VTWNX vs. FRAMX
Compare and contrast key facts about Vanguard Target Retirement 2020 Fund (VTWNX) and Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX).
VTWNX is managed by Vanguard. It was launched on Jun 7, 2006. FRAMX is managed by BlackRock. It was launched on Aug 30, 2007.
Performance
VTWNX vs. FRAMX - Performance Comparison
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VTWNX vs. FRAMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTWNX Vanguard Target Retirement 2020 Fund | -0.47% | 12.17% | 7.57% | 12.71% | -14.17% | 8.15% | 12.05% | 17.64% | -4.23% | 11.83% |
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A | 0.18% | 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, VTWNX achieves a -0.47% return, which is significantly lower than FRAMX's 0.18% return. Over the past 10 years, VTWNX has outperformed FRAMX with an annualized return of 6.43%, while FRAMX has yielded a comparatively lower 3.73% annualized return.
VTWNX
- 1D
- 1.11%
- 1M
- -2.84%
- YTD
- -0.47%
- 6M
- 0.93%
- 1Y
- 10.14%
- 3Y*
- 8.91%
- 5Y*
- 4.24%
- 10Y*
- 6.43%
FRAMX
- 1D
- 0.75%
- 1M
- -2.08%
- YTD
- 0.18%
- 6M
- 1.18%
- 1Y
- 7.30%
- 3Y*
- 5.92%
- 5Y*
- 2.18%
- 10Y*
- 3.73%
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VTWNX vs. FRAMX - Expense Ratio Comparison
VTWNX has a 0.08% expense ratio, which is lower than FRAMX's 0.70% expense ratio.
Return for Risk
VTWNX vs. FRAMX — Risk / Return Rank
VTWNX
FRAMX
VTWNX vs. FRAMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Target Retirement 2020 Fund (VTWNX) 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.
| VTWNX | FRAMX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.63 | 1.64 | -0.01 |
Sortino ratioReturn per unit of downside risk | 2.34 | 2.30 | +0.04 |
Omega ratioGain probability vs. loss probability | 1.34 | 1.33 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.22 | +0.11 |
Martin ratioReturn relative to average drawdown | 9.54 | 8.81 | +0.73 |
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
| VTWNX | FRAMX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.63 | 1.64 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 0.42 | +0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.78 | 0.84 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.50 | +0.03 |
Correlation
The correlation between VTWNX and FRAMX is 0.93, 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
VTWNX vs. FRAMX - Dividend Comparison
VTWNX's dividend yield for the trailing twelve months is around 8.24%, more than FRAMX's 2.88% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VTWNX Vanguard Target Retirement 2020 Fund | 8.24% | 8.20% | 9.35% | 6.20% | 4.99% | 19.57% | 6.28% | 3.54% | 4.94% | 0.73% | 2.74% | 4.15% |
FRAMX Fidelity Advisor Managed Retirement Income Fund Class A | 2.88% | 2.77% | 2.77% | 2.58% | 4.26% | 3.31% | 2.23% | 2.37% | 4.40% | 8.26% | 1.42% | 1.42% |
Drawdowns
VTWNX vs. FRAMX - Drawdown Comparison
The maximum VTWNX drawdown since its inception was -42.16%, which is greater than FRAMX's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for VTWNX and FRAMX.
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Drawdown Indicators
| VTWNX | FRAMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.16% | -33.94% | -8.22% |
Max Drawdown (1Y)Largest decline over 1 year | -4.50% | -3.45% | -1.05% |
Max Drawdown (5Y)Largest decline over 5 years | -19.38% | -16.31% | -3.07% |
Max Drawdown (10Y)Largest decline over 10 years | -19.38% | -16.31% | -3.07% |
Current DrawdownCurrent decline from peak | -3.26% | -2.47% | -0.79% |
Average DrawdownAverage peak-to-trough decline | -4.83% | -3.86% | -0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 0.87% | +0.23% |
Volatility
VTWNX vs. FRAMX - Volatility Comparison
Vanguard Target Retirement 2020 Fund (VTWNX) has a higher volatility of 2.73% compared to Fidelity Advisor Managed Retirement Income Fund Class A (FRAMX) at 2.14%. This indicates that VTWNX'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
| VTWNX | FRAMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.73% | 2.14% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 3.95% | 2.95% | +1.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.39% | 4.64% | +1.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.39% | 5.22% | +2.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.27% | 4.48% | +3.79% |