TRFJX vs. FIRVX

Last updated Jun 23, 2026

TRFJX (T. Rowe Price Retirement 2035 Fund Class I) and FIRVX (Fidelity Managed Retirement 2020 Fund) are both Target Retirement Date funds. Over the past year, TRFJX returned 21.28% vs 1545588.89% for FIRVX. Their correlation of 0.87 suggests significant overlap in exposure. TRFJX charges 0.41%/yr vs 0.47%/yr for FIRVX.

Performance

TRFJX vs. FIRVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2035 Fund Class I (TRFJX) and Fidelity Managed Retirement 2020 Fund (FIRVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRFJX achieves a 9.08% return, which is significantly lower than FIRVX's 1,440,933.92% return.

TRFJX

• 1D: 0.91%
• 1M: 1.27%
• YTD: 9.08%
• 6M: 8.98%
• 1Y: 21.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIRVX

• 1D: 1,371,718.18%
• 1M: 1,382,668.54%
• YTD: 1,440,933.92%
• 6M: 1,442,468.36%
• 1Y: 1,545,588.89%
• 3Y*: 2,512.79%
• 5Y*: 597.67%
• 10Y*: 176.04%

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

TRFJX vs. FIRVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TRFJX T. Rowe Price Retirement 2035 Fund Class I	9.08%	16.37%	12.17%	6.67%
FIRVX Fidelity Managed Retirement 2020 Fund	1,440,933.92%	12.25%	5.86%	6.98%

Correlation

The correlation between TRFJX and FIRVX is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Nov 14, 2023	0.87

The correlation between TRFJX and FIRVX has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

Return for Risk

TRFJX vs. FIRVX — Risk / Return Rank

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

TRFJX

TRFJX Risk / Return Rank: 58
TRFJX Sharpe Ratio Rank: 59
TRFJX Sortino Ratio Rank: 57
TRFJX Omega Ratio Rank: 59
TRFJX Calmar Ratio Rank: 52
TRFJX Martin Ratio Rank: 62

FIRVX

FIRVX Risk / Return Rank: 84
FIRVX Sharpe Ratio Rank: 19
FIRVX Sortino Ratio Rank: 100
FIRVX Omega Ratio Rank: 100
FIRVX Calmar Ratio Rank: 100
FIRVX 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.

TRFJX vs. FIRVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2035 Fund Class I (TRFJX) and Fidelity Managed Retirement 2020 Fund (FIRVX). 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.

	TRFJX	FIRVX	Difference
Sharpe ratio: Return per unit of total volatility	2.08	1.17	+0.90
Sortino ratio: Return per unit of downside risk	2.89	351,355.56	-351,352.67
Omega ratio: Gain probability vs. loss probability	1.39	49,085.82	-49,084.43
Calmar ratio: Return relative to maximum drawdown	2.63	356,370.91	-356,368.28
Martin ratio: Return relative to average drawdown	11.45	1,512,145.77	-1,512,134.32

TRFJX vs. FIRVX - Sharpe Ratio Comparison

The current TRFJX Sharpe Ratio is 2.08, which is higher than the FIRVX Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of TRFJX and FIRVX, 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

TRFJX vs. FIRVX - Drawdown Comparison

The maximum TRFJX drawdown since its inception was -12.48%, smaller than the maximum FIRVX drawdown of -40.59%. Use the drawdown chart below to compare losses from any high point for TRFJX and FIRVX.

Drawdown Indicators

	TRFJX	FIRVX	Difference
Max Drawdown Largest peak-to-trough decline	-12.48%	-40.59%	+28.11%
Max Drawdown (1Y) Largest decline over 1 year	-8.03%	-4.51%	-3.52%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.52%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.10%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.10%	—
Current Drawdown Current decline from peak	-0.31%	0.00%	-0.31%
Average Drawdown Average peak-to-trough decline	-1.28%	-4.97%	+3.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	1.06%	+0.78%

Volatility

TRFJX vs. FIRVX - Volatility Comparison

The current volatility for T. Rowe Price Retirement 2035 Fund Class I (TRFJX) is 3.92%, while Fidelity Managed Retirement 2020 Fund (FIRVX) has a volatility of 952.63%. This indicates that TRFJX experiences smaller price fluctuations and is considered to be less risky than FIRVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRFJX	FIRVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	952.63%	-948.71%
Volatility (6M) Calculated over the trailing 6-month period	8.50%	952.62%	-944.12%
Volatility (1Y) Calculated over the trailing 1-year period	10.17%	1,374,447.92%	-1,374,437.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.37%	614,671.81%	-614,660.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.37%	434,465.54%	-434,454.17%

TRFJX vs. FIRVX - Expense Ratio Comparison

TRFJX has a 0.41% expense ratio, which is lower than FIRVX's 0.47% expense ratio.

Dividends

TRFJX vs. FIRVX - Dividend Comparison

TRFJX's dividend yield for the trailing twelve months is around 4.42%, less than FIRVX's 102.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRVX Fidelity Managed Retirement 2020 Fund	102.87%	2.83%	2.74%	2.57%	3.52%	4.61%	3.74%	3.18%	6.90%	25.16%	2.28%	4.45%
TRFJX T. Rowe Price Retirement 2035 Fund Class I	4.42%	4.82%	2.62%	4.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TRFJX and FIRVX in my portfolio?

With a correlation of 0.93, TRFJX and FIRVX 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, TRFJX or FIRVX?

FIRVX has higher volatility (952.63%) compared to TRFJX (3.92%). In terms of maximum drawdown, TRFJX dropped -12.48% vs FIRVX's -40.59%.

Which has better risk-adjusted returns?

TRFJX currently has the higher Sharpe Ratio (2.08 vs 1.17), 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.