FRHMX vs. RFGTX

Last updated Aug 1, 2026

FRHMX (Fidelity Managed Retirement Income Fund Class K6) and RFGTX (American Funds 2040 Target Date Retirement Fund Class R6) are both Target Retirement Date funds. Their 0.72 correlation means they have sometimes moved together and sometimes differently. FRHMX charges 0.25%/yr vs 0.36%/yr for RFGTX.

Performance

FRHMX vs. RFGTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement Income Fund Class K6 (FRHMX) and American Funds 2040 Target Date Retirement Fund Class R6 (RFGTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FRHMX

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

RFGTX

• 1D: 1.38%
• 1M: -1.11%
• 6M: 4.97%
• YTD: 7.61%
• 1Y: 16.85%
• 3Y*: 15.56%
• 5Y*: 8.79%
• 10Y*: 11.39%
• ALL TIME*: 10.74%

*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)
RFGTX American Funds 2040 Target Date Retirement Fund Class R6	$0.00	$0.00	$0.00

FRHMX vs. RFGTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
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%
RFGTX American Funds 2040 Target Date Retirement Fund Class R6	7.61%	19.52%	14.80%	19.33%	-17.53%	16.88%	18.79%	7.95%

Correlation

The correlation between FRHMX and RFGTX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.72

The correlation between FRHMX and RFGTX has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.

Return for Risk

FRHMX vs. RFGTX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FRHMX

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

RFGTX

RFGTX Risk / Return Rank: 54
RFGTX Sharpe Ratio Rank: 54
RFGTX Sortino Ratio Rank: 53
RFGTX Omega Ratio Rank: 53
RFGTX Calmar Ratio Rank: 49
RFGTX Martin Ratio Rank: 62

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FRHMX vs. RFGTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement Income Fund Class K6 (FRHMX) and American Funds 2040 Target Date Retirement Fund Class R6 (RFGTX). 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.

	FRHMX	RFGTX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.38	—
Sortino ratio: Return per unit of downside risk	—	1.98	—
Omega ratio: Gain probability vs. loss probability	—	1.25	—
Calmar ratio: Return relative to maximum drawdown	—	1.83	—
Martin ratio: Return relative to average drawdown	—	7.95	—

Drawdowns

Drawdown Indicators

	FRHMX	RFGTX	Difference
Max Drawdown Largest peak-to-trough decline	—	-28.52%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.39%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.48%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.52%	—
Current Drawdown Current decline from peak	—	-1.74%	—
Average Drawdown Average peak-to-trough decline	—	-3.88%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.93%	—

Volatility

Volatility by Period

	FRHMX	RFGTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.04%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	11.16%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	13.38%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	14.06%	—

FRHMX vs. RFGTX - Expense Ratio Comparison

FRHMX has a 0.25% expense ratio, which is lower than RFGTX's 0.36% expense ratio.

Dividends

FRHMX vs. RFGTX - Dividend Comparison

FRHMX's dividend yield for the trailing twelve months is around 102.92%, more than RFGTX's 5.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRHMX Fidelity Managed Retirement Income Fund Class K6	102.60%	3.22%	3.24%	3.02%	4.77%	3.78%	2.61%	1.95%	0.00%	0.00%	0.00%	0.00%
RFGTX American Funds 2040 Target Date Retirement Fund Class R6	5.78%	6.22%	3.80%	2.81%	6.71%	5.22%	3.53%	4.59%	5.29%	2.70%	3.88%	5.43%

Frequently Asked Questions

Can I hold both FRHMX and RFGTX in my portfolio?

FRHMX and RFGTX 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.