VFORX vs. FRAMX
Compare and contrast key facts about Vanguard Target Retirement 2040 Fund (VFORX) and Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX).
VFORX is managed by Vanguard. It was launched on Jun 7, 2006. FRAMX is managed by BlackRock. It was launched on Aug 30, 2007.
Performance
VFORX vs. FRAMX - Performance Comparison
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VFORX vs. FRAMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VFORX Vanguard Target Retirement 2040 Fund | -3.32% | 18.77% | 12.90% | 18.56% | -17.00% | 14.55% | 15.48% | 23.86% | -7.32% | 18.45% |
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A | -0.57% | 9.55% | 4.04% | 7.80% | -11.87% | 2.52% | 8.30% | 10.28% | -2.05% | 6.82% |
Returns By Period
In the year-to-date period, VFORX achieves a -3.32% return, which is significantly lower than FRAMX's -0.57% return. Over the past 10 years, VFORX has outperformed FRAMX with an annualized return of 9.48%, while FRAMX has yielded a comparatively lower 3.65% annualized return.
VFORX
- 1D
- -0.14%
- 1M
- -7.37%
- YTD
- -3.32%
- 6M
- -0.71%
- 1Y
- 15.06%
- 3Y*
- 13.11%
- 5Y*
- 7.08%
- 10Y*
- 9.48%
FRAMX
- 1D
- 0.26%
- 1M
- -3.20%
- YTD
- -0.57%
- 6M
- 0.62%
- 1Y
- 6.78%
- 3Y*
- 5.66%
- 5Y*
- 2.13%
- 10Y*
- 3.65%
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VFORX vs. FRAMX - Expense Ratio Comparison
VFORX has a 0.08% expense ratio, which is lower than FRAMX's 0.70% expense ratio.
Return for Risk
VFORX vs. FRAMX — Risk / Return Rank
VFORX
FRAMX
VFORX vs. FRAMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Target Retirement 2040 Fund (VFORX) 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.
| VFORX | FRAMX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.22 | 1.50 | -0.28 |
Sortino ratioReturn per unit of downside risk | 1.76 | 2.09 | -0.33 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.30 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 1.55 | 2.00 | -0.45 |
Martin ratioReturn relative to average drawdown | 7.04 | 8.06 | -1.02 |
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
| VFORX | FRAMX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.22 | 1.50 | -0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 0.41 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.70 | 0.82 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.49 | -0.03 |
Correlation
The correlation between VFORX and FRAMX is 0.88, 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
VFORX vs. FRAMX - Dividend Comparison
VFORX's dividend yield for the trailing twelve months is around 2.86%, less than FRAMX's 2.91% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VFORX Vanguard Target Retirement 2040 Fund | 2.86% | 2.77% | 2.86% | 2.38% | 2.60% | 20.68% | 2.06% | 2.28% | 2.58% | 0.04% | 2.40% | 2.99% |
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A | 2.91% | 2.77% | 2.77% | 2.58% | 4.26% | 3.31% | 2.23% | 2.37% | 4.40% | 8.26% | 1.42% | 1.42% |
Drawdowns
VFORX vs. FRAMX - Drawdown Comparison
The maximum VFORX drawdown since its inception was -51.63%, which is greater than FRAMX's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for VFORX and FRAMX.
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Drawdown Indicators
| VFORX | FRAMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.63% | -33.94% | -17.69% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -3.45% | -5.43% |
Max Drawdown (5Y)Largest decline over 5 years | -24.32% | -16.31% | -8.01% |
Max Drawdown (10Y)Largest decline over 10 years | -29.35% | -16.31% | -13.04% |
Current DrawdownCurrent decline from peak | -7.70% | -3.20% | -4.50% |
Average DrawdownAverage peak-to-trough decline | -6.82% | -3.87% | -2.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 0.86% | +1.10% |
Volatility
VFORX vs. FRAMX - Volatility Comparison
Vanguard Target Retirement 2040 Fund (VFORX) has a higher volatility of 4.11% compared to Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX) at 1.96%. This indicates that VFORX'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
| VFORX | FRAMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.11% | 1.96% | +2.15% |
Volatility (6M)Calculated over the trailing 6-month period | 7.24% | 2.86% | +4.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.42% | 4.59% | +7.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.35% | 5.21% | +7.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.64% | 4.47% | +9.17% |