FMRAX vs. JRLVX

Last updated Jun 5, 2026

FMRAX (Fidelity Managed Retirement 2030) and JRLVX (John Hancock Funds Multi-Index 2045 Lifetime Portfolio) are both Target Retirement Date funds. Over the past 5 years, FMRAX returned 4.75%/yr vs 9.25%/yr for JRLVX. Their correlation of 0.93 suggests significant overlap in exposure. FMRAX charges 0.48%/yr vs 0.01%/yr for JRLVX.

Performance

FMRAX vs. JRLVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement 2030 (FMRAX) and John Hancock Funds Multi-Index 2045 Lifetime Portfolio (JRLVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMRAX achieves a 6.76% return, which is significantly lower than JRLVX's 11.53% return.

FMRAX

• 1D: -0.44%
• 1M: 1.85%
• YTD: 6.76%
• 6M: 7.38%
• 1Y: 16.12%
• 3Y*: 11.56%
• 5Y*: 4.75%
• 10Y*: —

JRLVX

• 1D: -0.71%
• 1M: 3.39%
• YTD: 11.53%
• 6M: 12.12%
• 1Y: 26.43%
• 3Y*: 18.62%
• 5Y*: 9.25%
• 10Y*: 11.28%

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

FMRAX vs. JRLVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FMRAX Fidelity Managed Retirement 2030	6.76%	14.35%	7.19%	12.51%	-16.27%	8.90%	13.83%	7.61%
JRLVX John Hancock Funds Multi-Index 2045 Lifetime Portfolio	11.53%	19.25%	14.50%	18.00%	-18.06%	18.45%	16.23%	11.87%

Correlation

The correlation between FMRAX and JRLVX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Aug 28, 2019	0.93

The correlation between FMRAX and JRLVX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

FMRAX vs. JRLVX — Risk / Return Rank

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

FMRAX

FMRAX Risk / Return Rank: 68
FMRAX Sharpe Ratio Rank: 68
FMRAX Sortino Ratio Rank: 69
FMRAX Omega Ratio Rank: 72
FMRAX Calmar Ratio Rank: 63
FMRAX Martin Ratio Rank: 69

JRLVX

JRLVX Risk / Return Rank: 68
JRLVX Sharpe Ratio Rank: 68
JRLVX Sortino Ratio Rank: 63
JRLVX Omega Ratio Rank: 63
JRLVX Calmar Ratio Rank: 69
JRLVX Martin Ratio Rank: 76

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.

FMRAX vs. JRLVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement 2030 (FMRAX) and John Hancock Funds Multi-Index 2045 Lifetime Portfolio (JRLVX). 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.

	FMRAX	JRLVX	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.38	-0.01
Sortino ratio: Return per unit of downside risk	3.41	3.30	+0.11
Omega ratio: Gain probability vs. loss probability	1.47	1.43	+0.03
Calmar ratio: Return relative to maximum drawdown	2.99	3.16	-0.17
Martin ratio: Return relative to average drawdown	12.95	14.03	-1.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMRAX vs. JRLVX - Sharpe Ratio Comparison

The current FMRAX Sharpe Ratio is 2.37, which is comparable to the JRLVX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of FMRAX and JRLVX, 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

	FMRAX	JRLVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	2.38	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.63	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.65	+0.12

Drawdowns

FMRAX vs. JRLVX - Drawdown Comparison

The maximum FMRAX drawdown since its inception was -22.45%, smaller than the maximum JRLVX drawdown of -32.53%. Use the drawdown chart below to compare losses from any high point for FMRAX and JRLVX.

Drawdown Indicators

	FMRAX	JRLVX	Difference
Max Drawdown Largest peak-to-trough decline	-22.45%	-32.53%	+10.08%
Max Drawdown (1Y) Largest decline over 1 year	-5.61%	-8.50%	+2.89%
Max Drawdown (3Y) Largest decline over 3 years	-7.76%	-15.27%	+7.51%
Max Drawdown (5Y) Largest decline over 5 years	-22.45%	-25.64%	+3.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.53%	—
Current Drawdown Current decline from peak	-0.44%	-0.71%	+0.27%
Average Drawdown Average peak-to-trough decline	-5.21%	-4.56%	-0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.29%	1.91%	-0.62%

Volatility

FMRAX vs. JRLVX - Volatility Comparison

The current volatility for Fidelity Managed Retirement 2030 (FMRAX) is 2.66%, while John Hancock Funds Multi-Index 2045 Lifetime Portfolio (JRLVX) has a volatility of 3.41%. This indicates that FMRAX experiences smaller price fluctuations and is considered to be less risky than JRLVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMRAX	JRLVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	3.41%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	5.88%	8.97%	-3.09%
Volatility (1Y) Calculated over the trailing 1-year period	7.08%	11.29%	-4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.86%	14.77%	-5.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.02%	15.99%	-5.97%

FMRAX vs. JRLVX - Expense Ratio Comparison

FMRAX has a 0.48% expense ratio, which is higher than JRLVX's 0.01% expense ratio.

Dividends

FMRAX vs. JRLVX - Dividend Comparison

FMRAX's dividend yield for the trailing twelve months is around 2.78%, less than JRLVX's 3.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMRAX Fidelity Managed Retirement 2030	2.78%	2.57%	2.50%	2.39%	4.02%	4.74%	3.01%	1.60%	0.00%	0.00%	0.00%	0.00%
JRLVX John Hancock Funds Multi-Index 2045 Lifetime Portfolio	3.19%	3.55%	1.89%	2.24%	8.03%	6.00%	4.26%	8.99%	10.96%	4.29%	3.40%	1.90%

Frequently Asked Questions

Can I hold both FMRAX and JRLVX in my portfolio?

With a correlation of 0.94, FMRAX and JRLVX 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, FMRAX or JRLVX?

JRLVX has higher volatility (3.41%) compared to FMRAX (2.66%). In terms of maximum drawdown, FMRAX dropped -22.45% vs JRLVX's -32.53%.

Which has better risk-adjusted returns?

JRLVX currently has the higher Sharpe Ratio (2.38 vs 2.37), 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.