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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in T. Rowe Price Retirement Income 2020 Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
T. Rowe Price Retirement Income 2020 Fund (TRLAX) has returned -2.42% so far this year and 8.47% over the past 12 months.
T. Rowe Price Retirement Income 2020 Fund
- 1D
- -0.78%
- 1M
- -5.60%
- YTD
- -2.42%
- 6M
- -0.78%
- 1Y
- 8.47%
- 3Y*
- 8.31%
- 5Y*
- 3.53%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Jun 6, 2017, TRLAX's average daily return is +0.02%, while the average monthly return is +0.52%. At this rate, your investment would double in approximately 11.1 years.
Historically, 67% of months were positive and 33% 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% | -5.60% | -2.42% | |||||||||
| 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 0.40%, beta of 0.46, and R² of 0.80 versus S&P 500 Index. Calculated based on daily prices since June 07, 2017.
- This fund participated in 64.09% of S&P 500 Index downside but only 50.84% 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
- 0.40%
- Beta
- 0.46
- R²
- 0.80
- Upside Capture
- 50.84%
- Downside Capture
- 64.09%
Expense Ratio
TRLAX has an expense ratio of 0.53%, placing it in the medium range.
Return for Risk
Risk / Return Rank
TRLAX ranks 45 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 Income 2020 Fund (TRLAX) and compare them to a chosen benchmark (S&P 500 Index).
| TRLAX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.09 | 0.90 | +0.19 |
Sortino ratioReturn per unit of downside risk | 1.58 | 1.39 | +0.19 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.21 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 0.69 | 1.40 | -0.71 |
Martin ratioReturn relative to average drawdown | 3.08 | 6.61 | -3.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore TRLAX risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
T. Rowe Price Retirement Income 2020 Fund provided a 9.25% 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 | 9.25% | 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 | $0.08 | |||||||||
| 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 5.70%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -23.82% | Feb 20, 2020 | 23 | Mar 23, 2020 | 93 | Aug 4, 2020 | 116 |
| -22.46% | Nov 17, 2021 | 229 | Oct 14, 2022 | 438 | Jul 16, 2024 | 667 |
| -11.46% | Jan 29, 2018 | 229 | Dec 24, 2018 | 69 | Apr 4, 2019 | 298 |
| -8.86% | Feb 19, 2025 | 35 | Apr 8, 2025 | 42 | Jun 10, 2025 | 77 |
| -5.7% | Feb 26, 2026 | 18 | Mar 30, 2026 | — | — | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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