PAOFX vs. FRQIX

Last updated Jun 4, 2026

PAOFX (T. Rowe Price Target 2050 Fund) and FRQIX (Fidelity Advisor Managed Retirement 2010 Fund Class I) are both Target Retirement Date funds. Over the past 10 years, PAOFX returned 10.78%/yr vs 4.98%/yr for FRQIX. Their correlation of 0.83 suggests significant overlap in exposure. PAOFX charges 0.88%/yr vs 0.46%/yr for FRQIX.

Performance

PAOFX vs. FRQIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Target 2050 Fund (PAOFX) and Fidelity Advisor Managed Retirement 2010 Fund Class I (FRQIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAOFX achieves a 10.99% return, which is significantly higher than FRQIX's 4.05% return. Over the past 10 years, PAOFX has outperformed FRQIX with an annualized return of 10.78%, while FRQIX has yielded a comparatively lower 4.98% annualized return.

PAOFX

• 1D: 0.45%
• 1M: 4.35%
• YTD: 10.99%
• 6M: 11.62%
• 1Y: 24.60%
• 3Y*: 17.66%
• 5Y*: 8.50%
• 10Y*: 10.78%

FRQIX

• 1D: 0.21%
• 1M: 1.53%
• YTD: 4.05%
• 6M: 4.28%
• 1Y: 10.42%
• 3Y*: 7.71%
• 5Y*: 2.92%
• 10Y*: 4.98%

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

PAOFX vs. FRQIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAOFX T. Rowe Price Target 2050 Fund	10.99%	17.86%	13.37%	19.70%	-19.27%	16.11%	17.65%	23.85%	-7.37%	19.79%
FRQIX Fidelity Advisor Managed Retirement 2010 Fund Class I	4.05%	9.97%	4.48%	8.52%	-12.39%	3.82%	9.58%	12.63%	-2.84%	10.64%

Correlation

The correlation between PAOFX and FRQIX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Aug 23, 2013	0.83

The correlation between PAOFX and FRQIX has been stable across timeframes, ranging from 0.73 to 0.83 - a consistent structural relationship.

Return for Risk

PAOFX vs. FRQIX — Risk / Return Rank

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

PAOFX

PAOFX Risk / Return Rank: 57
PAOFX Sharpe Ratio Rank: 57
PAOFX Sortino Ratio Rank: 56
PAOFX Omega Ratio Rank: 57
PAOFX Calmar Ratio Rank: 52
PAOFX Martin Ratio Rank: 61

FRQIX

FRQIX Risk / Return Rank: 72
FRQIX Sharpe Ratio Rank: 76
FRQIX Sortino Ratio Rank: 78
FRQIX Omega Ratio Rank: 77
FRQIX Calmar Ratio Rank: 63
FRQIX Martin Ratio Rank: 67

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.

PAOFX vs. FRQIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Target 2050 Fund (PAOFX) 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.

	PAOFX	FRQIX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.53	-0.31
Sortino ratio: Return per unit of downside risk	3.15	3.73	-0.59
Omega ratio: Gain probability vs. loss probability	1.42	1.51	-0.09
Calmar ratio: Return relative to maximum drawdown	2.76	3.07	-0.30
Martin ratio: Return relative to average drawdown	12.08	13.08	-1.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAOFX vs. FRQIX - Sharpe Ratio Comparison

The current PAOFX Sharpe Ratio is 2.22, which is comparable to the FRQIX Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of PAOFX and FRQIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PAOFX	FRQIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.53	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.53	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.94	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.56	+0.15

Drawdowns

PAOFX vs. FRQIX - Drawdown Comparison

The maximum PAOFX drawdown since its inception was -30.94%, smaller than the maximum FRQIX drawdown of -38.01%. Use the drawdown chart below to compare losses from any high point for PAOFX and FRQIX.

Drawdown Indicators

	PAOFX	FRQIX	Difference
Max Drawdown Largest peak-to-trough decline	-30.94%	-38.01%	+7.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-3.43%	-5.87%
Max Drawdown (3Y) Largest decline over 3 years	-15.10%	-5.21%	-9.89%
Max Drawdown (5Y) Largest decline over 5 years	-27.78%	-17.04%	-10.74%
Max Drawdown (10Y) Largest decline over 10 years	-30.94%	-17.04%	-13.90%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.83%	-4.43%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	0.80%	+1.30%

Volatility

PAOFX vs. FRQIX - Volatility Comparison

T. Rowe Price Target 2050 Fund (PAOFX) has a higher volatility of 3.35% compared to Fidelity Advisor Managed Retirement 2010 Fund Class I (FRQIX) at 1.66%. This indicates that PAOFX's price experiences larger fluctuations and is considered to be riskier than FRQIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAOFX	FRQIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	1.66%	+1.69%
Volatility (6M) Calculated over the trailing 6-month period	9.52%	3.42%	+6.10%
Volatility (1Y) Calculated over the trailing 1-year period	11.58%	4.15%	+7.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.57%	5.57%	+9.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.68%	5.33%	+9.35%

PAOFX vs. FRQIX - Expense Ratio Comparison

PAOFX has a 0.88% expense ratio, which is higher than FRQIX's 0.46% expense ratio.

Dividends

PAOFX vs. FRQIX - Dividend Comparison

PAOFX's dividend yield for the trailing twelve months is around 4.16%, more than FRQIX's 3.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRQIX Fidelity Advisor Managed Retirement 2010 Fund Class I	3.04%	3.14%	2.97%	2.75%	5.01%	6.00%	3.51%	3.14%	5.60%	16.32%	2.43%	4.08%
PAOFX T. Rowe Price Target 2050 Fund	4.16%	4.62%	2.43%	2.48%	5.30%	3.47%	2.61%	4.21%	5.34%	2.31%	2.31%	2.44%

Frequently Asked Questions

Can I hold both PAOFX and FRQIX in my portfolio?

PAOFX and FRQIX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAOFX or FRQIX?

PAOFX has higher volatility (3.35%) compared to FRQIX (1.66%). In terms of maximum drawdown, PAOFX dropped -30.94% vs FRQIX's -38.01%.

Which has better risk-adjusted returns?

FRQIX currently has the higher Sharpe Ratio (2.53 vs 2.22), 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.