AAOTX vs. FRHMX

Last updated Aug 1, 2026

AAOTX (American Funds 2065 Target Date Retirement Fund Class A) and FRHMX (Fidelity Managed Retirement Income Fund Class K6) are both Target Retirement Date funds. Their 0.72 correlation means they have sometimes moved together and sometimes differently. AAOTX charges 0.73%/yr vs 0.25%/yr for FRHMX.

Performance

AAOTX vs. FRHMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds 2065 Target Date Retirement Fund Class A (AAOTX) and Fidelity Managed Retirement Income Fund Class K6 (FRHMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AAOTX

• 1D: 1.83%
• 1M: -1.77%
• 6M: 5.39%
• YTD: 8.28%
• 1Y: 18.41%
• 3Y*: 16.20%
• 5Y*: 8.77%
• 10Y*: —
• ALL TIME*: 15.52%

FRHMX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AAOTX American Funds 2065 Target Date Retirement Fund Class A	$0.00	$0.00	$0.00

AAOTX vs. FRHMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AAOTX American Funds 2065 Target Date Retirement Fund Class A	8.28%	20.36%	15.20%	21.16%	-19.94%	16.85%	46.68%
FRHMX Fidelity Managed Retirement Income Fund Class K6	1,464,383.96%	10.02%	4.50%	8.28%	-11.48%	2.98%	13.32%

Correlation

The correlation between AAOTX and FRHMX is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (All Time) Calculated using the full available price history since Mar 27, 2020	0.72

The correlation between AAOTX and FRHMX has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.

Return for Risk

AAOTX vs. FRHMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AAOTX

AAOTX Risk / Return Rank: 41
AAOTX Sharpe Ratio Rank: 40
AAOTX Sortino Ratio Rank: 38
AAOTX Omega Ratio Rank: 39
AAOTX Calmar Ratio Rank: 39
AAOTX Martin Ratio Rank: 51

FRHMX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AAOTX vs. FRHMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds 2065 Target Date Retirement Fund Class A (AAOTX) and Fidelity Managed Retirement Income Fund Class K6 (FRHMX). 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.

	AAOTX	FRHMX	Difference
Sharpe ratio: Return per unit of total volatility	1.25	—	—
Sortino ratio: Return per unit of downside risk	1.80	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.70	—	—
Martin ratio: Return relative to average drawdown	7.27	—	—

Drawdowns

Drawdown Indicators

	AAOTX	FRHMX	Difference
Max Drawdown Largest peak-to-trough decline	-27.57%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-9.82%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.53%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.57%	—	—
Current Drawdown Current decline from peak	-2.69%	—	—
Average Drawdown Average peak-to-trough decline	-5.90%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	—	—

Volatility

Volatility by Period

	AAOTX	FRHMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.86%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.05%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.33%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.91%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.10%	—	—

AAOTX vs. FRHMX - Expense Ratio Comparison

AAOTX has a 0.73% expense ratio, which is higher than FRHMX's 0.25% expense ratio.

Dividends

AAOTX vs. FRHMX - Dividend Comparison

AAOTX's dividend yield for the trailing twelve months is around 4.07%, less than FRHMX's 102.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AAOTX American Funds 2065 Target Date Retirement Fund Class A	4.07%	4.41%	2.52%	1.71%	3.67%	1.34%	0.60%	0.00%
FRHMX Fidelity Managed Retirement Income Fund Class K6	102.60%	3.22%	3.24%	3.02%	4.77%	3.78%	2.61%	1.95%

Frequently Asked Questions

Can I hold both AAOTX and FRHMX in my portfolio?

AAOTX and FRHMX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.