TBLKX vs. FRQAX

Last updated Aug 1, 2026

TBLKX (T. Rowe Price Retirement Blend 2045 Fund) and FRQAX (Fidelity Advisor Managed Retirement 2010 Fund Class A) are both Target Retirement Date funds. Their 0.73 correlation means they have sometimes moved together and sometimes differently. TBLKX charges 0.25%/yr vs 0.71%/yr for FRQAX.

Performance

TBLKX vs. FRQAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement Blend 2045 Fund (TBLKX) and Fidelity Advisor Managed Retirement 2010 Fund Class A (FRQAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TBLKX

• 1D: 1.81%
• 1M: -0.21%
• 6M: 6.99%
• YTD: 10.69%
• 1Y: 22.55%
• 3Y*: 16.41%
• 5Y*: 9.46%
• 10Y*: —
• ALL TIME*: 9.46%

FRQAX

• 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)
TBLKX T. Rowe Price Retirement Blend 2045 Fund	$0.00	$0.00	$0.00

TBLKX vs. FRQAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TBLKX T. Rowe Price Retirement Blend 2045 Fund	10.69%	19.98%	14.79%	20.88%	-18.12%	4.14%
FRQAX Fidelity Advisor Managed Retirement 2010 Fund Class A	3.51%	9.54%	4.21%	8.24%	-12.60%	0.04%

Correlation

The correlation between TBLKX and FRQAX is 0.77, 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.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (All Time) Calculated using the full available price history since Jul 30, 2021	0.73

The correlation between TBLKX and FRQAX has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

Return for Risk

TBLKX vs. FRQAX — Risk / Return Rank

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

TBLKX

TBLKX Risk / Return Rank: 66
TBLKX Sharpe Ratio Rank: 65
TBLKX Sortino Ratio Rank: 61
TBLKX Omega Ratio Rank: 62
TBLKX Calmar Ratio Rank: 64
TBLKX Martin Ratio Rank: 76

FRQAX

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.

TBLKX vs. FRQAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement Blend 2045 Fund (TBLKX) 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.

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.

	TBLKX	FRQAX	Difference
Sharpe ratio: Return per unit of total volatility	1.61	—	—
Sortino ratio: Return per unit of downside risk	2.26	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	2.23	—	—
Martin ratio: Return relative to average drawdown	9.62	—	—

Drawdowns

Drawdown Indicators

	TBLKX	FRQAX	Difference
Max Drawdown Largest peak-to-trough decline	-26.34%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-9.26%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.34%	—	—
Current Drawdown Current decline from peak	-1.12%	—	—
Average Drawdown Average peak-to-trough decline	-6.42%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	—	—

Volatility

Volatility by Period

	TBLKX	FRQAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.83%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.30%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.29%	—	—

TBLKX vs. FRQAX - Expense Ratio Comparison

TBLKX has a 0.25% expense ratio, which is lower than FRQAX's 0.71% expense ratio.

Dividends

TBLKX vs. FRQAX - Dividend Comparison

TBLKX's dividend yield for the trailing twelve months is around 2.26%, less than FRQAX's 2.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRQAX Fidelity Advisor Managed Retirement 2010 Fund Class A	2.59%	2.72%	2.71%	2.46%	4.74%	5.76%	3.26%	2.93%	5.33%	16.05%	2.18%	3.81%
TBLKX T. Rowe Price Retirement Blend 2045 Fund	2.26%	2.50%	2.01%	1.95%	1.96%	2.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBLKX and FRQAX in my portfolio?

TBLKX and FRQAX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.