PAHHX vs. FRQKX

Last updated Jul 18, 2026

PAHHX (T. Rowe Price Target 2040 Fund) and FRQKX (Fidelity Managed Retirement 2010 Fund Class K) are both Target Retirement Date funds. A 0.78 correlation means they provide meaningful diversification when combined. PAHHX charges 0.85%/yr vs 0.36%/yr for FRQKX.

Performance

PAHHX vs. FRQKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Target 2040 Fund (PAHHX) and Fidelity Managed Retirement 2010 Fund Class K (FRQKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PAHHX

• 1D: -0.32%
• 1M: 0.64%
• 6M: 5.65%
• YTD: 8.38%
• 1Y: 16.34%
• 3Y*: 13.40%
• 5Y*: 6.78%
• 10Y*: 9.11%

FRQKX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAHHX vs. FRQKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PAHHX T. Rowe Price Target 2040 Fund	8.38%	15.54%	11.42%	17.26%	-18.09%	13.74%	16.17%	6.14%
FRQKX Fidelity Managed Retirement 2010 Fund Class K	3.66%	9.91%	4.42%	8.62%	-12.30%	3.95%	9.68%	3.94%

Correlation

The correlation between PAHHX and FRQKX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.78

The correlation between PAHHX and FRQKX has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

Return for Risk

PAHHX vs. FRQKX — Risk / Return Rank

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

PAHHX

PAHHX Risk / Return Rank: 55
PAHHX Sharpe Ratio Rank: 55
PAHHX Sortino Ratio Rank: 56
PAHHX Omega Ratio Rank: 57
PAHHX Calmar Ratio Rank: 49
PAHHX Martin Ratio Rank: 59

FRQKX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

PAHHX vs. FRQKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Target 2040 Fund (PAHHX) and Fidelity Managed Retirement 2010 Fund Class K (FRQKX). 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.

	PAHHX	FRQKX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	—	—
Sortino ratio: Return per unit of downside risk	2.44	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.24	—	—
Martin ratio: Return relative to average drawdown	9.52	—	—

Drawdowns

Drawdown Indicators

	PAHHX	FRQKX	Difference
Max Drawdown Largest peak-to-trough decline	-28.58%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-7.73%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.58%	—	—
Current Drawdown Current decline from peak	-0.74%	—	—
Average Drawdown Average peak-to-trough decline	-4.41%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	—	—

Volatility

Volatility by Period

	PAHHX	FRQKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.44%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.14%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.40%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.60%	—	—

PAHHX vs. FRQKX - Expense Ratio Comparison

PAHHX has a 0.85% expense ratio, which is higher than FRQKX's 0.36% expense ratio.

Dividends

PAHHX vs. FRQKX - Dividend Comparison

PAHHX's dividend yield for the trailing twelve months is around 5.48%, more than FRQKX's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRQKX Fidelity Managed Retirement 2010 Fund Class K	3.28%	3.09%	2.91%	2.86%	5.12%	6.11%	3.61%	2.57%	0.00%	0.00%	0.00%	0.00%
PAHHX T. Rowe Price Target 2040 Fund	5.48%	5.93%	3.10%	2.66%	5.85%	3.36%	2.86%	4.23%	5.43%	2.15%	2.30%	2.56%

Frequently Asked Questions

Can I hold both PAHHX and FRQKX in my portfolio?

PAHHX and FRQKX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.