RPBAX vs. TRRHX

Last updated Jun 4, 2026

RPBAX (T. Rowe Price Balanced Fund) and TRRHX (T. Rowe Price Retirement 2025 Fund) are both mutual funds - RPBAX is a Diversified Portfolio fund managed by T. Rowe Price, while TRRHX is a Target Retirement Date fund managed by T. Rowe Price. Over the past 10 years, RPBAX returned 8.85%/yr vs 7.87%/yr for TRRHX. With a 0.98 correlation, they move nearly in lockstep. RPBAX charges 0.57%/yr vs 0.55%/yr for TRRHX.

Performance

RPBAX vs. TRRHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Balanced Fund (RPBAX) and T. Rowe Price Retirement 2025 Fund (TRRHX). 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 RPBAX having a 6.87% return and TRRHX slightly higher at 6.92%. Over the past 10 years, RPBAX has outperformed TRRHX with an annualized return of 8.85%, while TRRHX has yielded a comparatively lower 7.87% annualized return.

RPBAX

• 1D: 0.23%
• 1M: 2.83%
• YTD: 6.87%
• 6M: 7.44%
• 1Y: 18.04%
• 3Y*: 14.55%
• 5Y*: 7.31%
• 10Y*: 8.85%

TRRHX

• 1D: 0.27%
• 1M: 2.72%
• YTD: 6.92%
• 6M: 1.18%
• 1Y: 9.65%
• 3Y*: 10.43%
• 5Y*: 4.73%
• 10Y*: 7.87%

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

RPBAX vs. TRRHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RPBAX T. Rowe Price Balanced Fund	6.87%	16.06%	11.71%	18.01%	-17.28%	13.29%	14.54%	20.75%	-4.89%	12.58%
TRRHX T. Rowe Price Retirement 2025 Fund	6.92%	6.59%	9.71%	14.63%	-15.59%	12.02%	14.68%	20.96%	-5.68%	17.69%

Correlation

The correlation between RPBAX and TRRHX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Mar 2, 2004	0.98

The correlation between RPBAX and TRRHX has been stable across timeframes, ranging from 0.92 to 0.98 - a consistent structural relationship.

Return for Risk

RPBAX vs. TRRHX — Risk / Return Rank

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

RPBAX

RPBAX Risk / Return Rank: 54
RPBAX Sharpe Ratio Rank: 55
RPBAX Sortino Ratio Rank: 56
RPBAX Omega Ratio Rank: 55
RPBAX Calmar Ratio Rank: 45
RPBAX Martin Ratio Rank: 56

TRRHX

TRRHX Risk / Return Rank: 16
TRRHX Sharpe Ratio Rank: 16
TRRHX Sortino Ratio Rank: 13
TRRHX Omega Ratio Rank: 24
TRRHX Calmar Ratio Rank: 14
TRRHX Martin Ratio Rank: 13

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.

RPBAX vs. TRRHX - 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 Retirement 2025 Fund (TRRHX). 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.

	RPBAX	TRRHX	Difference
Sharpe ratio: Return per unit of total volatility	2.19	1.15	+1.04
Sortino ratio: Return per unit of downside risk	3.17	1.46	+1.71
Omega ratio: Gain probability vs. loss probability	1.41	1.25	+0.16
Calmar ratio: Return relative to maximum drawdown	2.55	1.29	+1.26
Martin ratio: Return relative to average drawdown	11.36	3.91	+7.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RPBAX vs. TRRHX - Sharpe Ratio Comparison

The current RPBAX Sharpe Ratio is 2.19, which is higher than the TRRHX Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of RPBAX and TRRHX, 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

	RPBAX	TRRHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	1.15	+1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.48	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.73	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.51	+0.19

Drawdowns

RPBAX vs. TRRHX - Drawdown Comparison

The maximum RPBAX drawdown since its inception was -40.79%, smaller than the maximum TRRHX drawdown of -50.04%. Use the drawdown chart below to compare losses from any high point for RPBAX and TRRHX.

Drawdown Indicators

	RPBAX	TRRHX	Difference
Max Drawdown Largest peak-to-trough decline	-40.79%	-50.04%	+9.25%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-7.80%	+0.65%
Max Drawdown (3Y) Largest decline over 3 years	-10.43%	-8.69%	-1.74%
Max Drawdown (5Y) Largest decline over 5 years	-23.45%	-22.00%	-1.45%
Max Drawdown (10Y) Largest decline over 10 years	-25.49%	-26.42%	+0.93%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.15%	-5.78%	+1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	2.54%	-0.94%

Volatility

RPBAX vs. TRRHX - Volatility Comparison

T. Rowe Price Balanced Fund (RPBAX) has a higher volatility of 2.61% compared to T. Rowe Price Retirement 2025 Fund (TRRHX) at 2.21%. This indicates that RPBAX's price experiences larger fluctuations and is considered to be riskier than TRRHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RPBAX	TRRHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	2.21%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	6.88%	7.84%	-0.96%
Volatility (1Y) Calculated over the trailing 1-year period	8.32%	8.73%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.97%	9.96%	+1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.63%	10.83%	+0.80%

RPBAX vs. TRRHX - Expense Ratio Comparison

RPBAX has a 0.57% expense ratio, which is higher than TRRHX's 0.55% expense ratio.

Dividends

RPBAX vs. TRRHX - Dividend Comparison

RPBAX's dividend yield for the trailing twelve months is around 6.92%, while TRRHX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RPBAX T. Rowe Price Balanced Fund	6.92%	7.30%	7.28%	3.80%	5.03%	9.33%	4.59%	3.41%	8.42%	1.69%	2.96%	7.32%
TRRHX T. Rowe Price Retirement 2025 Fund	0.00%	0.00%	4.13%	6.58%	12.69%	10.87%	5.21%	4.95%	7.52%	3.70%	2.00%	3.11%

Frequently Asked Questions

Can I hold both RPBAX and TRRHX in my portfolio?

With a correlation of 0.92, RPBAX and TRRHX 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, RPBAX or TRRHX?

RPBAX has higher volatility (2.61%) compared to TRRHX (2.21%). In terms of maximum drawdown, RPBAX dropped -40.79% vs TRRHX's -50.04%.

Which has better risk-adjusted returns?

RPBAX currently has the higher Sharpe Ratio (2.19 vs 1.15), 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.