VTIVX vs. FRHMX

Last updated Jun 24, 2026

VTIVX (Vanguard Target Retirement 2045 Fund) and FRHMX (Fidelity Managed Retirement Income Fund Class K6) are both Target Retirement Date funds. Over the past 5 years, VTIVX returned 9.39%/yr vs 596.10%/yr for FRHMX. A 0.72 correlation means they provide meaningful diversification when combined. VTIVX charges 0.08%/yr vs 0.25%/yr for FRHMX.

Performance

VTIVX vs. FRHMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Target Retirement 2045 Fund (VTIVX) 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, VTIVX achieves a 10.42% return, which is significantly lower than FRHMX's 1,464,383.96% return.

VTIVX

• 1D: -0.16%
• 1M: 1.48%
• YTD: 10.42%
• 6M: 9.85%
• 1Y: 24.38%
• 3Y*: 17.98%
• 5Y*: 9.39%
• 10Y*: 11.66%

FRHMX

• 1D: 1,410,365.12%
• 1M: 1,421,616.96%
• YTD: 1,464,383.96%
• 6M: 1,464,432.61%
• 1Y: 1,543,480.72%
• 3Y*: 2,494.75%
• 5Y*: 596.10%
• 10Y*: —

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

VTIVX vs. FRHMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VTIVX Vanguard Target Retirement 2045 Fund	10.42%	20.01%	13.68%	19.72%	-17.38%	16.16%	16.31%	8.14%
FRHMX Fidelity Managed Retirement Income Fund Class K6	1,464,383.96%	10.02%	4.50%	8.28%	-11.48%	2.98%	8.79%	3.17%

Correlation

The correlation between VTIVX and FRHMX 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	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Aug 1, 2019	0.72

The correlation between VTIVX and FRHMX shifts across timeframes, from 0.72 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VTIVX vs. FRHMX — Risk / Return Rank

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

VTIVX

VTIVX Risk / Return Rank: 71
VTIVX Sharpe Ratio Rank: 73
VTIVX Sortino Ratio Rank: 69
VTIVX Omega Ratio Rank: 69
VTIVX Calmar Ratio Rank: 70
VTIVX Martin Ratio Rank: 75

FRHMX

FRHMX Risk / Return Rank: 84
FRHMX Sharpe Ratio Rank: 18
FRHMX Sortino Ratio Rank: 100
FRHMX Omega Ratio Rank: 100
FRHMX Calmar Ratio Rank: 100
FRHMX Martin Ratio Rank: 100

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.

VTIVX vs. FRHMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Target Retirement 2045 Fund (VTIVX) 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.

	VTIVX	FRHMX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.14	+1.14
Sortino ratio: Return per unit of downside risk	3.14	488,367.03	-488,363.89
Omega ratio: Gain probability vs. loss probability	1.42	68,097.73	-68,096.31
Calmar ratio: Return relative to maximum drawdown	3.06	470,348.34	-470,345.28
Martin ratio: Return relative to average drawdown	13.22	1,985,653.35	-1,985,640.13

VTIVX vs. FRHMX - Sharpe Ratio Comparison

The current VTIVX Sharpe Ratio is 2.28, which is higher than the FRHMX Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of VTIVX 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.

Drawdowns

VTIVX vs. FRHMX - Drawdown Comparison

The maximum VTIVX drawdown since its inception was -51.69%, which is greater than FRHMX's maximum drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for VTIVX and FRHMX.

Drawdown Indicators

	VTIVX	FRHMX	Difference
Max Drawdown Largest peak-to-trough decline	-51.69%	-15.96%	-35.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.30%	-3.42%	-4.88%
Max Drawdown (3Y) Largest decline over 3 years	-13.40%	-4.90%	-8.50%
Max Drawdown (5Y) Largest decline over 5 years	-25.10%	-15.96%	-9.14%
Max Drawdown (10Y) Largest decline over 10 years	-31.42%	—	—
Current Drawdown Current decline from peak	-0.60%	0.00%	-0.60%
Average Drawdown Average peak-to-trough decline	-6.32%	-3.49%	-2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	0.81%	+1.11%

Volatility

VTIVX vs. FRHMX - Volatility Comparison

The current volatility for Vanguard Target Retirement 2045 Fund (VTIVX) is 4.42%, while Fidelity Managed Retirement Income Fund Class K6 (FRHMX) has a volatility of 955.41%. This indicates that VTIVX experiences smaller price fluctuations and is considered to be less risky than FRHMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTIVX	FRHMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	955.41%	-950.99%
Volatility (6M) Calculated over the trailing 6-month period	9.21%	955.40%	-946.19%
Volatility (1Y) Calculated over the trailing 1-year period	11.16%	1,413,171.78%	-1,413,160.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.59%	631,989.64%	-631,976.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.83%	538,904.02%	-538,889.19%

VTIVX vs. FRHMX - Expense Ratio Comparison

VTIVX 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

VTIVX vs. FRHMX - Dividend Comparison

VTIVX's dividend yield for the trailing twelve months is around 2.26%, less than FRHMX's 103.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRHMX Fidelity Managed Retirement Income Fund Class K6	103.07%	3.22%	3.24%	3.02%	4.77%	3.78%	2.61%	1.95%	0.00%	0.00%	0.00%	0.00%
VTIVX Vanguard Target Retirement 2045 Fund	2.26%	2.50%	2.36%	2.27%	2.75%	15.40%	1.90%	2.23%	2.52%	0.04%	2.47%	3.29%

Frequently Asked Questions

Can I hold both VTIVX and FRHMX in my portfolio?

VTIVX and FRHMX 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.

Which is riskier, VTIVX or FRHMX?

FRHMX has higher volatility (955.41%) compared to VTIVX (4.42%). In terms of maximum drawdown, VTIVX dropped -51.69% vs FRHMX's -15.96%.

Which has better risk-adjusted returns?

VTIVX currently has the higher Sharpe Ratio (2.28 vs 1.14), 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.