SWYGX vs. FRKMX

Last updated Apr 2, 2026

Compare and contrast key facts about Schwab Target 2040 Index Fund (SWYGX) and Fidelity Managed Retirement Income Fund Class K (FRKMX).

SWYGX is managed by Charles Schwab. It was launched on Aug 24, 2016. FRKMX is managed by BlackRock. It was launched on Aug 1, 2019.

Performance

SWYGX vs. FRKMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Target 2040 Index Fund (SWYGX) and Fidelity Managed Retirement Income Fund Class K (FRKMX). The values are adjusted to include any dividend payments, if applicable.

SWYGX vs. FRKMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SWYGX Schwab Target 2040 Index Fund	-1.09%	17.57%	12.83%	19.45%	-16.94%	15.68%	14.19%	8.07%
FRKMX Fidelity Managed Retirement Income Fund Class K	0.27%	9.91%	4.40%	8.17%	-11.57%	2.88%	8.68%	3.08%

Returns By Period

In the year-to-date period, SWYGX achieves a -1.09% return, which is significantly lower than FRKMX's 0.27% return.

SWYGX

• 1D: 2.26%
• 1M: -4.64%
• YTD: -1.09%
• 6M: 1.00%
• 1Y: 16.15%
• 3Y*: 13.83%
• 5Y*: 7.47%
• 10Y*: —

FRKMX

• 1D: 0.75%
• 1M: -2.05%
• YTD: 0.27%
• 6M: 1.36%
• 1Y: 7.67%
• 3Y*: 6.29%
• 5Y*: 2.54%
• 10Y*: —

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

SWYGX vs. FRKMX - Expense Ratio Comparison

SWYGX has a 0.04% expense ratio, which is lower than FRKMX's 0.35% expense ratio.

FRKMX

Fidelity Managed Retirement Income Fund Class K

SWYGX

Schwab Target 2040 Index Fund

Return for Risk

SWYGX vs. FRKMX — Risk / Return Rank

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

SWYGX

SWYGX Risk / Return Rank: 73
SWYGX Sharpe Ratio Rank: 69
SWYGX Sortino Ratio Rank: 72
SWYGX Omega Ratio Rank: 69
SWYGX Calmar Ratio Rank: 73
SWYGX Martin Ratio Rank: 81

FRKMX

FRKMX Risk / Return Rank: 84
FRKMX Sharpe Ratio Rank: 84
FRKMX Sortino Ratio Rank: 85
FRKMX Omega Ratio Rank: 82
FRKMX Calmar Ratio Rank: 84
FRKMX Martin Ratio Rank: 83

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.

SWYGX vs. FRKMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Target 2040 Index Fund (SWYGX) and Fidelity Managed Retirement Income Fund Class K (FRKMX). 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.

	SWYGX	FRKMX	Difference
Sharpe ratio Return per unit of total volatility	1.24	1.72	-0.48
Sortino ratio Return per unit of downside risk	1.82	2.41	-0.59
Omega ratio Gain probability vs. loss probability	1.27	1.35	-0.08
Calmar ratio Return relative to maximum drawdown	1.75	2.35	-0.60
Martin ratio Return relative to average drawdown	8.27	9.34	-1.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SWYGX vs. FRKMX - Sharpe Ratio Comparison

The current SWYGX Sharpe Ratio is 1.24, which is comparable to the FRKMX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of SWYGX and FRKMX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SWYGX	FRKMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	1.72	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.49	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.71	-0.03

Correlation

The correlation between SWYGX and FRKMX is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SWYGX vs. FRKMX - Dividend Comparison

SWYGX's dividend yield for the trailing twelve months is around 2.25%, less than FRKMX's 3.25% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SWYGX Schwab Target 2040 Index Fund	2.25%	2.23%	2.28%	2.06%	2.03%	1.80%	1.72%	1.95%	2.21%	1.44%	1.13%
FRKMX Fidelity Managed Retirement Income Fund Class K	3.25%	3.11%	3.12%	2.92%	4.66%	3.65%	2.56%	1.85%	0.00%	0.00%	0.00%

Drawdowns

SWYGX vs. FRKMX - Drawdown Comparison

The maximum SWYGX drawdown since its inception was -27.62%, which is greater than FRKMX's maximum drawdown of -16.04%. Use the drawdown chart below to compare losses from any high point for SWYGX and FRKMX.

Drawdown Indicators

	SWYGX	FRKMX	Difference
Max Drawdown Largest peak-to-trough decline	-27.62%	-16.04%	-11.58%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-3.42%	-6.13%
Max Drawdown (5Y) Largest decline over 5 years	-24.07%	-16.04%	-8.03%
Current Drawdown Current decline from peak	-5.41%	-2.44%	-2.97%
Average Drawdown Average peak-to-trough decline	-4.23%	-3.64%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	0.86%	+1.17%

Volatility

SWYGX vs. FRKMX - Volatility Comparison

Schwab Target 2040 Index Fund (SWYGX) has a higher volatility of 4.87% compared to Fidelity Managed Retirement Income Fund Class K (FRKMX) at 2.14%. This indicates that SWYGX's price experiences larger fluctuations and is considered to be riskier than FRKMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWYGX	FRKMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	2.14%	+2.73%
Volatility (6M) Calculated over the trailing 6-month period	7.60%	2.95%	+4.65%
Volatility (1Y) Calculated over the trailing 1-year period	13.41%	4.63%	+8.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.14%	5.23%	+7.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.07%	5.14%	+8.93%