TRLAX vs. FRAMX
Compare and contrast key facts about T. Rowe Price Retirement Income 2020 Fund (TRLAX) and Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX).
TRLAX is managed by T. Rowe Price. It was launched on May 24, 2017. FRAMX is managed by BlackRock. It was launched on Aug 30, 2007.
Performance
TRLAX vs. FRAMX - Performance Comparison
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TRLAX vs. FRAMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRLAX T. Rowe Price Retirement Income 2020 Fund | -0.89% | 10.92% | 8.74% | 12.89% | -16.59% | 10.45% | 13.48% | 19.08% | -4.95% | 5.22% |
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A | 0.18% | 9.55% | 4.04% | 7.80% | -11.87% | 2.52% | 8.30% | 10.28% | -2.05% | 3.20% |
Returns By Period
In the year-to-date period, TRLAX achieves a -0.89% return, which is significantly lower than FRAMX's 0.18% return.
TRLAX
- 1D
- 1.57%
- 1M
- -3.71%
- YTD
- -0.89%
- 6M
- 0.68%
- 1Y
- 9.93%
- 3Y*
- 8.87%
- 5Y*
- 3.66%
- 10Y*
- —
FRAMX
- 1D
- 0.75%
- 1M
- -2.08%
- YTD
- 0.18%
- 6M
- 1.18%
- 1Y
- 7.30%
- 3Y*
- 5.92%
- 5Y*
- 2.18%
- 10Y*
- 3.73%
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TRLAX vs. FRAMX - Expense Ratio Comparison
TRLAX has a 0.53% expense ratio, which is lower than FRAMX's 0.70% expense ratio.
Return for Risk
TRLAX vs. FRAMX — Risk / Return Rank
TRLAX
FRAMX
TRLAX vs. FRAMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement Income 2020 Fund (TRLAX) 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.
| TRLAX | FRAMX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.27 | 1.64 | -0.37 |
Sortino ratioReturn per unit of downside risk | 1.84 | 2.30 | -0.45 |
Omega ratioGain probability vs. loss probability | 1.27 | 1.33 | -0.06 |
Calmar ratioReturn relative to maximum drawdown | 0.90 | 2.22 | -1.33 |
Martin ratioReturn relative to average drawdown | 4.01 | 8.81 | -4.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TRLAX | FRAMX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.27 | 1.64 | -0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | 0.42 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.84 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.50 | +0.13 |
Correlation
The correlation between TRLAX and FRAMX is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
TRLAX vs. FRAMX - Dividend Comparison
TRLAX's dividend yield for the trailing twelve months is around 9.10%, more than FRAMX's 2.88% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TRLAX T. Rowe Price Retirement Income 2020 Fund | 9.10% | 8.08% | 8.38% | 6.52% | 7.29% | 7.77% | 7.93% | 5.80% | 7.83% | 2.84% | 0.00% | 0.00% |
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A | 2.88% | 2.77% | 2.77% | 2.58% | 4.26% | 3.31% | 2.23% | 2.37% | 4.40% | 8.26% | 1.42% | 1.42% |
Drawdowns
TRLAX vs. FRAMX - Drawdown Comparison
The maximum TRLAX drawdown since its inception was -23.82%, smaller than the maximum FRAMX drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for TRLAX and FRAMX.
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Drawdown Indicators
| TRLAX | FRAMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.82% | -33.94% | +10.12% |
Max Drawdown (1Y)Largest decline over 1 year | -6.44% | -3.45% | -2.99% |
Max Drawdown (5Y)Largest decline over 5 years | -22.46% | -16.31% | -6.15% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.31% | — |
Current DrawdownCurrent decline from peak | -4.22% | -2.47% | -1.75% |
Average DrawdownAverage peak-to-trough decline | -4.64% | -3.86% | -0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.85% | 0.87% | +0.98% |
Volatility
TRLAX vs. FRAMX - Volatility Comparison
T. Rowe Price Retirement Income 2020 Fund (TRLAX) has a higher volatility of 2.87% compared to Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX) at 2.14%. This indicates that TRLAX's price experiences larger fluctuations and is considered to be riskier than FRAMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRLAX | FRAMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 2.14% | +0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 5.23% | 2.95% | +2.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.05% | 4.64% | +4.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.78% | 5.22% | +3.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.77% | 4.48% | +5.29% |