MXRLX vs. FRIMX

Last updated Jun 4, 2026

MXRLX (Great-West Lifetime 2045 Fund) and FRIMX (Fidelity Advisor Managed Retirement Income Fund Class I) are both Target Retirement Date funds. Over the past 10 years, MXRLX returned 9.37%/yr vs 4.21%/yr for FRIMX. A 0.79 correlation means they provide meaningful diversification when combined. MXRLX charges 0.57%/yr vs 0.45%/yr for FRIMX.

Performance

MXRLX vs. FRIMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Great-West Lifetime 2045 Fund (MXRLX) 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, MXRLX achieves a 9.93% return, which is significantly higher than FRIMX's 4.05% return. Over the past 10 years, MXRLX has outperformed FRIMX with an annualized return of 9.37%, while FRIMX has yielded a comparatively lower 4.21% annualized return.

MXRLX

• 1D: 0.31%
• 1M: 4.13%
• YTD: 9.93%
• 6M: 10.44%
• 1Y: 22.16%
• 3Y*: 15.59%
• 5Y*: 7.44%
• 10Y*: 9.37%

FRIMX

• 1D: 0.21%
• 1M: 1.55%
• YTD: 4.05%
• 6M: 4.27%
• 1Y: 10.43%
• 3Y*: 7.59%
• 5Y*: 2.91%
• 10Y*: 4.21%

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

MXRLX vs. FRIMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXRLX Great-West Lifetime 2045 Fund	9.93%	16.52%	10.39%	16.96%	-16.86%	16.12%	13.50%	25.56%	-12.99%	20.69%
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	4.05%	9.94%	4.30%	8.06%	-11.66%	2.78%	8.57%	10.57%	-1.82%	7.08%

Correlation

The correlation between MXRLX and FRIMX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since May 5, 2009	0.79

The correlation between MXRLX and FRIMX shifts across timeframes, from 0.63 (10 years) to 0.79 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MXRLX vs. FRIMX — Risk / Return Rank

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

MXRLX

MXRLX Risk / Return Rank: 45
MXRLX Sharpe Ratio Rank: 41
MXRLX Sortino Ratio Rank: 40
MXRLX Omega Ratio Rank: 43
MXRLX Calmar Ratio Rank: 48
MXRLX Martin Ratio Rank: 53

FRIMX

FRIMX Risk / Return Rank: 72
FRIMX Sharpe Ratio Rank: 76
FRIMX Sortino Ratio Rank: 78
FRIMX Omega Ratio Rank: 78
FRIMX Calmar Ratio Rank: 63
FRIMX Martin Ratio Rank: 67

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.

MXRLX vs. FRIMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Great-West Lifetime 2045 Fund (MXRLX) 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.

	MXRLX	FRIMX	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.53	-0.65
Sortino ratio: Return per unit of downside risk	2.66	3.72	-1.06
Omega ratio: Gain probability vs. loss probability	1.36	1.51	-0.15
Calmar ratio: Return relative to maximum drawdown	2.64	3.05	-0.42
Martin ratio: Return relative to average drawdown	10.90	13.04	-2.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MXRLX vs. FRIMX - Sharpe Ratio Comparison

The current MXRLX Sharpe Ratio is 1.88, which is comparable to the FRIMX Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of MXRLX 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

	MXRLX	FRIMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.53	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.55	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.94	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.56	-0.16

Drawdowns

MXRLX vs. FRIMX - Drawdown Comparison

The maximum MXRLX drawdown since its inception was -40.66%, which is greater than FRIMX's maximum drawdown of -33.73%. Use the drawdown chart below to compare losses from any high point for MXRLX and FRIMX.

Drawdown Indicators

	MXRLX	FRIMX	Difference
Max Drawdown Largest peak-to-trough decline	-40.66%	-33.73%	-6.93%
Max Drawdown (1Y) Largest decline over 1 year	-8.55%	-3.44%	-5.11%
Max Drawdown (3Y) Largest decline over 3 years	-14.17%	-4.97%	-9.20%
Max Drawdown (5Y) Largest decline over 5 years	-28.66%	-16.12%	-12.54%
Max Drawdown (10Y) Largest decline over 10 years	-32.95%	-16.12%	-16.83%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.60%	-3.71%	-6.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	0.80%	+1.26%

Volatility

MXRLX vs. FRIMX - Volatility Comparison

Great-West Lifetime 2045 Fund (MXRLX) has a higher volatility of 3.23% compared to Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX) at 1.65%. This indicates that MXRLX'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

	MXRLX	FRIMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	1.65%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	8.62%	3.42%	+5.20%
Volatility (1Y) Calculated over the trailing 1-year period	11.97%	4.15%	+7.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.33%	5.28%	+10.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.16%	4.52%	+11.64%

MXRLX vs. FRIMX - Expense Ratio Comparison

MXRLX has a 0.57% expense ratio, which is higher than FRIMX's 0.45% expense ratio.

Dividends

MXRLX vs. FRIMX - Dividend Comparison

MXRLX's dividend yield for the trailing twelve months is around 4.19%, more than FRIMX's 3.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.08%	3.11%	3.01%	2.82%	4.52%	3.54%	2.41%	2.56%	4.67%	8.56%	1.67%	1.68%
MXRLX Great-West Lifetime 2045 Fund	4.19%	4.61%	6.48%	4.42%	9.59%	10.39%	5.64%	10.54%	11.75%	3.37%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MXRLX and FRIMX in my portfolio?

MXRLX and FRIMX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MXRLX or FRIMX?

MXRLX has higher volatility (3.23%) compared to FRIMX (1.65%). In terms of maximum drawdown, MXRLX dropped -40.66% vs FRIMX's -33.73%.

Which has better risk-adjusted returns?

FRIMX currently has the higher Sharpe Ratio (2.53 vs 1.88), 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.