FLTKX vs. FRHMX

Last updated Jun 3, 2026

FLTKX (Franklin LifeSmart 2055 Retirement Target Fund) and FRHMX (Fidelity Managed Retirement Income Fund Class K6) are both Target Retirement Date funds. Over the past 5 years, FLTKX returned 10.63%/yr vs 3.09%/yr for FRHMX. A 0.69 correlation means they provide meaningful diversification when combined. FLTKX charges 0.24%/yr vs 0.25%/yr for FRHMX.

Performance

FLTKX vs. FRHMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin LifeSmart 2055 Retirement Target Fund (FLTKX) and Fidelity Managed Retirement Income Fund Class K6 (FRHMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLTKX achieves a 11.85% return, which is significantly higher than FRHMX's 4.14% return.

FLTKX

• 1D: 0.45%
• 1M: 4.97%
• YTD: 11.85%
• 6M: 13.14%
• 1Y: 28.60%
• 3Y*: 20.38%
• 5Y*: 10.63%
• 10Y*: 11.36%

FRHMX

• 1D: 0.21%
• 1M: 1.57%
• YTD: 4.14%
• 6M: 4.37%
• 1Y: 10.63%
• 3Y*: 7.75%
• 5Y*: 3.09%
• 10Y*: —

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

FLTKX vs. FRHMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FLTKX Franklin LifeSmart 2055 Retirement Target Fund	11.85%	21.87%	16.05%	19.58%	-17.27%	17.56%	16.18%	8.14%
FRHMX Fidelity Managed Retirement Income Fund Class K6	4.14%	10.02%	4.50%	8.28%	-11.48%	2.98%	8.79%	3.17%

Correlation

The correlation between FLTKX and FRHMX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	0.69

The correlation between FLTKX and FRHMX has been stable across timeframes, ranging from 0.69 to 0.79 - a consistent structural relationship.

Return for Risk

FLTKX vs. FRHMX — Risk / Return Rank

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

FLTKX

FLTKX Risk / Return Rank: 66
FLTKX Sharpe Ratio Rank: 69
FLTKX Sortino Ratio Rank: 64
FLTKX Omega Ratio Rank: 64
FLTKX Calmar Ratio Rank: 62
FLTKX Martin Ratio Rank: 71

FRHMX

FRHMX Risk / Return Rank: 75
FRHMX Sharpe Ratio Rank: 79
FRHMX Sortino Ratio Rank: 80
FRHMX Omega Ratio Rank: 79
FRHMX Calmar Ratio Rank: 66
FRHMX Martin Ratio Rank: 70

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.

FLTKX vs. FRHMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin LifeSmart 2055 Retirement Target Fund (FLTKX) 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.

	FLTKX	FRHMX	Difference
Sharpe ratio Return per unit of total volatility	2.43	2.58	-0.14
Sortino ratio Return per unit of downside risk	3.35	3.80	-0.45
Omega ratio Gain probability vs. loss probability	1.45	1.52	-0.07
Calmar ratio Return relative to maximum drawdown	3.04	3.13	-0.09
Martin ratio Return relative to average drawdown	13.64	13.40	+0.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLTKX vs. FRHMX - Sharpe Ratio Comparison

The current FLTKX Sharpe Ratio is 2.43, which is comparable to the FRHMX Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of FLTKX and FRHMX, 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

	FLTKX	FRHMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.58	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.59	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.82	-0.15

Drawdowns

FLTKX vs. FRHMX - Drawdown Comparison

The maximum FLTKX drawdown since its inception was -35.72%, which is greater than FRHMX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for FLTKX and FRHMX.

Drawdown Indicators

	FLTKX	FRHMX	Difference
Max Drawdown Largest peak-to-trough decline	-35.72%	-15.96%	-19.76%
Max Drawdown (1Y) Largest decline over 1 year	-9.63%	-3.42%	-6.21%
Max Drawdown (3Y) Largest decline over 3 years	-15.73%	-4.90%	-10.83%
Max Drawdown (5Y) Largest decline over 5 years	-35.72%	-15.96%	-19.76%
Max Drawdown (10Y) Largest decline over 10 years	-35.72%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.18%	-3.50%	-3.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	0.80%	+1.35%

Volatility

FLTKX vs. FRHMX - Volatility Comparison

Franklin LifeSmart 2055 Retirement Target Fund (FLTKX) has a higher volatility of 3.43% compared to Fidelity Managed Retirement Income Fund Class K6 (FRHMX) at 1.67%. This indicates that FLTKX's price experiences larger fluctuations and is considered to be riskier than FRHMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLTKX	FRHMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	1.67%	+1.76%
Volatility (6M) Calculated over the trailing 6-month period	9.77%	3.43%	+6.34%
Volatility (1Y) Calculated over the trailing 1-year period	12.11%	4.16%	+7.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.03%	5.29%	+12.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.67%	5.15%	+11.52%

FLTKX vs. FRHMX - Expense Ratio Comparison

FLTKX has a 0.24% expense ratio, which is lower than FRHMX's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FLTKX vs. FRHMX - Dividend Comparison

FLTKX's dividend yield for the trailing twelve months is around 5.24%, more than FRHMX's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FLTKX Franklin LifeSmart 2055 Retirement Target Fund	5.24%	5.86%	2.70%	2.31%	4.02%	19.28%	2.35%	2.08%	3.98%	0.54%	1.87%
FRHMX Fidelity Managed Retirement Income Fund Class K6	3.25%	3.22%	3.24%	3.02%	4.77%	3.78%	2.61%	1.95%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLTKX and FRHMX in my portfolio?

FLTKX and FRHMX 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.

Which is riskier, FLTKX or FRHMX?

FLTKX has higher volatility (3.43%) compared to FRHMX (1.67%). In terms of maximum drawdown, FLTKX dropped -35.72% vs FRHMX's -15.96%.

Which has better risk-adjusted returns?

FRHMX currently has the higher Sharpe Ratio (2.58 vs 2.43), 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.