PASUX vs. FRHMX

Last updated Jul 15, 2026

PASUX (T. Rowe Price Retirement 2065 Fund) and FRHMX (Fidelity Managed Retirement Income Fund Class K6) are both Target Retirement Date funds. A 0.70 correlation means they provide meaningful diversification when combined. PASUX charges 0.89%/yr vs 0.25%/yr for FRHMX.

Performance

PASUX vs. FRHMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2065 Fund (PASUX) and Fidelity Managed Retirement Income Fund Class K6 (FRHMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PASUX

• 1D: -0.92%
• 1M: 0.31%
• 6M: 7.20%
• YTD: 10.49%
• 1Y: 20.35%
• 3Y*: 16.30%
• 5Y*: 8.48%
• 10Y*: —

FRHMX

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

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

PASUX vs. FRHMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PASUX T. Rowe Price Retirement 2065 Fund	10.49%	18.63%	14.04%	20.48%	-19.40%	17.93%	13.76%
FRHMX Fidelity Managed Retirement Income Fund Class K6	1,464,383.96%	10.02%	4.50%	8.28%	-11.48%	2.98%	3.84%

Correlation

The correlation between PASUX and FRHMX 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	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 27, 2020	0.70

The correlation between PASUX and FRHMX shifts across timeframes, from 0.70 (5 years) to 0.81 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PASUX vs. FRHMX — Risk / Return Rank

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

PASUX

PASUX Risk / Return Rank: 51
PASUX Sharpe Ratio Rank: 52
PASUX Sortino Ratio Rank: 49
PASUX Omega Ratio Rank: 53
PASUX Calmar Ratio Rank: 46
PASUX Martin Ratio Rank: 58

FRHMX

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.

PASUX vs. FRHMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2065 Fund (PASUX) 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.

	PASUX	FRHMX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	—	—
Sortino ratio: Return per unit of downside risk	2.22	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	2.07	—	—
Martin ratio: Return relative to average drawdown	8.95	—	—

Drawdowns

Drawdown Indicators

	PASUX	FRHMX	Difference
Max Drawdown Largest peak-to-trough decline	-28.23%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-9.89%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.23%	—	—
Current Drawdown Current decline from peak	-1.28%	—	—
Average Drawdown Average peak-to-trough decline	-6.58%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	—	—

Volatility

Volatility by Period

	PASUX	FRHMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.79%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.91%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.36%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.11%	—	—

PASUX vs. FRHMX - Expense Ratio Comparison

PASUX has a 0.89% expense ratio, which is higher than FRHMX's 0.25% expense ratio.

Dividends

PASUX vs. FRHMX - Dividend Comparison

PASUX's dividend yield for the trailing twelve months is around 3.00%, less than FRHMX's 102.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FRHMX Fidelity Managed Retirement Income Fund Class K6	102.92%	3.22%	3.24%	3.02%	4.77%	3.78%	2.61%	1.95%
PASUX T. Rowe Price Retirement 2065 Fund	3.00%	3.32%	1.73%	2.69%	3.70%	3.20%	1.09%	0.00%

Frequently Asked Questions

Can I hold both PASUX and FRHMX in my portfolio?

PASUX and FRHMX 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.