PAFFX vs. FRQKX
Compare and contrast key facts about T. Rowe Price Target 2045 Fund (PAFFX) and Fidelity Managed Retirement 2010 Fund Class K (FRQKX).
PAFFX is managed by T. Rowe Price. It was launched on Aug 19, 2013. FRQKX is managed by BlackRock. It was launched on Aug 1, 2019.
Performance
PAFFX vs. FRQKX - Performance Comparison
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PAFFX vs. FRQKX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PAFFX T. Rowe Price Target 2045 Fund | -0.90% | 16.73% | 12.51% | 18.79% | -18.88% | 15.08% | 17.03% | 6.92% |
FRQKX Fidelity Managed Retirement 2010 Fund Class K | -0.48% | 9.91% | 4.42% | 8.62% | -12.30% | 3.95% | 9.68% | 3.94% |
Returns By Period
In the year-to-date period, PAFFX achieves a -0.90% return, which is significantly lower than FRQKX's -0.48% return.
PAFFX
- 1D
- 2.40%
- 1M
- -5.76%
- YTD
- -0.90%
- 6M
- 1.38%
- 1Y
- 15.01%
- 3Y*
- 13.43%
- 5Y*
- 6.31%
- 10Y*
- 18.40%
FRQKX
- 1D
- 0.25%
- 1M
- -2.79%
- YTD
- -0.48%
- 6M
- 0.59%
- 1Y
- 6.89%
- 3Y*
- 6.11%
- 5Y*
- 2.52%
- 10Y*
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PAFFX vs. FRQKX - Expense Ratio Comparison
PAFFX has a 0.87% expense ratio, which is higher than FRQKX's 0.36% expense ratio.
Return for Risk
PAFFX vs. FRQKX — Risk / Return Rank
PAFFX
FRQKX
PAFFX vs. FRQKX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Target 2045 Fund (PAFFX) and Fidelity Managed Retirement 2010 Fund Class K (FRQKX). 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 | FRQKX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.11 | 1.58 | -0.47 |
Sortino ratioReturn per unit of downside risk | 1.63 | 2.20 | -0.57 |
Omega ratioGain probability vs. loss probability | 1.24 | 1.32 | -0.07 |
Calmar ratioReturn relative to maximum drawdown | 1.18 | 2.12 | -0.94 |
Martin ratioReturn relative to average drawdown | 5.38 | 8.53 | -3.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PAFFX | FRQKX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.11 | 1.58 | -0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.46 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.86 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.80 | 0.68 | +0.12 |
Correlation
The correlation between PAFFX and FRQKX is 0.77, 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. FRQKX - Dividend Comparison
PAFFX's dividend yield for the trailing twelve months is around 5.04%, more than FRQKX's 3.27% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PAFFX T. Rowe Price Target 2045 Fund | 5.04% | 4.99% | 2.47% | 2.74% | 5.58% | 3.38% | 2.80% | 70.21% | 5.12% | 2.00% | 2.37% | 2.41% |
FRQKX Fidelity Managed Retirement 2010 Fund Class K | 3.27% | 3.09% | 2.91% | 2.86% | 5.12% | 6.11% | 3.61% | 2.57% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PAFFX vs. FRQKX - Drawdown Comparison
The maximum PAFFX drawdown since its inception was -29.85%, which is greater than FRQKX's maximum drawdown of -16.97%. Use the drawdown chart below to compare losses from any high point for PAFFX and FRQKX.
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Drawdown Indicators
| PAFFX | FRQKX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.85% | -16.97% | -12.88% |
Max Drawdown (1Y)Largest decline over 1 year | -10.31% | -3.42% | -6.89% |
Max Drawdown (5Y)Largest decline over 5 years | -27.04% | -16.97% | -10.07% |
Max Drawdown (10Y)Largest decline over 10 years | -29.85% | — | — |
Current DrawdownCurrent decline from peak | -6.46% | -3.18% | -3.28% |
Average DrawdownAverage peak-to-trough decline | -4.68% | -3.95% | -0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.53% | 0.85% | +1.68% |
Volatility
PAFFX vs. FRQKX - Volatility Comparison
T. Rowe Price Target 2045 Fund (PAFFX) has a higher volatility of 5.25% compared to Fidelity Managed Retirement 2010 Fund Class K (FRQKX) at 1.97%. This indicates that PAFFX's price experiences larger fluctuations and is considered to be riskier than FRQKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAFFX | FRQKX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.25% | 1.97% | +3.28% |
Volatility (6M)Calculated over the trailing 6-month period | 8.43% | 2.87% | +5.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.30% | 4.62% | +9.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.63% | 5.52% | +8.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.47% | 5.77% | +15.70% |