SMTSX vs. FRHMX

Last updated Jun 6, 2026

SMTSX (JPMorgan SmartRetirement 2040 Fund) and FRHMX (Fidelity Managed Retirement Income Fund Class K6) are both Target Retirement Date funds. Over the past 5 years, SMTSX returned 7.64%/yr vs 2.97%/yr for FRHMX. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.

Performance

SMTSX vs. FRHMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan SmartRetirement 2040 Fund (SMTSX) 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, SMTSX achieves a 8.23% return, which is significantly higher than FRHMX's 3.97% return.

SMTSX

• 1D: 0.39%
• 1M: 1.14%
• YTD: 8.23%
• 6M: 8.58%
• 1Y: 20.17%
• 3Y*: 15.97%
• 5Y*: 7.64%
• 10Y*: 10.15%

FRHMX

• 1D: 0.10%
• 1M: 0.36%
• YTD: 3.97%
• 6M: 4.34%
• 1Y: 10.12%
• 3Y*: 7.70%
• 5Y*: 2.97%
• 10Y*: —

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

SMTSX vs. FRHMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SMTSX JPMorgan SmartRetirement 2040 Fund	8.23%	16.50%	10.60%	21.23%	-17.97%	15.76%	14.94%	8.29%
FRHMX Fidelity Managed Retirement Income Fund Class K6	3.97%	10.02%	4.50%	8.28%	-11.48%	2.98%	8.79%	3.17%

Correlation

The correlation between SMTSX and FRHMX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	0.73

The correlation between SMTSX and FRHMX shifts across timeframes, from 0.73 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SMTSX vs. FRHMX — Risk / Return Rank

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

SMTSX

SMTSX Risk / Return Rank: 49
SMTSX Sharpe Ratio Rank: 48
SMTSX Sortino Ratio Rank: 47
SMTSX Omega Ratio Rank: 48
SMTSX Calmar Ratio Rank: 45
SMTSX Martin Ratio Rank: 56

FRHMX

FRHMX Risk / Return Rank: 71
FRHMX Sharpe Ratio Rank: 73
FRHMX Sortino Ratio Rank: 75
FRHMX Omega Ratio Rank: 76
FRHMX Calmar Ratio Rank: 62
FRHMX Martin Ratio Rank: 67

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.

SMTSX vs. FRHMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan SmartRetirement 2040 Fund (SMTSX) 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.

	SMTSX	FRHMX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.41	-0.44
Sortino ratio: Return per unit of downside risk	2.81	3.55	-0.74
Omega ratio: Gain probability vs. loss probability	1.37	1.48	-0.11
Calmar ratio: Return relative to maximum drawdown	2.49	2.92	-0.43
Martin ratio: Return relative to average drawdown	10.82	12.51	-1.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMTSX vs. FRHMX - Sharpe Ratio Comparison

The current SMTSX Sharpe Ratio is 1.97, which is comparable to the FRHMX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of SMTSX 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

	SMTSX	FRHMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	2.41	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.56	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.82	-0.36

Drawdowns

SMTSX vs. FRHMX - Drawdown Comparison

The maximum SMTSX drawdown since its inception was -51.41%, which is greater than FRHMX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for SMTSX and FRHMX.

Drawdown Indicators

	SMTSX	FRHMX	Difference
Max Drawdown Largest peak-to-trough decline	-51.41%	-15.96%	-35.45%
Max Drawdown (1Y) Largest decline over 1 year	-8.04%	-3.42%	-4.62%
Max Drawdown (3Y) Largest decline over 3 years	-13.23%	-4.90%	-8.33%
Max Drawdown (5Y) Largest decline over 5 years	-24.82%	-15.96%	-8.86%
Max Drawdown (10Y) Largest decline over 10 years	-31.43%	—	—
Current Drawdown Current decline from peak	-0.23%	-0.16%	-0.07%
Average Drawdown Average peak-to-trough decline	-7.14%	-3.50%	-3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	0.80%	+1.05%

Volatility

SMTSX vs. FRHMX - Volatility Comparison

JPMorgan SmartRetirement 2040 Fund (SMTSX) has a higher volatility of 3.08% compared to Fidelity Managed Retirement Income Fund Class K6 (FRHMX) at 1.67%. This indicates that SMTSX'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

	SMTSX	FRHMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	1.67%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	8.13%	3.42%	+4.71%
Volatility (1Y) Calculated over the trailing 1-year period	10.15%	4.17%	+5.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.36%	5.28%	+8.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.43%	5.15%	+9.28%

SMTSX vs. FRHMX - Expense Ratio Comparison

Both SMTSX 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

SMTSX vs. FRHMX - Dividend Comparison

SMTSX's dividend yield for the trailing twelve months is around 5.34%, more than FRHMX's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRHMX Fidelity Managed Retirement Income Fund Class K6	3.26%	3.22%	3.24%	3.02%	4.77%	3.78%	2.61%	1.95%	0.00%	0.00%	0.00%	0.00%
SMTSX JPMorgan SmartRetirement 2040 Fund	5.34%	5.78%	4.87%	1.87%	10.16%	17.65%	4.83%	11.47%	6.11%	4.10%	2.89%	3.20%

Frequently Asked Questions

Can I hold both SMTSX and FRHMX in my portfolio?

SMTSX and FRHMX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMTSX or FRHMX?

SMTSX has higher volatility (3.08%) compared to FRHMX (1.67%). In terms of maximum drawdown, SMTSX dropped -51.41% vs FRHMX's -15.96%.

Which has better risk-adjusted returns?

FRHMX currently has the higher Sharpe Ratio (2.41 vs 1.97), 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.