PAJRX vs. FRAMX

Last updated Jun 23, 2026

PAJRX (T. Rowe Price Target 2025 Fund) and FRAMX (Fidelity Advisor Managed Retirement Income Fund Class A) are both Target Retirement Date funds. Over the past 10 years, PAJRX returned 6.90%/yr vs 173.41%/yr for FRAMX. Their correlation of 0.84 suggests significant overlap in exposure. PAJRX charges 0.77%/yr vs 0.70%/yr for FRAMX.

Performance

PAJRX vs. FRAMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Target 2025 Fund (PAJRX) 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, PAJRX achieves a 5.32% return, which is significantly lower than FRAMX's 1,644,791.35% return. Over the past 10 years, PAJRX has underperformed FRAMX with an annualized return of 6.90%, while FRAMX has yielded a comparatively higher 173.41% annualized return.

PAJRX

• 1D: 0.56%
• 1M: 0.85%
• YTD: 5.32%
• 6M: 5.32%
• 1Y: 12.86%
• 3Y*: 10.06%
• 5Y*: 4.78%
• 10Y*: 6.90%

FRAMX

• 1D: 0.00%
• 1M: 1,599,541.56%
• YTD: 1,644,791.35%
• 6M: 1,646,729.43%
• 1Y: 1,734,538.09%
• 3Y*: 2,587.16%
• 5Y*: 609.67%
• 10Y*: 173.41%

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

PAJRX vs. FRAMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAJRX T. Rowe Price Target 2025 Fund	5.32%	11.19%	8.25%	12.09%	-14.19%	9.85%	13.00%	17.49%	-4.84%	12.62%
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A	1,644,791.35%	9.55%	4.04%	7.80%	-11.87%	2.52%	8.30%	10.28%	-2.05%	6.82%

Correlation

The correlation between PAJRX and FRAMX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Aug 22, 2013	0.84

The correlation between PAJRX and FRAMX has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

Return for Risk

PAJRX vs. FRAMX — Risk / Return Rank

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

PAJRX

PAJRX Risk / Return Rank: 63
PAJRX Sharpe Ratio Rank: 63
PAJRX Sortino Ratio Rank: 66
PAJRX Omega Ratio Rank: 68
PAJRX Calmar Ratio Rank: 55
PAJRX Martin Ratio Rank: 64

FRAMX

FRAMX Risk / Return Rank: 84
FRAMX Sharpe Ratio Rank: 18
FRAMX Sortino Ratio Rank: 100
FRAMX Omega Ratio Rank: 100
FRAMX Calmar Ratio Rank: 100
FRAMX Martin Ratio Rank: 100

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.

PAJRX vs. FRAMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Target 2025 Fund (PAJRX) 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.

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.

	PAJRX	FRAMX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	1.13	+1.01
Sortino ratio: Return per unit of downside risk	3.08	548,066.01	-548,062.94
Omega ratio: Gain probability vs. loss probability	1.42	76,256.04	-76,254.62
Calmar ratio: Return relative to maximum drawdown	2.72	523,251.81	-523,249.09
Martin ratio: Return relative to average drawdown	11.88	2,184,998.29	-2,184,986.41

PAJRX vs. FRAMX - Sharpe Ratio Comparison

The current PAJRX Sharpe Ratio is 2.14, which is higher than the FRAMX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of PAJRX 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.

Drawdowns

PAJRX vs. FRAMX - Drawdown Comparison

The maximum PAJRX drawdown since its inception was -22.48%, smaller than the maximum FRAMX drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for PAJRX and FRAMX.

Drawdown Indicators

	PAJRX	FRAMX	Difference
Max Drawdown Largest peak-to-trough decline	-22.48%	-33.94%	+11.46%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-3.45%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	-7.27%	-5.02%	-2.25%
Max Drawdown (5Y) Largest decline over 5 years	-19.72%	-16.31%	-3.41%
Max Drawdown (10Y) Largest decline over 10 years	-22.48%	-16.31%	-6.17%
Current Drawdown Current decline from peak	-0.28%	0.00%	-0.28%
Average Drawdown Average peak-to-trough decline	-3.33%	-3.83%	+0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	0.82%	+0.28%

Volatility

PAJRX vs. FRAMX - Volatility Comparison

The current volatility for T. Rowe Price Target 2025 Fund (PAJRX) is 2.47%, while Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX) has a volatility of 967.30%. This indicates that PAJRX experiences smaller price fluctuations and is considered to be less risky than FRAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAJRX	FRAMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	967.30%	-964.83%
Volatility (6M) Calculated over the trailing 6-month period	5.21%	967.35%	-962.14%
Volatility (1Y) Calculated over the trailing 1-year period	6.17%	1,589,373.65%	-1,589,367.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.93%	712,204.02%	-712,196.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.70%	503,203.49%	-503,194.79%

PAJRX vs. FRAMX - Expense Ratio Comparison

PAJRX has a 0.77% expense ratio, which is higher than FRAMX's 0.70% expense ratio.

Dividends

PAJRX vs. FRAMX - Dividend Comparison

PAJRX's dividend yield for the trailing twelve months is around 6.53%, less than FRAMX's 102.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A	102.97%	2.77%	2.77%	2.58%	4.26%	3.31%	2.23%	2.37%	4.40%	8.26%	1.42%	1.42%
PAJRX T. Rowe Price Target 2025 Fund	6.53%	6.88%	5.29%	3.57%	7.51%	4.03%	3.21%	3.39%	4.61%	1.71%	1.53%	1.64%

Frequently Asked Questions

Can I hold both PAJRX and FRAMX in my portfolio?

PAJRX and FRAMX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAJRX or FRAMX?

FRAMX has higher volatility (967.30%) compared to PAJRX (2.47%). In terms of maximum drawdown, PAJRX dropped -22.48% vs FRAMX's -33.94%.

Which has better risk-adjusted returns?

PAJRX currently has the higher Sharpe Ratio (2.14 vs 1.13), 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.