JNSSX vs. FRHMX

Last updated Jun 4, 2026

JNSSX (JPMorgan SmartRetirement 2025 Fund) and FRHMX (Fidelity Managed Retirement Income Fund Class K6) are both Target Retirement Date funds. Over the past 5 years, JNSSX returned 4.73%/yr vs 3.09%/yr for FRHMX. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.25% expense ratio.

Performance

JNSSX vs. FRHMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan SmartRetirement 2025 Fund (JNSSX) and Fidelity Managed Retirement Income Fund Class K6 (FRHMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JNSSX achieves a 5.04% return, which is significantly higher than FRHMX's 4.14% return.

JNSSX

• 1D: 0.11%
• 1M: 2.06%
• YTD: 5.04%
• 6M: 5.25%
• 1Y: 14.03%
• 3Y*: 10.93%
• 5Y*: 4.73%
• 10Y*: 8.20%

FRHMX

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

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

JNSSX vs. FRHMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JNSSX JPMorgan SmartRetirement 2025 Fund	5.04%	12.40%	5.15%	16.88%	-15.77%	8.48%	11.70%	18.00%
FRHMX Fidelity Managed Retirement Income Fund Class K6	4.14%	10.02%	4.50%	8.28%	-11.48%	2.98%	8.79%	3.17%

Correlation

The correlation between JNSSX and FRHMX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	0.83

The correlation between JNSSX and FRHMX has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.

Return for Risk

JNSSX vs. FRHMX — Risk / Return Rank

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

JNSSX

JNSSX Risk / Return Rank: 58
JNSSX Sharpe Ratio Rank: 59
JNSSX Sortino Ratio Rank: 61
JNSSX Omega Ratio Rank: 61
JNSSX Calmar Ratio Rank: 49
JNSSX Martin Ratio Rank: 59

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

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.

JNSSX vs. FRHMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan SmartRetirement 2025 Fund (JNSSX) and Fidelity Managed Retirement Income Fund Class K6 (FRHMX). 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.

	JNSSX	FRHMX	Difference
Sharpe ratio Return per unit of total volatility	2.26	2.58	-0.31
Sortino ratio Return per unit of downside risk	3.27	3.80	-0.53
Omega ratio Gain probability vs. loss probability	1.44	1.52	-0.08
Calmar ratio Return relative to maximum drawdown	2.67	3.13	-0.46
Martin ratio Return relative to average drawdown	11.69	13.40	-1.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JNSSX vs. FRHMX - Sharpe Ratio Comparison

The current JNSSX Sharpe Ratio is 2.26, which is comparable to the FRHMX Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of JNSSX and FRHMX, 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

	JNSSX	FRHMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	2.58	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.59	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.82	-0.33

Drawdowns

JNSSX vs. FRHMX - Drawdown Comparison

The maximum JNSSX drawdown since its inception was -46.46%, which is greater than FRHMX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for JNSSX and FRHMX.

Drawdown Indicators

	JNSSX	FRHMX	Difference
Max Drawdown Largest peak-to-trough decline	-46.46%	-15.96%	-30.50%
Max Drawdown (1Y) Largest decline over 1 year	-5.33%	-3.42%	-1.91%
Max Drawdown (3Y) Largest decline over 3 years	-7.42%	-4.90%	-2.52%
Max Drawdown (5Y) Largest decline over 5 years	-20.88%	-15.96%	-4.92%
Max Drawdown (10Y) Largest decline over 10 years	-22.07%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.90%	-3.50%	-2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	0.80%	+0.41%

Volatility

JNSSX vs. FRHMX - Volatility Comparison

JPMorgan SmartRetirement 2025 Fund (JNSSX) has a higher volatility of 2.14% compared to Fidelity Managed Retirement Income Fund Class K6 (FRHMX) at 1.67%. This indicates that JNSSX's price experiences larger fluctuations and is considered to be riskier than FRHMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNSSX	FRHMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	1.67%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	5.13%	3.43%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	6.28%	4.16%	+2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.71%	5.29%	+3.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.01%	5.15%	+4.86%

JNSSX vs. FRHMX - Expense Ratio Comparison

Both JNSSX and FRHMX have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

JNSSX vs. FRHMX - Dividend Comparison

JNSSX's dividend yield for the trailing twelve months is around 6.90%, more than FRHMX's 3.25% 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%
JNSSX JPMorgan SmartRetirement 2025 Fund	6.90%	7.25%	4.61%	2.83%	7.11%	12.43%	4.59%	23.92%	5.71%	3.96%	2.92%	3.22%

Frequently Asked Questions

Can I hold both JNSSX and FRHMX in my portfolio?

With a correlation of 0.92, JNSSX and FRHMX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, JNSSX or FRHMX?

JNSSX has higher volatility (2.14%) compared to FRHMX (1.67%). In terms of maximum drawdown, JNSSX dropped -46.46% vs FRHMX's -15.96%.

Which has better risk-adjusted returns?

FRHMX currently has the higher Sharpe Ratio (2.58 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.