FRHMX vs. ECAT

Last updated Jun 4, 2026

FRHMX (Fidelity Managed Retirement Income Fund Class K6) and ECAT (BlackRock ESG Capital Allocation Term Trust) are both mutual funds - FRHMX is a Target Retirement Date fund managed by BlackRock, while ECAT is a Derivative Income fund managed by BlackRock. Over the past 3 years, FRHMX returned 7.75%/yr vs 19.24%/yr for ECAT. A 0.55 correlation means they provide meaningful diversification when combined. FRHMX charges 0.25%/yr vs 1.38%/yr for ECAT.

Performance

FRHMX vs. ECAT - Performance Comparison

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

Returns By Period

In the year-to-date period, FRHMX achieves a 4.14% return, which is significantly lower than ECAT's 11.23% return.

FRHMX

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

ECAT

• 1D: -1.20%
• 1M: 6.84%
• YTD: 11.23%
• 6M: 9.37%
• 1Y: 20.83%
• 3Y*: 19.24%
• 5Y*: —
• 10Y*: —

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

FRHMX vs. ECAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FRHMX Fidelity Managed Retirement Income Fund Class K6	4.14%	10.02%	4.50%	8.28%	-11.48%	0.86%
ECAT BlackRock ESG Capital Allocation Term Trust	11.23%	16.64%	19.96%	32.36%	-21.90%	-6.25%

Correlation

The correlation between FRHMX and ECAT is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (All Time) Calculated using the full available price history since Sep 29, 2021	0.55

The correlation between FRHMX and ECAT has been stable across timeframes, ranging from 0.53 to 0.60 - a consistent structural relationship.

Return for Risk

FRHMX vs. ECAT — Risk / Return Rank

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

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

ECAT

ECAT Risk / Return Rank: 28
ECAT Sharpe Ratio Rank: 30
ECAT Sortino Ratio Rank: 29
ECAT Omega Ratio Rank: 29
ECAT Calmar Ratio Rank: 23
ECAT Martin Ratio Rank: 28

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.

FRHMX vs. ECAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement Income Fund Class K6 (FRHMX) and BlackRock ESG Capital Allocation Term Trust (ECAT). 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.

	FRHMX	ECAT	Difference
Sharpe ratio: Return per unit of total volatility	2.58	1.56	+1.02
Sortino ratio: Return per unit of downside risk	3.80	2.22	+1.58
Omega ratio: Gain probability vs. loss probability	1.52	1.28	+0.24
Calmar ratio: Return relative to maximum drawdown	3.13	1.77	+1.36
Martin ratio: Return relative to average drawdown	13.40	6.65	+6.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRHMX vs. ECAT - Sharpe Ratio Comparison

The current FRHMX Sharpe Ratio is 2.58, which is higher than the ECAT Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of FRHMX and ECAT, 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

	FRHMX	ECAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	1.56	+1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.55	+0.28

Drawdowns

FRHMX vs. ECAT - Drawdown Comparison

The maximum FRHMX drawdown since its inception was -15.96%, smaller than the maximum ECAT drawdown of -32.23%. Use the drawdown chart below to compare losses from any high point for FRHMX and ECAT.

Drawdown Indicators

	FRHMX	ECAT	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-32.23%	+16.27%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-11.80%	+8.38%
Max Drawdown (3Y) Largest decline over 3 years	-4.90%	-15.79%	+10.89%
Max Drawdown (5Y) Largest decline over 5 years	-15.96%	—	—
Current Drawdown Current decline from peak	0.00%	-1.20%	+1.20%
Average Drawdown Average peak-to-trough decline	-3.50%	-9.11%	+5.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	3.14%	-2.34%

Volatility

FRHMX vs. ECAT - Volatility Comparison

The current volatility for Fidelity Managed Retirement Income Fund Class K6 (FRHMX) is 1.67%, while BlackRock ESG Capital Allocation Term Trust (ECAT) has a volatility of 3.31%. This indicates that FRHMX experiences smaller price fluctuations and is considered to be less risky than ECAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRHMX	ECAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.67%	3.31%	-1.64%
Volatility (6M) Calculated over the trailing 6-month period	3.43%	10.59%	-7.16%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	13.44%	-9.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.29%	16.90%	-11.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	16.90%	-11.75%

FRHMX vs. ECAT - Expense Ratio Comparison

FRHMX has a 0.25% expense ratio, which is lower than ECAT's 1.38% expense ratio.

Dividends

FRHMX vs. ECAT - Dividend Comparison

FRHMX's dividend yield for the trailing twelve months is around 3.25%, less than ECAT's 21.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
ECAT BlackRock ESG Capital Allocation Term Trust	21.71%	23.00%	17.44%	9.14%	8.94%	0.54%	0.00%	0.00%
FRHMX Fidelity Managed Retirement Income Fund Class K6	3.25%	3.22%	3.24%	3.02%	4.77%	3.78%	2.61%	1.95%

Frequently Asked Questions

Can I hold both FRHMX and ECAT in my portfolio?

FRHMX and ECAT have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRHMX or ECAT?

ECAT has higher volatility (3.31%) compared to FRHMX (1.67%). In terms of maximum drawdown, FRHMX dropped -15.96% vs ECAT's -32.23%.

Which has better risk-adjusted returns?

FRHMX currently has the higher Sharpe Ratio (2.58 vs 1.56), 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.