SMTSX vs. FRQHX

Last updated Aug 1, 2026

SMTSX (JPMorgan SmartRetirement 2040 Fund) and FRQHX (Fidelity Managed Retirement 2010 Fund Class K6) are both Target Retirement Date funds. Their 0.79 correlation means they have sometimes moved together and sometimes differently. SMTSX charges 0.25%/yr vs 0.26%/yr for FRQHX.

Performance

SMTSX vs. FRQHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan SmartRetirement 2040 Fund (SMTSX) and Fidelity Managed Retirement 2010 Fund Class K6 (FRQHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SMTSX

• 1D: 1.60%
• 1M: -0.59%
• 6M: 5.03%
• YTD: 7.43%
• 1Y: 15.89%
• 3Y*: 13.60%
• 5Y*: 7.45%
• 10Y*: 9.77%
• ALL TIME*: 7.57%

FRQHX

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

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SMTSX JPMorgan SmartRetirement 2040 Fund	$0.00	$0.00	$0.00

SMTSX vs. FRQHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SMTSX JPMorgan SmartRetirement 2040 Fund	7.43%	16.50%	10.60%	21.23%	-17.97%	15.76%	14.94%	7.65%
FRQHX Fidelity Managed Retirement 2010 Fund Class K6	3.71%	10.01%	4.68%	8.75%	-12.22%	4.04%	9.80%	3.95%

Correlation

The correlation between SMTSX and FRQHX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.76
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.79

The correlation between SMTSX and FRQHX has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.

Return for Risk

SMTSX vs. FRQHX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SMTSX

SMTSX Risk / Return Rank: 46
SMTSX Sharpe Ratio Rank: 44
SMTSX Sortino Ratio Rank: 43
SMTSX Omega Ratio Rank: 43
SMTSX Calmar Ratio Rank: 43
SMTSX Martin Ratio Rank: 54

FRQHX

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SMTSX vs. FRQHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan SmartRetirement 2040 Fund (SMTSX) and Fidelity Managed Retirement 2010 Fund Class K6 (FRQHX). 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.

	SMTSX	FRQHX	Difference
Sharpe ratio: Return per unit of total volatility	1.32	—	—
Sortino ratio: Return per unit of downside risk	1.90	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	1.80	—	—
Martin ratio: Return relative to average drawdown	7.57	—	—

Drawdowns

Drawdown Indicators

	SMTSX	FRQHX	Difference
Max Drawdown Largest peak-to-trough decline	-51.41%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-8.04%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.23%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.82%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.43%	—	—
Current Drawdown Current decline from peak	-1.39%	—	—
Average Drawdown Average peak-to-trough decline	-7.09%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	—	—

Volatility

Volatility by Period

	SMTSX	FRQHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.18%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.00%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.45%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.40%	—	—

SMTSX vs. FRQHX - Expense Ratio Comparison

SMTSX has a 0.25% expense ratio, which is lower than FRQHX's 0.26% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SMTSX vs. FRQHX - Dividend Comparison

SMTSX's dividend yield for the trailing twelve months is around 5.38%, more than FRQHX's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRQHX Fidelity Managed Retirement 2010 Fund Class K6	2.93%	3.20%	3.20%	2.95%	5.25%	6.22%	3.70%	2.57%	0.00%	0.00%	0.00%	0.00%
SMTSX JPMorgan SmartRetirement 2040 Fund	5.38%	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 FRQHX in my portfolio?

SMTSX and FRQHX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.