T. Rowe Price Target 2045 Fund (PAFFX)

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The chart shows the growth of an initial investment of $10,000 in T. Rowe Price Target 2045 Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

T. Rowe Price Target 2045 Fund (PAFFX) has returned -3.21% so far this year and 12.64% over the past 12 months. Looking at the last ten years, PAFFX has achieved an annualized return of 18.12%, outperforming the S&P 500 Index benchmark, which averaged 12.16% per year.

Based on dividend-adjusted daily data since Aug 21, 2013, PAFFX's average daily return is +0.06%, while the average monthly return is +1.36%. At this rate, your investment would double in approximately 4.3 years.

Historically, 63% of months were positive and 37% 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%.

T. Rowe Price Target 2045 Fund has an annualized alpha of 8.36%, 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 104.75% of S&P 500 Index gains but only 83.67% 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.

PAFFX has an expense ratio of 0.87%, placing it in the medium range.

PAFFX ranks 44 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.

The table below present risk-adjusted performance metrics for T. Rowe Price Target 2045 Fund (PAFFX) and compare them to a chosen benchmark (S&P 500 Index).

T. Rowe Price Target 2045 Fund provided a 5.16% dividend yield over the last twelve months, with an annual payout of $0.95 per share.

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.

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.

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.

The current T. Rowe Price Target 2045 Fund drawdown is 8.65%.

The chart below shows the rolling one-month volatility.