TBLEX vs. FRQHX

Last updated Jul 15, 2026

TBLEX (T. Rowe Price Retirement Blend 2025 Fund) and FRQHX (Fidelity Managed Retirement 2010 Fund Class K6) are both Target Retirement Date funds. Their correlation of 0.81 suggests significant overlap in exposure. TBLEX charges 0.22%/yr vs 0.26%/yr for FRQHX.

Performance

TBLEX vs. FRQHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement Blend 2025 Fund (TBLEX) and Fidelity Managed Retirement 2010 Fund Class K6 (FRQHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TBLEX

• 1D: -0.60%
• 1M: 0.00%
• 6M: 4.58%
• YTD: 6.30%
• 1Y: 13.40%
• 3Y*: 11.77%
• 5Y*: —
• 10Y*: —

FRQHX

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

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

TBLEX vs. FRQHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TBLEX T. Rowe Price Retirement Blend 2025 Fund	6.30%	13.88%	10.29%	15.00%	-15.23%	2.43%
FRQHX Fidelity Managed Retirement 2010 Fund Class K6	3.71%	10.01%	4.68%	8.75%	-12.22%	0.24%

Correlation

The correlation between TBLEX and FRQHX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jul 30, 2021	0.81

The correlation between TBLEX and FRQHX has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

Return for Risk

TBLEX vs. FRQHX — Risk / Return Rank

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

TBLEX

TBLEX Risk / Return Rank: 65
TBLEX Sharpe Ratio Rank: 66
TBLEX Sortino Ratio Rank: 65
TBLEX Omega Ratio Rank: 68
TBLEX Calmar Ratio Rank: 58
TBLEX Martin Ratio Rank: 69

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.

TBLEX vs. FRQHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement Blend 2025 Fund (TBLEX) 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.

	TBLEX	FRQHX	Difference
Sharpe ratio: Return per unit of total volatility	1.77	—	—
Sortino ratio: Return per unit of downside risk	2.52	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	2.32	—	—
Martin ratio: Return relative to average drawdown	10.06	—	—

Drawdowns

Drawdown Indicators

	TBLEX	FRQHX	Difference
Max Drawdown Largest peak-to-trough decline	-21.51%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-5.80%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-8.94%	—	—
Current Drawdown Current decline from peak	-0.85%	—	—
Average Drawdown Average peak-to-trough decline	-5.31%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	—	—

Volatility

Volatility by Period

	TBLEX	FRQHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.39%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.60%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.79%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.79%	—	—

TBLEX vs. FRQHX - Expense Ratio Comparison

TBLEX has a 0.22% expense ratio, which is lower than FRQHX's 0.26% 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

TBLEX vs. FRQHX - Dividend Comparison

TBLEX's dividend yield for the trailing twelve months is around 3.06%, less than FRQHX's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FRQHX Fidelity Managed Retirement 2010 Fund Class K6	3.25%	3.20%	3.20%	2.95%	5.25%	6.22%	3.70%	2.57%
TBLEX T. Rowe Price Retirement Blend 2025 Fund	3.06%	3.25%	2.73%	2.41%	3.09%	2.07%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBLEX and FRQHX in my portfolio?

TBLEX and FRQHX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.