STLEX vs. FRQHX

Last updated Jul 17, 2026

STLEX (BlackRock LifePath Dynamic 2040 Fund) and FRQHX (Fidelity Managed Retirement 2010 Fund Class K6) are both Target Retirement Date funds from BlackRock. A 0.76 correlation means they provide meaningful diversification when combined. STLEX charges 0.47%/yr vs 0.26%/yr for FRQHX.

Performance

STLEX vs. FRQHX - Performance Comparison

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

Returns By Period

STLEX

• 1D: 0.19%
• 1M: -0.00%
• 6M: 7.45%
• YTD: 9.74%
• 1Y: 18.46%
• 3Y*: 12.18%
• 5Y*: 6.86%
• 10Y*: 9.76%

FRQHX

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

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

STLEX vs. FRQHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
STLEX BlackRock LifePath Dynamic 2040 Fund	9.74%	16.87%	4.80%	19.45%	-17.10%	16.01%	14.01%	7.99%
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 STLEX and FRQHX is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.76

The correlation between STLEX and FRQHX has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

Return for Risk

STLEX vs. FRQHX — Risk / Return Rank

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

STLEX

STLEX Risk / Return Rank: 57
STLEX Sharpe Ratio Rank: 52
STLEX Sortino Ratio Rank: 51
STLEX Omega Ratio Rank: 51
STLEX Calmar Ratio Rank: 63
STLEX Martin Ratio Rank: 70

FRQHX

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.

STLEX vs. FRQHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock LifePath Dynamic 2040 Fund (STLEX) 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.

	STLEX	FRQHX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	—	—
Sortino ratio: Return per unit of downside risk	2.34	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.51	—	—
Martin ratio: Return relative to average drawdown	10.55	—	—

Drawdowns

Drawdown Indicators

	STLEX	FRQHX	Difference
Max Drawdown Largest peak-to-trough decline	-54.19%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-7.59%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-19.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.93%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.13%	—	—
Current Drawdown Current decline from peak	-0.67%	—	—
Average Drawdown Average peak-to-trough decline	-9.25%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	—	—

Volatility

Volatility by Period

	STLEX	FRQHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.30%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.48%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.67%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.62%	—	—

STLEX vs. FRQHX - Expense Ratio Comparison

STLEX has a 0.47% expense ratio, which is higher than FRQHX's 0.26% expense ratio.

Dividends

STLEX vs. FRQHX - Dividend Comparison

STLEX's dividend yield for the trailing twelve months is around 5.59%, 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	3.25%	3.20%	3.20%	2.95%	5.25%	6.22%	3.70%	2.57%	0.00%	0.00%	0.00%	0.00%
STLEX BlackRock LifePath Dynamic 2040 Fund	5.59%	6.14%	2.31%	4.81%	2.21%	20.42%	4.25%	6.64%	14.47%	14.38%	1.84%	10.65%

Frequently Asked Questions

Can I hold both STLEX and FRQHX in my portfolio?

STLEX and FRQHX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.