TDIFX vs. FRAMX

Last updated Jun 25, 2026

TDIFX (Dimensional Retirement Income Fund) and FRAMX (Fidelity Advisor Managed Retirement Income Fund Class A) are both Target Retirement Date funds. Over the past 10 years, TDIFX returned 5.06%/yr vs 173.61%/yr for FRAMX. Their correlation of 0.86 suggests significant overlap in exposure. TDIFX charges 0.06%/yr vs 0.70%/yr for FRAMX.

Performance

TDIFX vs. FRAMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional Retirement Income Fund (TDIFX) and Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TDIFX achieves a 2.88% return, which is significantly lower than FRAMX's 1,644,791.35% return. Over the past 10 years, TDIFX has underperformed FRAMX with an annualized return of 5.06%, while FRAMX has yielded a comparatively higher 173.61% annualized return.

TDIFX

• 1D: -0.32%
• 1M: -0.08%
• YTD: 2.88%
• 6M: 2.54%
• 1Y: 6.39%
• 3Y*: 6.67%
• 5Y*: 4.91%
• 10Y*: 5.06%

FRAMX

• 1D: 0.00%
• 1M: 1,599,541.56%
• YTD: 1,644,791.35%
• 6M: 1,641,761.62%
• 1Y: 1,722,160.75%
• 3Y*: 2,590.99%
• 5Y*: 609.20%
• 10Y*: 173.61%

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

TDIFX vs. FRAMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TDIFX Dimensional Retirement Income Fund	2.88%	7.22%	6.21%	7.76%	-9.37%	14.53%	9.33%	9.96%	-1.98%	5.17%
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A	1,644,791.35%	9.55%	4.04%	7.80%	-11.87%	2.52%	8.30%	10.28%	-2.05%	6.82%

Correlation

The correlation between TDIFX and FRAMX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.86

The correlation between TDIFX and FRAMX has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

Return for Risk

TDIFX vs. FRAMX — Risk / Return Rank

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

TDIFX

TDIFX Risk / Return Rank: 64
TDIFX Sharpe Ratio Rank: 61
TDIFX Sortino Ratio Rank: 62
TDIFX Omega Ratio Rank: 66
TDIFX Calmar Ratio Rank: 63
TDIFX Martin Ratio Rank: 68

FRAMX

FRAMX Risk / Return Rank: 84
FRAMX Sharpe Ratio Rank: 21
FRAMX Sortino Ratio Rank: 100
FRAMX Omega Ratio Rank: 100
FRAMX Calmar Ratio Rank: 100
FRAMX Martin Ratio Rank: 100

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.

TDIFX vs. FRAMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional Retirement Income Fund (TDIFX) and Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX). 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.

	TDIFX	FRAMX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.13	+0.91
Sortino ratio: Return per unit of downside risk	2.92	548,105.79	-548,102.87
Omega ratio: Gain probability vs. loss probability	1.40	76,384.46	-76,383.06
Calmar ratio: Return relative to maximum drawdown	2.81	521,966.18	-521,963.37
Martin ratio: Return relative to average drawdown	11.89	2,179,629.76	-2,179,617.86

TDIFX vs. FRAMX - Sharpe Ratio Comparison

The current TDIFX Sharpe Ratio is 2.04, which is higher than the FRAMX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of TDIFX and FRAMX, 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

TDIFX vs. FRAMX - Drawdown Comparison

The maximum TDIFX drawdown since its inception was -12.21%, smaller than the maximum FRAMX drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for TDIFX and FRAMX.

Drawdown Indicators

	TDIFX	FRAMX	Difference
Max Drawdown Largest peak-to-trough decline	-12.21%	-33.94%	+21.73%
Max Drawdown (1Y) Largest decline over 1 year	-2.61%	-3.45%	+0.84%
Max Drawdown (3Y) Largest decline over 3 years	-3.51%	-5.02%	+1.51%
Max Drawdown (5Y) Largest decline over 5 years	-12.21%	-16.31%	+4.10%
Max Drawdown (10Y) Largest decline over 10 years	-12.21%	-16.31%	+4.10%
Current Drawdown Current decline from peak	-0.96%	0.00%	-0.96%
Average Drawdown Average peak-to-trough decline	-1.74%	-3.82%	+2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.82%	-0.23%

Volatility

TDIFX vs. FRAMX - Volatility Comparison

The current volatility for Dimensional Retirement Income Fund (TDIFX) is 1.53%, while Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX) has a volatility of 967.34%. This indicates that TDIFX experiences smaller price fluctuations and is considered to be less risky than FRAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TDIFX	FRAMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.53%	967.34%	-965.81%
Volatility (6M) Calculated over the trailing 6-month period	2.80%	967.35%	-964.55%
Volatility (1Y) Calculated over the trailing 1-year period	3.59%	1,589,373.65%	-1,589,370.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.91%	712,487.94%	-712,482.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.07%	503,504.00%	-503,498.93%

TDIFX vs. FRAMX - Expense Ratio Comparison

TDIFX has a 0.06% expense ratio, which is lower than FRAMX's 0.70% expense ratio.

Dividends

TDIFX vs. FRAMX - Dividend Comparison

TDIFX's dividend yield for the trailing twelve months is around 2.01%, less than FRAMX's 102.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A	102.97%	2.77%	2.77%	2.58%	4.26%	3.31%	2.23%	2.37%	4.40%	8.26%	1.42%	1.42%
TDIFX Dimensional Retirement Income Fund	2.01%	1.77%	3.11%	3.09%	4.66%	9.39%	1.39%	1.98%	2.11%	0.98%	0.89%	0.00%

Frequently Asked Questions

Can I hold both TDIFX and FRAMX in my portfolio?

TDIFX and FRAMX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TDIFX or FRAMX?

FRAMX has higher volatility (967.34%) compared to TDIFX (1.53%). In terms of maximum drawdown, TDIFX dropped -12.21% vs FRAMX's -33.94%.

Which has better risk-adjusted returns?

TDIFX currently has the higher Sharpe Ratio (2.04 vs 1.13), 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.