PAFFX vs. FRAMX
Compare and contrast key facts about T. Rowe Price Target 2045 Fund (PAFFX) and Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX).
PAFFX is managed by T. Rowe Price. It was launched on Aug 19, 2013. FRAMX is managed by BlackRock. It was launched on Aug 30, 2007.
Performance
PAFFX vs. FRAMX - Performance Comparison
Loading graphics...
PAFFX vs. FRAMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAFFX T. Rowe Price Target 2045 Fund | -3.21% | 16.73% | 12.51% | 18.79% | -18.88% | 15.08% | 17.03% | 175.40% | -7.08% | 18.81% |
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A | -0.57% | 9.55% | 4.04% | 7.80% | -11.87% | 2.52% | 8.30% | 10.28% | -2.05% | 6.82% |
Returns By Period
In the year-to-date period, PAFFX achieves a -3.21% return, which is significantly lower than FRAMX's -0.57% return. Over the past 10 years, PAFFX has outperformed FRAMX with an annualized return of 18.12%, while FRAMX has yielded a comparatively lower 3.65% annualized return.
PAFFX
- 1D
- -0.22%
- 1M
- -8.33%
- YTD
- -3.21%
- 6M
- -0.79%
- 1Y
- 12.64%
- 3Y*
- 12.54%
- 5Y*
- 6.08%
- 10Y*
- 18.12%
FRAMX
- 1D
- 0.26%
- 1M
- -3.20%
- YTD
- -0.57%
- 6M
- 0.62%
- 1Y
- 6.78%
- 3Y*
- 5.66%
- 5Y*
- 2.13%
- 10Y*
- 3.65%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
PAFFX vs. FRAMX - Expense Ratio Comparison
PAFFX has a 0.87% expense ratio, which is higher than FRAMX's 0.70% expense ratio.
Return for Risk
PAFFX vs. FRAMX — Risk / Return Rank
PAFFX
FRAMX
PAFFX vs. FRAMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Target 2045 Fund (PAFFX) 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.
| PAFFX | FRAMX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.93 | 1.50 | -0.57 |
Sortino ratioReturn per unit of downside risk | 1.38 | 2.09 | -0.71 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.30 | -0.09 |
Calmar ratioReturn relative to maximum drawdown | 1.01 | 2.00 | -0.99 |
Martin ratioReturn relative to average drawdown | 4.67 | 8.06 | -3.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| PAFFX | FRAMX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 1.50 | -0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.41 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | 0.82 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.79 | 0.49 | +0.30 |
Correlation
The correlation between PAFFX and FRAMX is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PAFFX vs. FRAMX - Dividend Comparison
PAFFX's dividend yield for the trailing twelve months is around 5.16%, more than FRAMX's 2.91% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PAFFX T. Rowe Price Target 2045 Fund | 5.16% | 4.99% | 2.47% | 2.74% | 5.58% | 3.38% | 2.80% | 70.21% | 5.12% | 2.00% | 2.37% | 2.41% |
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A | 2.91% | 2.77% | 2.77% | 2.58% | 4.26% | 3.31% | 2.23% | 2.37% | 4.40% | 8.26% | 1.42% | 1.42% |
Drawdowns
PAFFX vs. FRAMX - Drawdown Comparison
The maximum PAFFX drawdown since its inception was -29.85%, smaller than the maximum FRAMX drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for PAFFX and FRAMX.
Loading graphics...
Drawdown Indicators
| PAFFX | FRAMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.85% | -33.94% | +4.09% |
Max Drawdown (1Y)Largest decline over 1 year | -10.31% | -3.45% | -6.86% |
Max Drawdown (5Y)Largest decline over 5 years | -27.04% | -16.31% | -10.73% |
Max Drawdown (10Y)Largest decline over 10 years | -29.85% | -16.31% | -13.54% |
Current DrawdownCurrent decline from peak | -8.65% | -3.20% | -5.45% |
Average DrawdownAverage peak-to-trough decline | -4.68% | -3.87% | -0.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 0.86% | +1.64% |
Volatility
PAFFX vs. FRAMX - Volatility Comparison
T. Rowe Price Target 2045 Fund (PAFFX) has a higher volatility of 4.46% compared to Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX) at 1.96%. This indicates that PAFFX'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.
Loading graphics...
Volatility by Period
| PAFFX | FRAMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.46% | 1.96% | +2.50% |
Volatility (6M)Calculated over the trailing 6-month period | 8.09% | 2.86% | +5.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.13% | 4.59% | +9.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.59% | 5.21% | +8.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.46% | 4.47% | +16.99% |