PAJRX vs. TRRJX

Last updated Jun 6, 2026

PAJRX (T. Rowe Price Target 2025 Fund) and TRRJX (T. Rowe Price Retirement 2035 Fund) are both Target Retirement Date funds from T. Rowe Price. Over the past 10 years, PAJRX returned 6.84%/yr vs 9.74%/yr for TRRJX. With a 0.97 correlation, they move nearly in lockstep. PAJRX charges 0.77%/yr vs 0.59%/yr for TRRJX.

Performance

PAJRX vs. TRRJX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Target 2025 Fund (PAJRX) and T. Rowe Price Retirement 2035 Fund (TRRJX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAJRX achieves a 5.47% return, which is significantly lower than TRRJX's 9.07% return. Over the past 10 years, PAJRX has underperformed TRRJX with an annualized return of 6.84%, while TRRJX has yielded a comparatively higher 9.74% annualized return.

PAJRX

• 1D: 0.21%
• 1M: 0.71%
• YTD: 5.47%
• 6M: 5.66%
• 1Y: 13.01%
• 3Y*: 10.62%
• 5Y*: 4.65%
• 10Y*: 6.84%

TRRJX

• 1D: 0.31%
• 1M: 1.23%
• YTD: 9.07%
• 6M: 4.55%
• 1Y: 15.44%
• 3Y*: 14.06%
• 5Y*: 6.48%
• 10Y*: 9.74%

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

PAJRX vs. TRRJX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAJRX T. Rowe Price Target 2025 Fund	5.47%	11.19%	8.25%	12.09%	-14.19%	9.85%	13.00%	17.49%	-4.84%	12.62%
TRRJX T. Rowe Price Retirement 2035 Fund	9.07%	10.96%	11.99%	18.14%	-17.96%	15.21%	17.04%	23.72%	-6.95%	20.89%

Correlation

The correlation between PAJRX and TRRJX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 23, 2013	0.97

The correlation between PAJRX and TRRJX has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

Return for Risk

PAJRX vs. TRRJX — Risk / Return Rank

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

PAJRX

PAJRX Risk / Return Rank: 65
PAJRX Sharpe Ratio Rank: 65
PAJRX Sortino Ratio Rank: 70
PAJRX Omega Ratio Rank: 71
PAJRX Calmar Ratio Rank: 55
PAJRX Martin Ratio Rank: 66

TRRJX

TRRJX Risk / Return Rank: 31
TRRJX Sharpe Ratio Rank: 30
TRRJX Sortino Ratio Rank: 27
TRRJX Omega Ratio Rank: 34
TRRJX Calmar Ratio Rank: 30
TRRJX Martin Ratio Rank: 35

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.

PAJRX vs. TRRJX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Target 2025 Fund (PAJRX) and T. Rowe Price Retirement 2035 Fund (TRRJX). 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.

	PAJRX	TRRJX	Difference
Sharpe ratio: Return per unit of total volatility	2.31	1.52	+0.79
Sortino ratio: Return per unit of downside risk	3.38	2.09	+1.29
Omega ratio: Gain probability vs. loss probability	1.45	1.30	+0.16
Calmar ratio: Return relative to maximum drawdown	2.75	1.97	+0.78
Martin ratio: Return relative to average drawdown	12.24	7.59	+4.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAJRX vs. TRRJX - Sharpe Ratio Comparison

The current PAJRX Sharpe Ratio is 2.31, which is higher than the TRRJX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of PAJRX and TRRJX, 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

	PAJRX	TRRJX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	1.52	+0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.51	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.72	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.50	+0.26

Drawdowns

PAJRX vs. TRRJX - Drawdown Comparison

The maximum PAJRX drawdown since its inception was -22.48%, smaller than the maximum TRRJX drawdown of -53.57%. Use the drawdown chart below to compare losses from any high point for PAJRX and TRRJX.

Drawdown Indicators

	PAJRX	TRRJX	Difference
Max Drawdown Largest peak-to-trough decline	-22.48%	-53.57%	+31.09%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-8.06%	+3.20%
Max Drawdown (3Y) Largest decline over 3 years	-7.27%	-12.52%	+5.25%
Max Drawdown (5Y) Largest decline over 5 years	-19.72%	-25.85%	+6.13%
Max Drawdown (10Y) Largest decline over 10 years	-22.48%	-30.14%	+7.66%
Current Drawdown Current decline from peak	-0.14%	-0.23%	+0.09%
Average Drawdown Average peak-to-trough decline	-3.34%	-6.65%	+3.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	2.06%	-0.98%

Volatility

PAJRX vs. TRRJX - Volatility Comparison

The current volatility for T. Rowe Price Target 2025 Fund (PAJRX) is 1.79%, while T. Rowe Price Retirement 2035 Fund (TRRJX) has a volatility of 2.93%. This indicates that PAJRX experiences smaller price fluctuations and is considered to be less risky than TRRJX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAJRX	TRRJX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.79%	2.93%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	4.79%	8.79%	-4.00%
Volatility (1Y) Calculated over the trailing 1-year period	5.80%	10.46%	-4.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.88%	12.83%	-4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.68%	13.54%	-4.86%

PAJRX vs. TRRJX - Expense Ratio Comparison

PAJRX has a 0.77% expense ratio, which is higher than TRRJX's 0.59% expense ratio.

Dividends

PAJRX vs. TRRJX - Dividend Comparison

PAJRX's dividend yield for the trailing twelve months is around 6.52%, while TRRJX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAJRX T. Rowe Price Target 2025 Fund	6.52%	6.88%	5.29%	3.57%	7.51%	4.03%	3.21%	3.39%	4.61%	1.71%	1.53%	1.64%
TRRJX T. Rowe Price Retirement 2035 Fund	0.00%	0.00%	2.36%	4.68%	9.67%	6.89%	4.80%	5.68%	8.55%	3.80%	2.89%	4.05%

Frequently Asked Questions

Can I hold both PAJRX and TRRJX in my portfolio?

With a correlation of 0.96, PAJRX and TRRJX 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, PAJRX or TRRJX?

TRRJX has higher volatility (2.93%) compared to PAJRX (1.79%). In terms of maximum drawdown, PAJRX dropped -22.48% vs TRRJX's -53.57%.

Which has better risk-adjusted returns?

PAJRX currently has the higher Sharpe Ratio (2.31 vs 1.52), 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.