TRRFX vs. FRQHX

Last updated Jul 18, 2026

TRRFX (T. Rowe Price Retirement 2005 Fund) and FRQHX (Fidelity Managed Retirement 2010 Fund Class K6) are both Target Retirement Date funds. Their correlation of 0.85 suggests significant overlap in exposure. TRRFX charges 0.49%/yr vs 0.26%/yr for FRQHX.

Performance

TRRFX vs. FRQHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2005 Fund (TRRFX) and Fidelity Managed Retirement 2010 Fund Class K6 (FRQHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TRRFX

• 1D: -0.23%
• 1M: 0.38%
• 6M: 3.59%
• YTD: 5.07%
• 1Y: 4.74%
• 3Y*: 7.57%
• 5Y*: 3.43%
• 10Y*: 5.39%

FRQHX

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

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

TRRFX vs. FRQHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TRRFX T. Rowe Price Retirement 2005 Fund	5.07%	5.43%	8.04%	11.97%	-13.61%	8.13%	11.24%	4.35%
FRQHX Fidelity Managed Retirement 2010 Fund Class K6	3.71%	10.01%	4.68%	8.75%	-12.22%	4.04%	9.80%	3.95%

Correlation

The correlation between TRRFX and FRQHX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.85

The correlation between TRRFX and FRQHX has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

Return for Risk

TRRFX vs. FRQHX — Risk / Return Rank

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

TRRFX

TRRFX Risk / Return Rank: 11
TRRFX Sharpe Ratio Rank: 11
TRRFX Sortino Ratio Rank: 8
TRRFX Omega Ratio Rank: 13
TRRFX Calmar Ratio Rank: 10
TRRFX Martin Ratio Rank: 10

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.

TRRFX vs. FRQHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2005 Fund (TRRFX) 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.

	TRRFX	FRQHX	Difference
Sharpe ratio: Return per unit of total volatility	0.67	—	—
Sortino ratio: Return per unit of downside risk	0.85	—	—
Omega ratio: Gain probability vs. loss probability	1.15	—	—
Calmar ratio: Return relative to maximum drawdown	0.74	—	—
Martin ratio: Return relative to average drawdown	2.08	—	—

Drawdowns

Drawdown Indicators

	TRRFX	FRQHX	Difference
Max Drawdown Largest peak-to-trough decline	-33.29%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-6.90%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.82%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-18.82%	—	—
Current Drawdown Current decline from peak	-0.53%	—	—
Average Drawdown Average peak-to-trough decline	-3.49%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	—	—

Volatility

Volatility by Period

	TRRFX	FRQHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.65%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.88%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.35%	—	—

TRRFX vs. FRQHX - Expense Ratio Comparison

TRRFX has a 0.49% expense ratio, which is higher than FRQHX's 0.26% expense ratio.

Dividends

TRRFX vs. FRQHX - Dividend Comparison

TRRFX has not paid dividends to shareholders, while FRQHX's dividend yield for the trailing twelve months is around 3.25%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRQHX Fidelity Managed Retirement 2010 Fund Class K6	3.25%	3.20%	3.20%	2.95%	5.25%	6.22%	3.70%	2.57%	0.00%	0.00%	0.00%	0.00%
TRRFX T. Rowe Price Retirement 2005 Fund	0.00%	0.00%	3.87%	4.24%	10.43%	10.54%	8.55%	3.65%	6.97%	4.25%	1.28%	1.69%

Frequently Asked Questions

Can I hold both TRRFX and FRQHX in my portfolio?

TRRFX and FRQHX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.