- Issuer
- T. Rowe Price
- Inception Date
- Oct 12, 2020
- Category
- Target Retirement Date
- Min. Investment
- $2,500
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
PASUX Performance Chart
T. Rowe Price Retirement 2065 Fund (PASUX) is up 11.2% since the beginning of the year. PASUX is currently trading at $16 per share. Investors who bought $1,000 worth of PASUX shares 5 years ago would now be looking at an investment worth $1,531.
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Returns By Period
T. Rowe Price Retirement 2065 Fund (PASUX) has returned 11.24% so far this year and 25.77% over the past 12 months.
T. Rowe Price Retirement 2065 Fund
- 1D
- 0.18%
- 1M
- 3.68%
- YTD
- 11.24%
- 6M
- 12.45%
- 1Y
- 25.77%
- 3Y*
- 18.36%
- 5Y*
- 8.89%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.13%
- 1M
- 5.25%
- YTD
- 11.16%
- 6M
- 11.43%
- 1Y
- 28.20%
- 3Y*
- 21.12%
- 5Y*
- 12.66%
- 10Y*
- 13.75%
PASUX Monthly Returns History
Based on dividend-adjusted daily data since Oct 27, 2020, PASUX's average daily return is +0.05%, while the average monthly return is +1.07%. At this rate, an investment would double in approximately 5.4 years.
Historically, 67% of months were positive and 33% were negative. The best month was Nov 2020 with a return of +12.3%, while the worst month was Sep 2022 at -8.7%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 3 months.
On a daily basis, PASUX closed higher 51% of trading days. The best single day was Apr 9, 2025 with a return of +7.7%, while the worst single day was Apr 4, 2025 at -5.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.61% | 2.56% | -6.92% | 8.54% | 3.43% | 0.18% | 11.24% | ||||||
| 2025 | 3.44% | -0.30% | -3.03% | -0.31% | 4.71% | 3.75% | 0.58% | 2.94% | 2.93% | 1.22% | 0.80% | 0.75% | 18.63% |
| 2024 | 0.09% | 4.47% | 3.69% | -3.56% | 4.02% | 0.97% | 2.15% | 2.27% | 1.45% | -2.11% | 4.15% | -3.90% | 14.04% |
| 2023 | 7.09% | -2.88% | 2.17% | 1.26% | -0.96% | 5.59% | 3.65% | -2.56% | -4.16% | -2.83% | 8.25% | 5.14% | 20.48% |
| 2022 | -5.43% | -2.45% | 1.04% | -8.05% | 0.09% | -7.64% | 6.45% | -3.79% | -8.66% | 6.03% | 7.32% | -4.44% | -19.40% |
| 2021 | -0.27% | 3.84% | 2.64% | 4.29% | 1.32% | 0.89% | 0.64% | 2.56% | -3.90% | 4.87% | -3.02% | 3.17% | 17.93% |
Benchmark Metrics
T. Rowe Price Retirement 2065 Fund has an annualized alpha of -0.45%, beta of 0.86, and R2 of 0.91 versus S&P 500 Index. Calculated based on daily prices since October 28, 2020.
- This fund participated in 92.48% of S&P 500 Index downside but only 84.59% of its upside - more exposed to losses than it benefited from rallies.
- With beta of 0.86 and R2 of 0.91, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- -0.45%
- Beta
- 0.86
- R²
- 0.91
- Upside Capture
- 84.59%
- Downside Capture
- 92.48%
Expense Ratio
PASUX has an expense ratio of 0.89%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PASUX ranks 55 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 Retirement 2065 Fund (PASUX) and compare them to S&P 500 Index.
| PASUX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.20 | 2.39 | -0.18 |
Sortino ratioReturn per unit of downside risk | 3.05 | 3.25 | -0.20 |
Omega ratioGain probability vs. loss probability | 1.41 | 1.43 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 2.68 | 3.11 | -0.43 |
Martin ratioReturn relative to average drawdown | 11.91 | 14.38 | -2.47 |
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 Retirement 2065 Fund provided a 2.98% dividend yield over the last twelve months, with an annual payout of $0.49 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Dividend | $0.49 | $0.49 | $0.22 | $0.31 | $0.36 | $0.40 | $0.12 |
Dividend yield | 2.98% | 3.32% | 1.73% | 2.69% | 3.70% | 3.20% | 1.09% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Retirement 2065 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 | $0.49 | $0.49 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.22 | $0.22 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.31 | $0.31 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.36 | $0.36 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.40 | $0.40 |
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 Retirement 2065 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 Retirement 2065 Fund was 28.23%, occurring on Oct 14, 2022. Recovery took 349 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -28.23%Oct 2022 | 11mo 1d | 1y 4mo | 2y 3moNov 2021 - Mar 2024 |
2025 selloff2025 | -15.70%Apr 2025 | 1mo 18d | 1mo 29d | 3mo 17dFeb 2025 - Jun 2025 |
2026 pullback2026 | -9.89%Mar 2026 | 1mo 2d | 18d | 1mo 20dFeb 2026 - Apr 2026 |
2024 pullback2024 | -7.66%Aug 2024 | 19d | 18d | 1mo 7dJul 2024 - Aug 2024 |
2025 pullback2025 | -5.21%Jan 2025 | 1mo 6d | 1mo 4d | 2mo 10dDec 2024 - Feb 2025 |
Drawdown Indicators
| PASUX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.23% | -56.78% | +28.55% |
Max Drawdown (1Y)Largest decline over 1 year | -9.89% | -9.10% | -0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -15.70% | -18.90% | +3.20% |
Max Drawdown (5Y)Largest decline over 5 years | -28.23% | -25.43% | -2.80% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.69% | -10.72% | +4.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 1.97% | +0.25% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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