TCLEX vs. FRHMX

Last updated Jun 3, 2026

TCLEX (TIAA-CREF Lifecycle 2010 Fund) and FRHMX (Fidelity Managed Retirement Income Fund Class K6) are both Target Retirement Date funds. Over the past 5 years, TCLEX returned 4.21%/yr vs 2.99%/yr for FRHMX. Their correlation of 0.87 suggests significant overlap in exposure. TCLEX charges 0.51%/yr vs 0.25%/yr for FRHMX.

Performance

TCLEX vs. FRHMX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with TCLEX having a 4.09% return and FRHMX slightly lower at 3.92%.

TCLEX

• 1D: 0.07%
• 1M: 1.37%
• YTD: 4.09%
• 6M: 4.61%
• 1Y: 12.24%
• 3Y*: 9.56%
• 5Y*: 4.21%
• 10Y*: 5.87%

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)

TCLEX vs. FRHMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TCLEX TIAA-CREF Lifecycle 2010 Fund	4.09%	11.22%	7.31%	10.64%	-12.64%	6.62%	10.95%	4.21%
FRHMX Fidelity Managed Retirement Income Fund Class K6	3.92%	10.02%	4.50%	8.28%	-11.48%	2.98%	8.79%	3.17%

Correlation

The correlation between TCLEX and FRHMX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Aug 2, 2019	0.87

The correlation between TCLEX and FRHMX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

TCLEX vs. FRHMX — Risk / Return Rank

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

TCLEX

TCLEX Risk / Return Rank: 70
TCLEX Sharpe Ratio Rank: 72
TCLEX Sortino Ratio Rank: 76
TCLEX Omega Ratio Rank: 74
TCLEX Calmar Ratio Rank: 61
TCLEX Martin Ratio Rank: 69

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.

TCLEX vs. FRHMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Lifecycle 2010 Fund (TCLEX) 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.

	TCLEX	FRHMX	Difference
Sharpe ratio Return per unit of total volatility	2.47	2.51	-0.04
Sortino ratio Return per unit of downside risk	3.66	3.71	-0.05
Omega ratio Gain probability vs. loss probability	1.49	1.50	-0.02
Calmar ratio Return relative to maximum drawdown	3.00	3.07	-0.07
Martin ratio Return relative to average drawdown	13.38	13.17	+0.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TCLEX vs. FRHMX - Sharpe Ratio Comparison

The current TCLEX Sharpe Ratio is 2.47, which is comparable to the FRHMX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of TCLEX 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

	TCLEX	FRHMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.51	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.57	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.82	-0.21

Drawdowns

TCLEX vs. FRHMX - Drawdown Comparison

The maximum TCLEX drawdown since its inception was -35.33%, which is greater than FRHMX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for TCLEX and FRHMX.

Drawdown Indicators

	TCLEX	FRHMX	Difference
Max Drawdown Largest peak-to-trough decline	-35.33%	-15.96%	-19.37%
Max Drawdown (1Y) Largest decline over 1 year	-4.28%	-3.42%	-0.86%
Max Drawdown (3Y) Largest decline over 3 years	-8.25%	-4.90%	-3.35%
Max Drawdown (5Y) Largest decline over 5 years	-17.31%	-15.96%	-1.35%
Max Drawdown (10Y) Largest decline over 10 years	-17.31%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.99%	-3.51%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.80%	+0.16%

Volatility

TCLEX vs. FRHMX - Volatility Comparison

TIAA-CREF Lifecycle 2010 Fund (TCLEX) and Fidelity Managed Retirement Income Fund Class K6 (FRHMX) have volatilities of 1.67% and 1.67%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCLEX	FRHMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.67%	1.67%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	4.10%	3.43%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	5.07%	4.16%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.90%	5.29%	+1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.00%	5.15%	+1.85%

TCLEX vs. FRHMX - Expense Ratio Comparison

TCLEX has a 0.51% expense ratio, which is higher than FRHMX's 0.25% expense ratio.

Dividends

TCLEX vs. FRHMX - Dividend Comparison

TCLEX's dividend yield for the trailing twelve months is around 5.12%, more than FRHMX's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRHMX Fidelity Managed Retirement Income Fund Class K6	3.26%	3.22%	3.24%	3.02%	4.77%	3.78%	2.61%	1.95%	0.00%	0.00%	0.00%	0.00%
TCLEX TIAA-CREF Lifecycle 2010 Fund	5.12%	5.33%	4.44%	2.95%	5.91%	8.53%	6.93%	3.95%	5.60%	1.72%	3.45%	2.47%

Frequently Asked Questions

Can I hold both TCLEX and FRHMX in my portfolio?

With a correlation of 0.92, TCLEX 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.

Which is riskier, TCLEX or FRHMX?

FRHMX has higher volatility (1.67%) compared to TCLEX (1.67%). In terms of maximum drawdown, TCLEX dropped -35.33% vs FRHMX's -15.96%.

Which has better risk-adjusted returns?

FRHMX currently has the higher Sharpe Ratio (2.51 vs 2.47), 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.