PAULX vs. TRRJX

Last updated Jun 5, 2026

PAULX (T. Rowe Price U.S. Large-Cap Core Fund) and TRRJX (T. Rowe Price Retirement 2035 Fund) are both mutual funds - PAULX is a Large Cap Blend Equities fund managed by T. Rowe Price, while TRRJX is a Target Retirement Date fund managed by T. Rowe Price. Over the past 10 years, PAULX returned 13.19%/yr vs 9.76%/yr for TRRJX. Their correlation of 0.93 suggests significant overlap in exposure. PAULX charges 0.97%/yr vs 0.59%/yr for TRRJX.

Performance

PAULX vs. TRRJX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price U.S. Large-Cap Core Fund (PAULX) and T. Rowe Price Retirement 2035 Fund (TRRJX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PAULX having a 8.39% return and TRRJX slightly higher at 8.73%. Over the past 10 years, PAULX has outperformed TRRJX with an annualized return of 13.19%, while TRRJX has yielded a comparatively lower 9.76% annualized return.

PAULX

• 1D: -0.53%
• 1M: 2.25%
• YTD: 8.39%
• 6M: 7.85%
• 1Y: 19.36%
• 3Y*: 19.19%
• 5Y*: 11.34%
• 10Y*: 13.19%

TRRJX

• 1D: -0.55%
• 1M: 2.46%
• YTD: 8.73%
• 6M: 4.27%
• 1Y: 15.02%
• 3Y*: 13.86%
• 5Y*: 6.42%
• 10Y*: 9.76%

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

PAULX vs. TRRJX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAULX T. Rowe Price U.S. Large-Cap Core Fund	8.39%	12.43%	22.59%	22.23%	-15.42%	25.18%	15.25%	29.16%	-3.65%	20.22%
TRRJX T. Rowe Price Retirement 2035 Fund	8.73%	10.96%	11.99%	18.14%	-17.96%	15.21%	17.04%	23.72%	-6.95%	20.89%

Correlation

The correlation between PAULX and TRRJX 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	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 29, 2009	0.93

The correlation between PAULX and TRRJX has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

Return for Risk

PAULX vs. TRRJX — Risk / Return Rank

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

PAULX

PAULX Risk / Return Rank: 41
PAULX Sharpe Ratio Rank: 39
PAULX Sortino Ratio Rank: 39
PAULX Omega Ratio Rank: 40
PAULX Calmar Ratio Rank: 37
PAULX Martin Ratio Rank: 51

TRRJX

TRRJX Risk / Return Rank: 29
TRRJX Sharpe Ratio Rank: 27
TRRJX Sortino Ratio Rank: 24
TRRJX Omega Ratio Rank: 31
TRRJX Calmar Ratio Rank: 28
TRRJX Martin Ratio Rank: 34

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.

PAULX vs. TRRJX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price U.S. Large-Cap Core Fund (PAULX) 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.

	PAULX	TRRJX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.51	+0.27
Sortino ratio: Return per unit of downside risk	2.51	2.08	+0.43
Omega ratio: Gain probability vs. loss probability	1.33	1.29	+0.03
Calmar ratio: Return relative to maximum drawdown	2.27	1.95	+0.31
Martin ratio: Return relative to average drawdown	10.22	7.54	+2.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAULX vs. TRRJX - Sharpe Ratio Comparison

The current PAULX Sharpe Ratio is 1.78, which is comparable to the TRRJX Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of PAULX 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

	PAULX	TRRJX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	1.51	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.50	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.72	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.50	+0.35

Drawdowns

PAULX vs. TRRJX - Drawdown Comparison

The maximum PAULX drawdown since its inception was -33.69%, smaller than the maximum TRRJX drawdown of -53.57%. Use the drawdown chart below to compare losses from any high point for PAULX and TRRJX.

Drawdown Indicators

	PAULX	TRRJX	Difference
Max Drawdown Largest peak-to-trough decline	-33.69%	-53.57%	+19.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-8.06%	-0.55%
Max Drawdown (3Y) Largest decline over 3 years	-17.33%	-12.52%	-4.81%
Max Drawdown (5Y) Largest decline over 5 years	-23.11%	-25.85%	+2.74%
Max Drawdown (10Y) Largest decline over 10 years	-33.69%	-30.14%	-3.55%
Current Drawdown Current decline from peak	-0.53%	-0.55%	+0.02%
Average Drawdown Average peak-to-trough decline	-3.69%	-6.65%	+2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	2.06%	-0.16%

Volatility

PAULX vs. TRRJX - Volatility Comparison

T. Rowe Price U.S. Large-Cap Core Fund (PAULX) and T. Rowe Price Retirement 2035 Fund (TRRJX) have volatilities of 2.86% and 2.98%, 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

	PAULX	TRRJX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	2.98%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	8.41%	8.83%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	10.99%	10.46%	+0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	12.84%	+3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	13.54%	+3.44%

PAULX vs. TRRJX - Expense Ratio Comparison

PAULX has a 0.97% expense ratio, which is higher than TRRJX's 0.59% expense ratio.

Dividends

PAULX vs. TRRJX - Dividend Comparison

PAULX's dividend yield for the trailing twelve months is around 6.83%, while TRRJX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAULX T. Rowe Price U.S. Large-Cap Core Fund	6.83%	7.40%	6.30%	0.16%	4.05%	6.85%	0.59%	3.21%	7.52%	2.10%	0.59%	5.25%
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 PAULX and TRRJX in my portfolio?

PAULX and TRRJX 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, PAULX or TRRJX?

TRRJX has higher volatility (2.98%) compared to PAULX (2.86%). In terms of maximum drawdown, PAULX dropped -33.69% vs TRRJX's -53.57%.

Which has better risk-adjusted returns?

PAULX currently has the higher Sharpe Ratio (1.78 vs 1.51), 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.