SSBRX vs. FRQAX

Last updated Jun 5, 2026

SSBRX (State Street Target Retirement 2025 Fund) and FRQAX (Fidelity Advisor Managed Retirement 2010 Fund Class A) are both Target Retirement Date funds. Over the past 10 years, SSBRX returned 7.92%/yr vs 4.67%/yr for FRQAX. Their correlation of 0.90 suggests significant overlap in exposure. SSBRX charges 0.13%/yr vs 0.71%/yr for FRQAX.

Performance

SSBRX vs. FRQAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Target Retirement 2025 Fund (SSBRX) and Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSBRX achieves a 6.42% return, which is significantly higher than FRQAX's 3.69% return. Over the past 10 years, SSBRX has outperformed FRQAX with an annualized return of 7.92%, while FRQAX has yielded a comparatively lower 4.67% annualized return.

SSBRX

• 1D: -0.30%
• 1M: 1.44%
• YTD: 6.42%
• 6M: 6.59%
• 1Y: 15.12%
• 3Y*: 11.86%
• 5Y*: 5.30%
• 10Y*: 7.92%

FRQAX

• 1D: -0.26%
• 1M: 0.97%
• YTD: 3.69%
• 6M: 3.95%
• 1Y: 9.39%
• 3Y*: 7.30%
• 5Y*: 2.49%
• 10Y*: 4.67%

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

SSBRX vs. FRQAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSBRX State Street Target Retirement 2025 Fund	6.42%	12.93%	8.73%	13.61%	-15.51%	10.03%	14.68%	20.73%	-5.47%	14.32%
FRQAX Fidelity Advisor Managed Retirement 2010 Fund Class A	3.69%	9.54%	4.21%	8.24%	-12.60%	3.56%	9.32%	12.33%	-3.06%	10.34%

Correlation

The correlation between SSBRX and FRQAX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 2, 2014	0.90

The correlation between SSBRX and FRQAX has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

Return for Risk

SSBRX vs. FRQAX — Risk / Return Rank

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

SSBRX

SSBRX Risk / Return Rank: 84
SSBRX Sharpe Ratio Rank: 87
SSBRX Sortino Ratio Rank: 85
SSBRX Omega Ratio Rank: 83
SSBRX Calmar Ratio Rank: 78
SSBRX Martin Ratio Rank: 86

FRQAX

FRQAX Risk / Return Rank: 67
FRQAX Sharpe Ratio Rank: 69
FRQAX Sortino Ratio Rank: 72
FRQAX Omega Ratio Rank: 73
FRQAX Calmar Ratio Rank: 59
FRQAX Martin Ratio Rank: 64

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.

SSBRX vs. FRQAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Target Retirement 2025 Fund (SSBRX) 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.

	SSBRX	FRQAX	Difference
Sharpe ratio: Return per unit of total volatility	2.84	2.38	+0.46
Sortino ratio: Return per unit of downside risk	4.12	3.49	+0.62
Omega ratio: Gain probability vs. loss probability	1.56	1.47	+0.09
Calmar ratio: Return relative to maximum drawdown	3.51	2.86	+0.64
Martin ratio: Return relative to average drawdown	15.97	12.17	+3.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSBRX vs. FRQAX - Sharpe Ratio Comparison

The current SSBRX Sharpe Ratio is 2.84, which is comparable to the FRQAX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SSBRX and FRQAX, 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

	SSBRX	FRQAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.84	2.38	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.45	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.88	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.50	+0.23

Drawdowns

SSBRX vs. FRQAX - Drawdown Comparison

The maximum SSBRX drawdown since its inception was -21.96%, smaller than the maximum FRQAX drawdown of -38.22%. Use the drawdown chart below to compare losses from any high point for SSBRX and FRQAX.

Drawdown Indicators

	SSBRX	FRQAX	Difference
Max Drawdown Largest peak-to-trough decline	-21.96%	-38.22%	+16.26%
Max Drawdown (1Y) Largest decline over 1 year	-4.44%	-3.46%	-0.98%
Max Drawdown (3Y) Largest decline over 3 years	-7.48%	-5.27%	-2.21%
Max Drawdown (5Y) Largest decline over 5 years	-21.13%	-17.24%	-3.89%
Max Drawdown (10Y) Largest decline over 10 years	-21.96%	-17.24%	-4.72%
Current Drawdown Current decline from peak	-0.30%	-0.26%	-0.04%
Average Drawdown Average peak-to-trough decline	-3.72%	-4.57%	+0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.81%	+0.16%

Volatility

SSBRX vs. FRQAX - Volatility Comparison

State Street Target Retirement 2025 Fund (SSBRX) and Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX) have volatilities of 1.76% and 1.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSBRX	FRQAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.76%	1.68%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	4.36%	3.42%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	5.49%	4.16%	+1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.83%	5.56%	+3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.82%	5.33%	+4.49%

SSBRX vs. FRQAX - Expense Ratio Comparison

SSBRX has a 0.13% expense ratio, which is lower than FRQAX's 0.71% expense ratio.

Dividends

SSBRX vs. FRQAX - Dividend Comparison

SSBRX's dividend yield for the trailing twelve months is around 5.70%, more than FRQAX's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRQAX Fidelity Advisor Managed Retirement 2010 Fund Class A	2.83%	2.72%	2.71%	2.46%	4.74%	5.76%	3.26%	2.93%	5.33%	16.05%	2.18%	3.81%
SSBRX State Street Target Retirement 2025 Fund	5.70%	6.07%	6.67%	4.60%	6.60%	6.44%	4.74%	6.58%	5.35%	0.60%	1.84%	2.38%

Frequently Asked Questions

Can I hold both SSBRX and FRQAX in my portfolio?

With a correlation of 0.90, SSBRX and FRQAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SSBRX or FRQAX?

SSBRX has higher volatility (1.76%) compared to FRQAX (1.68%). In terms of maximum drawdown, SSBRX dropped -21.96% vs FRQAX's -38.22%.

Which has better risk-adjusted returns?

SSBRX currently has the higher Sharpe Ratio (2.84 vs 2.38), 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.