TRRFX vs. FIRMX

Last updated Aug 1, 2026

TRRFX (T. Rowe Price Retirement 2005 Fund) and FIRMX (Fidelity Managed Retirement Income Fund) are both Target Retirement Date funds. Their correlation of 0.91 means they have usually moved in the same direction. TRRFX charges 0.49%/yr vs 0.45%/yr for FIRMX.

Performance

TRRFX vs. FIRMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2005 Fund (TRRFX) and Fidelity Managed Retirement Income Fund (FIRMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TRRFX

• 1D: 0.68%
• 1M: -0.30%
• 6M: 2.64%
• YTD: 4.83%
• 1Y: 4.50%
• 3Y*: 7.27%
• 5Y*: 3.23%
• 10Y*: 5.33%
• ALL TIME*: 5.43%

FIRMX

• 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)
TRRFX T. Rowe Price Retirement 2005 Fund	$0.00	$0.00	$0.00

TRRFX vs. FIRMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRRFX T. Rowe Price Retirement 2005 Fund	4.83%	5.43%	8.04%	11.97%	-13.61%	8.13%	11.24%	15.09%	-3.29%	10.67%
FIRMX Fidelity Managed Retirement Income Fund	3.60%	9.95%	4.29%	8.07%	-11.66%	2.77%	8.57%	10.57%	-1.80%	7.08%

Correlation

The correlation between TRRFX and FIRMX is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.82
Correlation (All Time) Calculated using the full available price history since Aug 30, 2007	0.91

The correlation between TRRFX and FIRMX has been stable across timeframes, ranging from 0.81 to 0.91 - a consistent structural relationship.

Return for Risk

TRRFX vs. FIRMX — Risk / Return Rank

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

TRRFX

TRRFX Risk / Return Rank: 13
TRRFX Sharpe Ratio Rank: 14
TRRFX Sortino Ratio Rank: 11
TRRFX Omega Ratio Rank: 17
TRRFX Calmar Ratio Rank: 12
TRRFX Martin Ratio Rank: 13

FIRMX

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.

TRRFX vs. FIRMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2005 Fund (TRRFX) and Fidelity Managed Retirement Income Fund (FIRMX). 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.

	TRRFX	FIRMX	Difference
Sharpe ratio: Return per unit of total volatility	0.54	—	—
Sortino ratio: Return per unit of downside risk	0.69	—	—
Omega ratio: Gain probability vs. loss probability	1.12	—	—
Calmar ratio: Return relative to maximum drawdown	0.60	—	—
Martin ratio: Return relative to average drawdown	1.67	—	—

Drawdowns

Drawdown Indicators

	TRRFX	FIRMX	Difference
Max Drawdown Largest peak-to-trough decline	-33.29%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-6.90%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.82%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-18.82%	—	—
Current Drawdown Current decline from peak	-0.75%	—	—
Average Drawdown Average peak-to-trough decline	-3.48%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	—	—

Volatility

Volatility by Period

	TRRFX	FIRMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.71%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.88%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.36%	—	—

TRRFX vs. FIRMX - Expense Ratio Comparison

TRRFX has a 0.49% expense ratio, which is higher than FIRMX's 0.45% expense ratio.

Dividends

TRRFX vs. FIRMX - Dividend Comparison

TRRFX has not paid dividends to shareholders, while FIRMX's dividend yield for the trailing twelve months is around 3.12%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRMX Fidelity Managed Retirement Income Fund	2.81%	3.13%	3.02%	2.81%	4.54%	3.56%	2.48%	2.59%	4.65%	8.57%	1.67%	1.68%
TRRFX T. Rowe Price Retirement 2005 Fund	0.00%	0.00%	3.87%	4.24%	10.43%	10.54%	8.55%	3.65%	6.97%	4.25%	1.28%	1.69%

Frequently Asked Questions

Can I hold both TRRFX and FIRMX in my portfolio?

TRRFX and FIRMX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.