SWYOX vs. FRHMX

Last updated Jul 17, 2026

SWYOX (Schwab Target 2065 Index Fund) and FRHMX (Fidelity Managed Retirement Income Fund Class K6) are both Target Retirement Date funds. A 0.71 correlation means they provide meaningful diversification when combined. SWYOX charges 0.08%/yr vs 0.25%/yr for FRHMX.

Performance

SWYOX vs. FRHMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Target 2065 Index Fund (SWYOX) and Fidelity Managed Retirement Income Fund Class K6 (FRHMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SWYOX

• 1D: 0.30%
• 1M: 0.06%
• 6M: 9.43%
• YTD: 12.72%
• 1Y: 23.61%
• 3Y*: 18.16%
• 5Y*: 10.48%
• 10Y*: —

FRHMX

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

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

SWYOX vs. FRHMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SWYOX Schwab Target 2065 Index Fund	12.72%	20.48%	14.95%	21.61%	-17.90%	16.04%
FRHMX Fidelity Managed Retirement Income Fund Class K6	1,464,383.96%	10.02%	4.50%	8.28%	-11.48%	3.46%

Correlation

The correlation between SWYOX and FRHMX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Mar 8, 2021	0.71

The correlation between SWYOX and FRHMX has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.

Return for Risk

SWYOX vs. FRHMX — Risk / Return Rank

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

SWYOX

SWYOX Risk / Return Rank: 72
SWYOX Sharpe Ratio Rank: 72
SWYOX Sortino Ratio Rank: 68
SWYOX Omega Ratio Rank: 68
SWYOX Calmar Ratio Rank: 72
SWYOX Martin Ratio Rank: 81

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.

SWYOX vs. FRHMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Target 2065 Index Fund (SWYOX) 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.

	SWYOX	FRHMX	Difference
Sharpe ratio: Return per unit of total volatility	1.88	—	—
Sortino ratio: Return per unit of downside risk	2.60	—	—
Omega ratio: Gain probability vs. loss probability	1.34	—	—
Calmar ratio: Return relative to maximum drawdown	2.66	—	—
Martin ratio: Return relative to average drawdown	11.53	—	—

Drawdowns

Drawdown Indicators

	SWYOX	FRHMX	Difference
Max Drawdown Largest peak-to-trough decline	-26.02%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-9.13%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.02%	—	—
Current Drawdown Current decline from peak	-0.42%	—	—
Average Drawdown Average peak-to-trough decline	-5.62%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	—	—

Volatility

Volatility by Period

	SWYOX	FRHMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.71%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.92%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.71%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.44%	—	—

SWYOX vs. FRHMX - Expense Ratio Comparison

SWYOX has a 0.08% 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

SWYOX vs. FRHMX - Dividend Comparison

SWYOX's dividend yield for the trailing twelve months is around 1.66%, less than FRHMX's 102.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FRHMX Fidelity Managed Retirement Income Fund Class K6	102.92%	3.22%	3.24%	3.02%	4.77%	3.78%	2.61%	1.95%
SWYOX Schwab Target 2065 Index Fund	1.66%	1.87%	1.76%	1.82%	1.80%	1.24%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SWYOX and FRHMX in my portfolio?

SWYOX and FRHMX 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.