JSMSX vs. FRHMX

Last updated Jun 24, 2026

JSMSX (JPMorgan SmartRetirement 2030 Fund) and FRHMX (Fidelity Managed Retirement Income Fund Class K6) are both Target Retirement Date funds. Over the past 5 years, JSMSX returned 5.85%/yr vs 596.10%/yr for FRHMX. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.

Performance

JSMSX vs. FRHMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan SmartRetirement 2030 Fund (JSMSX) 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, JSMSX achieves a 6.22% return, which is significantly lower than FRHMX's 1,464,383.96% return.

JSMSX

• 1D: -0.24%
• 1M: 1.25%
• YTD: 6.22%
• 6M: 5.81%
• 1Y: 15.52%
• 3Y*: 12.56%
• 5Y*: 5.85%
• 10Y*: 10.14%

FRHMX

• 1D: 1,410,365.12%
• 1M: 1,421,616.96%
• YTD: 1,464,383.96%
• 6M: 1,464,432.61%
• 1Y: 1,543,480.72%
• 3Y*: 2,494.75%
• 5Y*: 596.10%
• 10Y*: —

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

JSMSX vs. FRHMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JSMSX JPMorgan SmartRetirement 2030 Fund	6.22%	14.15%	6.89%	18.54%	-16.76%	10.72%	12.45%	24.13%
FRHMX Fidelity Managed Retirement Income Fund Class K6	1,464,383.96%	10.02%	4.50%	8.28%	-11.48%	2.98%	8.79%	3.17%

Correlation

The correlation between JSMSX and FRHMX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.79

The correlation between JSMSX and FRHMX has been stable across timeframes, ranging from 0.79 to 0.89 - a consistent structural relationship.

Return for Risk

JSMSX vs. FRHMX — Risk / Return Rank

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

JSMSX

JSMSX Risk / Return Rank: 53
JSMSX Sharpe Ratio Rank: 53
JSMSX Sortino Ratio Rank: 54
JSMSX Omega Ratio Rank: 55
JSMSX Calmar Ratio Rank: 48
JSMSX Martin Ratio Rank: 57

FRHMX

FRHMX Risk / Return Rank: 84
FRHMX Sharpe Ratio Rank: 18
FRHMX Sortino Ratio Rank: 100
FRHMX Omega Ratio Rank: 100
FRHMX Calmar Ratio Rank: 100
FRHMX Martin Ratio Rank: 100

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.

JSMSX vs. FRHMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan SmartRetirement 2030 Fund (JSMSX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	JSMSX	FRHMX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.14	+0.85
Sortino ratio: Return per unit of downside risk	2.84	488,367.03	-488,364.19
Omega ratio: Gain probability vs. loss probability	1.38	68,097.73	-68,096.36
Calmar ratio: Return relative to maximum drawdown	2.53	470,348.34	-470,345.81
Martin ratio: Return relative to average drawdown	10.81	1,985,653.35	-1,985,642.54

JSMSX vs. FRHMX - Sharpe Ratio Comparison

The current JSMSX Sharpe Ratio is 1.99, which is higher than the FRHMX Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of JSMSX 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.

Drawdowns

JSMSX vs. FRHMX - Drawdown Comparison

The maximum JSMSX drawdown since its inception was -50.05%, which is greater than FRHMX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for JSMSX and FRHMX.

Drawdown Indicators

	JSMSX	FRHMX	Difference
Max Drawdown Largest peak-to-trough decline	-50.05%	-15.96%	-34.09%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-3.42%	-3.02%
Max Drawdown (3Y) Largest decline over 3 years	-9.53%	-4.90%	-4.63%
Max Drawdown (5Y) Largest decline over 5 years	-22.56%	-15.96%	-6.60%
Max Drawdown (10Y) Largest decline over 10 years	-25.42%	—	—
Current Drawdown Current decline from peak	-0.24%	0.00%	-0.24%
Average Drawdown Average peak-to-trough decline	-6.36%	-3.49%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	0.81%	+0.69%

Volatility

JSMSX vs. FRHMX - Volatility Comparison

The current volatility for JPMorgan SmartRetirement 2030 Fund (JSMSX) is 3.16%, while Fidelity Managed Retirement Income Fund Class K6 (FRHMX) has a volatility of 955.41%. This indicates that JSMSX experiences smaller price fluctuations and is considered to be less risky than FRHMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JSMSX	FRHMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	955.41%	-952.25%
Volatility (6M) Calculated over the trailing 6-month period	6.82%	955.40%	-948.58%
Volatility (1Y) Calculated over the trailing 1-year period	8.20%	1,413,171.78%	-1,413,163.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.44%	631,989.64%	-631,979.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.47%	538,904.02%	-538,891.55%

JSMSX vs. FRHMX - Expense Ratio Comparison

Both JSMSX 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

JSMSX vs. FRHMX - Dividend Comparison

JSMSX's dividend yield for the trailing twelve months is around 5.51%, less than FRHMX's 103.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRHMX Fidelity Managed Retirement Income Fund Class K6	103.07%	3.22%	3.24%	3.02%	4.77%	3.78%	2.61%	1.95%	0.00%	0.00%	0.00%	0.00%
JSMSX JPMorgan SmartRetirement 2030 Fund	5.51%	5.85%	5.49%	2.50%	8.25%	12.28%	4.20%	31.61%	6.17%	4.18%	2.83%	3.20%

Frequently Asked Questions

Can I hold both JSMSX and FRHMX in my portfolio?

JSMSX and FRHMX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JSMSX or FRHMX?

FRHMX has higher volatility (955.41%) compared to JSMSX (3.16%). In terms of maximum drawdown, JSMSX dropped -50.05% vs FRHMX's -15.96%.

Which has better risk-adjusted returns?

JSMSX currently has the higher Sharpe Ratio (1.99 vs 1.14), 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.