FIRMX vs. SPHD

Last updated Aug 1, 2026

FIRMX (Fidelity Managed Retirement Income Fund) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both funds - FIRMX is a Target Retirement Date fund managed by BlackRock, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Their 0.56 correlation means they have sometimes moved together and sometimes differently. FIRMX charges 0.45%/yr vs 0.30%/yr for SPHD.

Performance

FIRMX vs. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement Income Fund (FIRMX) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FIRMX

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

SPHD

• 1D: -0.19%
• 1M: 0.89%
• 6M: 6.75%
• YTD: 12.28%
• 1Y: 15.51%
• 3Y*: 12.02%
• 5Y*: 8.00%
• 10Y*: 7.28%
• ALL TIME*: 9.83%

*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)
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	$45.09M	$45.47M	$42.29M

FIRMX vs. SPHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIRMX Fidelity Managed Retirement Income Fund	3.60%	9.95%	4.29%	8.07%	-11.66%	2.77%	8.57%	10.57%	-1.80%	7.08%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	12.28%	3.41%	18.08%	1.32%	0.58%	24.98%	-9.98%	20.26%	-6.17%	11.90%

Correlation

The correlation between FIRMX and SPHD is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (3Y) Balances recent behavior with more history.	0.41
Correlation (5Y) Shows whether the relationship held over a longer period.	0.44
Correlation (10Y) Provides a long-term view across more market conditions.	0.47
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012	0.56

Over the past year, the correlation between FIRMX and SPHD has dropped to 0.31 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.

Return for Risk

FIRMX vs. SPHD — Risk / Return Rank

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

FIRMX

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

SPHD

SPHD Risk / Return Rank: 53
SPHD Sharpe Ratio Rank: 54
SPHD Sortino Ratio Rank: 58
SPHD Omega Ratio Rank: 49
SPHD Calmar Ratio Rank: 60
SPHD Martin Ratio Rank: 46

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.

FIRMX vs. SPHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement Income Fund (FIRMX) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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.

	FIRMX	SPHD	Difference
Sharpe ratio: Return per unit of total volatility	—	1.30	—
Sortino ratio: Return per unit of downside risk	—	1.97	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	2.08	—
Martin ratio: Return relative to average drawdown	—	5.19	—

Drawdowns

Drawdown Indicators

	FIRMX	SPHD	Difference
Max Drawdown Largest peak-to-trough decline	—	-41.39%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-7.33%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.39%	—
Current Drawdown Current decline from peak	—	-2.24%	—
Average Drawdown Average peak-to-trough decline	—	-4.66%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.93%	—

Volatility

Volatility by Period

	FIRMX	SPHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.63%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.12%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	11.81%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	14.24%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.67%	—

FIRMX vs. SPHD - Expense Ratio Comparison

FIRMX has a 0.45% expense ratio, which is higher than SPHD's 0.30% expense ratio.

Dividends

FIRMX vs. SPHD - Dividend Comparison

FIRMX's dividend yield for the trailing twelve months is around 3.12%, less than SPHD's 4.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRMX Fidelity Managed Retirement Income Fund	2.81%	3.13%	3.02%	2.81%	4.54%	3.56%	2.48%	2.59%	4.65%	8.57%	1.67%	1.68%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.56%	4.02%	3.41%	4.48%	3.89%	3.45%	4.89%	4.07%	4.40%	3.14%	3.83%	3.49%

Frequently Asked Questions

Can I hold both FIRMX and SPHD in my portfolio?

FIRMX and SPHD have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.