Y*: 6.77%
• 5Y*: 2.29%
• 10Y*: 3.78%

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

MXLLX vs. FRAMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXLLX Great-West Lifetime 2035 Fund	5.78%	14.21%	8.80%	14.60%	-15.77%	13.55%	13.01%	23.02%	-8.76%	14.93%
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A	2.64%	9.55%	4.04%	7.80%	-11.87%	2.52%	8.30%	10.28%	-2.05%	6.82%

Correlation

The correlation between MXLLX and FRAMX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since May 5, 2009	0.80

The correlation between MXLLX and FRAMX shifts across timeframes, from 0.65 (10 years) to 0.80 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MXLLX vs. FRAMX — Risk / Return Rank

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

MXLLX

MXLLX Risk / Return Rank: 42
MXLLX Sharpe Ratio Rank: 39
MXLLX Sortino Ratio Rank: 39
MXLLX Omega Ratio Rank: 41
MXLLX Calmar Ratio Rank: 41
MXLLX Martin Ratio Rank: 48

FRAMX

FRAMX Risk / Return Rank: 54
FRAMX Sharpe Ratio Rank: 53
FRAMX Sortino Ratio Rank: 54
FRAMX Omega Ratio Rank: 59
FRAMX Calmar Ratio Rank: 48
FRAMX Martin Ratio Rank: 55

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.

MXLLX vs. FRAMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Great-West Lifetime 2035 Fund (MXLLX) 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.

	MXLLX	FRAMX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.97	-0.36
Sortino ratio: Return per unit of downside risk	2.30	2.81	-0.50
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	2.21	2.46	-0.25
Martin ratio: Return relative to average drawdown	9.19	10.38	-1.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MXLLX vs. FRAMX - Sharpe Ratio Comparison

The current MXLLX Sharpe Ratio is 1.62, which is comparable to the FRAMX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of MXLLX 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.

Sharpe Ratios by Period

	MXLLX	FRAMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	1.97	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.43	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.84	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.51	-0.11

Drawdowns

MXLLX vs. FRAMX - Drawdown Comparison

The maximum MXLLX drawdown since its inception was -37.21%, which is greater than FRAMX's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for MXLLX and FRAMX.

Drawdown Indicators

	MXLLX	FRAMX	Difference
Max Drawdown Largest peak-to-trough decline	-37.21%	-33.94%	-3.27%
Max Drawdown (1Y) Largest decline over 1 year	-7.22%	-3.45%	-3.77%
Max Drawdown (3Y) Largest decline over 3 years	-11.43%	-5.02%	-6.41%
Max Drawdown (5Y) Largest decline over 5 years	-26.28%	-16.31%	-9.97%
Max Drawdown (10Y) Largest decline over 10 years	-29.09%	-16.31%	-12.78%
Current Drawdown Current decline from peak	-2.05%	-1.25%	-0.80%
Average Drawdown Average peak-to-trough decline	-9.54%	-3.83%	-5.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	0.81%	+0.92%

Volatility

MXLLX vs. FRAMX - Volatility Comparison

Great-West Lifetime 2035 Fund (MXLLX) has a higher volatility of 3.05% compared to Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX) at 1.85%. This indicates that MXLLX's price experiences larger fluctuations and is considered to be riskier than FRAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXLLX	FRAMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.05%	1.85%	+1.20%
Volatility (6M) Calculated over the trailing 6-month period	7.35%	3.59%	+3.76%
Volatility (1Y) Calculated over the trailing 1-year period	9.85%	4.29%	+5.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.71%	5.30%	+7.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.62%	4.53%	+9.09%

MXLLX vs. FRAMX - Expense Ratio Comparison

MXLLX has a 0.56% expense ratio, which is lower than FRAMX's 0.70% expense ratio.

Dividends

MXLLX vs. FRAMX - Dividend Comparison

MXLLX's dividend yield for the trailing twelve months is around 3.87%, more than FRAMX's 2.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A	2.73%	2.77%	2.77%	2.58%	4.26%	3.31%	2.23%	2.37%	4.40%	8.26%	1.42%	1.42%
MXLLX Great-West Lifetime 2035 Fund	3.87%	4.09%	5.91%	4.17%	8.24%	9.48%	5.18%	9.14%	11.17%	3.48%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MXLLX and FRAMX in my portfolio?

MXLLX and FRAMX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MXLLX or FRAMX?

MXLLX has higher volatility (3.05%) compared to FRAMX (1.85%). In terms of maximum drawdown, MXLLX dropped -37.21% vs FRAMX's -33.94%.

Which has better risk-adjusted returns?

FRAMX currently has the higher Sharpe Ratio (1.97 vs 1.62), 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.