URINX vs. FRKMX

Last updated Jun 26, 2026

URINX (USAA Target Retirement Income Fund) and FRKMX (Fidelity Managed Retirement Income Fund Class K) are both Target Retirement Date funds. Over the past 5 years, URINX returned 4.94%/yr vs 1016.85%/yr for FRKMX. Their correlation of 0.85 suggests significant overlap in exposure. URINX charges 0.04%/yr vs 0.35%/yr for FRKMX.

Performance

URINX vs. FRKMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Target Retirement Income Fund (URINX) and Fidelity Managed Retirement Income Fund Class K (FRKMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, URINX achieves a 5.44% return, which is significantly lower than FRKMX's 15,640,638.04% return.

URINX

• 1D: 0.17%
• 1M: 0.20%
• YTD: 5.44%
• 6M: 5.07%
• 1Y: 12.01%
• 3Y*: 10.32%
• 5Y*: 4.94%
• 10Y*: 5.82%

FRKMX

• 1D: 15,089,900.00%
• 1M: 15,108,145.29%
• YTD: 15,640,638.04%
• 6M: 15,611,276.39%
• 1Y: 16,399,410.43%
• 3Y*: 5,609.31%
• 5Y*: 1,016.85%
• 10Y*: —

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

URINX vs. FRKMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
URINX USAA Target Retirement Income Fund	5.44%	12.36%	6.66%	10.79%	-10.38%	6.47%	8.74%	3.59%
FRKMX Fidelity Managed Retirement Income Fund Class K	15,640,638.04%	9.91%	4.40%	8.17%	-11.57%	2.88%	8.68%	3.08%

Correlation

The correlation between URINX and FRKMX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.85

The correlation between URINX and FRKMX has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.

Return for Risk

URINX vs. FRKMX — Risk / Return Rank

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

URINX

URINX Risk / Return Rank: 79
URINX Sharpe Ratio Rank: 77
URINX Sortino Ratio Rank: 78
URINX Omega Ratio Rank: 77
URINX Calmar Ratio Rank: 78
URINX Martin Ratio Rank: 83

FRKMX

FRKMX Risk / Return Rank: 85
FRKMX Sharpe Ratio Rank: 24
FRKMX Sortino Ratio Rank: 100
FRKMX Omega Ratio Rank: 100
FRKMX Calmar Ratio Rank: 100
FRKMX 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.

URINX vs. FRKMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Target Retirement Income Fund (URINX) and Fidelity Managed Retirement Income Fund Class K (FRKMX). 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.

	URINX	FRKMX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.15	+1.00
Sortino ratio: Return per unit of downside risk	3.15	5,218,028.60	-5,218,025.45
Omega ratio: Gain probability vs. loss probability	1.42	727,316.16	-727,314.74
Calmar ratio: Return relative to maximum drawdown	3.05	5,078,659.88	-5,078,656.83
Martin ratio: Return relative to average drawdown	12.98	21,305,391.80	-21,305,378.82

URINX vs. FRKMX - Sharpe Ratio Comparison

The current URINX Sharpe Ratio is 2.15, which is higher than the FRKMX Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of URINX and FRKMX, 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

URINX vs. FRKMX - Drawdown Comparison

The maximum URINX drawdown since its inception was -15.27%, roughly equal to the maximum FRKMX drawdown of -16.04%. Use the drawdown chart below to compare losses from any high point for URINX and FRKMX.

Drawdown Indicators

	URINX	FRKMX	Difference
Max Drawdown Largest peak-to-trough decline	-15.27%	-16.04%	+0.77%
Max Drawdown (1Y) Largest decline over 1 year	-3.92%	-3.42%	-0.50%
Max Drawdown (3Y) Largest decline over 3 years	-4.84%	-4.93%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	-15.27%	-16.04%	+0.77%
Max Drawdown (10Y) Largest decline over 10 years	-15.27%	—	—
Current Drawdown Current decline from peak	-0.80%	0.00%	-0.80%
Average Drawdown Average peak-to-trough decline	-1.91%	-3.54%	+1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.81%	+0.11%

Volatility

URINX vs. FRKMX - Volatility Comparison

The current volatility for USAA Target Retirement Income Fund (URINX) is 2.44%, while Fidelity Managed Retirement Income Fund Class K (FRKMX) has a volatility of 1,192.42%. This indicates that URINX experiences smaller price fluctuations and is considered to be less risky than FRKMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URINX	FRKMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	1,192.42%	-1,189.98%
Volatility (6M) Calculated over the trailing 6-month period	4.73%	1,192.41%	-1,187.68%
Volatility (1Y) Calculated over the trailing 1-year period	5.58%	15,119,929.64%	-15,119,924.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.35%	6,761,838.11%	-6,761,831.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.87%	5,765,888.45%	-5,765,882.58%

URINX vs. FRKMX - Expense Ratio Comparison

URINX has a 0.04% expense ratio, which is lower than FRKMX's 0.35% expense ratio.

Dividends

URINX vs. FRKMX - Dividend Comparison

URINX's dividend yield for the trailing twelve months is around 5.84%, less than FRKMX's 103.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRKMX Fidelity Managed Retirement Income Fund Class K	103.36%	3.11%	3.12%	2.92%	4.66%	3.65%	2.56%	1.85%	0.00%	0.00%	0.00%	0.00%
URINX USAA Target Retirement Income Fund	5.84%	6.07%	4.22%	3.48%	6.63%	6.66%	3.97%	6.37%	6.11%	5.68%	3.34%	4.54%

Frequently Asked Questions

Can I hold both URINX and FRKMX in my portfolio?

With a correlation of 0.92, URINX and FRKMX 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, URINX or FRKMX?

FRKMX has higher volatility (1192.42%) compared to URINX (2.44%). In terms of maximum drawdown, URINX dropped -15.27% vs FRKMX's -16.04%.

Which has better risk-adjusted returns?

URINX currently has the higher Sharpe Ratio (2.15 vs 1.15), 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.