T. Rowe Price Retirement 2005 Fund (TRRFX)

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The chart shows the growth of an initial investment of $10,000 in T. Rowe Price Retirement 2005 Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

T. Rowe Price Retirement 2005 Fund (TRRFX) has returned -1.58% so far this year and 2.31% over the past 12 months. Over the last ten years, TRRFX has returned 5.09% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.

Based on dividend-adjusted daily data since Mar 1, 2004, TRRFX's average daily return is +0.02%, while the average monthly return is +0.45%. At this rate, your investment would double in approximately 12.9 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%.

T. Rowe Price Retirement 2005 Fund has an annualized alpha of 1.58%, 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 54.67% of S&P 500 Index downside but only 50.14% 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.

TRRFX has an expense ratio of 0.49%, placing it in the medium range.

TRRFX ranks 10 for risk / return — in the bottom 10% 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.

The table below present risk-adjusted performance metrics for T. Rowe Price Retirement 2005 Fund (TRRFX) and compare them to a chosen benchmark (S&P 500 Index).

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.

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.

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.

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 6.83%.

The chart below shows the rolling one-month volatility.