PAFFX vs. TBCIX

Last updated Jun 4, 2026

PAFFX (T. Rowe Price Target 2045 Fund) and TBCIX (T. Rowe Price Blue Chip Growth Fund I Class) are both mutual funds - PAFFX is a Target Retirement Date fund managed by T. Rowe Price, while TBCIX is a Large Cap Growth Equities fund managed by T. Rowe Price. Over the past 10 years, PAFFX returned 19.39%/yr vs 17.93%/yr for TBCIX. Their correlation of 0.83 suggests significant overlap in exposure. PAFFX charges 0.87%/yr vs 0.56%/yr for TBCIX.

Performance

PAFFX vs. TBCIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Target 2045 Fund (PAFFX) and T. Rowe Price Blue Chip Growth Fund I Class (TBCIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAFFX achieves a 10.12% return, which is significantly higher than TBCIX's 5.54% return. Over the past 10 years, PAFFX has outperformed TBCIX with an annualized return of 19.39%, while TBCIX has yielded a comparatively lower 17.93% annualized return.

PAFFX

• 1D: 0.43%
• 1M: 4.08%
• YTD: 10.12%
• 6M: 10.65%
• 1Y: 22.78%
• 3Y*: 16.54%
• 5Y*: 7.84%
• 10Y*: 19.39%

TBCIX

• 1D: -0.69%
• 1M: 5.17%
• YTD: 5.54%
• 6M: 5.71%
• 1Y: 22.23%
• 3Y*: 29.00%
• 5Y*: 14.09%
• 10Y*: 17.93%

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

PAFFX vs. TBCIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAFFX T. Rowe Price Target 2045 Fund	10.12%	16.73%	12.51%	18.79%	-18.88%	15.08%	17.03%	175.40%	-7.08%	18.81%
TBCIX T. Rowe Price Blue Chip Growth Fund I Class	5.54%	18.94%	48.73%	49.61%	-38.48%	18.30%	34.90%	30.30%	2.13%	36.68%

Correlation

The correlation between PAFFX and TBCIX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.83

The correlation between PAFFX and TBCIX shifts across timeframes, from 0.70 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PAFFX vs. TBCIX — Risk / Return Rank

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

PAFFX

PAFFX Risk / Return Rank: 57
PAFFX Sharpe Ratio Rank: 57
PAFFX Sortino Ratio Rank: 56
PAFFX Omega Ratio Rank: 57
PAFFX Calmar Ratio Rank: 52
PAFFX Martin Ratio Rank: 61

TBCIX

TBCIX Risk / Return Rank: 21
TBCIX Sharpe Ratio Rank: 27
TBCIX Sortino Ratio Rank: 25
TBCIX Omega Ratio Rank: 24
TBCIX Calmar Ratio Rank: 15
TBCIX Martin Ratio Rank: 16

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.

PAFFX vs. TBCIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Target 2045 Fund (PAFFX) and T. Rowe Price Blue Chip Growth Fund I Class (TBCIX). 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.

	PAFFX	TBCIX	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.47	+0.75
Sortino ratio: Return per unit of downside risk	3.17	2.06	+1.11
Omega ratio: Gain probability vs. loss probability	1.42	1.26	+0.17
Calmar ratio: Return relative to maximum drawdown	2.75	1.36	+1.40
Martin ratio: Return relative to average drawdown	12.00	4.57	+7.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAFFX vs. TBCIX - Sharpe Ratio Comparison

The current PAFFX Sharpe Ratio is 2.23, which is higher than the TBCIX Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of PAFFX and TBCIX, 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

	PAFFX	TBCIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	1.47	+0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.59	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.79	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.76	+0.08

Drawdowns

PAFFX vs. TBCIX - Drawdown Comparison

The maximum PAFFX drawdown since its inception was -29.85%, smaller than the maximum TBCIX drawdown of -43.26%. Use the drawdown chart below to compare losses from any high point for PAFFX and TBCIX.

Drawdown Indicators

	PAFFX	TBCIX	Difference
Max Drawdown Largest peak-to-trough decline	-29.85%	-43.26%	+13.41%
Max Drawdown (1Y) Largest decline over 1 year	-8.65%	-16.96%	+8.31%
Max Drawdown (3Y) Largest decline over 3 years	-14.00%	-23.06%	+9.06%
Max Drawdown (5Y) Largest decline over 5 years	-27.04%	-43.26%	+16.22%
Max Drawdown (10Y) Largest decline over 10 years	-29.85%	-43.26%	+13.41%
Current Drawdown Current decline from peak	0.00%	-0.69%	+0.69%
Average Drawdown Average peak-to-trough decline	-4.63%	-8.07%	+3.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	5.01%	-3.06%

Volatility

PAFFX vs. TBCIX - Volatility Comparison

The current volatility for T. Rowe Price Target 2045 Fund (PAFFX) is 3.15%, while T. Rowe Price Blue Chip Growth Fund I Class (TBCIX) has a volatility of 3.57%. This indicates that PAFFX experiences smaller price fluctuations and is considered to be less risky than TBCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAFFX	TBCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.15%	3.57%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	8.86%	12.01%	-3.15%
Volatility (1Y) Calculated over the trailing 1-year period	10.70%	15.64%	-4.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.67%	23.91%	-10.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.49%	22.76%	-1.27%

PAFFX vs. TBCIX - Expense Ratio Comparison

PAFFX has a 0.87% expense ratio, which is higher than TBCIX's 0.56% expense ratio.

Dividends

PAFFX vs. TBCIX - Dividend Comparison

PAFFX's dividend yield for the trailing twelve months is around 4.53%, less than TBCIX's 4.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAFFX T. Rowe Price Target 2045 Fund	4.53%	4.99%	2.47%	2.74%	5.58%	3.38%	2.80%	70.21%	5.12%	2.00%	2.37%	2.41%
TBCIX T. Rowe Price Blue Chip Growth Fund I Class	4.93%	5.20%	18.28%	3.47%	5.84%	10.03%	1.18%	0.59%	2.50%	3.05%	0.81%	0.00%

Frequently Asked Questions

Can I hold both PAFFX and TBCIX in my portfolio?

PAFFX and TBCIX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAFFX or TBCIX?

TBCIX has higher volatility (3.57%) compared to PAFFX (3.15%). In terms of maximum drawdown, PAFFX dropped -29.85% vs TBCIX's -43.26%.

Which has better risk-adjusted returns?

PAFFX currently has the higher Sharpe Ratio (2.23 vs 1.47), 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.