FRASX vs. FRHMX

Last updated Jul 25, 2026

FRASX (Fidelity Advisor Managed Retirement 2015 Fund) and FRHMX (Fidelity Managed Retirement Income Fund Class K6) are both Target Retirement Date funds. With a 0.96 correlation, they move nearly in lockstep. FRASX charges 0.46%/yr vs 0.25%/yr for FRHMX.

Performance

FRASX vs. FRHMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Managed Retirement 2015 Fund (FRASX) and Fidelity Managed Retirement Income Fund Class K6 (FRHMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FRASX

• 1D: 0.00%
• 1M: 0.00%
• 6M: 2.97%
• YTD: 4.26%
• 1Y: 8.76%
• 3Y*: 8.33%
• 5Y*: 3.19%
• 10Y*: 5.90%
• ALL TIME*: 5.20%

FRHMX

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

*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)
FRASX Fidelity Advisor Managed Retirement 2015 Fund	$0.00	$0.00	$0.00

FRASX vs. FRHMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FRASX Fidelity Advisor Managed Retirement 2015 Fund	4.26%	11.05%	5.18%	9.62%	-13.50%	5.33%	10.89%	4.65%
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 FRASX 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	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.96

The correlation between FRASX and FRHMX has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

Return for Risk

FRASX vs. FRHMX — Risk / Return Rank

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

FRASX

FRASX Risk / Return Rank: 80
FRASX Sharpe Ratio Rank: 82
FRASX Sortino Ratio Rank: 81
FRASX Omega Ratio Rank: 83
FRASX Calmar Ratio Rank: 75
FRASX Martin Ratio Rank: 82

FRHMX

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

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.

FRASX vs. FRHMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Managed Retirement 2015 Fund (FRASX) 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.

	FRASX	FRHMX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	—	—
Sortino ratio: Return per unit of downside risk	2.75	—	—
Omega ratio: Gain probability vs. loss probability	1.38	—	—
Calmar ratio: Return relative to maximum drawdown	2.44	—	—
Martin ratio: Return relative to average drawdown	10.21	—	—

Drawdowns

Drawdown Indicators

	FRASX	FRHMX	Difference
Max Drawdown Largest peak-to-trough decline	-40.08%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-3.92%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.74%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-18.55%	—	—
Current Drawdown Current decline from peak	-0.49%	—	—
Average Drawdown Average peak-to-trough decline	-4.87%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	—	—

Volatility

Volatility by Period

	FRASX	FRHMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.84%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.26%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.02%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.41%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.29%	—	—

FRASX vs. FRHMX - Expense Ratio Comparison

FRASX has a 0.46% expense ratio, which is higher than FRHMX's 0.25% expense ratio.

Dividends

FRASX vs. FRHMX - Dividend Comparison

FRASX's dividend yield for the trailing twelve months is around 2.97%, less than FRHMX's 102.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRASX Fidelity Advisor Managed Retirement 2015 Fund	2.97%	2.51%	2.88%	2.67%	4.93%	5.21%	3.38%	3.23%	6.32%	24.29%	2.17%	4.48%
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 FRASX and FRHMX in my portfolio?

With a correlation of 0.98, FRASX 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.