SSCNX vs. FRHMX

Last updated Jul 17, 2026

SSCNX (State Street Target Retirement 2040 Fund) and FRHMX (Fidelity Managed Retirement Income Fund Class K6) are both Target Retirement Date funds. A 0.77 correlation means they provide meaningful diversification when combined. SSCNX charges 0.20%/yr vs 0.25%/yr for FRHMX.

Performance

SSCNX vs. FRHMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Target Retirement 2040 Fund (SSCNX) and Fidelity Managed Retirement Income Fund Class K6 (FRHMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SSCNX

• 1D: 0.47%
• 1M: -0.41%
• 6M: 6.79%
• YTD: 9.38%
• 1Y: 19.34%
• 3Y*: 14.74%
• 5Y*: 7.33%
• 10Y*: 9.93%

FRHMX

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

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

SSCNX vs. FRHMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SSCNX State Street Target Retirement 2040 Fund	9.38%	19.00%	11.21%	17.68%	-18.55%	11.75%	18.72%	7.57%
FRHMX Fidelity Managed Retirement Income Fund Class K6	1,464,383.96%	10.02%	4.50%	8.28%	-11.48%	2.98%	8.79%	3.17%

Correlation

The correlation between SSCNX and FRHMX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.77

The correlation between SSCNX and FRHMX has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

Return for Risk

SSCNX vs. FRHMX — Risk / Return Rank

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

SSCNX

SSCNX Risk / Return Rank: 69
SSCNX Sharpe Ratio Rank: 72
SSCNX Sortino Ratio Rank: 70
SSCNX Omega Ratio Rank: 73
SSCNX Calmar Ratio Rank: 62
SSCNX Martin Ratio Rank: 69

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.

SSCNX vs. FRHMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Target Retirement 2040 Fund (SSCNX) 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.

	SSCNX	FRHMX	Difference
Sharpe ratio: Return per unit of total volatility	1.90	—	—
Sortino ratio: Return per unit of downside risk	2.66	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	2.47	—	—
Martin ratio: Return relative to average drawdown	10.31	—	—

Drawdowns

Drawdown Indicators

	SSCNX	FRHMX	Difference
Max Drawdown Largest peak-to-trough decline	-27.49%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-7.96%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-27.49%	—	—
Current Drawdown Current decline from peak	-0.64%	—	—
Average Drawdown Average peak-to-trough decline	-4.73%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	—	—

Volatility

Volatility by Period

	SSCNX	FRHMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.74%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.38%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.86%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.41%	—	—

SSCNX vs. FRHMX - Expense Ratio Comparison

SSCNX has a 0.20% expense ratio, which is lower than FRHMX's 0.25% 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

SSCNX vs. FRHMX - Dividend Comparison

SSCNX's dividend yield for the trailing twelve months is around 6.59%, less than FRHMX's 102.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRHMX Fidelity Managed Retirement Income Fund Class K6	102.92%	3.22%	3.24%	3.02%	4.77%	3.78%	2.61%	1.95%	0.00%	0.00%	0.00%	0.00%
SSCNX State Street Target Retirement 2040 Fund	6.59%	7.21%	4.97%	3.78%	5.39%	5.58%	4.63%	6.31%	5.11%	0.38%	1.77%	1.96%

Frequently Asked Questions

Can I hold both SSCNX and FRHMX in my portfolio?

SSCNX and FRHMX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.