FIRMX vs. FRQHX

Last updated Jun 3, 2026

FIRMX (Fidelity Managed Retirement Income Fund) and FRQHX (Fidelity Managed Retirement 2010 Fund Class K6) are both Target Retirement Date funds from BlackRock. Over the past 5 years, FIRMX returned 2.81%/yr vs 2.99%/yr for FRQHX. With a 0.99 correlation, they move nearly in lockstep. FIRMX charges 0.45%/yr vs 0.26%/yr for FRQHX.

Performance

FIRMX vs. FRQHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement Income Fund (FIRMX) and Fidelity Managed Retirement 2010 Fund Class K6 (FRQHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FIRMX having a 3.83% return and FRQHX slightly higher at 3.93%.

FIRMX

• 1D: 0.03%
• 1M: 1.12%
• YTD: 3.83%
• 6M: 4.28%
• 1Y: 10.21%
• 3Y*: 7.51%
• 5Y*: 2.81%
• 10Y*: 4.19%

FRQHX

• 1D: 0.03%
• 1M: 1.13%
• YTD: 3.93%
• 6M: 4.39%
• 1Y: 10.45%
• 3Y*: 7.79%
• 5Y*: 2.99%
• 10Y*: —

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

FIRMX vs. FRQHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FIRMX Fidelity Managed Retirement Income Fund	3.83%	9.95%	4.29%	8.07%	-11.66%	2.77%	8.57%	3.09%
FRQHX Fidelity Managed Retirement 2010 Fund Class K6	3.93%	10.01%	4.68%	8.75%	-12.22%	4.04%	9.80%	3.95%

Correlation

The correlation between FIRMX and FRQHX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	0.99

The correlation between FIRMX and FRQHX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

FIRMX vs. FRQHX — Risk / Return Rank

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

FIRMX

FIRMX Risk / Return Rank: 69
FIRMX Sharpe Ratio Rank: 71
FIRMX Sortino Ratio Rank: 75
FIRMX Omega Ratio Rank: 75
FIRMX Calmar Ratio Rank: 60
FIRMX Martin Ratio Rank: 65

FRQHX

FRQHX Risk / Return Rank: 74
FRQHX Sharpe Ratio Rank: 76
FRQHX Sortino Ratio Rank: 79
FRQHX Omega Ratio Rank: 77
FRQHX Calmar Ratio Rank: 67
FRQHX Martin Ratio Rank: 71

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.

FIRMX vs. FRQHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement Income Fund (FIRMX) and Fidelity Managed Retirement 2010 Fund Class K6 (FRQHX). 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.

	FIRMX	FRQHX	Difference
Sharpe ratio Return per unit of total volatility	2.46	2.53	-0.07
Sortino ratio Return per unit of downside risk	3.62	3.74	-0.12
Omega ratio Gain probability vs. loss probability	1.49	1.51	-0.01
Calmar ratio Return relative to maximum drawdown	2.99	3.18	-0.19
Martin ratio Return relative to average drawdown	12.78	13.57	-0.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIRMX vs. FRQHX - Sharpe Ratio Comparison

The current FIRMX Sharpe Ratio is 2.46, which is comparable to the FRQHX Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of FIRMX and FRQHX, 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

	FIRMX	FRQHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	2.53	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.54	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.93	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.80	-0.24

Drawdowns

FIRMX vs. FRQHX - Drawdown Comparison

The maximum FIRMX drawdown since its inception was -33.73%, which is greater than FRQHX's maximum drawdown of -16.90%. Use the drawdown chart below to compare losses from any high point for FIRMX and FRQHX.

Drawdown Indicators

	FIRMX	FRQHX	Difference
Max Drawdown Largest peak-to-trough decline	-33.73%	-16.90%	-16.83%
Max Drawdown (1Y) Largest decline over 1 year	-3.44%	-3.41%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-4.96%	-5.15%	+0.19%
Max Drawdown (5Y) Largest decline over 5 years	-16.11%	-16.90%	+0.79%
Max Drawdown (10Y) Largest decline over 10 years	-16.11%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.71%	-3.79%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.80%	+0.01%

Volatility

FIRMX vs. FRQHX - Volatility Comparison

Fidelity Managed Retirement Income Fund (FIRMX) and Fidelity Managed Retirement 2010 Fund Class K6 (FRQHX) have volatilities of 1.64% and 1.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIRMX	FRQHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	1.65%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	3.42%	3.42%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	4.15%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.28%	5.56%	-0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.51%	5.76%	-1.25%

FIRMX vs. FRQHX - Expense Ratio Comparison

FIRMX has a 0.45% expense ratio, which is higher than FRQHX's 0.26% expense ratio.

Dividends

FIRMX vs. FRQHX - Dividend Comparison

FIRMX's dividend yield for the trailing twelve months is around 3.10%, less than FRQHX's 3.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRMX Fidelity Managed Retirement Income Fund	3.10%	3.13%	3.02%	2.81%	4.54%	3.56%	2.48%	2.59%	4.65%	8.57%	1.67%	1.68%
FRQHX Fidelity Managed Retirement 2010 Fund Class K6	3.30%	3.20%	3.20%	2.95%	5.25%	6.22%	3.70%	2.57%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIRMX and FRQHX in my portfolio?

With a correlation of 1.00, FIRMX and FRQHX 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, FIRMX or FRQHX?

FRQHX has higher volatility (1.65%) compared to FIRMX (1.64%). In terms of maximum drawdown, FIRMX dropped -33.73% vs FRQHX's -16.90%.

Which has better risk-adjusted returns?

FRQHX currently has the higher Sharpe Ratio (2.53 vs 2.46), 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.