FRHMX vs. WFSPX

Last updated Jun 4, 2026

FRHMX (Fidelity Managed Retirement Income Fund Class K6) and WFSPX (iShares S&P 500 Index Fund) are both mutual funds - FRHMX is a Target Retirement Date fund managed by BlackRock, while WFSPX is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, FRHMX returned 3.09%/yr vs 14.24%/yr for WFSPX. A 0.63 correlation means they provide meaningful diversification when combined. FRHMX charges 0.25%/yr vs 0.03%/yr for WFSPX.

Performance

FRHMX vs. WFSPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement Income Fund Class K6 (FRHMX) and iShares S&P 500 Index Fund (WFSPX). 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 WFSPX's 11.69% return.

FRHMX

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

WFSPX

• 1D: 0.13%
• 1M: 5.80%
• YTD: 11.69%
• 6M: 11.72%
• 1Y: 28.93%
• 3Y*: 22.71%
• 5Y*: 14.24%
• 10Y*: 15.54%

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

FRHMX vs. WFSPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FRHMX Fidelity Managed Retirement Income Fund Class K6	4.14%	10.02%	4.50%	8.28%	-11.48%	2.98%	8.79%	3.17%
WFSPX iShares S&P 500 Index Fund	11.69%	17.83%	24.94%	26.25%	-18.14%	28.63%	18.43%	10.33%

Correlation

The correlation between FRHMX and WFSPX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	0.63

The correlation between FRHMX and WFSPX has been stable across timeframes, ranging from 0.62 to 0.72 - a consistent structural relationship.

Return for Risk

FRHMX vs. WFSPX — 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

WFSPX

WFSPX Risk / Return Rank: 73
WFSPX Sharpe Ratio Rank: 75
WFSPX Sortino Ratio Rank: 67
WFSPX Omega Ratio Rank: 67
WFSPX Calmar Ratio Rank: 74
WFSPX Martin Ratio Rank: 83

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. WFSPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement Income Fund Class K6 (FRHMX) and iShares S&P 500 Index Fund (WFSPX). 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	WFSPX	Difference
Sharpe ratio: Return per unit of total volatility	2.58	2.52	+0.06
Sortino ratio: Return per unit of downside risk	3.80	3.42	+0.38
Omega ratio: Gain probability vs. loss probability	1.52	1.46	+0.06
Calmar ratio: Return relative to maximum drawdown	3.13	3.35	-0.22
Martin ratio: Return relative to average drawdown	13.40	15.65	-2.25
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. WFSPX - Sharpe Ratio Comparison

The current FRHMX Sharpe Ratio is 2.58, which is comparable to the WFSPX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of FRHMX and WFSPX, 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	WFSPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	2.52	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.85	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.13	+0.69

Drawdowns

FRHMX vs. WFSPX - Drawdown Comparison

The maximum FRHMX drawdown since its inception was -15.96%, smaller than the maximum WFSPX drawdown of -58.21%. Use the drawdown chart below to compare losses from any high point for FRHMX and WFSPX.

Drawdown Indicators

	FRHMX	WFSPX	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-58.21%	+42.25%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-8.90%	+5.48%
Max Drawdown (3Y) Largest decline over 3 years	-4.90%	-18.74%	+13.84%
Max Drawdown (5Y) Largest decline over 5 years	-15.96%	-24.51%	+8.55%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.74%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.50%	-12.77%	+9.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	1.90%	-1.10%

Volatility

FRHMX vs. WFSPX - Volatility Comparison

The current volatility for Fidelity Managed Retirement Income Fund Class K6 (FRHMX) is 1.67%, while iShares S&P 500 Index Fund (WFSPX) has a volatility of 2.82%. This indicates that FRHMX experiences smaller price fluctuations and is considered to be less risky than WFSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRHMX	WFSPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.67%	2.82%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	3.43%	8.97%	-5.54%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	11.85%	-7.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.29%	16.88%	-11.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	18.02%	-12.87%

FRHMX vs. WFSPX - Expense Ratio Comparison

FRHMX has a 0.25% expense ratio, which is higher than WFSPX's 0.03% 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%.

Dividends

FRHMX vs. WFSPX - Dividend Comparison

FRHMX's dividend yield for the trailing twelve months is around 3.25%, more than WFSPX's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRHMX Fidelity Managed Retirement Income Fund Class K6	3.25%	3.22%	3.24%	3.02%	4.77%	3.78%	2.61%	1.95%	0.00%	0.00%	0.00%	0.00%
WFSPX iShares S&P 500 Index Fund	1.56%	1.72%	1.41%	1.50%	2.02%	1.82%	1.66%	1.99%	2.00%	1.62%	2.37%	2.49%

Frequently Asked Questions

Can I hold both FRHMX and WFSPX in my portfolio?

FRHMX and WFSPX have a correlation of 0.72, 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 WFSPX?

WFSPX has higher volatility (2.82%) compared to FRHMX (1.67%). In terms of maximum drawdown, FRHMX dropped -15.96% vs WFSPX's -58.21%.

Which has better risk-adjusted returns?

FRHMX currently has the higher Sharpe Ratio (2.58 vs 2.52), 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.