RPBAX vs. TRPBX
RPBAX (T. Rowe Price Balanced Fund) and TRPBX (T. Rowe Price Spectrum Moderate Allocation Fund) are both Diversified Portfolio funds from T. Rowe Price. Over the past 10 years, RPBAX returned 9.10%/yr vs 9.00%/yr for TRPBX. With a 0.98 correlation, they move nearly in lockstep. RPBAX charges 0.57%/yr vs 0.51%/yr for TRPBX.
Performance
RPBAX vs. TRPBX - Performance Comparison
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Returns By Period
In the year-to-date period, RPBAX achieves a 6.20% return, which is significantly lower than TRPBX's 7.50% return. Both investments have delivered pretty close results over the past 10 years, with RPBAX having a 9.10% annualized return and TRPBX not far behind at 9.00%.
RPBAX
- 1D
- -0.27%
- 1M
- 0.33%
- YTD
- 6.20%
- 6M
- 5.75%
- 1Y
- 16.74%
- 3Y*
- 14.10%
- 5Y*
- 7.09%
- 10Y*
- 9.10%
TRPBX
- 1D
- -0.15%
- 1M
- 1.05%
- YTD
- 7.50%
- 6M
- 7.20%
- 1Y
- 17.56%
- 3Y*
- 13.26%
- 5Y*
- 5.85%
- 10Y*
- 9.00%
RPBAX vs. TRPBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RPBAX T. Rowe Price Balanced Fund | 6.20% | 16.06% | 11.71% | 18.01% | -17.28% | 13.29% | 14.54% | 20.75% | -4.89% | 12.58% |
TRPBX T. Rowe Price Spectrum Moderate Allocation Fund | 7.50% | 14.47% | 10.24% | 15.08% | -17.10% | 10.54% | 14.44% | 21.61% | -4.46% | 16.88% |
Correlation
The correlation between RPBAX and TRPBX is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Aug 1, 1994 | 0.98 |
The correlation between RPBAX and TRPBX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
RPBAX vs. TRPBX — Risk / Return Rank
RPBAX
TRPBX
RPBAX vs. TRPBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Balanced Fund (RPBAX) and T. Rowe Price Spectrum Moderate Allocation Fund (TRPBX). 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.
| RPBAX | TRPBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.41 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 2.71 | -0.26 |
| Martin ratioReturn relative to average drawdown | 10.78 | 11.87 | -1.08 |
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Drawdowns
RPBAX vs. TRPBX - Drawdown Comparison
The maximum RPBAX drawdown since its inception was -40.79%, roughly equal to the maximum TRPBX drawdown of -41.62%. Use the drawdown chart below to compare losses from any high point for RPBAX and TRPBX.
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Drawdown Indicators
| RPBAX | TRPBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.79% | -41.62% | +0.83% |
Max Drawdown (1Y)Largest decline over 1 year | -7.15% | -6.72% | -0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -10.43% | -9.73% | -0.70% |
Max Drawdown (5Y)Largest decline over 5 years | -23.45% | -23.21% | -0.24% |
Max Drawdown (10Y)Largest decline over 10 years | -25.49% | -24.55% | -0.94% |
Current DrawdownCurrent decline from peak | -0.63% | -0.26% | -0.37% |
Average DrawdownAverage peak-to-trough decline | -4.14% | -4.13% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.62% | 1.53% | +0.09% |
Volatility
RPBAX vs. TRPBX - Volatility Comparison
T. Rowe Price Balanced Fund (RPBAX) and T. Rowe Price Spectrum Moderate Allocation Fund (TRPBX) have volatilities of 3.25% and 3.20%, 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.
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Volatility by Period
| RPBAX | TRPBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.25% | 3.20% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 7.42% | 7.12% | +0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.79% | 8.47% | +0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.04% | 9.99% | +1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.66% | 10.58% | +1.08% |
RPBAX vs. TRPBX - Expense Ratio Comparison
RPBAX has a 0.57% expense ratio, which is higher than TRPBX's 0.51% expense ratio.
Dividends
RPBAX vs. TRPBX - Dividend Comparison
RPBAX's dividend yield for the trailing twelve months is around 6.96%, less than TRPBX's 7.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RPBAX T. Rowe Price Balanced Fund | 6.96% | 7.30% | 7.28% | 3.80% | 5.03% | 9.33% | 4.59% | 3.41% | 8.42% | 1.69% | 2.96% | 7.32% |
TRPBX T. Rowe Price Spectrum Moderate Allocation Fund | 7.91% | 8.46% | 6.87% | 3.09% | 7.38% | 9.57% | 4.90% | 5.41% | 8.82% | 5.40% | 2.76% | 6.89% |
Frequently Asked Questions
With a correlation of 0.97, RPBAX and TRPBX 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.
RPBAX has higher volatility (3.25%) compared to TRPBX (3.20%). In terms of maximum drawdown, RPBAX dropped -40.79% vs TRPBX's -41.62%.
TRPBX currently has the higher Sharpe Ratio (2.15 vs 2.00), 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.
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