- Issuer
- T. Rowe Price
- Inception Date
- Jul 25, 2021
- Category
- Target Retirement Date
- Min. Investment
- $500,000
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
TBLJX Performance Chart
T. Rowe Price Retirement Blend 2040 Fund (TBLJX) is up 10.6% since the beginning of the year. TBLJX is currently trading at $14 per share.
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Returns By Period
T. Rowe Price Retirement Blend 2040 Fund (TBLJX) has returned 10.57% so far this year and 25.06% over the past 12 months.
T. Rowe Price Retirement Blend 2040 Fund
- 1D
- 1.03%
- 1M
- 1.48%
- YTD
- 10.57%
- 6M
- 10.31%
- 1Y
- 25.06%
- 3Y*
- 17.07%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
TBLJX Monthly Returns History
Based on dividend-adjusted daily data since Jul 30, 2021, TBLJX's average daily return is +0.04%, while the average monthly return is +0.79%. At this rate, an investment would double in approximately 7.3 years.
Historically, 62% of months were positive and 38% were negative. The best month was Nov 2023 with a return of +8.1%, while the worst month was Sep 2022 at -8.6%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 3 months.
On a daily basis, TBLJX closed higher 51% of trading days. The best single day was Apr 9, 2025 with a return of +7.1%, while the worst single day was Apr 4, 2025 at -5.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.15% | 2.19% | -6.05% | 7.66% | 3.56% | 0.15% | 10.57% | ||||||
| 2025 | 3.27% | -0.18% | -2.99% | -0.00% | 4.49% | 3.76% | 0.60% | 2.91% | 3.00% | 1.37% | 0.64% | 0.73% | 18.81% |
| 2024 | -0.10% | 4.07% | 3.21% | -3.50% | 3.93% | 1.16% | 2.30% | 2.15% | 1.74% | -2.07% | 4.05% | -3.45% | 13.87% |
| 2023 | 6.99% | -2.63% | 2.24% | 1.15% | -1.14% | 5.41% | 3.38% | -2.53% | -4.12% | -2.71% | 8.13% | 5.30% | 20.14% |
| 2022 | -4.93% | -2.49% | 1.28% | -7.67% | 0.34% | -7.60% | 6.63% | -3.68% | -8.60% | 5.88% | 7.16% | -4.13% | -17.93% |
| 2021 | 0.00% | 2.30% | -3.72% | 4.78% | -2.62% | 3.38% | 3.89% |
Benchmark Metrics
T. Rowe Price Retirement Blend 2040 Fund has an annualized alpha of -0.11%, beta of 0.81, and R2 of 0.90 versus S&P 500 Index. Calculated based on daily prices since July 30, 2021.
- This fund participated in 87.67% of S&P 500 Index downside but only 79.98% of its upside - more exposed to losses than it benefited from rallies.
- Alpha
- -0.11%
- Beta
- 0.81
- R²
- 0.90
- Upside Capture
- 79.98%
- Downside Capture
- 87.67%
Expense Ratio
TBLJX has an expense ratio of 0.24%, which is considered low.
Return for Risk
Risk / Return Rank
TBLJX ranks 63 for risk / return — better than 63% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Retirement Blend 2040 Fund (TBLJX) and compare them to S&P 500 Index.
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.
| TBLJX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.37 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.87 | 2.78 | +0.08 |
| Martin ratioReturn relative to average drawdown | 12.50 | 12.44 | +0.06 |
Dividends
Dividend History
T. Rowe Price Retirement Blend 2040 Fund provided a 2.33% dividend yield over the last twelve months, with an annual payout of $0.32 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Dividend | $0.32 | $0.32 | $0.22 | $0.21 | $0.16 | $0.22 |
Dividend yield | 2.33% | 2.58% | 2.05% | 2.19% | 1.97% | 2.17% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Retirement Blend 2040 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 | $0.32 | $0.32 |
| 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 | $0.21 | $0.21 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.16 | $0.16 |
| 2021 | $0.22 | $0.22 |
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 Blend 2040 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 Blend 2040 Fund was 25.86%, occurring on Oct 14, 2022. Recovery took 339 trading sessions.
The current T. Rowe Price Retirement Blend 2040 Fund drawdown is 0.44%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -25.86%Oct 2022 | 11mo 1d | 1y 4mo | 2y 3moNov 2021 - Feb 2024 |
2025 selloff2025 | -14.55%Apr 2025 | 1mo 18d | 1mo 27d | 3mo 15dFeb 2025 - Jun 2025 |
2026 pullback2026 | -8.63%Mar 2026 | 1mo 2d | 18d | 1mo 20dFeb 2026 - Apr 2026 |
2024 pullback2024 | -6.54%Aug 2024 | 21d | 16d | 1mo 7dJul 2024 - Aug 2024 |
2021 pullback2021 | -4.85%Oct 2021 | 27d | 24d | 1mo 21dSep 2021 - Oct 2021 |
Drawdown Indicators
| TBLJX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.86% | -56.78% | +30.92% |
Max Drawdown (1Y)Largest decline over 1 year | -8.63% | -9.10% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -14.55% | -18.90% | +4.35% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.44% | -1.80% | +1.36% |
Average DrawdownAverage peak-to-trough decline | -6.41% | -10.71% | +4.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 2.03% | -0.06% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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