FRQHX vs. VTCLX

Last updated Jun 5, 2026

FRQHX (Fidelity Managed Retirement 2010 Fund Class K6) and VTCLX (Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares) are both mutual funds - FRQHX is a Target Retirement Date fund managed by BlackRock, while VTCLX is a Large Cap Blend Equities fund managed by BlackRock. Over the past 5 years, FRQHX returned 2.95%/yr vs 13.10%/yr for VTCLX. A 0.70 correlation means they provide meaningful diversification when combined. FRQHX charges 0.26%/yr vs 0.09%/yr for VTCLX.

Performance

FRQHX vs. VTCLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Retirement 2010 Fund Class K6 (FRQHX) and Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRQHX achieves a 3.89% return, which is significantly lower than VTCLX's 10.53% return.

FRQHX

• 1D: -0.24%
• 1M: 1.03%
• YTD: 3.89%
• 6M: 4.19%
• 1Y: 9.89%
• 3Y*: 7.78%
• 5Y*: 2.95%
• 10Y*: —

VTCLX

• 1D: -0.70%
• 1M: 4.04%
• YTD: 10.53%
• 6M: 10.36%
• 1Y: 27.36%
• 3Y*: 21.92%
• 5Y*: 13.10%
• 10Y*: 15.38%

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

FRQHX vs. VTCLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FRQHX Fidelity Managed Retirement 2010 Fund Class K6	3.89%	10.01%	4.68%	8.75%	-12.22%	4.04%	9.80%	3.95%
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares	10.53%	17.44%	23.76%	26.62%	-19.07%	26.87%	21.08%	9.75%

Correlation

The correlation between FRQHX and VTCLX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	0.70

The correlation between FRQHX and VTCLX has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.

Return for Risk

FRQHX vs. VTCLX — Risk / Return Rank

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

FRQHX

FRQHX Risk / Return Rank: 73
FRQHX Sharpe Ratio Rank: 76
FRQHX Sortino Ratio Rank: 78
FRQHX Omega Ratio Rank: 76
FRQHX Calmar Ratio Rank: 65
FRQHX Martin Ratio Rank: 68

VTCLX

VTCLX Risk / Return Rank: 63
VTCLX Sharpe Ratio Rank: 59
VTCLX Sortino Ratio Rank: 56
VTCLX Omega Ratio Rank: 56
VTCLX Calmar Ratio Rank: 66
VTCLX Martin Ratio Rank: 77

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.

FRQHX vs. VTCLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Retirement 2010 Fund Class K6 (FRQHX) and Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX). 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.

	FRQHX	VTCLX	Difference
Sharpe ratio: Return per unit of total volatility	2.52	2.29	+0.23
Sortino ratio: Return per unit of downside risk	3.72	3.14	+0.57
Omega ratio: Gain probability vs. loss probability	1.50	1.41	+0.09
Calmar ratio: Return relative to maximum drawdown	3.07	3.13	-0.06
Martin ratio: Return relative to average drawdown	13.04	14.54	-1.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRQHX vs. VTCLX - Sharpe Ratio Comparison

The current FRQHX Sharpe Ratio is 2.52, which is comparable to the VTCLX Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of FRQHX and VTCLX, 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

	FRQHX	VTCLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	2.29	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.76	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.53	+0.27

Drawdowns

FRQHX vs. VTCLX - Drawdown Comparison

The maximum FRQHX drawdown since its inception was -16.90%, smaller than the maximum VTCLX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for FRQHX and VTCLX.

Drawdown Indicators

	FRQHX	VTCLX	Difference
Max Drawdown Largest peak-to-trough decline	-16.90%	-55.18%	+38.28%
Max Drawdown (1Y) Largest decline over 1 year	-3.41%	-8.79%	+5.38%
Max Drawdown (3Y) Largest decline over 3 years	-5.15%	-19.01%	+13.86%
Max Drawdown (5Y) Largest decline over 5 years	-16.90%	-24.98%	+8.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.56%	—
Current Drawdown Current decline from peak	-0.24%	-0.70%	+0.46%
Average Drawdown Average peak-to-trough decline	-3.79%	-7.56%	+3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	1.89%	-1.09%

Volatility

FRQHX vs. VTCLX - Volatility Comparison

The current volatility for Fidelity Managed Retirement 2010 Fund Class K6 (FRQHX) is 1.66%, while Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) has a volatility of 2.95%. This indicates that FRQHX experiences smaller price fluctuations and is considered to be less risky than VTCLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRQHX	VTCLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	2.95%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	3.42%	9.10%	-5.68%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	12.03%	-7.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.56%	17.22%	-11.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.76%	18.27%	-12.51%

FRQHX vs. VTCLX - Expense Ratio Comparison

FRQHX has a 0.26% expense ratio, which is higher than VTCLX's 0.09% 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

FRQHX vs. VTCLX - Dividend Comparison

FRQHX's dividend yield for the trailing twelve months is around 3.30%, more than VTCLX's 0.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRQHX Fidelity Managed Retirement 2010 Fund Class K6	3.30%	3.20%	3.20%	2.95%	5.25%	6.22%	3.70%	2.57%	0.00%	0.00%	0.00%	0.00%
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares	0.85%	0.93%	1.04%	1.24%	1.47%	1.04%	1.32%	1.52%	1.83%	1.57%	1.76%	1.69%

Frequently Asked Questions

Can I hold both FRQHX and VTCLX in my portfolio?

FRQHX and VTCLX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRQHX or VTCLX?

VTCLX has higher volatility (2.95%) compared to FRQHX (1.66%). In terms of maximum drawdown, FRQHX dropped -16.90% vs VTCLX's -55.18%.

Which has better risk-adjusted returns?

FRQHX currently has the higher Sharpe Ratio (2.52 vs 2.29), 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.