FIRVX vs. FRHMX

Last updated Jul 15, 2026

FIRVX (Fidelity Managed Retirement 2020 Fund) and FRHMX (Fidelity Managed Retirement Income Fund Class K6) are both Target Retirement Date funds from BlackRock. Their correlation of 0.93 suggests significant overlap in exposure. FIRVX charges 0.47%/yr vs 0.25%/yr for FRHMX.

Performance

FIRVX vs. FRHMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement 2020 Fund (FIRVX) and Fidelity Managed Retirement Income Fund Class K6 (FRHMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FIRVX

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

FRHMX

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

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

FIRVX vs. FRHMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FIRVX Fidelity Managed Retirement 2020 Fund	1,440,933.92%	12.25%	5.86%	10.72%	-14.63%	6.77%	12.06%	5.34%
FRHMX Fidelity Managed Retirement Income Fund Class K6	1,464,383.96%	10.02%	4.50%	8.28%	-11.48%	2.98%	8.79%	3.17%

Correlation

The correlation between FIRVX and FRHMX is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.93

The correlation between FIRVX and FRHMX has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.

Return for Risk

FIRVX vs. FRHMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement 2020 Fund (FIRVX) and Fidelity Managed Retirement Income Fund Class K6 (FRHMX). 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.

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

Drawdowns

Volatility

FIRVX vs. FRHMX - Expense Ratio Comparison

FIRVX has a 0.47% expense ratio, which is higher than FRHMX's 0.25% expense ratio.

Dividends

FIRVX vs. FRHMX - Dividend Comparison

FIRVX's dividend yield for the trailing twelve months is around 102.77%, which matches FRHMX's 102.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIRVX Fidelity Managed Retirement 2020 Fund	102.77%	2.83%	2.74%	2.57%	3.52%	4.61%	3.74%	3.18%	6.90%	25.16%	2.28%	4.45%
FRHMX Fidelity Managed Retirement Income Fund Class K6	102.92%	3.22%	3.24%	3.02%	4.77%	3.78%	2.61%	1.95%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIRVX and FRHMX in my portfolio?

With a correlation of 0.98, FIRVX and FRHMX 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.