PZRMX vs. TRRFX

Last updated Jun 24, 2026

PZRMX (PIMCO Inflation Response Multi-Asset Fund) and TRRFX (T. Rowe Price Retirement 2005 Fund) are both mutual funds - PZRMX is a Diversified Portfolio fund managed by PIMCO, while TRRFX is a Target Retirement Date fund managed by T. Rowe Price. Over the past 10 years, PZRMX returned 7.03%/yr vs 5.71%/yr for TRRFX. A 0.54 correlation means they provide meaningful diversification when combined. PZRMX charges 1.18%/yr vs 0.49%/yr for TRRFX.

Performance

PZRMX vs. TRRFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Inflation Response Multi-Asset Fund (PZRMX) and T. Rowe Price Retirement 2005 Fund (TRRFX). 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 PZRMX having a 4.89% return and TRRFX slightly higher at 5.07%. Over the past 10 years, PZRMX has outperformed TRRFX with an annualized return of 7.03%, while TRRFX has yielded a comparatively lower 5.71% annualized return.

PZRMX

• 1D: -0.22%
• 1M: -1.95%
• YTD: 4.89%
• 6M: 4.65%
• 1Y: 13.27%
• 3Y*: 13.19%
• 5Y*: 7.68%
• 10Y*: 7.03%

TRRFX

• 1D: -0.23%
• 1M: 0.68%
• YTD: 5.07%
• 6M: 4.91%
• 1Y: 6.34%
• 3Y*: 8.30%
• 5Y*: 3.51%
• 10Y*: 5.71%

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

PZRMX vs. TRRFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZRMX PIMCO Inflation Response Multi-Asset Fund	4.89%	16.18%	12.47%	5.95%	-5.42%	13.22%	8.92%	10.42%	-4.05%	7.96%
TRRFX T. Rowe Price Retirement 2005 Fund	5.07%	5.43%	8.04%	11.97%	-13.61%	8.13%	11.24%	15.09%	-3.29%	10.67%

Correlation

The correlation between PZRMX and TRRFX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jan 3, 2012	0.54

The correlation between PZRMX and TRRFX has been stable across timeframes, ranging from 0.54 to 0.57 - a consistent structural relationship.

Return for Risk

PZRMX vs. TRRFX — Risk / Return Rank

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

PZRMX

PZRMX Risk / Return Rank: 74
PZRMX Sharpe Ratio Rank: 70
PZRMX Sortino Ratio Rank: 65
PZRMX Omega Ratio Rank: 67
PZRMX Calmar Ratio Rank: 87
PZRMX Martin Ratio Rank: 83

TRRFX

TRRFX Risk / Return Rank: 12
TRRFX Sharpe Ratio Rank: 12
TRRFX Sortino Ratio Rank: 10
TRRFX Omega Ratio Rank: 18
TRRFX Calmar Ratio Rank: 11
TRRFX Martin Ratio Rank: 10

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.

PZRMX vs. TRRFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Inflation Response Multi-Asset Fund (PZRMX) and T. Rowe Price Retirement 2005 Fund (TRRFX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PZRMX	TRRFX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	0.90	+1.34
Sortino ratio: Return per unit of downside risk	3.06	1.12	+1.94
Omega ratio: Gain probability vs. loss probability	1.42	1.20	+0.21
Calmar ratio: Return relative to maximum drawdown	4.03	1.00	+3.04
Martin ratio: Return relative to average drawdown	14.26	2.79	+11.47

PZRMX vs. TRRFX - Sharpe Ratio Comparison

The current PZRMX Sharpe Ratio is 2.24, which is higher than the TRRFX Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of PZRMX and TRRFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PZRMX vs. TRRFX - Drawdown Comparison

The maximum PZRMX drawdown since its inception was -19.71%, smaller than the maximum TRRFX drawdown of -33.29%. Use the drawdown chart below to compare losses from any high point for PZRMX and TRRFX.

Drawdown Indicators

	PZRMX	TRRFX	Difference
Max Drawdown Largest peak-to-trough decline	-19.71%	-33.29%	+13.58%
Max Drawdown (1Y) Largest decline over 1 year	-3.35%	-6.90%	+3.55%
Max Drawdown (3Y) Largest decline over 3 years	-4.96%	-6.90%	+1.94%
Max Drawdown (5Y) Largest decline over 5 years	-14.57%	-18.82%	+4.25%
Max Drawdown (10Y) Largest decline over 10 years	-18.18%	-18.82%	+0.64%
Current Drawdown Current decline from peak	-2.95%	-0.53%	-2.42%
Average Drawdown Average peak-to-trough decline	-4.58%	-3.50%	-1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	2.43%	-1.49%

Volatility

PZRMX vs. TRRFX - Volatility Comparison

The current volatility for PIMCO Inflation Response Multi-Asset Fund (PZRMX) is 1.60%, while T. Rowe Price Retirement 2005 Fund (TRRFX) has a volatility of 2.27%. This indicates that PZRMX experiences smaller price fluctuations and is considered to be less risky than TRRFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZRMX	TRRFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.60%	2.27%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	4.79%	6.97%	-2.18%
Volatility (1Y) Calculated over the trailing 1-year period	6.05%	7.65%	-1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.35%	7.87%	+0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.55%	7.39%	+0.16%

PZRMX vs. TRRFX - Expense Ratio Comparison

PZRMX has a 1.18% expense ratio, which is higher than TRRFX's 0.49% expense ratio.

Dividends

PZRMX vs. TRRFX - Dividend Comparison

PZRMX's dividend yield for the trailing twelve months is around 8.36%, while TRRFX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PZRMX PIMCO Inflation Response Multi-Asset Fund	8.36%	2.35%	9.84%	0.00%	13.86%	11.20%	0.54%	2.56%	11.15%	6.06%	0.16%	2.73%
TRRFX T. Rowe Price Retirement 2005 Fund	0.00%	0.00%	3.87%	4.24%	10.43%	10.54%	8.55%	3.65%	6.97%	4.25%	1.28%	1.69%

Frequently Asked Questions

Can I hold both PZRMX and TRRFX in my portfolio?

PZRMX and TRRFX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PZRMX or TRRFX?

TRRFX has higher volatility (2.27%) compared to PZRMX (1.60%). In terms of maximum drawdown, PZRMX dropped -19.71% vs TRRFX's -33.29%.

Which has better risk-adjusted returns?

PZRMX currently has the higher Sharpe Ratio (2.24 vs 0.90), 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.