- ISIN
- US74149P3588
- Issuer
- T. Rowe Price
- Inception Date
- Aug 19, 2013
- Category
- Target Retirement Date
- Min. Investment
- $0
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
PAFFX Performance Chart
T. Rowe Price Target 2045 Fund (PAFFX) is up 10.1% since the beginning of the year. PAFFX is currently trading at $21 per share. Investors who bought $1,000 worth of PAFFX shares 5 years ago would now be looking at an investment worth $1,458.
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Returns By Period
T. Rowe Price Target 2045 Fund (PAFFX) has returned 10.12% so far this year and 22.78% over the past 12 months. Looking at the last ten years, PAFFX has achieved an annualized return of 19.39%, outperforming the S&P 500 Index benchmark, which averaged 13.66% per year.
T. Rowe Price Target 2045 Fund
- 1D
- 0.43%
- 1M
- 4.08%
- YTD
- 10.12%
- 6M
- 10.65%
- 1Y
- 22.78%
- 3Y*
- 16.54%
- 5Y*
- 7.84%
- 10Y*
- 19.39%
Benchmark (S&P 500 Index)
- 1D
- -0.74%
- 1M
- 4.90%
- YTD
- 10.35%
- 6M
- 10.28%
- 1Y
- 26.52%
- 3Y*
- 20.83%
- 5Y*
- 12.30%
- 10Y*
- 13.66%
PAFFX Monthly Returns History
Based on dividend-adjusted daily data since Aug 21, 2013, PAFFX's average daily return is +0.07%, while the average monthly return is +1.41%. At this rate, an investment would double in approximately 4.1 years.
Historically, 64% of months were positive and 36% were negative. The best month was Feb 2019 with a return of +34.5%, while the worst month was Mar 2020 at -13.1%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 4 months.
On a daily basis, PAFFX closed higher 52% of trading days. The best single day was Feb 7, 2019 with a return of +30.5%, while the worst single day was Mar 16, 2020 at -9.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.06% | 1.47% | -6.14% | 7.23% | 3.02% | 0.58% | 10.12% | ||||||
| 2025 | 4.22% | -2.87% | -0.93% | -0.23% | 3.98% | 3.38% | 0.49% | 2.60% | 2.69% | 1.13% | 0.76% | 0.59% | 16.73% |
| 2024 | -0.06% | 3.92% | 3.28% | -3.30% | 3.66% | 0.96% | 2.13% | 2.09% | 1.48% | -2.13% | 3.77% | -3.55% | 12.51% |
| 2023 | 6.61% | -2.65% | 2.08% | 1.12% | -0.97% | 4.97% | 3.20% | -2.39% | -3.84% | -2.69% | 7.78% | 4.99% | 18.79% |
| 2022 | -5.08% | -2.41% | 0.80% | -7.65% | 0.07% | -7.15% | 6.13% | -3.69% | -8.23% | 5.32% | 6.93% | -4.15% | -18.88% |
| 2021 | -0.13% | 3.18% | 1.85% | 3.75% | 1.17% | 1.04% | 0.51% | 2.27% | -3.55% | 4.26% | -2.71% | 2.80% | 15.08% |
Benchmark Metrics
T. Rowe Price Target 2045 Fund has an annualized alpha of 8.25%, beta of 0.69, and R2 of 0.36 versus S&P 500 Index. Calculated based on daily prices since August 22, 2013.
- This fund captured 102.81% of S&P 500 Index gains but only 83.60% of its losses - a favorable profile for investors.
- Beta of 0.69 may look defensive, but with R2 of 0.36 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.36 means the benchmark explains less than half of this fund's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 8.25%
- Beta
- 0.69
- R²
- 0.36
- Upside Capture
- 102.81%
- Downside Capture
- 83.60%
Expense Ratio
PAFFX has an expense ratio of 0.87%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PAFFX ranks 56 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Target 2045 Fund (PAFFX) and compare them to S&P 500 Index.
| PAFFX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.23 | 2.24 | -0.01 |
Sortino ratioReturn per unit of downside risk | 3.17 | 3.07 | +0.10 |
Omega ratioGain probability vs. loss probability | 1.42 | 1.41 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 2.75 | 2.93 | -0.17 |
Martin ratioReturn relative to average drawdown | 12.00 | 13.52 | -1.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
T. Rowe Price Target 2045 Fund provided a 4.53% dividend yield over the last twelve months, with an annual payout of $0.95 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.95 | $0.95 | $0.42 | $0.43 | $0.75 | $0.59 | $0.44 | $9.71 | $0.60 | $0.27 | $0.27 | $0.27 |
Dividend yield | 4.53% | 4.99% | 2.47% | 2.74% | 5.58% | 3.38% | 2.80% | 70.21% | 5.12% | 2.00% | 2.37% | 2.41% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Target 2045 Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.95 | $0.95 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.42 | $0.42 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.43 | $0.43 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.75 | $0.75 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.59 | $0.59 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the T. Rowe Price Target 2045 Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the T. Rowe Price Target 2045 Fund was 29.85%, occurring on Mar 23, 2020. Recovery took 95 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -29.85%Mar 2020 | 1mo 2d | 4mo 16d | 5mo 18dFeb 2020 - Aug 2020 |
Bear market2022 | -27.04%Oct 2022 | 11mo 1d | 1y 5mo | 2y 4moNov 2021 - Mar 2024 |
2016 correction2016 | -17.02%Feb 2016 | 8mo 25d | 10mo 2d | 1y 6moMay 2015 - Dec 2016 |
Rate-hike selloffLate 2018 | -15.48%Dec 2018 | 10mo 29d | 1mo 15d | 1y 9dJan 2018 - Feb 2019 |
2025 selloff2025 | -14.00%Apr 2025 | 1mo 19d | 2mo 2d | 3mo 21dFeb 2025 - Jun 2025 |
Drawdown Indicators
| PAFFX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.85% | -56.78% | +26.93% |
Max Drawdown (1Y)Largest decline over 1 year | -8.65% | -9.10% | +0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -14.00% | -18.90% | +4.90% |
Max Drawdown (5Y)Largest decline over 5 years | -27.04% | -25.43% | -1.61% |
Max Drawdown (10Y)Largest decline over 10 years | -29.85% | -33.92% | +4.07% |
Current DrawdownCurrent decline from peak | 0.00% | -0.74% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -4.63% | -10.72% | +6.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 1.97% | -0.02% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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