VTWNX vs. FIRMX
VTWNX (Vanguard Target Retirement 2020 Fund) and FIRMX (Fidelity Managed Retirement Income Fund) are both Target Retirement Date funds. Over the past 10 years, VTWNX returned 6.91%/yr vs 4.21%/yr for FIRMX. Their correlation of 0.93 suggests significant overlap in exposure. VTWNX charges 0.08%/yr vs 0.45%/yr for FIRMX.
Performance
VTWNX vs. FIRMX - Performance Comparison
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Returns By Period
In the year-to-date period, VTWNX achieves a 4.04% return, which is significantly higher than FIRMX's 3.60% return. Over the past 10 years, VTWNX has outperformed FIRMX with an annualized return of 6.91%, while FIRMX has yielded a comparatively lower 4.21% annualized return.
VTWNX
- 1D
- -0.66%
- 1M
- 0.25%
- YTD
- 4.04%
- 6M
- 3.74%
- 1Y
- 10.69%
- 3Y*
- 10.07%
- 5Y*
- 4.50%
- 10Y*
- 6.91%
FIRMX
- 1D
- 0.00%
- 1M
- 0.65%
- YTD
- 3.60%
- 6M
- 3.40%
- 1Y
- 8.61%
- 3Y*
- 7.18%
- 5Y*
- 2.79%
- 10Y*
- 4.21%
VTWNX vs. FIRMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTWNX Vanguard Target Retirement 2020 Fund | 4.04% | 12.17% | 7.57% | 12.71% | -14.17% | 8.15% | 12.05% | 17.64% | -4.23% | 11.83% |
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 VTWNX and FIRMX 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 | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2007 | 0.93 |
The correlation between VTWNX and FIRMX has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.
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Return for Risk
VTWNX vs. FIRMX — Risk / Return Rank
VTWNX
FIRMX
VTWNX vs. FIRMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Target Retirement 2020 Fund (VTWNX) 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.
| VTWNX | FIRMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.44 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 2.77 | -0.19 |
| Martin ratioReturn relative to average drawdown | 11.06 | 11.63 | -0.57 |
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Drawdowns
VTWNX vs. FIRMX - Drawdown Comparison
The maximum VTWNX drawdown since its inception was -42.16%, which is greater than FIRMX's maximum drawdown of -33.73%. Use the drawdown chart below to compare losses from any high point for VTWNX and FIRMX.
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Drawdown Indicators
| VTWNX | FIRMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.16% | -33.73% | -8.43% |
Max Drawdown (1Y)Largest decline over 1 year | -4.43% | -3.44% | -0.99% |
Max Drawdown (3Y)Largest decline over 3 years | -6.20% | -4.96% | -1.24% |
Max Drawdown (5Y)Largest decline over 5 years | -19.38% | -16.11% | -3.27% |
Max Drawdown (10Y)Largest decline over 10 years | -19.38% | -16.11% | -3.27% |
Current DrawdownCurrent decline from peak | -1.01% | -0.42% | -0.59% |
Average DrawdownAverage peak-to-trough decline | -4.79% | -3.70% | -1.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 0.82% | +0.21% |
Volatility
VTWNX vs. FIRMX - Volatility Comparison
Vanguard Target Retirement 2020 Fund (VTWNX) has a higher volatility of 2.34% compared to Fidelity Managed Retirement Income Fund (FIRMX) at 2.02%. This indicates that VTWNX's price experiences larger fluctuations and is considered to be riskier than FIRMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTWNX | FIRMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.34% | 2.02% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 4.78% | 3.70% | +1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.67% | 4.36% | +1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.45% | 5.32% | +2.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.24% | 4.54% | +3.70% |
VTWNX vs. FIRMX - Expense Ratio Comparison
VTWNX has a 0.08% expense ratio, which is lower than FIRMX's 0.45% expense ratio.
Dividends
VTWNX vs. FIRMX - Dividend Comparison
VTWNX's dividend yield for the trailing twelve months is around 7.88%, more than FIRMX's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIRMX Fidelity Managed Retirement Income Fund | 3.25% | 3.13% | 3.02% | 2.81% | 4.54% | 3.56% | 2.48% | 2.59% | 4.65% | 8.57% | 1.67% | 1.68% |
VTWNX Vanguard Target Retirement 2020 Fund | 7.88% | 8.20% | 9.35% | 6.20% | 4.99% | 19.57% | 6.28% | 3.54% | 4.94% | 0.73% | 2.74% | 4.15% |
Frequently Asked Questions
With a correlation of 0.92, VTWNX and FIRMX 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.
VTWNX has higher volatility (2.34%) compared to FIRMX (2.02%). In terms of maximum drawdown, VTWNX dropped -42.16% vs FIRMX's -33.73%.
FIRMX currently has the higher Sharpe Ratio (2.19 vs 2.01), 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.
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