FRHMX vs. SWYOX

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Managed Retirement Income Fund Class K6 (FRHMX) and Schwab Target 2065 Index Fund (SWYOX).

FRHMX is managed by BlackRock. It was launched on Aug 1, 2019. SWYOX is managed by Charles Schwab. It was launched on Feb 24, 2021.

Performance

FRHMX vs. SWYOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement Income Fund Class K6 (FRHMX) and Schwab Target 2065 Index Fund (SWYOX). The values are adjusted to include any dividend payments, if applicable.

FRHMX vs. SWYOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FRHMX Fidelity Managed Retirement Income Fund Class K6	0.28%	10.02%	4.50%	8.28%	-11.48%	4.00%
SWYOX Schwab Target 2065 Index Fund	-1.23%	20.48%	14.95%	21.61%	-17.90%	16.04%

Returns By Period

In the year-to-date period, FRHMX achieves a 0.28% return, which is significantly higher than SWYOX's -1.23% return.

FRHMX

• 1D: 0.74%
• 1M: -2.06%
• YTD: 0.28%
• 6M: 1.40%
• 1Y: 7.78%
• 3Y*: 6.39%
• 5Y*: 2.63%
• 10Y*: —

SWYOX

• 1D: 2.85%
• 1M: -5.50%
• YTD: -1.23%
• 6M: 1.23%
• 1Y: 19.58%
• 3Y*: 15.97%
• 5Y*: 8.74%
• 10Y*: —

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

FRHMX vs. SWYOX - Expense Ratio Comparison

FRHMX has a 0.25% expense ratio, which is higher than SWYOX's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

FRHMX

Fidelity Managed Retirement Income Fund Class K6

SWYOX

Schwab Target 2065 Index Fund

Return for Risk

FRHMX vs. SWYOX — Risk / Return Rank

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

FRHMX

FRHMX Risk / Return Rank: 84
FRHMX Sharpe Ratio Rank: 85
FRHMX Sortino Ratio Rank: 86
FRHMX Omega Ratio Rank: 83
FRHMX Calmar Ratio Rank: 85
FRHMX Martin Ratio Rank: 84

SWYOX

SWYOX Risk / Return Rank: 71
SWYOX Sharpe Ratio Rank: 66
SWYOX Sortino Ratio Rank: 70
SWYOX Omega Ratio Rank: 68
SWYOX Calmar Ratio Rank: 72
SWYOX Martin Ratio Rank: 81

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. SWYOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement Income Fund Class K6 (FRHMX) and Schwab Target 2065 Index Fund (SWYOX). 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	SWYOX	Difference
Sharpe ratio Return per unit of total volatility	1.75	1.21	+0.54
Sortino ratio Return per unit of downside risk	2.45	1.78	+0.67
Omega ratio Gain probability vs. loss probability	1.35	1.26	+0.09
Calmar ratio Return relative to maximum drawdown	2.38	1.72	+0.65
Martin ratio Return relative to average drawdown	9.46	8.14	+1.32
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. SWYOX - Sharpe Ratio Comparison

The current FRHMX Sharpe Ratio is 1.75, which is higher than the SWYOX Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of FRHMX and SWYOX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FRHMX	SWYOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	1.21	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.57	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.62	+0.11

Correlation

The correlation between FRHMX and SWYOX is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FRHMX vs. SWYOX - Dividend Comparison

FRHMX's dividend yield for the trailing twelve months is around 3.36%, more than SWYOX's 1.89% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
FRHMX Fidelity Managed Retirement Income Fund Class K6	3.36%	3.22%	3.24%	3.02%	4.77%	3.78%	2.61%	1.95%
SWYOX Schwab Target 2065 Index Fund	1.89%	1.87%	1.76%	1.82%	1.80%	1.24%	0.00%	0.00%

Drawdowns

FRHMX vs. SWYOX - Drawdown Comparison

The maximum FRHMX drawdown since its inception was -15.96%, smaller than the maximum SWYOX drawdown of -26.02%. Use the drawdown chart below to compare losses from any high point for FRHMX and SWYOX.

Drawdown Indicators

	FRHMX	SWYOX	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-26.02%	+10.06%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-11.64%	+8.22%
Max Drawdown (5Y) Largest decline over 5 years	-15.96%	-26.02%	+10.06%
Current Drawdown Current decline from peak	-2.45%	-6.54%	+4.09%
Average Drawdown Average peak-to-trough decline	-3.58%	-5.88%	+2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	2.46%	-1.60%

Volatility

FRHMX vs. SWYOX - Volatility Comparison

The current volatility for Fidelity Managed Retirement Income Fund Class K6 (FRHMX) is 2.13%, while Schwab Target 2065 Index Fund (SWYOX) has a volatility of 5.96%. This indicates that FRHMX experiences smaller price fluctuations and is considered to be less risky than SWYOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRHMX	SWYOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.13%	5.96%	-3.83%
Volatility (6M) Calculated over the trailing 6-month period	2.94%	9.43%	-6.49%
Volatility (1Y) Calculated over the trailing 1-year period	4.63%	16.58%	-11.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.23%	15.53%	-10.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.14%	15.49%	-10.35%