EPGAX vs. TRRDX

Last updated Jun 5, 2026

EPGAX (Fidelity Advisor Equity Growth Fund Class A) and TRRDX (T. Rowe Price Retirement 2040 Fund) are both mutual funds - EPGAX is a Large Cap Growth Equities fund managed by Fidelity, while TRRDX is a Target Retirement Date fund managed by T. Rowe Price. Over the past 10 years, EPGAX returned 17.40%/yr vs 10.56%/yr for TRRDX. Their correlation of 0.90 suggests significant overlap in exposure. EPGAX charges 0.97%/yr vs 0.61%/yr for TRRDX.

Performance

EPGAX vs. TRRDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Equity Growth Fund Class A (EPGAX) and T. Rowe Price Retirement 2040 Fund (TRRDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPGAX achieves a 14.18% return, which is significantly higher than TRRDX's 9.77% return. Over the past 10 years, EPGAX has outperformed TRRDX with an annualized return of 17.40%, while TRRDX has yielded a comparatively lower 10.56% annualized return.

EPGAX

• 1D: -1.01%
• 1M: 5.57%
• YTD: 14.18%
• 6M: 13.27%
• 1Y: 28.65%
• 3Y*: 19.84%
• 5Y*: 11.51%
• 10Y*: 17.40%

TRRDX

• 1D: -0.63%
• 1M: 2.75%
• YTD: 9.77%
• 6M: 5.56%
• 1Y: 17.41%
• 3Y*: 15.37%
• 5Y*: 7.23%
• 10Y*: 10.56%

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

EPGAX vs. TRRDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPGAX Fidelity Advisor Equity Growth Fund Class A	14.18%	14.27%	15.57%	35.25%	-24.67%	22.66%	43.38%	33.69%	-0.04%	34.83%
TRRDX T. Rowe Price Retirement 2040 Fund	9.77%	12.53%	13.15%	19.60%	-18.77%	16.52%	18.10%	24.71%	-7.41%	22.03%

Correlation

The correlation between EPGAX and TRRDX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 1, 2002	0.90

The correlation between EPGAX and TRRDX has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

Return for Risk

EPGAX vs. TRRDX — Risk / Return Rank

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

EPGAX

EPGAX Risk / Return Rank: 38
EPGAX Sharpe Ratio Rank: 39
EPGAX Sortino Ratio Rank: 35
EPGAX Omega Ratio Rank: 36
EPGAX Calmar Ratio Rank: 38
EPGAX Martin Ratio Rank: 41

TRRDX

TRRDX Risk / Return Rank: 32
TRRDX Sharpe Ratio Rank: 31
TRRDX Sortino Ratio Rank: 28
TRRDX Omega Ratio Rank: 33
TRRDX Calmar Ratio Rank: 30
TRRDX Martin Ratio Rank: 38

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.

EPGAX vs. TRRDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Equity Growth Fund Class A (EPGAX) and T. Rowe Price Retirement 2040 Fund (TRRDX). 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.

	EPGAX	TRRDX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.60	+0.20
Sortino ratio: Return per unit of downside risk	2.46	2.23	+0.22
Omega ratio: Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	2.32	2.05	+0.27
Martin ratio: Return relative to average drawdown	8.83	8.26	+0.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPGAX vs. TRRDX - Sharpe Ratio Comparison

The current EPGAX Sharpe Ratio is 1.80, which is comparable to the TRRDX Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of EPGAX and TRRDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EPGAX	TRRDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.60	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.52	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.73	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.59	-0.07

Drawdowns

EPGAX vs. TRRDX - Drawdown Comparison

The maximum EPGAX drawdown since its inception was -63.20%, which is greater than TRRDX's maximum drawdown of -53.50%. Use the drawdown chart below to compare losses from any high point for EPGAX and TRRDX.

Drawdown Indicators

	EPGAX	TRRDX	Difference
Max Drawdown Largest peak-to-trough decline	-63.20%	-53.50%	-9.70%
Max Drawdown (1Y) Largest decline over 1 year	-12.67%	-8.88%	-3.79%
Max Drawdown (3Y) Largest decline over 3 years	-30.60%	-14.03%	-16.57%
Max Drawdown (5Y) Largest decline over 5 years	-30.60%	-27.26%	-3.34%
Max Drawdown (10Y) Largest decline over 10 years	-31.17%	-31.46%	+0.29%
Current Drawdown Current decline from peak	-1.01%	-0.63%	-0.38%
Average Drawdown Average peak-to-trough decline	-16.24%	-6.54%	-9.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	2.18%	+1.15%

Volatility

EPGAX vs. TRRDX - Volatility Comparison

Fidelity Advisor Equity Growth Fund Class A (EPGAX) has a higher volatility of 4.39% compared to T. Rowe Price Retirement 2040 Fund (TRRDX) at 3.25%. This indicates that EPGAX's price experiences larger fluctuations and is considered to be riskier than TRRDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPGAX	TRRDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	3.25%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	12.75%	9.52%	+3.23%
Volatility (1Y) Calculated over the trailing 1-year period	16.35%	11.40%	+4.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.78%	14.15%	+6.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.84%	14.62%	+6.22%

EPGAX vs. TRRDX - Expense Ratio Comparison

EPGAX has a 0.97% expense ratio, which is higher than TRRDX's 0.61% expense ratio.

Dividends

EPGAX vs. TRRDX - Dividend Comparison

EPGAX's dividend yield for the trailing twelve months is around 0.54%, while TRRDX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPGAX Fidelity Advisor Equity Growth Fund Class A	0.54%	0.62%	0.00%	0.56%	2.26%	12.86%	12.06%	9.56%	7.10%	12.35%	6.39%	2.37%
TRRDX T. Rowe Price Retirement 2040 Fund	0.00%	0.00%	2.26%	5.60%	8.92%	7.92%	4.96%	6.10%	9.51%	3.96%	3.36%	4.61%

Frequently Asked Questions

Can I hold both EPGAX and TRRDX in my portfolio?

EPGAX and TRRDX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPGAX or TRRDX?

EPGAX has higher volatility (4.39%) compared to TRRDX (3.25%). In terms of maximum drawdown, EPGAX dropped -63.20% vs TRRDX's -53.50%.

Which has better risk-adjusted returns?

EPGAX currently has the higher Sharpe Ratio (1.80 vs 1.60), 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.