FHRFX vs. VTCLX

Last updated Aug 1, 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. Their correlation of 0.85 means they have usually moved in the same direction. 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

FHRFX

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

VTCLX

• 1D: 1.63%
• 1M: -0.80%
• 6M: 7.72%
• YTD: 9.27%
• 1Y: 20.40%
• 3Y*: 18.54%
• 5Y*: 11.93%
• 10Y*: 14.86%
• ALL TIME*: 10.08%

*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)
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares	$0.00	$0.00	$0.00

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	9.27%	17.44%	23.76%	26.62%	-19.07%	26.87%	21.08%	8.70%

Correlation

The correlation between FHRFX and VTCLX is 0.79, 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.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer 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 0.79 to 0.85 - a consistent structural relationship.

Return for Risk

FHRFX vs. VTCLX — Risk / Return Rank

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

FHRFX

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

VTCLX

VTCLX Risk / Return Rank: 62
VTCLX Sharpe Ratio Rank: 59
VTCLX Sortino Ratio Rank: 56
VTCLX Omega Ratio Rank: 55
VTCLX Calmar Ratio Rank: 64
VTCLX Martin Ratio Rank: 77

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.

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	—	1.40	—
Sortino ratio: Return per unit of downside risk	—	1.97	—
Omega ratio: Gain probability vs. loss probability	—	1.25	—
Calmar ratio: Return relative to maximum drawdown	—	2.07	—
Martin ratio: Return relative to average drawdown	—	8.96	—

Drawdowns

Drawdown Indicators

	FHRFX	VTCLX	Difference
Max Drawdown Largest peak-to-trough decline	—	-55.18%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.79%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.56%	—
Current Drawdown Current decline from peak	—	-1.83%	—
Average Drawdown Average peak-to-trough decline	—	-7.53%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.02%	—

Volatility

Volatility by Period

	FHRFX	VTCLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.41%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.16%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	12.97%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.33%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	18.27%	—

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 3.73%, more than VTCLX's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHRFX Fidelity Managed Retirement 2025 Fund Class K6	3.50%	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	0.91%	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 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.