PNAIX vs. TRRJX

Last updated Jun 4, 2026

PNAIX (T. Rowe Price All-Cap Opportunities Fund I Class) and TRRJX (T. Rowe Price Retirement 2035 Fund) are both mutual funds - PNAIX is a Large Cap Growth Equities fund tracking the Russell 3000 Index, while TRRJX is a Target Retirement Date fund managed by T. Rowe Price. Over the past 10 years, PNAIX returned 15.58%/yr vs 9.82%/yr for TRRJX. Their correlation of 0.90 suggests significant overlap in exposure. PNAIX charges 0.66%/yr vs 0.59%/yr for TRRJX.

Performance

PNAIX vs. TRRJX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) 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, PNAIX achieves a 1.18% return, which is significantly lower than TRRJX's 9.32% return. Over the past 10 years, PNAIX has outperformed TRRJX with an annualized return of 15.58%, while TRRJX has yielded a comparatively lower 9.82% annualized return.

PNAIX

• 1D: 0.18%
• 1M: 3.87%
• YTD: 1.18%
• 6M: 0.75%
• 1Y: 14.87%
• 3Y*: 18.90%
• 5Y*: 10.61%
• 10Y*: 15.58%

TRRJX

• 1D: 0.39%
• 1M: 3.73%
• YTD: 9.32%
• 6M: 4.93%
• 1Y: 15.92%
• 3Y*: 14.07%
• 5Y*: 6.67%
• 10Y*: 9.82%

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

PNAIX vs. TRRJX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PNAIX T. Rowe Price All-Cap Opportunities Fund I Class	1.18%	16.53%	25.43%	29.18%	-21.25%	20.76%	44.92%	35.66%	1.40%	20.15%
TRRJX T. Rowe Price Retirement 2035 Fund	9.32%	10.96%	11.99%	18.14%	-17.96%	15.21%	17.04%	23.72%	-6.95%	20.89%

Correlation

The correlation between PNAIX and TRRJX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.90

The correlation between PNAIX and TRRJX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

Return for Risk

PNAIX vs. TRRJX — Risk / Return Rank

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

PNAIX

PNAIX Risk / Return Rank: 15
PNAIX Sharpe Ratio Rank: 17
PNAIX Sortino Ratio Rank: 17
PNAIX Omega Ratio Rank: 17
PNAIX Calmar Ratio Rank: 12
PNAIX Martin Ratio Rank: 14

TRRJX

TRRJX Risk / Return Rank: 32
TRRJX Sharpe Ratio Rank: 31
TRRJX Sortino Ratio Rank: 28
TRRJX Omega Ratio Rank: 34
TRRJX Calmar Ratio Rank: 30
TRRJX Martin Ratio Rank: 36

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.

PNAIX vs. TRRJX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) 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.

	PNAIX	TRRJX	Difference
Sharpe ratio Return per unit of total volatility	1.18	1.59	-0.41
Sortino ratio Return per unit of downside risk	1.70	2.19	-0.49
Omega ratio Gain probability vs. loss probability	1.22	1.31	-0.09
Calmar ratio Return relative to maximum drawdown	1.11	2.06	-0.95
Martin ratio Return relative to average drawdown	3.92	7.96	-4.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PNAIX vs. TRRJX - Sharpe Ratio Comparison

The current PNAIX Sharpe Ratio is 1.18, which is comparable to the TRRJX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of PNAIX 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

	PNAIX	TRRJX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.59	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.52	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.73	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.51	+0.28

Drawdowns

PNAIX vs. TRRJX - Drawdown Comparison

The maximum PNAIX drawdown since its inception was -30.49%, smaller than the maximum TRRJX drawdown of -53.57%. Use the drawdown chart below to compare losses from any high point for PNAIX and TRRJX.

Drawdown Indicators

	PNAIX	TRRJX	Difference
Max Drawdown Largest peak-to-trough decline	-30.49%	-53.57%	+23.08%
Max Drawdown (1Y) Largest decline over 1 year	-14.02%	-8.06%	-5.96%
Max Drawdown (3Y) Largest decline over 3 years	-19.05%	-12.52%	-6.53%
Max Drawdown (5Y) Largest decline over 5 years	-29.29%	-25.85%	-3.44%
Max Drawdown (10Y) Largest decline over 10 years	-30.49%	-30.14%	-0.35%
Current Drawdown Current decline from peak	-0.78%	0.00%	-0.78%
Average Drawdown Average peak-to-trough decline	-5.53%	-6.65%	+1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.97%	2.06%	+1.91%

Volatility

PNAIX vs. TRRJX - Volatility Comparison

T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) has a higher volatility of 3.53% compared to T. Rowe Price Retirement 2035 Fund (TRRJX) at 2.95%. This indicates that PNAIX's price experiences larger fluctuations and is considered to be riskier than TRRJX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNAIX	TRRJX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	2.95%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	10.56%	8.89%	+1.67%
Volatility (1Y) Calculated over the trailing 1-year period	13.27%	10.45%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.60%	12.83%	+4.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.16%	13.54%	+5.62%

PNAIX vs. TRRJX - Expense Ratio Comparison

PNAIX has a 0.66% expense ratio, which is higher than TRRJX's 0.59% expense ratio.

Dividends

PNAIX vs. TRRJX - Dividend Comparison

PNAIX's dividend yield for the trailing twelve months is around 8.43%, while TRRJX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PNAIX T. Rowe Price All-Cap Opportunities Fund I Class	8.43%	8.53%	9.37%	5.23%	3.31%	20.62%	15.56%	7.43%	12.75%	0.29%	0.00%	0.00%
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 PNAIX and TRRJX in my portfolio?

PNAIX and TRRJX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PNAIX or TRRJX?

PNAIX has higher volatility (3.53%) compared to TRRJX (2.95%). In terms of maximum drawdown, PNAIX dropped -30.49% vs TRRJX's -53.57%.

Which has better risk-adjusted returns?

TRRJX currently has the higher Sharpe Ratio (1.59 vs 1.18), 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.