SWYAX vs. FRIMX

Last updated Jul 17, 2026

SWYAX (Schwab Target 2010 Index Fund) and FRIMX (Fidelity Advisor Managed Retirement Income Fund Class I) are both Target Retirement Date funds. Over the past 5 years, SWYAX returned 4.37%/yr vs 2.73%/yr for FRIMX. Their correlation of 0.87 suggests significant overlap in exposure. SWYAX charges 0.04%/yr vs 0.45%/yr for FRIMX.

Performance

SWYAX vs. FRIMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Target 2010 Index Fund (SWYAX) and Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SWYAX achieves a 4.56% return, which is significantly higher than FRIMX's 3.59% return.

SWYAX

• 1D: 0.22%
• 1M: -0.15%
• 6M: 3.46%
• YTD: 4.56%
• 1Y: 10.42%
• 3Y*: 9.10%
• 5Y*: 4.37%
• 10Y*: —

FRIMX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 2.56%
• YTD: 3.59%
• 1Y: 8.30%
• 3Y*: 7.29%
• 5Y*: 2.73%
• 10Y*: 4.25%

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

SWYAX vs. FRIMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWYAX Schwab Target 2010 Index Fund	4.56%	11.17%	7.18%	11.95%	-13.28%	6.99%	10.61%	14.55%	-2.27%	9.48%
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.59%	9.94%	4.30%	8.06%	-11.66%	2.78%	8.57%	10.57%	-1.82%	7.08%

Correlation

The correlation between SWYAX and FRIMX 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	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Aug 30, 2016	0.87

The correlation between SWYAX and FRIMX has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

Return for Risk

SWYAX vs. FRIMX — Risk / Return Rank

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

SWYAX

SWYAX Risk / Return Rank: 75
SWYAX Sharpe Ratio Rank: 75
SWYAX Sortino Ratio Rank: 75
SWYAX Omega Ratio Rank: 76
SWYAX Calmar Ratio Rank: 68
SWYAX Martin Ratio Rank: 80

FRIMX

FRIMX Risk / Return Rank: 69
FRIMX Sharpe Ratio Rank: 71
FRIMX Sortino Ratio Rank: 73
FRIMX Omega Ratio Rank: 77
FRIMX Calmar Ratio Rank: 58
FRIMX Martin Ratio Rank: 65

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.

SWYAX vs. FRIMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Target 2010 Index Fund (SWYAX) and Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX). 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.

	SWYAX	FRIMX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.90	+0.07
Sortino ratio: Return per unit of downside risk	2.81	2.74	+0.06
Omega ratio: Gain probability vs. loss probability	1.38	1.38	-0.01
Calmar ratio: Return relative to maximum drawdown	2.58	2.38	+0.20
Martin ratio: Return relative to average drawdown	11.39	9.93	+1.46

SWYAX vs. FRIMX - Sharpe Ratio Comparison

The current SWYAX Sharpe Ratio is 1.97, which is comparable to the FRIMX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of SWYAX and FRIMX, 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

SWYAX vs. FRIMX - Drawdown Comparison

The maximum SWYAX drawdown since its inception was -19.82%, smaller than the maximum FRIMX drawdown of -33.73%. Use the drawdown chart below to compare losses from any high point for SWYAX and FRIMX.

Drawdown Indicators

	SWYAX	FRIMX	Difference
Max Drawdown Largest peak-to-trough decline	-19.82%	-33.73%	+13.91%
Max Drawdown (1Y) Largest decline over 1 year	-4.16%	-3.44%	-0.72%
Max Drawdown (3Y) Largest decline over 3 years	-6.50%	-4.97%	-1.53%
Max Drawdown (5Y) Largest decline over 5 years	-19.82%	-16.12%	-3.70%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.12%	—
Current Drawdown Current decline from peak	-0.29%	-0.44%	+0.15%
Average Drawdown Average peak-to-trough decline	-3.32%	-3.69%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.82%	+0.12%

Volatility

SWYAX vs. FRIMX - Volatility Comparison

Schwab Target 2010 Index Fund (SWYAX) and Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX) have volatilities of 1.59% and 1.59%, 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

	SWYAX	FRIMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.59%	1.59%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	4.59%	3.67%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	5.47%	4.32%	+1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.84%	5.31%	+2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.43%	4.52%	+2.91%

SWYAX vs. FRIMX - Expense Ratio Comparison

SWYAX has a 0.04% expense ratio, which is lower than FRIMX's 0.45% expense ratio.

Dividends

SWYAX vs. FRIMX - Dividend Comparison

SWYAX's dividend yield for the trailing twelve months is around 3.99%, more than FRIMX's 3.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.11%	3.11%	3.01%	2.82%	4.52%	3.54%	2.41%	2.56%	4.67%	8.56%	1.67%	1.68%
SWYAX Schwab Target 2010 Index Fund	3.99%	4.17%	3.79%	2.85%	2.69%	2.54%	1.98%	2.27%	2.01%	1.18%	0.75%	0.00%

Frequently Asked Questions

Can I hold both SWYAX and FRIMX in my portfolio?

SWYAX and FRIMX 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, SWYAX or FRIMX?

FRIMX has higher volatility (1.59%) compared to SWYAX (1.59%). In terms of maximum drawdown, SWYAX dropped -19.82% vs FRIMX's -33.73%.

Which has better risk-adjusted returns?

SWYAX currently has the higher Sharpe Ratio (1.97 vs 1.90), 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.