FHRFX vs. FCQTX

Last updated Jun 6, 2026

FHRFX (Fidelity Managed Retirement 2025 Fund Class K6) and FCQTX (American Funds 2065 Target Date Retirement Fund) are both Target Retirement Date funds. Over the past 5 years, FHRFX returned 4.65%/yr vs 9.97%/yr for FCQTX. Their correlation of 0.91 suggests significant overlap in exposure. FHRFX charges 0.28%/yr vs 0.01%/yr for FCQTX.

Performance

FHRFX vs. FCQTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement 2025 Fund Class K6 (FHRFX) and American Funds 2065 Target Date Retirement Fund (FCQTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHRFX achieves a 6.39% return, which is significantly lower than FCQTX's 10.65% return.

FHRFX

• 1D: 0.17%
• 1M: 0.74%
• YTD: 6.39%
• 6M: 6.93%
• 1Y: 15.26%
• 3Y*: 11.22%
• 5Y*: 4.65%
• 10Y*: —

FCQTX

• 1D: 0.13%
• 1M: 1.82%
• YTD: 10.65%
• 6M: 11.12%
• 1Y: 25.63%
• 3Y*: 19.78%
• 5Y*: 9.97%
• 10Y*: —

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

FHRFX vs. FCQTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FHRFX Fidelity Managed Retirement 2025 Fund Class K6	6.39%	13.52%	7.26%	12.21%	-15.50%	8.21%	28.28%
FCQTX American Funds 2065 Target Date Retirement Fund	10.65%	20.74%	15.64%	21.56%	-19.63%	17.34%	47.06%

Correlation

The correlation between FHRFX and FCQTX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Mar 30, 2020	0.91

The correlation between FHRFX and FCQTX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

FHRFX vs. FCQTX — Risk / Return Rank

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

FHRFX

FHRFX Risk / Return Rank: 71
FHRFX Sharpe Ratio Rank: 72
FHRFX Sortino Ratio Rank: 73
FHRFX Omega Ratio Rank: 75
FHRFX Calmar Ratio Rank: 65
FHRFX Martin Ratio Rank: 71

FCQTX

FCQTX Risk / Return Rank: 55
FCQTX Sharpe Ratio Rank: 56
FCQTX Sortino Ratio Rank: 54
FCQTX Omega Ratio Rank: 54
FCQTX Calmar Ratio Rank: 50
FCQTX Martin Ratio Rank: 63

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.

FHRFX vs. FCQTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement 2025 Fund Class K6 (FHRFX) and American Funds 2065 Target Date Retirement Fund (FCQTX). 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.

	FHRFX	FCQTX	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.13	+0.26
Sortino ratio: Return per unit of downside risk	3.47	3.00	+0.48
Omega ratio: Gain probability vs. loss probability	1.47	1.39	+0.08
Calmar ratio: Return relative to maximum drawdown	3.00	2.61	+0.39
Martin ratio: Return relative to average drawdown	13.02	11.86	+1.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHRFX vs. FCQTX - Sharpe Ratio Comparison

The current FHRFX Sharpe Ratio is 2.39, which is comparable to the FCQTX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of FHRFX and FCQTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FHRFX	FCQTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.13	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.68	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	1.12	-0.36

Drawdowns

FHRFX vs. FCQTX - Drawdown Comparison

The maximum FHRFX drawdown since its inception was -21.45%, smaller than the maximum FCQTX drawdown of -27.34%. Use the drawdown chart below to compare losses from any high point for FHRFX and FCQTX.

Drawdown Indicators

	FHRFX	FCQTX	Difference
Max Drawdown Largest peak-to-trough decline	-21.45%	-27.34%	+5.89%
Max Drawdown (1Y) Largest decline over 1 year	-5.08%	-9.83%	+4.75%
Max Drawdown (3Y) Largest decline over 3 years	-7.09%	-15.53%	+8.44%
Max Drawdown (5Y) Largest decline over 5 years	-21.45%	-27.34%	+5.89%
Current Drawdown Current decline from peak	-0.19%	-0.45%	+0.26%
Average Drawdown Average peak-to-trough decline	-4.84%	-5.88%	+1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	2.16%	-0.99%

Volatility

FHRFX vs. FCQTX - Volatility Comparison

The current volatility for Fidelity Managed Retirement 2025 Fund Class K6 (FHRFX) is 2.35%, while American Funds 2065 Target Date Retirement Fund (FCQTX) has a volatility of 3.59%. This indicates that FHRFX experiences smaller price fluctuations and is considered to be less risky than FCQTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHRFX	FCQTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	3.59%	-1.24%
Volatility (6M) Calculated over the trailing 6-month period	5.28%	9.64%	-4.36%
Volatility (1Y) Calculated over the trailing 1-year period	6.38%	12.03%	-5.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.19%	14.72%	-6.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.19%	15.04%	-5.85%

FHRFX vs. FCQTX - Expense Ratio Comparison

FHRFX has a 0.28% expense ratio, which is higher than FCQTX's 0.01% expense ratio.

Dividends

FHRFX vs. FCQTX - Dividend Comparison

FHRFX's dividend yield for the trailing twelve months is around 3.89%, less than FCQTX's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FCQTX American Funds 2065 Target Date Retirement Fund	4.22%	4.67%	2.80%	1.99%	3.96%	1.54%	0.72%	0.00%
FHRFX Fidelity Managed Retirement 2025 Fund Class K6	3.89%	2.79%	3.26%	2.80%	4.93%	5.33%	3.81%	2.64%

Frequently Asked Questions

Can I hold both FHRFX and FCQTX in my portfolio?

With a correlation of 0.91, FHRFX and FCQTX 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.

Which is riskier, FHRFX or FCQTX?

FCQTX has higher volatility (3.59%) compared to FHRFX (2.35%). In terms of maximum drawdown, FHRFX dropped -21.45% vs FCQTX's -27.34%.

Which has better risk-adjusted returns?

FHRFX currently has the higher Sharpe Ratio (2.39 vs 2.13), 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.