TRRLX vs. FIRMX

Last updated Jul 17, 2026

TRRLX (T. Rowe Price Retirement 2060 Fund) and FIRMX (Fidelity Managed Retirement Income Fund) are both Target Retirement Date funds. A 0.75 correlation means they provide meaningful diversification when combined. TRRLX charges 0.64%/yr vs 0.45%/yr for FIRMX.

Performance

TRRLX vs. FIRMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2060 Fund (TRRLX) and Fidelity Managed Retirement Income Fund (FIRMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TRRLX

• 1D: 0.33%
• 1M: 0.33%
• 6M: 7.90%
• YTD: 11.53%
• 1Y: 17.47%
• 3Y*: 15.44%
• 5Y*: 8.33%
• 10Y*: 10.98%

FIRMX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TRRLX vs. FIRMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRRLX T. Rowe Price Retirement 2060 Fund	11.53%	14.54%	14.22%	20.87%	-19.22%	17.50%	18.46%	25.39%	-7.62%	20.79%
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 TRRLX and FIRMX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jun 24, 2014	0.75

The correlation between TRRLX and FIRMX has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.

Return for Risk

TRRLX vs. FIRMX — Risk / Return Rank

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

TRRLX

TRRLX Risk / Return Rank: 38
TRRLX Sharpe Ratio Rank: 36
TRRLX Sortino Ratio Rank: 35
TRRLX Omega Ratio Rank: 38
TRRLX Calmar Ratio Rank: 37
TRRLX Martin Ratio Rank: 44

FIRMX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

TRRLX vs. FIRMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2060 Fund (TRRLX) 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.

	TRRLX	FIRMX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	—	—
Sortino ratio: Return per unit of downside risk	1.94	—	—
Omega ratio: Gain probability vs. loss probability	1.26	—	—
Calmar ratio: Return relative to maximum drawdown	1.87	—	—
Martin ratio: Return relative to average drawdown	7.62	—	—

Drawdowns

Drawdown Indicators

	TRRLX	FIRMX	Difference
Max Drawdown Largest peak-to-trough decline	-32.52%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-9.82%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.59%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.09%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.52%	—	—
Current Drawdown Current decline from peak	-0.42%	—	—
Average Drawdown Average peak-to-trough decline	-5.13%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	—	—

Volatility

Volatility by Period

	TRRLX	FIRMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.92%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.39%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.41%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.46%	—	—

TRRLX vs. FIRMX - Expense Ratio Comparison

TRRLX has a 0.64% expense ratio, which is higher than FIRMX's 0.45% expense ratio.

Dividends

TRRLX vs. FIRMX - Dividend Comparison

TRRLX 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	3.12%	3.13%	3.02%	2.81%	4.54%	3.56%	2.48%	2.59%	4.65%	8.57%	1.67%	1.68%
TRRLX T. Rowe Price Retirement 2060 Fund	0.00%	0.00%	1.74%	3.29%	5.75%	4.19%	2.38%	4.33%	5.39%	1.58%	1.58%	0.83%

Frequently Asked Questions

Can I hold both TRRLX and FIRMX in my portfolio?

TRRLX and FIRMX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.