DTDRX vs. TBLKX

Last updated Jun 25, 2026

DTDRX (Dimensional 2065 Target Date Retirement Income Fund) and TBLKX (T. Rowe Price Retirement Blend 2045 Fund) are both Target Retirement Date funds. Over the past 3 years, DTDRX returned 18.95%/yr vs 18.21%/yr for TBLKX. With a 0.96 correlation, they move nearly in lockstep. DTDRX charges 0.22%/yr vs 0.25%/yr for TBLKX.

Performance

DTDRX vs. TBLKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional 2065 Target Date Retirement Income Fund (DTDRX) and T. Rowe Price Retirement Blend 2045 Fund (TBLKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DTDRX having a 9.68% return and TBLKX slightly lower at 9.43%.

DTDRX

• 1D: -1.65%
• 1M: -0.52%
• YTD: 9.68%
• 6M: 8.62%
• 1Y: 22.62%
• 3Y*: 18.95%
• 5Y*: 10.96%
• 10Y*: —

TBLKX

• 1D: -1.69%
• 1M: -0.36%
• YTD: 9.43%
• 6M: 8.50%
• 1Y: 22.40%
• 3Y*: 18.21%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DTDRX vs. TBLKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DTDRX Dimensional 2065 Target Date Retirement Income Fund	9.68%	19.28%	17.13%	21.29%	-15.25%	5.03%
TBLKX T. Rowe Price Retirement Blend 2045 Fund	9.43%	19.98%	14.79%	20.88%	-18.12%	4.14%

Correlation

The correlation between DTDRX and TBLKX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 30, 2021	0.96

The correlation between DTDRX and TBLKX has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Return for Risk

DTDRX vs. TBLKX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DTDRX

DTDRX Risk / Return Rank: 73
DTDRX Sharpe Ratio Rank: 73
DTDRX Sortino Ratio Rank: 70
DTDRX Omega Ratio Rank: 68
DTDRX Calmar Ratio Rank: 73
DTDRX Martin Ratio Rank: 79

TBLKX

TBLKX Risk / Return Rank: 60
TBLKX Sharpe Ratio Rank: 59
TBLKX Sortino Ratio Rank: 56
TBLKX Omega Ratio Rank: 58
TBLKX Calmar Ratio Rank: 58
TBLKX Martin Ratio Rank: 68

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DTDRX vs. TBLKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional 2065 Target Date Retirement Income Fund (DTDRX) and T. Rowe Price Retirement Blend 2045 Fund (TBLKX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	DTDRX	TBLKX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.90	+0.31
Sortino ratio: Return per unit of downside risk	3.06	2.62	+0.44
Omega ratio: Gain probability vs. loss probability	1.40	1.35	+0.05
Calmar ratio: Return relative to maximum drawdown	3.06	2.58	+0.48
Martin ratio: Return relative to average drawdown	13.13	11.25	+1.89

DTDRX vs. TBLKX - Sharpe Ratio Comparison

The current DTDRX Sharpe Ratio is 2.21, which is comparable to the TBLKX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of DTDRX and TBLKX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DTDRX vs. TBLKX - Drawdown Comparison

The maximum DTDRX drawdown since its inception was -33.33%, which is greater than TBLKX's maximum drawdown of -26.34%. Use the drawdown chart below to compare losses from any high point for DTDRX and TBLKX.

Drawdown Indicators

	DTDRX	TBLKX	Difference
Max Drawdown Largest peak-to-trough decline	-33.33%	-26.34%	-6.99%
Max Drawdown (1Y) Largest decline over 1 year	-8.57%	-9.26%	+0.69%
Max Drawdown (3Y) Largest decline over 3 years	-15.95%	-15.75%	-0.20%
Max Drawdown (5Y) Largest decline over 5 years	-23.47%	—	—
Current Drawdown Current decline from peak	-2.41%	-2.25%	-0.16%
Average Drawdown Average peak-to-trough decline	-5.06%	-6.53%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	2.12%	-0.19%

Volatility

DTDRX vs. TBLKX - Volatility Comparison

Dimensional 2065 Target Date Retirement Income Fund (DTDRX) and T. Rowe Price Retirement Blend 2045 Fund (TBLKX) have volatilities of 4.81% and 4.99%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DTDRX	TBLKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	4.99%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	9.66%	10.37%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	11.86%	12.57%	-0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.98%	15.36%	-0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.17%	15.36%	+3.81%

DTDRX vs. TBLKX - Expense Ratio Comparison

DTDRX has a 0.22% expense ratio, which is lower than TBLKX's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DTDRX vs. TBLKX - Dividend Comparison

DTDRX's dividend yield for the trailing twelve months is around 1.40%, less than TBLKX's 2.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
DTDRX Dimensional 2065 Target Date Retirement Income Fund	1.40%	1.31%	2.07%	1.94%	2.01%	1.53%	2.55%
TBLKX T. Rowe Price Retirement Blend 2045 Fund	2.29%	2.50%	2.01%	1.95%	1.96%	2.21%	0.00%

Frequently Asked Questions

Can I hold both DTDRX and TBLKX in my portfolio?

With a correlation of 0.92, DTDRX and TBLKX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DTDRX or TBLKX?

TBLKX has higher volatility (4.99%) compared to DTDRX (4.81%). In terms of maximum drawdown, DTDRX dropped -33.33% vs TBLKX's -26.34%.

Which has better risk-adjusted returns?

DTDRX currently has the higher Sharpe Ratio (2.21 vs 1.90), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.