FCQTX vs. FRHMX

Last updated Apr 1, 2026

Compare and contrast key facts about American Funds 2065 Target Date Retirement Fund (FCQTX) and Fidelity Managed Retirement Income Fund Class K6 (FRHMX).

FCQTX is managed by American Funds. It was launched on Mar 26, 2020. FRHMX is managed by BlackRock. It was launched on Aug 1, 2019.

Performance

FCQTX vs. FRHMX - Performance Comparison

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

FCQTX vs. FRHMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FCQTX American Funds 2065 Target Date Retirement Fund	-5.95%	20.74%	15.64%	21.56%	-19.63%	17.34%	47.06%
FRHMX Fidelity Managed Retirement Income Fund Class K6	-0.45%	10.02%	4.50%	8.28%	-11.48%	2.98%	13.36%

Returns By Period

In the year-to-date period, FCQTX achieves a -5.95% return, which is significantly lower than FRHMX's -0.45% return.

FCQTX

• 1D: -0.42%
• 1M: -9.36%
• YTD: -5.95%
• 6M: -2.92%
• 1Y: 15.81%
• 3Y*: 14.49%
• 5Y*: 7.64%
• 10Y*: —

FRHMX

• 1D: 0.27%
• 1M: -3.16%
• YTD: -0.45%
• 6M: 0.86%
• 1Y: 7.28%
• 3Y*: 6.13%
• 5Y*: 2.58%
• 10Y*: —

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

FCQTX vs. FRHMX - Expense Ratio Comparison

FCQTX has a 0.01% expense ratio, which is lower than FRHMX's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

FRHMX

Fidelity Managed Retirement Income Fund Class K6

FCQTX

American Funds 2065 Target Date Retirement Fund

Return for Risk

FCQTX vs. FRHMX — Risk / Return Rank

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

FCQTX

FCQTX Risk / Return Rank: 58
FCQTX Sharpe Ratio Rank: 56
FCQTX Sortino Ratio Rank: 59
FCQTX Omega Ratio Rank: 55
FCQTX Calmar Ratio Rank: 56
FCQTX Martin Ratio Rank: 61

FRHMX

FRHMX Risk / Return Rank: 84
FRHMX Sharpe Ratio Rank: 84
FRHMX Sortino Ratio Rank: 85
FRHMX Omega Ratio Rank: 81
FRHMX Calmar Ratio Rank: 85
FRHMX Martin Ratio Rank: 85

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.

FCQTX vs. FRHMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds 2065 Target Date Retirement Fund (FCQTX) 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.

	FCQTX	FRHMX	Difference
Sharpe ratio Return per unit of total volatility	1.04	1.61	-0.57
Sortino ratio Return per unit of downside risk	1.56	2.24	-0.68
Omega ratio Gain probability vs. loss probability	1.22	1.32	-0.10
Calmar ratio Return relative to maximum drawdown	1.35	2.15	-0.81
Martin ratio Return relative to average drawdown	5.87	8.71	-2.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCQTX vs. FRHMX - Sharpe Ratio Comparison

The current FCQTX Sharpe Ratio is 1.04, which is lower than the FRHMX Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of FCQTX and FRHMX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FCQTX	FRHMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	1.61	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.50	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.71	+0.24

Correlation

The correlation between FCQTX and FRHMX is 0.72, 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

FCQTX vs. FRHMX - Dividend Comparison

FCQTX's dividend yield for the trailing twelve months is around 4.96%, more than FRHMX's 3.39% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
FCQTX American Funds 2065 Target Date Retirement Fund	4.96%	4.67%	2.80%	1.99%	3.96%	1.54%	0.72%	0.00%
FRHMX Fidelity Managed Retirement Income Fund Class K6	3.39%	3.22%	3.24%	3.02%	4.77%	3.78%	2.61%	1.95%

Drawdowns

FCQTX vs. FRHMX - Drawdown Comparison

The maximum FCQTX drawdown since its inception was -27.34%, which is greater than FRHMX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for FCQTX and FRHMX.

Drawdown Indicators

	FCQTX	FRHMX	Difference
Max Drawdown Largest peak-to-trough decline	-27.34%	-15.96%	-11.38%
Max Drawdown (1Y) Largest decline over 1 year	-10.21%	-3.42%	-6.79%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	-15.96%	-11.38%
Current Drawdown Current decline from peak	-9.83%	-3.16%	-6.67%
Average Drawdown Average peak-to-trough decline	-6.02%	-3.58%	-2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	0.85%	+1.49%

Volatility

FCQTX vs. FRHMX - Volatility Comparison

American Funds 2065 Target Date Retirement Fund (FCQTX) has a higher volatility of 4.62% compared to Fidelity Managed Retirement Income Fund Class K6 (FRHMX) at 1.96%. This indicates that FCQTX's price experiences larger fluctuations and is considered to be riskier than FRHMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCQTX	FRHMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	1.96%	+2.66%
Volatility (6M) Calculated over the trailing 6-month period	9.04%	2.86%	+6.18%
Volatility (1Y) Calculated over the trailing 1-year period	15.15%	4.59%	+10.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.58%	5.22%	+9.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.05%	5.14%	+9.91%