TBLBX vs. FRHMX

Last updated Jun 3, 2026

TBLBX (T. Rowe Price Retirement Blend 2010 Fund) and FRHMX (Fidelity Managed Retirement Income Fund Class K6) are both Target Retirement Date funds. Over the past 3 years, TBLBX returned 11.58%/yr vs 7.68%/yr for FRHMX. Their correlation of 0.82 suggests significant overlap in exposure. TBLBX charges 0.19%/yr vs 0.25%/yr for FRHMX.

Performance

TBLBX vs. FRHMX - Performance Comparison

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

Returns By Period

In the year-to-date period, TBLBX achieves a 5.87% return, which is significantly higher than FRHMX's 3.92% return.

TBLBX

• 1D: 0.00%
• 1M: 1.91%
• YTD: 5.87%
• 6M: 6.57%
• 1Y: 14.93%
• 3Y*: 11.58%
• 5Y*: —
• 10Y*: —

FRHMX

• 1D: 0.03%
• 1M: 1.13%
• YTD: 3.92%
• 6M: 4.37%
• 1Y: 10.44%
• 3Y*: 7.68%
• 5Y*: 2.99%
• 10Y*: —

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

TBLBX vs. FRHMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TBLBX T. Rowe Price Retirement Blend 2010 Fund	5.87%	12.59%	9.03%	12.95%	-13.37%	1.38%
FRHMX Fidelity Managed Retirement Income Fund Class K6	3.92%	10.02%	4.50%	8.28%	-11.48%	-0.14%

Correlation

The correlation between TBLBX and FRHMX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Aug 4, 2021	0.82

The correlation between TBLBX and FRHMX has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

Return for Risk

TBLBX vs. FRHMX — Risk / Return Rank

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

TBLBX

TBLBX Risk / Return Rank: 72
TBLBX Sharpe Ratio Rank: 75
TBLBX Sortino Ratio Rank: 75
TBLBX Omega Ratio Rank: 75
TBLBX Calmar Ratio Rank: 63
TBLBX Martin Ratio Rank: 71

FRHMX

FRHMX Risk / Return Rank: 72
FRHMX Sharpe Ratio Rank: 75
FRHMX Sortino Ratio Rank: 78
FRHMX Omega Ratio Rank: 77
FRHMX Calmar Ratio Rank: 63
FRHMX Martin Ratio Rank: 68

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.

TBLBX vs. FRHMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement Blend 2010 Fund (TBLBX) 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.

	TBLBX	FRHMX	Difference
Sharpe ratio Return per unit of total volatility	2.51	2.51	0.00
Sortino ratio Return per unit of downside risk	3.61	3.71	-0.10
Omega ratio Gain probability vs. loss probability	1.49	1.50	-0.01
Calmar ratio Return relative to maximum drawdown	3.07	3.07	0.00
Martin ratio Return relative to average drawdown	13.66	13.17	+0.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBLBX vs. FRHMX - Sharpe Ratio Comparison

The current TBLBX Sharpe Ratio is 2.51, which is comparable to the FRHMX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of TBLBX and FRHMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TBLBX	FRHMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	2.51	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.82	-0.15

Drawdowns

TBLBX vs. FRHMX - Drawdown Comparison

The maximum TBLBX drawdown since its inception was -18.87%, which is greater than FRHMX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for TBLBX and FRHMX.

Drawdown Indicators

	TBLBX	FRHMX	Difference
Max Drawdown Largest peak-to-trough decline	-18.87%	-15.96%	-2.91%
Max Drawdown (1Y) Largest decline over 1 year	-4.95%	-3.42%	-1.53%
Max Drawdown (3Y) Largest decline over 3 years	-7.29%	-4.90%	-2.39%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.96%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.73%	-3.51%	-1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	0.80%	+0.31%

Volatility

TBLBX vs. FRHMX - Volatility Comparison

T. Rowe Price Retirement Blend 2010 Fund (TBLBX) has a higher volatility of 2.00% compared to Fidelity Managed Retirement Income Fund Class K6 (FRHMX) at 1.67%. This indicates that TBLBX's price experiences larger fluctuations and is considered to be riskier than FRHMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLBX	FRHMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.00%	1.67%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	4.94%	3.43%	+1.51%
Volatility (1Y) Calculated over the trailing 1-year period	6.07%	4.16%	+1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.15%	5.29%	+2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.15%	5.15%	+3.00%

TBLBX vs. FRHMX - Expense Ratio Comparison

TBLBX has a 0.19% 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

TBLBX vs. FRHMX - Dividend Comparison

TBLBX's dividend yield for the trailing twelve months is around 3.22%, less than FRHMX's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FRHMX Fidelity Managed Retirement Income Fund Class K6	3.26%	3.22%	3.24%	3.02%	4.77%	3.78%	2.61%	1.95%
TBLBX T. Rowe Price Retirement Blend 2010 Fund	3.22%	3.41%	3.18%	2.23%	3.92%	1.86%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBLBX and FRHMX in my portfolio?

TBLBX and FRHMX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBLBX or FRHMX?

TBLBX has higher volatility (2.00%) compared to FRHMX (1.67%). In terms of maximum drawdown, TBLBX dropped -18.87% vs FRHMX's -15.96%.

Which has better risk-adjusted returns?

TBLBX currently has the higher Sharpe Ratio (2.51 vs 2.51), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.