PAERX vs. IRSOX

Last updated Jun 6, 2026

PAERX (T. Rowe Price Target 2010 Fund) and IRSOX (Voya Target Retirement 2040 Fund) are both Target Retirement Date funds. Over the past 10 years, PAERX returned 5.39%/yr vs 11.10%/yr for IRSOX. Their correlation of 0.90 suggests significant overlap in exposure. PAERX charges 0.70%/yr vs 0.23%/yr for IRSOX.

Performance

PAERX vs. IRSOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Target 2010 Fund (PAERX) and Voya Target Retirement 2040 Fund (IRSOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAERX achieves a 4.57% return, which is significantly lower than IRSOX's 10.89% return. Over the past 10 years, PAERX has underperformed IRSOX with an annualized return of 5.39%, while IRSOX has yielded a comparatively higher 11.10% annualized return.

PAERX

• 1D: 0.17%
• 1M: 0.58%
• YTD: 4.57%
• 6M: 4.79%
• 1Y: 11.38%
• 3Y*: 9.36%
• 5Y*: 3.93%
• 10Y*: 5.39%

IRSOX

• 1D: 0.00%
• 1M: 1.72%
• YTD: 10.89%
• 6M: 11.54%
• 1Y: 25.75%
• 3Y*: 18.23%
• 5Y*: 9.15%
• 10Y*: 11.10%

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

PAERX vs. IRSOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAERX T. Rowe Price Target 2010 Fund	4.57%	10.28%	7.03%	10.51%	-12.97%	7.13%	10.69%	14.61%	-3.43%	8.29%
IRSOX Voya Target Retirement 2040 Fund	10.89%	19.10%	13.74%	19.25%	-18.43%	17.65%	16.93%	23.69%	-8.31%	20.15%

Correlation

The correlation between PAERX and IRSOX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Aug 23, 2013	0.90

The correlation between PAERX and IRSOX has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

Return for Risk

PAERX vs. IRSOX — Risk / Return Rank

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

PAERX

PAERX Risk / Return Rank: 68
PAERX Sharpe Ratio Rank: 69
PAERX Sortino Ratio Rank: 73
PAERX Omega Ratio Rank: 75
PAERX Calmar Ratio Rank: 57
PAERX Martin Ratio Rank: 66

IRSOX

IRSOX Risk / Return Rank: 80
IRSOX Sharpe Ratio Rank: 81
IRSOX Sortino Ratio Rank: 81
IRSOX Omega Ratio Rank: 76
IRSOX Calmar Ratio Rank: 76
IRSOX Martin Ratio Rank: 87

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.

PAERX vs. IRSOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Target 2010 Fund (PAERX) and Voya Target Retirement 2040 Fund (IRSOX). 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.

	PAERX	IRSOX	Difference
Sharpe ratio: Return per unit of total volatility	2.36	2.59	-0.23
Sortino ratio: Return per unit of downside risk	3.48	3.77	-0.29
Omega ratio: Gain probability vs. loss probability	1.47	1.48	-0.01
Calmar ratio: Return relative to maximum drawdown	2.79	3.33	-0.54
Martin ratio: Return relative to average drawdown	12.33	15.91	-3.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAERX vs. IRSOX - Sharpe Ratio Comparison

The current PAERX Sharpe Ratio is 2.36, which is comparable to the IRSOX Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of PAERX and IRSOX, 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

	PAERX	IRSOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	2.59	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.67	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.76	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.75	+0.07

Drawdowns

PAERX vs. IRSOX - Drawdown Comparison

The maximum PAERX drawdown since its inception was -18.08%, smaller than the maximum IRSOX drawdown of -31.25%. Use the drawdown chart below to compare losses from any high point for PAERX and IRSOX.

Drawdown Indicators

	PAERX	IRSOX	Difference
Max Drawdown Largest peak-to-trough decline	-18.08%	-31.25%	+13.17%
Max Drawdown (1Y) Largest decline over 1 year	-4.19%	-8.38%	+4.19%
Max Drawdown (3Y) Largest decline over 3 years	-5.79%	-13.84%	+8.05%
Max Drawdown (5Y) Largest decline over 5 years	-17.58%	-25.24%	+7.66%
Max Drawdown (10Y) Largest decline over 10 years	-18.08%	-31.25%	+13.17%
Current Drawdown Current decline from peak	-0.16%	-0.70%	+0.54%
Average Drawdown Average peak-to-trough decline	-2.80%	-4.28%	+1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	1.69%	-0.76%

Volatility

PAERX vs. IRSOX - Volatility Comparison

The current volatility for T. Rowe Price Target 2010 Fund (PAERX) is 1.63%, while Voya Target Retirement 2040 Fund (IRSOX) has a volatility of 3.34%. This indicates that PAERX experiences smaller price fluctuations and is considered to be less risky than IRSOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAERX	IRSOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	3.34%	-1.71%
Volatility (6M) Calculated over the trailing 6-month period	4.12%	8.79%	-4.67%
Volatility (1Y) Calculated over the trailing 1-year period	4.96%	10.78%	-5.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.39%	13.87%	-7.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.55%	14.80%	-8.25%

PAERX vs. IRSOX - Expense Ratio Comparison

PAERX has a 0.70% expense ratio, which is higher than IRSOX's 0.23% expense ratio.

Dividends

PAERX vs. IRSOX - Dividend Comparison

PAERX's dividend yield for the trailing twelve months is around 4.72%, less than IRSOX's 12.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IRSOX Voya Target Retirement 2040 Fund	12.36%	13.71%	2.25%	2.13%	6.01%	17.52%	3.71%	4.14%	5.84%	5.86%	1.98%	0.41%
PAERX T. Rowe Price Target 2010 Fund	4.72%	4.94%	4.08%	3.41%	7.51%	7.32%	5.14%	2.87%	4.66%	1.43%	0.65%	0.87%

Frequently Asked Questions

Can I hold both PAERX and IRSOX in my portfolio?

PAERX and IRSOX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAERX or IRSOX?

IRSOX has higher volatility (3.34%) compared to PAERX (1.63%). In terms of maximum drawdown, PAERX dropped -18.08% vs IRSOX's -31.25%.

Which has better risk-adjusted returns?

IRSOX currently has the higher Sharpe Ratio (2.59 vs 2.36), 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.