PAJRX vs. FRQIX

Last updated Aug 1, 2026

PAJRX (T. Rowe Price Target 2025 Fund) and FRQIX (Fidelity Advisor Managed Retirement 2010 Fund Class I) are both Target Retirement Date funds. Their correlation of 0.88 means they have usually moved in the same direction. PAJRX charges 0.77%/yr vs 0.46%/yr for FRQIX.

Performance

PAJRX vs. FRQIX - 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 2010 Fund Class I (FRQIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PAJRX

• 1D: 0.71%
• 1M: -0.28%
• 6M: 2.60%
• YTD: 4.88%
• 1Y: 10.42%
• 3Y*: 9.21%
• 5Y*: 4.31%
• 10Y*: 6.57%
• ALL TIME*: 6.38%

FRQIX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PAJRX T. Rowe Price Target 2025 Fund	$0.00	$0.00	$0.00

PAJRX vs. FRQIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAJRX T. Rowe Price Target 2025 Fund	4.88%	11.19%	8.25%	12.09%	-14.19%	9.85%	13.00%	17.49%	-4.84%	12.62%
FRQIX Fidelity Advisor Managed Retirement 2010 Fund Class I	3.60%	9.97%	4.48%	8.52%	-12.39%	3.82%	9.58%	12.63%	-2.84%	10.64%

Correlation

The correlation between PAJRX and FRQIX is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (10Y) Provides a long-term view across more market conditions.	0.85
Correlation (All Time) Calculated using the full available price history since Aug 22, 2013	0.88

The correlation between PAJRX and FRQIX has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

Return for Risk

PAJRX vs. FRQIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PAJRX

PAJRX Risk / Return Rank: 64
PAJRX Sharpe Ratio Rank: 65
PAJRX Sortino Ratio Rank: 65
PAJRX Omega Ratio Rank: 66
PAJRX Calmar Ratio Rank: 56
PAJRX Martin Ratio Rank: 69

FRQIX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PAJRX vs. FRQIX - 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 2010 Fund Class I (FRQIX). 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	FRQIX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	—	—
Sortino ratio: Return per unit of downside risk	2.33	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.10	—	—
Martin ratio: Return relative to average drawdown	8.95	—	—

Drawdowns

Drawdown Indicators

	PAJRX	FRQIX	Difference
Max Drawdown Largest peak-to-trough decline	-22.48%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-7.27%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.48%	—	—
Current Drawdown Current decline from peak	-0.77%	—	—
Average Drawdown Average peak-to-trough decline	-3.31%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	—	—

Volatility

Volatility by Period

	PAJRX	FRQIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.31%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.93%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.62%	—	—

PAJRX vs. FRQIX - Expense Ratio Comparison

PAJRX has a 0.77% expense ratio, which is higher than FRQIX's 0.46% expense ratio.

Dividends

PAJRX vs. FRQIX - Dividend Comparison

PAJRX's dividend yield for the trailing twelve months is around 6.56%, more than FRQIX's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRQIX Fidelity Advisor Managed Retirement 2010 Fund Class I	2.78%	3.14%	2.97%	2.75%	5.01%	6.00%	3.51%	3.14%	5.60%	16.32%	2.43%	4.08%
PAJRX T. Rowe Price Target 2025 Fund	6.56%	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 FRQIX in my portfolio?

PAJRX and FRQIX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.