FHRFX vs. VTCLX

Last updated Jul 3, 2026

FHRFX (Fidelity Managed Retirement 2025 Fund Class K6) and VTCLX (Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares) are both mutual funds - FHRFX is a Target Retirement Date fund managed by BlackRock, while VTCLX is a Large Cap Blend Equities fund tracking the Russell 1000 Index. Over the past 5 years, FHRFX returned 4.31%/yr vs 12.32%/yr for VTCLX. Their correlation of 0.85 suggests significant overlap in exposure. FHRFX charges 0.28%/yr vs 0.05%/yr for VTCLX.

Performance

FHRFX vs. VTCLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement 2025 Fund Class K6 (FHRFX) and Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHRFX achieves a 4.62% return, which is significantly lower than VTCLX's 10.16% return.

FHRFX

• 1D: 0.00%
• 1M: -1.85%
• 6M: 4.62%
• YTD: 4.62%
• 1Y: 10.88%
• 3Y*: 10.49%
• 5Y*: 4.31%
• 10Y*: —

VTCLX

• 1D: -0.25%
• 1M: -1.03%
• 6M: 10.16%
• YTD: 10.16%
• 1Y: 21.67%
• 3Y*: 20.18%
• 5Y*: 12.32%
• 10Y*: 15.34%

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

FHRFX vs. VTCLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FHRFX Fidelity Managed Retirement 2025 Fund Class K6	4.62%	13.52%	7.26%	12.21%	-15.50%	8.21%	13.45%	5.10%
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares	10.16%	17.44%	23.76%	26.62%	-19.07%	26.87%	21.08%	8.70%

Correlation

The correlation between FHRFX and VTCLX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.85

The correlation between FHRFX and VTCLX has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

Return for Risk

FHRFX vs. VTCLX — Risk / Return Rank

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

FHRFX

FHRFX Risk / Return Rank: 76
FHRFX Sharpe Ratio Rank: 77
FHRFX Sortino Ratio Rank: 76
FHRFX Omega Ratio Rank: 79
FHRFX Calmar Ratio Rank: 71
FHRFX Martin Ratio Rank: 79

VTCLX

VTCLX Risk / Return Rank: 60
VTCLX Sharpe Ratio Rank: 56
VTCLX Sortino Ratio Rank: 52
VTCLX Omega Ratio Rank: 53
VTCLX Calmar Ratio Rank: 62
VTCLX Martin Ratio Rank: 74

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. VTCLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement 2025 Fund Class K6 (FHRFX) and Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX). 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.

	FHRFX	VTCLX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.77	+0.28
Sortino ratio: Return per unit of downside risk	2.89	2.43	+0.45
Omega ratio: Gain probability vs. loss probability	1.40	1.32	+0.08
Calmar ratio: Return relative to maximum drawdown	2.66	2.54	+0.12
Martin ratio: Return relative to average drawdown	11.42	11.24	+0.18

FHRFX vs. VTCLX - Sharpe Ratio Comparison

The current FHRFX Sharpe Ratio is 2.05, which is comparable to the VTCLX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of FHRFX and VTCLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FHRFX vs. VTCLX - Drawdown Comparison

The maximum FHRFX drawdown since its inception was -21.45%, smaller than the maximum VTCLX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for FHRFX and VTCLX.

Drawdown Indicators

	FHRFX	VTCLX	Difference
Max Drawdown Largest peak-to-trough decline	-21.45%	-55.18%	+33.73%
Max Drawdown (1Y) Largest decline over 1 year	-5.08%	-8.79%	+3.71%
Max Drawdown (3Y) Largest decline over 3 years	-7.09%	-19.01%	+11.92%
Max Drawdown (5Y) Largest decline over 5 years	-21.45%	-24.98%	+3.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.56%	—
Current Drawdown Current decline from peak	-1.85%	-1.03%	-0.82%
Average Drawdown Average peak-to-trough decline	-4.84%	-7.55%	+2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	1.98%	-0.80%

Volatility

FHRFX vs. VTCLX - Volatility Comparison

The current volatility for Fidelity Managed Retirement 2025 Fund Class K6 (FHRFX) is 2.65%, while Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) has a volatility of 4.99%. This indicates that FHRFX experiences smaller price fluctuations and is considered to be less risky than VTCLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHRFX	VTCLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	4.99%	-2.34%
Volatility (6M) Calculated over the trailing 6-month period	5.55%	10.03%	-4.48%
Volatility (1Y) Calculated over the trailing 1-year period	6.61%	12.66%	-6.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.22%	17.33%	-9.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.20%	18.26%	-9.06%

FHRFX vs. VTCLX - Expense Ratio Comparison

FHRFX has a 0.28% expense ratio, which is higher than VTCLX's 0.05% expense ratio.

Dividends

FHRFX vs. VTCLX - Dividend Comparison

FHRFX's dividend yield for the trailing twelve months is around 3.83%, more than VTCLX's 0.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHRFX Fidelity Managed Retirement 2025 Fund Class K6	3.83%	2.79%	3.26%	2.80%	4.93%	5.33%	3.81%	2.64%	0.00%	0.00%	0.00%	0.00%
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares	0.90%	0.93%	1.04%	1.24%	1.47%	1.04%	1.32%	1.52%	1.83%	1.57%	1.76%	1.69%

Frequently Asked Questions

Can I hold both FHRFX and VTCLX in my portfolio?

FHRFX and VTCLX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHRFX or VTCLX?

VTCLX has higher volatility (4.99%) compared to FHRFX (2.65%). In terms of maximum drawdown, FHRFX dropped -21.45% vs VTCLX's -55.18%.

Which has better risk-adjusted returns?

FHRFX currently has the higher Sharpe Ratio (2.05 vs 1.77), 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.