PDAHX vs. FRKMX

Last updated Jun 4, 2026

PDAHX (Prudential Day One Income Fund) and FRKMX (Fidelity Managed Retirement Income Fund Class K) are both Target Retirement Date funds. Over the past 5 years, PDAHX returned 4.86%/yr vs 2.99%/yr for FRKMX. Their correlation of 0.89 suggests significant overlap in exposure. PDAHX charges 0.16%/yr vs 0.35%/yr for FRKMX.

Performance

PDAHX vs. FRKMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Prudential Day One Income Fund (PDAHX) and Fidelity Managed Retirement Income Fund Class K (FRKMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDAHX achieves a 5.42% return, which is significantly higher than FRKMX's 4.09% return.

PDAHX

• 1D: 0.00%
• 1M: 1.10%
• YTD: 5.42%
• 6M: 5.37%
• 1Y: 12.44%
• 3Y*: 9.91%
• 5Y*: 4.86%
• 10Y*: —

FRKMX

• 1D: 0.21%
• 1M: 1.55%
• YTD: 4.09%
• 6M: 4.31%
• 1Y: 10.51%
• 3Y*: 7.64%
• 5Y*: 2.99%
• 10Y*: —

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

PDAHX vs. FRKMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PDAHX Prudential Day One Income Fund	5.42%	10.37%	8.27%	8.89%	-11.69%	9.21%	8.22%	3.99%
FRKMX Fidelity Managed Retirement Income Fund Class K	4.09%	9.91%	4.40%	8.17%	-11.57%	2.88%	8.68%	3.08%

Correlation

The correlation between PDAHX and FRKMX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	0.89

The correlation between PDAHX and FRKMX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

PDAHX vs. FRKMX — Risk / Return Rank

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

PDAHX

PDAHX Risk / Return Rank: 85
PDAHX Sharpe Ratio Rank: 88
PDAHX Sortino Ratio Rank: 88
PDAHX Omega Ratio Rank: 84
PDAHX Calmar Ratio Rank: 79
PDAHX Martin Ratio Rank: 88

FRKMX

FRKMX Risk / Return Rank: 73
FRKMX Sharpe Ratio Rank: 78
FRKMX Sortino Ratio Rank: 79
FRKMX Omega Ratio Rank: 78
FRKMX Calmar Ratio Rank: 64
FRKMX Martin Ratio Rank: 68

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.

PDAHX vs. FRKMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Prudential Day One Income Fund (PDAHX) and Fidelity Managed Retirement Income Fund Class K (FRKMX). 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.

	PDAHX	FRKMX	Difference
Sharpe ratio: Return per unit of total volatility	2.89	2.55	+0.34
Sortino ratio: Return per unit of downside risk	4.20	3.76	+0.44
Omega ratio: Gain probability vs. loss probability	1.57	1.51	+0.06
Calmar ratio: Return relative to maximum drawdown	3.59	3.10	+0.49
Martin ratio: Return relative to average drawdown	17.13	13.23	+3.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PDAHX vs. FRKMX - Sharpe Ratio Comparison

The current PDAHX Sharpe Ratio is 2.89, which is comparable to the FRKMX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of PDAHX and FRKMX, 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

	PDAHX	FRKMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	2.55	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.57	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.80	+0.11

Drawdowns

PDAHX vs. FRKMX - Drawdown Comparison

The maximum PDAHX drawdown since its inception was -15.65%, roughly equal to the maximum FRKMX drawdown of -16.04%. Use the drawdown chart below to compare losses from any high point for PDAHX and FRKMX.

Drawdown Indicators

	PDAHX	FRKMX	Difference
Max Drawdown Largest peak-to-trough decline	-15.65%	-16.04%	+0.39%
Max Drawdown (1Y) Largest decline over 1 year	-3.51%	-3.42%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-5.61%	-4.93%	-0.68%
Max Drawdown (5Y) Largest decline over 5 years	-15.65%	-16.04%	+0.39%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.67%	-3.56%	+0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	0.80%	-0.07%

Volatility

PDAHX vs. FRKMX - Volatility Comparison

The current volatility for Prudential Day One Income Fund (PDAHX) is 1.42%, while Fidelity Managed Retirement Income Fund Class K (FRKMX) has a volatility of 1.67%. This indicates that PDAHX experiences smaller price fluctuations and is considered to be less risky than FRKMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDAHX	FRKMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	1.67%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	3.49%	3.42%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	4.36%	4.15%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.55%	5.29%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.38%	5.14%	+1.24%

PDAHX vs. FRKMX - Expense Ratio Comparison

PDAHX has a 0.16% expense ratio, which is lower than FRKMX's 0.35% expense ratio.

Dividends

PDAHX vs. FRKMX - Dividend Comparison

PDAHX's dividend yield for the trailing twelve months is around 4.60%, more than FRKMX's 3.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRKMX Fidelity Managed Retirement Income Fund Class K	3.20%	3.11%	3.12%	2.92%	4.66%	3.65%	2.56%	1.85%	0.00%	0.00%
PDAHX Prudential Day One Income Fund	4.60%	4.92%	7.35%	3.54%	7.78%	7.72%	2.22%	4.25%	3.70%	1.88%

Frequently Asked Questions

Can I hold both PDAHX and FRKMX in my portfolio?

With a correlation of 0.93, PDAHX and FRKMX 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, PDAHX or FRKMX?

FRKMX has higher volatility (1.67%) compared to PDAHX (1.42%). In terms of maximum drawdown, PDAHX dropped -15.65% vs FRKMX's -16.04%.

Which has better risk-adjusted returns?

PDAHX currently has the higher Sharpe Ratio (2.89 vs 2.55), 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.