TRRMX vs. FIRVX

Last updated Jul 14, 2026

TRRMX (T. Rowe Price Retirement 2050 Fund) and FIRVX (Fidelity Managed Retirement 2020 Fund) are both Target Retirement Date funds. Over the past 10 years, TRRMX returned 11.00%/yr vs 176.04%/yr for FIRVX. Their correlation of 0.93 suggests significant overlap in exposure. TRRMX charges 0.62%/yr vs 0.47%/yr for FIRVX.

Performance

TRRMX vs. FIRVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2050 Fund (TRRMX) 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, TRRMX achieves a 11.51% return, which is significantly lower than FIRVX's 1,440,933.92% return. Over the past 10 years, TRRMX has underperformed FIRVX with an annualized return of 11.00%, while FIRVX has yielded a comparatively higher 176.04% annualized return.

TRRMX

• 1D: 0.29%
• 1M: 1.30%
• 6M: 8.06%
• YTD: 11.51%
• 1Y: 16.85%
• 3Y*: 15.99%
• 5Y*: 8.01%
• 10Y*: 11.00%

FIRVX

• 1D: 1,371,718.18%
• 1M: 1,371,718.18%
• 6M: 1,422,260.68%
• YTD: 1,440,933.92%
• 1Y: 1,521,662.00%
• 3Y*: 2,512.79%
• 5Y*: 597.67%
• 10Y*: 176.04%

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

TRRMX vs. FIRVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRRMX T. Rowe Price Retirement 2050 Fund	11.51%	14.26%	14.19%	20.85%	-19.09%	17.51%	18.67%	25.35%	-7.66%	20.83%
FIRVX Fidelity Managed Retirement 2020 Fund	1,440,933.92%	12.25%	5.86%	10.72%	-14.63%	6.77%	12.06%	16.19%	-4.45%	13.32%

Correlation

The correlation between TRRMX and FIRVX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Dec 31, 2007	0.93

The correlation between TRRMX and FIRVX shifts across timeframes, from 0.82 (3 years) to 0.93 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TRRMX vs. FIRVX — Risk / Return Rank

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

TRRMX

TRRMX Risk / Return Rank: 36
TRRMX Sharpe Ratio Rank: 34
TRRMX Sortino Ratio Rank: 33
TRRMX Omega Ratio Rank: 36
TRRMX Calmar Ratio Rank: 34
TRRMX Martin Ratio Rank: 41

FIRVX

FIRVX Risk / Return Rank: 86
FIRVX Sharpe Ratio Rank: 30
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.

TRRMX vs. FIRVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2050 Fund (TRRMX) 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.

	TRRMX	FIRVX	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.17	+0.11
Sortino ratio: Return per unit of downside risk	1.82	351,355.56	-351,353.74
Omega ratio: Gain probability vs. loss probability	1.24	49,085.82	-49,084.58
Calmar ratio: Return relative to maximum drawdown	1.73	356,370.91	-356,369.18
Martin ratio: Return relative to average drawdown	7.04	1,512,145.77	-1,512,138.73

TRRMX vs. FIRVX - Sharpe Ratio Comparison

The current TRRMX Sharpe Ratio is 1.28, which is comparable to the FIRVX Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of TRRMX 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

TRRMX vs. FIRVX - Drawdown Comparison

The maximum TRRMX drawdown since its inception was -53.59%, which is greater than FIRVX's maximum drawdown of -40.59%. Use the drawdown chart below to compare losses from any high point for TRRMX and FIRVX.

Drawdown Indicators

	TRRMX	FIRVX	Difference
Max Drawdown Largest peak-to-trough decline	-53.59%	-40.59%	-13.00%
Max Drawdown (1Y) Largest decline over 1 year	-9.74%	-4.51%	-5.23%
Max Drawdown (3Y) Largest decline over 3 years	-15.50%	-6.52%	-8.98%
Max Drawdown (5Y) Largest decline over 5 years	-27.95%	-20.10%	-7.85%
Max Drawdown (10Y) Largest decline over 10 years	-32.51%	-20.10%	-12.41%
Current Drawdown Current decline from peak	-0.33%	0.00%	-0.33%
Average Drawdown Average peak-to-trough decline	-7.54%	-4.97%	-2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	1.06%	+1.30%

Volatility

TRRMX vs. FIRVX - Volatility Comparison

The current volatility for T. Rowe Price Retirement 2050 Fund (TRRMX) is 4.42%, while Fidelity Managed Retirement 2020 Fund (FIRVX) has a volatility of 952.63%. This indicates that TRRMX 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

	TRRMX	FIRVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	952.63%	-948.21%
Volatility (6M) Calculated over the trailing 6-month period	10.80%	952.62%	-941.82%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	1,374,447.92%	-1,374,434.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.33%	614,671.81%	-614,656.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.43%	434,465.54%	-434,450.11%

TRRMX vs. FIRVX - Expense Ratio Comparison

TRRMX has a 0.62% expense ratio, which is higher than FIRVX's 0.47% expense ratio.

Dividends

TRRMX vs. FIRVX - Dividend Comparison

TRRMX has not paid dividends to shareholders, while FIRVX's dividend yield for the trailing twelve months is around 102.77%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRVX Fidelity Managed Retirement 2020 Fund	102.77%	2.83%	2.74%	2.57%	3.52%	4.61%	3.74%	3.18%	6.90%	25.16%	2.28%	4.45%
TRRMX T. Rowe Price Retirement 2050 Fund	0.00%	0.00%	1.88%	4.45%	7.81%	6.91%	4.33%	5.75%	8.56%	2.32%	3.08%	3.96%

Frequently Asked Questions

Can I hold both TRRMX and FIRVX in my portfolio?

TRRMX and FIRVX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRRMX or FIRVX?

FIRVX has higher volatility (952.63%) compared to TRRMX (4.42%). In terms of maximum drawdown, TRRMX dropped -53.59% vs FIRVX's -40.59%.

Which has better risk-adjusted returns?

TRRMX currently has the higher Sharpe Ratio (1.28 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.