JLJAX vs. FRQHX

Last updated Jun 4, 2026

JLJAX (John Hancock Funds II Multimanager 2045 Lifetime Portfolio) and FRQHX (Fidelity Managed Retirement 2010 Fund Class K6) are both Target Retirement Date funds. Over the past 5 years, JLJAX returned 8.22%/yr vs 3.09%/yr for FRQHX. A 0.78 correlation means they provide meaningful diversification when combined. JLJAX charges 0.42%/yr vs 0.26%/yr for FRQHX.

Performance

JLJAX vs. FRQHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Funds II Multimanager 2045 Lifetime Portfolio (JLJAX) and Fidelity Managed Retirement 2010 Fund Class K6 (FRQHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JLJAX achieves a 12.50% return, which is significantly higher than FRQHX's 4.14% return.

JLJAX

• 1D: 0.40%
• 1M: 5.26%
• YTD: 12.50%
• 6M: 13.33%
• 1Y: 26.69%
• 3Y*: 18.28%
• 5Y*: 8.22%
• 10Y*: 10.82%

FRQHX

• 1D: 0.21%
• 1M: 1.55%
• YTD: 4.14%
• 6M: 4.39%
• 1Y: 10.64%
• 3Y*: 7.87%
• 5Y*: 3.09%
• 10Y*: —

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

JLJAX vs. FRQHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JLJAX John Hancock Funds II Multimanager 2045 Lifetime Portfolio	12.50%	17.82%	14.21%	17.83%	-19.96%	15.45%	19.87%	8.13%
FRQHX Fidelity Managed Retirement 2010 Fund Class K6	4.14%	10.01%	4.68%	8.75%	-12.22%	4.04%	9.80%	3.95%

Correlation

The correlation between JLJAX and FRQHX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	0.78

The correlation between JLJAX and FRQHX has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

Return for Risk

JLJAX vs. FRQHX — Risk / Return Rank

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

JLJAX

JLJAX Risk / Return Rank: 59
JLJAX Sharpe Ratio Rank: 58
JLJAX Sortino Ratio Rank: 55
JLJAX Omega Ratio Rank: 56
JLJAX Calmar Ratio Rank: 59
JLJAX Martin Ratio Rank: 67

FRQHX

FRQHX Risk / Return Rank: 75
FRQHX Sharpe Ratio Rank: 80
FRQHX Sortino Ratio Rank: 81
FRQHX Omega Ratio Rank: 79
FRQHX Calmar Ratio Rank: 67
FRQHX Martin Ratio Rank: 70

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.

JLJAX vs. FRQHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Funds II Multimanager 2045 Lifetime Portfolio (JLJAX) and Fidelity Managed Retirement 2010 Fund Class K6 (FRQHX). 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.

	JLJAX	FRQHX	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.60	-0.34
Sortino ratio: Return per unit of downside risk	3.13	3.84	-0.70
Omega ratio: Gain probability vs. loss probability	1.42	1.52	-0.10
Calmar ratio: Return relative to maximum drawdown	2.95	3.16	-0.21
Martin ratio: Return relative to average drawdown	13.06	13.43	-0.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JLJAX vs. FRQHX - Sharpe Ratio Comparison

The current JLJAX Sharpe Ratio is 2.26, which is comparable to the FRQHX Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of JLJAX and FRQHX, 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

	JLJAX	FRQHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	2.60	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.56	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.80	-0.39

Drawdowns

JLJAX vs. FRQHX - Drawdown Comparison

The maximum JLJAX drawdown since its inception was -56.52%, which is greater than FRQHX's maximum drawdown of -16.90%. Use the drawdown chart below to compare losses from any high point for JLJAX and FRQHX.

Drawdown Indicators

	JLJAX	FRQHX	Difference
Max Drawdown Largest peak-to-trough decline	-56.52%	-16.90%	-39.62%
Max Drawdown (1Y) Largest decline over 1 year	-9.21%	-3.41%	-5.80%
Max Drawdown (3Y) Largest decline over 3 years	-15.84%	-5.15%	-10.69%
Max Drawdown (5Y) Largest decline over 5 years	-28.20%	-16.90%	-11.30%
Max Drawdown (10Y) Largest decline over 10 years	-32.04%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.85%	-3.79%	-5.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	0.80%	+1.28%

Volatility

JLJAX vs. FRQHX - Volatility Comparison

John Hancock Funds II Multimanager 2045 Lifetime Portfolio (JLJAX) has a higher volatility of 3.70% compared to Fidelity Managed Retirement 2010 Fund Class K6 (FRQHX) at 1.66%. This indicates that JLJAX's price experiences larger fluctuations and is considered to be riskier than FRQHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JLJAX	FRQHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	1.66%	+2.04%
Volatility (6M) Calculated over the trailing 6-month period	9.74%	3.41%	+6.33%
Volatility (1Y) Calculated over the trailing 1-year period	12.02%	4.14%	+7.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.20%	5.56%	+9.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.03%	5.76%	+10.27%

JLJAX vs. FRQHX - Expense Ratio Comparison

JLJAX has a 0.42% expense ratio, which is higher than FRQHX's 0.26% expense ratio.

Dividends

JLJAX vs. FRQHX - Dividend Comparison

JLJAX's dividend yield for the trailing twelve months is around 8.22%, more than FRQHX's 3.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRQHX Fidelity Managed Retirement 2010 Fund Class K6	3.29%	3.20%	3.20%	2.95%	5.25%	6.22%	3.70%	2.57%	0.00%	0.00%	0.00%	0.00%
JLJAX John Hancock Funds II Multimanager 2045 Lifetime Portfolio	8.22%	9.25%	3.13%	3.11%	23.82%	8.89%	5.40%	11.84%	14.16%	6.67%	6.98%	6.32%

Frequently Asked Questions

Can I hold both JLJAX and FRQHX in my portfolio?

JLJAX and FRQHX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JLJAX or FRQHX?

JLJAX has higher volatility (3.70%) compared to FRQHX (1.66%). In terms of maximum drawdown, JLJAX dropped -56.52% vs FRQHX's -16.90%.

Which has better risk-adjusted returns?

FRQHX currently has the higher Sharpe Ratio (2.60 vs 2.26), 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.