PBAMX vs. FIRMX

Last updated Aug 1, 2026

PBAMX (Putnam Retirement Advantage 2040 Fund) and FIRMX (Fidelity Managed Retirement Income Fund) are both Target Retirement Date funds. Their 0.73 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.45% expense ratio.

Performance

PBAMX vs. FIRMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Retirement Advantage 2040 Fund (PBAMX) and Fidelity Managed Retirement Income Fund (FIRMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PBAMX

• 1D: 1.41%
• 1M: -0.33%
• 6M: 5.45%
• YTD: 7.39%
• 1Y: 16.70%
• 3Y*: 15.96%
• 5Y*: 9.09%
• 10Y*: —
• ALL TIME*: 10.94%

FIRMX

• 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)
PBAMX Putnam Retirement Advantage 2040 Fund	$0.00	$0.00	$0.00

PBAMX vs. FIRMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PBAMX Putnam Retirement Advantage 2040 Fund	7.39%	16.68%	13.83%	24.49%	-15.93%	16.47%	13.78%
FIRMX Fidelity Managed Retirement Income Fund	3.60%	9.95%	4.29%	8.07%	-11.66%	2.77%	8.57%

Correlation

The correlation between PBAMX and FIRMX is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (All Time) Calculated using the full available price history since Jan 2, 2020	0.73

The correlation between PBAMX and FIRMX has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

Return for Risk

PBAMX vs. FIRMX — Risk / Return Rank

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

PBAMX

PBAMX Risk / Return Rank: 71
PBAMX Sharpe Ratio Rank: 66
PBAMX Sortino Ratio Rank: 64
PBAMX Omega Ratio Rank: 64
PBAMX Calmar Ratio Rank: 74
PBAMX Martin Ratio Rank: 84

FIRMX

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.

PBAMX vs. FIRMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Retirement Advantage 2040 Fund (PBAMX) and Fidelity Managed Retirement Income Fund (FIRMX). 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.

	PBAMX	FIRMX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	—	—
Sortino ratio: Return per unit of downside risk	2.30	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	2.47	—	—
Martin ratio: Return relative to average drawdown	10.61	—	—

Drawdowns

Drawdown Indicators

	PBAMX	FIRMX	Difference
Max Drawdown Largest peak-to-trough decline	-27.57%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.39%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.67%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.81%	—	—
Current Drawdown Current decline from peak	-1.05%	—	—
Average Drawdown Average peak-to-trough decline	-4.84%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	—	—

Volatility

Volatility by Period

	PBAMX	FIRMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.75%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.37%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.57%	—	—

PBAMX vs. FIRMX - Expense Ratio Comparison

Both PBAMX and FIRMX have an expense ratio of 0.45%.

Dividends

PBAMX vs. FIRMX - Dividend Comparison

PBAMX's dividend yield for the trailing twelve months is around 10.72%, more than FIRMX's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRMX Fidelity Managed Retirement Income Fund	2.81%	3.13%	3.02%	2.81%	4.54%	3.56%	2.48%	2.59%	4.65%	8.57%	1.67%	1.68%
PBAMX Putnam Retirement Advantage 2040 Fund	10.72%	11.51%	7.46%	3.34%	12.96%	14.65%	1.74%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBAMX and FIRMX in my portfolio?

PBAMX and FIRMX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.