- ISIN
- US8727976917
- Issuer
- T. Rowe Price
- Inception Date
- May 24, 2017
- Category
- Target Retirement Date
- Min. Investment
- $25,000
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
TRLAX Performance Chart
T. Rowe Price Retirement Income 2020 Fund (TRLAX) is up 5.9% since the beginning of the year. TRLAX is currently trading at $10 per share. Investors who bought $1,000 worth of TRLAX shares 5 years ago would now be looking at an investment worth $1,249.
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Returns By Period
T. Rowe Price Retirement Income 2020 Fund (TRLAX) has returned 5.92% so far this year and 14.63% over the past 12 months.
T. Rowe Price Retirement Income 2020 Fund
- 1D
- 0.74%
- 1M
- 1.16%
- YTD
- 5.92%
- 6M
- 5.90%
- 1Y
- 14.63%
- 3Y*
- 10.31%
- 5Y*
- 4.55%
- 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%
TRLAX Monthly Returns History
Based on dividend-adjusted daily data since Jun 6, 2017, TRLAX's average daily return is +0.03%, while the average monthly return is +0.58%. At this rate, an investment would double in approximately 10.0 years.
Historically, 68% of months were positive and 32% were negative. The best month was Apr 2020 with a return of +7.8%, while the worst month was Mar 2020 at -10.7%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 4 months.
On a daily basis, TRLAX closed higher 50% of trading days. The best single day was Mar 24, 2020 with a return of +5.3%, while the worst single day was Mar 16, 2020 at -6.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.17% | 1.17% | -4.12% | 4.64% | 2.02% | 0.10% | 5.92% | ||||||
| 2025 | 1.67% | 0.11% | -1.97% | 0.02% | 2.25% | 2.43% | 0.44% | 1.95% | 1.92% | 0.74% | 0.43% | 0.51% | 10.92% |
| 2024 | 0.02% | 2.14% | 1.87% | -2.48% | 2.68% | 0.88% | 1.96% | 1.73% | 1.28% | -1.67% | 2.69% | -2.49% | 8.74% |
| 2023 | 4.86% | -2.13% | 1.90% | 0.83% | -1.00% | 3.03% | 2.06% | -1.63% | -2.82% | -1.86% | 5.28% | 4.13% | 12.89% |
| 2022 | -3.47% | -2.10% | -0.39% | -5.47% | 0.03% | -5.63% | 3.98% | -3.29% | -6.38% | 2.86% | 5.22% | -2.55% | -16.59% |
| 2021 | -0.09% | 1.78% | 1.21% | 2.77% | 0.90% | 0.81% | 0.72% | 1.43% | -2.29% | 2.62% | -1.60% | 1.85% | 10.45% |
Benchmark Metrics
T. Rowe Price Retirement Income 2020 Fund has an annualized alpha of 0.52%, beta of 0.46, and R2 of 0.80 versus S&P 500 Index. Calculated based on daily prices since June 06, 2017.
- This fund participated in 63.39% of S&P 500 Index downside but only 50.37% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.46 indicates this fund moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 0.52%
- Beta
- 0.46
- R²
- 0.80
- Upside Capture
- 50.37%
- Downside Capture
- 63.39%
Expense Ratio
TRLAX has an expense ratio of 0.53%, placing it in the medium range.
Return for Risk
Risk / Return Rank
TRLAX ranks 73 for risk / return — better than 73% 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 Income 2020 Fund (TRLAX) 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.
| TRLAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.37 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.96 | 2.78 | +0.17 |
| Martin ratioReturn relative to average drawdown | 13.73 | 12.44 | +1.29 |
Dividends
Dividend History
T. Rowe Price Retirement Income 2020 Fund provided a 8.61% dividend yield over the last twelve months, with an annual payout of $0.82 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.82 | $0.74 | $0.75 | $0.58 | $0.62 | $0.85 | $0.85 | $0.59 | $0.71 | $0.29 |
Dividend yield | 8.61% | 8.08% | 8.38% | 6.52% | 7.29% | 7.77% | 7.93% | 5.80% | 7.83% | 2.84% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Retirement Income 2020 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 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.20 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.42 | $0.74 |
| 2024 | $0.04 | $0.04 | $0.00 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.34 | $0.75 |
| 2023 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.00 | $0.16 | $0.58 |
| 2022 | $0.04 | $0.00 | $0.00 | $0.04 | $0.04 | $0.00 | $0.00 | $0.00 | $0.04 | $0.04 | $0.04 | $0.37 | $0.62 |
| 2021 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.41 | $0.85 |
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 Income 2020 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 Income 2020 Fund was 23.82%, occurring on Mar 23, 2020. Recovery took 93 trading sessions.
The current T. Rowe Price Retirement Income 2020 Fund drawdown is 0.21%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -23.82%Mar 2020 | 1mo 2d | 4mo 14d | 5mo 16dFeb 2020 - Aug 2020 |
Bear market2022 | -22.46%Oct 2022 | 11mo 1d | 1y 9mo | 2y 8moNov 2021 - Jul 2024 |
Rate-hike selloffLate 2018 | -11.46%Dec 2018 | 10mo 29d | 3mo 11d | 1y 2moJan 2018 - Apr 2019 |
2025 selloff2025 | -8.86%Apr 2025 | 1mo 18d | 2mo 3d | 3mo 21dFeb 2025 - Jun 2025 |
2026 pullback2026 | -5.70%Mar 2026 | 1mo 2d | 18d | 1mo 20dFeb 2026 - Apr 2026 |
Drawdown Indicators
| TRLAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.82% | -56.78% | +32.96% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -9.10% | +3.40% |
Max Drawdown (3Y)Largest decline over 3 years | -8.86% | -18.90% | +10.04% |
Max Drawdown (5Y)Largest decline over 5 years | -22.46% | -25.43% | +2.97% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.21% | -1.80% | +1.59% |
Average DrawdownAverage peak-to-trough decline | -4.55% | -10.71% | +6.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 2.03% | -0.87% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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