SWBRX vs. FRHMX

Last updated Jul 15, 2026

SWBRX (Schwab Target 2010 Fund) and FRHMX (Fidelity Managed Retirement Income Fund Class K6) are both Target Retirement Date funds. Their correlation of 0.87 suggests significant overlap in exposure. SWBRX charges 0.00%/yr vs 0.25%/yr for FRHMX.

Performance

SWBRX vs. FRHMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Target 2010 Fund (SWBRX) and Fidelity Managed Retirement Income Fund Class K6 (FRHMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SWBRX

• 1D: -0.50%
• 1M: -0.14%
• 6M: 2.45%
• YTD: 3.45%
• 1Y: 9.08%
• 3Y*: 8.69%
• 5Y*: 3.87%
• 10Y*: 5.61%

FRHMX

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

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

SWBRX vs. FRHMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SWBRX Schwab Target 2010 Fund	3.45%	11.25%	7.36%	11.82%	-14.21%	6.98%	11.19%	4.19%
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 SWBRX and FRHMX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.87

The correlation between SWBRX and FRHMX has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

SWBRX vs. FRHMX — Risk / Return Rank

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

SWBRX

SWBRX Risk / Return Rank: 56
SWBRX Sharpe Ratio Rank: 57
SWBRX Sortino Ratio Rank: 59
SWBRX Omega Ratio Rank: 58
SWBRX Calmar Ratio Rank: 47
SWBRX Martin Ratio Rank: 59

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.

SWBRX vs. FRHMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Target 2010 Fund (SWBRX) 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.

	SWBRX	FRHMX	Difference
Sharpe ratio: Return per unit of total volatility	1.67	—	—
Sortino ratio: Return per unit of downside risk	2.41	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	2.10	—	—
Martin ratio: Return relative to average drawdown	9.16	—	—

Drawdowns

Drawdown Indicators

	SWBRX	FRHMX	Difference
Max Drawdown Largest peak-to-trough decline	-37.52%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-4.39%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-6.55%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.40%	—	—
Current Drawdown Current decline from peak	-0.79%	—	—
Average Drawdown Average peak-to-trough decline	-5.20%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	—	—

Volatility

Volatility by Period

	SWBRX	FRHMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.86%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.60%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.53%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.84%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.68%	—	—

SWBRX vs. FRHMX - Expense Ratio Comparison

SWBRX has a 0.00% 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

SWBRX vs. FRHMX - Dividend Comparison

SWBRX's dividend yield for the trailing twelve months is around 7.28%, 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%
SWBRX Schwab Target 2010 Fund	7.28%	7.53%	6.88%	4.35%	4.59%	4.86%	2.64%	4.91%	6.25%	2.22%	1.79%	1.86%

Frequently Asked Questions

Can I hold both SWBRX and FRHMX in my portfolio?

With a correlation of 0.90, SWBRX and FRHMX 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.