TBLYX vs. FRIMX

Last updated Jun 24, 2026

TBLYX (T. Rowe Price Retirement Blend 2035 Fund) and FRIMX (Fidelity Advisor Managed Retirement Income Fund Class I) are both Target Retirement Date funds. Over the past 3 years, TBLYX returned 16.02%/yr vs 7.33%/yr for FRIMX. A 0.74 correlation means they provide meaningful diversification when combined. TBLYX charges 0.40%/yr vs 0.45%/yr for FRIMX.

Performance

TBLYX vs. FRIMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement Blend 2035 Fund (TBLYX) 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, TBLYX achieves a 9.14% return, which is significantly higher than FRIMX's 3.59% return.

TBLYX

• 1D: -0.15%
• 1M: 1.22%
• YTD: 9.14%
• 6M: 8.60%
• 1Y: 21.39%
• 3Y*: 16.02%
• 5Y*: —
• 10Y*: —

FRIMX

• 1D: 0.00%
• 1M: 0.65%
• YTD: 3.59%
• 6M: 3.58%
• 1Y: 9.08%
• 3Y*: 7.33%
• 5Y*: 2.76%
• 10Y*: 4.26%

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

TBLYX vs. FRIMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TBLYX T. Rowe Price Retirement Blend 2035 Fund	9.14%	17.30%	12.43%	18.44%	-17.17%	4.09%
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.59%	9.94%	4.30%	8.06%	-11.66%	-0.05%

Correlation

The correlation between TBLYX and FRIMX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jul 30, 2021	0.74

The correlation between TBLYX and FRIMX shifts across timeframes, from 0.74 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TBLYX vs. FRIMX — Risk / Return Rank

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

TBLYX

TBLYX Risk / Return Rank: 63
TBLYX Sharpe Ratio Rank: 63
TBLYX Sortino Ratio Rank: 61
TBLYX Omega Ratio Rank: 63
TBLYX Calmar Ratio Rank: 60
TBLYX Martin Ratio Rank: 68

FRIMX

FRIMX Risk / Return Rank: 65
FRIMX Sharpe Ratio Rank: 64
FRIMX Sortino Ratio Rank: 68
FRIMX Omega Ratio Rank: 74
FRIMX Calmar Ratio Rank: 56
FRIMX Martin Ratio Rank: 62

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.

TBLYX vs. FRIMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement Blend 2035 Fund (TBLYX) 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.

	TBLYX	FRIMX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.17	-0.02
Sortino ratio: Return per unit of downside risk	2.99	3.14	-0.15
Omega ratio: Gain probability vs. loss probability	1.40	1.44	-0.04
Calmar ratio: Return relative to maximum drawdown	2.84	2.74	+0.10
Martin ratio: Return relative to average drawdown	12.38	11.49	+0.90

TBLYX vs. FRIMX - Sharpe Ratio Comparison

The current TBLYX Sharpe Ratio is 2.14, which is comparable to the FRIMX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of TBLYX 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

TBLYX vs. FRIMX - Drawdown Comparison

The maximum TBLYX drawdown since its inception was -24.54%, smaller than the maximum FRIMX drawdown of -33.73%. Use the drawdown chart below to compare losses from any high point for TBLYX and FRIMX.

Drawdown Indicators

	TBLYX	FRIMX	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-33.73%	+9.19%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	-3.44%	-4.39%
Max Drawdown (3Y) Largest decline over 3 years	-13.02%	-4.97%	-8.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-16.12%	—
Current Drawdown Current decline from peak	-0.45%	-0.44%	-0.01%
Average Drawdown Average peak-to-trough decline	-6.05%	-3.70%	-2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	0.82%	+0.97%

Volatility

TBLYX vs. FRIMX - Volatility Comparison

T. Rowe Price Retirement Blend 2035 Fund (TBLYX) has a higher volatility of 3.92% compared to Fidelity Advisor Managed Retirement Income Fund Class I (FRIMX) at 1.68%. This indicates that TBLYX's price experiences larger fluctuations and is considered to be riskier than FRIMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLYX	FRIMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	1.68%	+2.24%
Volatility (6M) Calculated over the trailing 6-month period	8.59%	3.68%	+4.91%
Volatility (1Y) Calculated over the trailing 1-year period	10.40%	4.36%	+6.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.10%	5.32%	+7.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.10%	4.54%	+8.56%

TBLYX vs. FRIMX - Expense Ratio Comparison

TBLYX has a 0.40% expense ratio, which is lower than FRIMX's 0.45% expense ratio.

Dividends

TBLYX vs. FRIMX - Dividend Comparison

TBLYX's dividend yield for the trailing twelve months is around 2.29%, less than FRIMX's 3.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRIMX Fidelity Advisor Managed Retirement Income Fund Class I	3.24%	3.11%	3.01%	2.82%	4.52%	3.54%	2.41%	2.56%	4.67%	8.56%	1.67%	1.68%
TBLYX T. Rowe Price Retirement Blend 2035 Fund	2.29%	2.50%	2.05%	1.94%	2.18%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBLYX and FRIMX in my portfolio?

TBLYX and FRIMX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBLYX or FRIMX?

TBLYX has higher volatility (3.92%) compared to FRIMX (1.68%). In terms of maximum drawdown, TBLYX dropped -24.54% vs FRIMX's -33.73%.

Which has better risk-adjusted returns?

FRIMX currently has the higher Sharpe Ratio (2.17 vs 2.14), 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.