PAFTX vs. FRQAX
PAFTX (T. Rowe Price Target 2055 Fund) and FRQAX (Fidelity Advisor Managed Retirement 2010 Fund Class A) are both Target Retirement Date funds. Over the past 10 years, PAFTX returned 10.98%/yr vs 4.87%/yr for FRQAX. Their correlation of 0.83 suggests significant overlap in exposure. PAFTX charges 0.89%/yr vs 0.71%/yr for FRQAX.
Performance
PAFTX vs. FRQAX - Performance Comparison
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Returns By Period
In the year-to-date period, PAFTX achieves a 11.22% return, which is significantly higher than FRQAX's 3.51% return. Over the past 10 years, PAFTX has outperformed FRQAX with an annualized return of 10.98%, while FRQAX has yielded a comparatively lower 4.87% annualized return.
PAFTX
- 1D
- 0.26%
- 1M
- 1.19%
- 6M
- 7.83%
- YTD
- 11.22%
- 1Y
- 21.08%
- 3Y*
- 17.06%
- 5Y*
- 8.39%
- 10Y*
- 10.98%
FRQAX
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 2.62%
- YTD
- 3.51%
- 1Y
- 8.05%
- 3Y*
- 7.10%
- 5Y*
- 2.44%
- 10Y*
- 4.87%
PAFTX vs. FRQAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAFTX T. Rowe Price Target 2055 Fund | 11.22% | 18.41% | 13.80% | 20.29% | -19.48% | 16.76% | 18.05% | 24.60% | -7.72% | 20.49% |
FRQAX Fidelity Advisor Managed Retirement 2010 Fund Class A | 3.51% | 9.54% | 4.21% | 8.24% | -12.60% | 3.56% | 9.32% | 12.33% | -3.06% | 10.34% |
Correlation
The correlation between PAFTX and FRQAX 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 | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2013 | 0.83 |
The correlation between PAFTX and FRQAX shifts across timeframes, from 0.72 (3 years) to 0.83 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PAFTX vs. FRQAX — Risk / Return Rank
PAFTX
FRQAX
PAFTX vs. FRQAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Target 2055 Fund (PAFTX) and Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PAFTX | FRQAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.37 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 2.30 | -0.09 |
| Martin ratioReturn relative to average drawdown | 9.42 | 9.55 | -0.14 |
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Drawdowns
PAFTX vs. FRQAX - Drawdown Comparison
The maximum PAFTX drawdown since its inception was -31.88%, smaller than the maximum FRQAX drawdown of -38.22%. Use the drawdown chart below to compare losses from any high point for PAFTX and FRQAX.
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Drawdown Indicators
| PAFTX | FRQAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.88% | -38.22% | +6.34% |
Max Drawdown (1Y)Largest decline over 1 year | -9.62% | -3.46% | -6.16% |
Max Drawdown (3Y)Largest decline over 3 years | -15.73% | -5.27% | -10.46% |
Max Drawdown (5Y)Largest decline over 5 years | -28.15% | -17.24% | -10.91% |
Max Drawdown (10Y)Largest decline over 10 years | -31.88% | -17.24% | -14.64% |
Current DrawdownCurrent decline from peak | -0.35% | -0.43% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -4.93% | -4.56% | -0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 0.83% | +1.39% |
Volatility
PAFTX vs. FRQAX - Volatility Comparison
T. Rowe Price Target 2055 Fund (PAFTX) has a higher volatility of 4.37% compared to Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX) at 1.58%. This indicates that PAFTX's price experiences larger fluctuations and is considered to be riskier than FRQAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAFTX | FRQAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.37% | 1.58% | +2.79% |
Volatility (6M)Calculated over the trailing 6-month period | 10.65% | 3.67% | +6.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.82% | 4.33% | +8.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.19% | 5.59% | +9.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.18% | 5.28% | +9.90% |
PAFTX vs. FRQAX - Expense Ratio Comparison
PAFTX has a 0.89% expense ratio, which is higher than FRQAX's 0.71% expense ratio.
Dividends
PAFTX vs. FRQAX - Dividend Comparison
PAFTX's dividend yield for the trailing twelve months is around 4.04%, more than FRQAX's 2.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRQAX Fidelity Advisor Managed Retirement 2010 Fund Class A | 2.89% | 2.72% | 2.71% | 2.46% | 4.74% | 5.76% | 3.26% | 2.93% | 5.33% | 16.05% | 2.18% | 3.81% |
PAFTX T. Rowe Price Target 2055 Fund | 4.04% | 4.49% | 2.19% | 2.44% | 5.01% | 3.35% | 2.42% | 4.00% | 5.86% | 2.16% | 2.64% | 3.14% |
Frequently Asked Questions
PAFTX and FRQAX 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.
PAFTX has higher volatility (4.37%) compared to FRQAX (1.58%). In terms of maximum drawdown, PAFTX dropped -31.88% vs FRQAX's -38.22%.
FRQAX currently has the higher Sharpe Ratio (1.84 vs 1.66), 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.
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