- ISIN
- US74149P8124
- CUSIP
- 74149P812
- Issuer
- T. Rowe Price
- Inception Date
- Feb 26, 2004
- Category
- Target Retirement Date
- Min. Investment
- $2,500
- Distribution Policy
- Accumulating
- Asset Class
- Multi-Asset
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
TRRFX Performance Chart
T. Rowe Price Retirement 2005 Fund (TRRFX) is up 5.2% since the beginning of the year. TRRFX is currently trading at $13 per share. Investors who bought $1,000 worth of TRRFX shares 5 years ago would now be looking at an investment worth $1,191.
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Returns By Period
T. Rowe Price Retirement 2005 Fund (TRRFX) has returned 5.23% so far this year and 7.18% over the past 12 months. Over the last ten years, TRRFX has returned 5.61% per year, falling short of the S&P 500 Index benchmark, which averaged 13.75% annually.
T. Rowe Price Retirement 2005 Fund
- 1D
- 0.00%
- 1M
- 1.61%
- YTD
- 5.23%
- 6M
- 0.15%
- 1Y
- 7.18%
- 3Y*
- 8.48%
- 5Y*
- 3.56%
- 10Y*
- 5.61%
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%
TRRFX Monthly Returns History
Based on dividend-adjusted daily data since Mar 1, 2004, TRRFX's average daily return is +0.02%, while the average monthly return is +0.47%. At this rate, an investment would double in approximately 12.3 years.
Historically, 66% of months were positive and 34% were negative. The best month was Apr 2009 with a return of +6.9%, while the worst month was Oct 2008 at -11.3%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 6 months.
On a daily basis, TRRFX closed higher 51% of trading days. The best single day was Oct 13, 2008 with a return of +5.1%, while the worst single day was Dec 22, 2025 at -4.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.14% | 1.01% | -3.46% | 3.90% | 1.68% | 0.00% | 5.23% | ||||||
| 2025 | 1.92% | 0.74% | -1.22% | 0.08% | 1.81% | 2.18% | 0.40% | 1.73% | 1.63% | 0.69% | 0.53% | -4.97% | 5.43% |
| 2024 | 0.00% | 1.65% | 1.97% | -2.18% | 2.40% | 0.84% | 1.83% | 1.55% | 1.28% | -1.51% | 2.25% | -2.16% | 8.04% |
| 2023 | 4.29% | -1.88% | 1.82% | 0.81% | -1.07% | 2.42% | 1.75% | -1.38% | -2.53% | -1.52% | 5.19% | 3.83% | 11.97% |
| 2022 | -2.99% | -1.50% | -0.15% | -4.82% | -0.08% | -4.59% | 4.05% | -2.67% | -5.91% | 2.39% | 4.58% | -2.19% | -13.61% |
| 2021 | -0.14% | 1.07% | 0.99% | 2.24% | 0.82% | 0.61% | 0.81% | 1.07% | -1.85% | 2.09% | -1.39% | 1.62% | 8.13% |
Benchmark Metrics
T. Rowe Price Retirement 2005 Fund has an annualized alpha of 1.53%, beta of 0.41, and R2 of 0.82 versus S&P 500 Index. Calculated based on daily prices since March 02, 2004.
- This fund participated in 54.68% of S&P 500 Index downside but only 49.56% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.41 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
- 1.53%
- Beta
- 0.41
- R²
- 0.82
- Upside Capture
- 49.56%
- Downside Capture
- 54.68%
Expense Ratio
TRRFX has an expense ratio of 0.49%, placing it in the medium range.
Return for Risk
Risk / Return Rank
TRRFX ranks 13 for risk / return — in the bottom 13% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price Retirement 2005 Fund (TRRFX) and compare them to S&P 500 Index.
| TRRFX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.03 | 2.39 | -1.36 |
Sortino ratioReturn per unit of downside risk | 1.26 | 3.25 | -1.99 |
Omega ratioGain probability vs. loss probability | 1.24 | 1.43 | -0.19 |
Calmar ratioReturn relative to maximum drawdown | 1.10 | 3.11 | -2.02 |
Martin ratioReturn relative to average drawdown | 3.09 | 14.38 | -11.29 |
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 2005 Fund provided a 0.00% dividend yield over the last twelve months, with an annual payout of $0.00 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.00 | $0.00 | $0.46 | $0.49 | $1.12 | $1.44 | $1.20 | $0.50 | $0.86 | $0.58 | $0.17 | $0.21 |
Dividend yield | 0.00% | 0.00% | 3.87% | 4.24% | 10.43% | 10.54% | 8.55% | 3.65% | 6.97% | 4.25% | 1.28% | 1.69% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Retirement 2005 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 | $0.00 | $0.00 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.46 | $0.46 |
| 2023 | $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 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.12 | $1.12 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.44 | $1.44 |
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 2005 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 2005 Fund was 33.29%, occurring on Mar 9, 2009. Recovery took 277 trading sessions.
The current T. Rowe Price Retirement 2005 Fund drawdown is 0.38%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -33.29%Mar 2009 | 1y 4mo | 1y 1mo | 2y 5moNov 2007 - Apr 2010 |
Bear market2022 | -18.82%Oct 2022 | 11mo 1d | 1y 7mo | 2y 6moNov 2021 - May 2024 |
COVID crash2020 | -18.11%Mar 2020 | 1mo 2d | 3mo 29d | 5mo 1dFeb 2020 - Jul 2020 |
2011 correction2011 | -10.58%Oct 2011 | 5mo 4d | 4mo 3d | 9mo 7dMay 2011 - Feb 2012 |
2016 pullback2016 | -9.83%Feb 2016 | 9mo 20d | 5mo 18d | 1y 3moApr 2015 - Jul 2016 |
Drawdown Indicators
| TRRFX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.29% | -56.78% | +23.49% |
Max Drawdown (1Y)Largest decline over 1 year | -6.90% | -9.10% | +2.20% |
Max Drawdown (3Y)Largest decline over 3 years | -6.90% | -18.90% | +12.00% |
Max Drawdown (5Y)Largest decline over 5 years | -18.82% | -25.43% | +6.61% |
Max Drawdown (10Y)Largest decline over 10 years | -18.82% | -33.92% | +15.10% |
Current DrawdownCurrent decline from peak | -0.38% | 0.00% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -3.50% | -10.72% | +7.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 1.97% | +0.45% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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