RPGAX vs. TBLYX
RPGAX (T. Rowe Price Global Allocation Fund) and TBLYX (T. Rowe Price Retirement Blend 2035 Fund) are both mutual funds - RPGAX is a Global Allocation fund actively managed by T. Rowe Price, while TBLYX is a Target Retirement Date fund actively managed by T. Rowe Price. Both are actively managed. Over the past 3 years, RPGAX returned 12.71%/yr vs 15.45%/yr for TBLYX. With a 0.98 correlation, they move nearly in lockstep. RPGAX charges 1.01%/yr vs 0.40%/yr for TBLYX.
Performance
RPGAX vs. TBLYX - Performance Comparison
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Returns By Period
In the year-to-date period, RPGAX achieves a 6.32% return, which is significantly lower than TBLYX's 7.90% return.
RPGAX
- 1D
- 1.56%
- 1M
- 0.06%
- YTD
- 6.32%
- 6M
- 6.83%
- 1Y
- 15.44%
- 3Y*
- 12.71%
- 5Y*
- 5.66%
- 10Y*
- 8.21%
TBLYX
- 1D
- 1.86%
- 1M
- 0.08%
- YTD
- 7.90%
- 6M
- 8.49%
- 1Y
- 19.16%
- 3Y*
- 15.45%
- 5Y*
- —
- 10Y*
- —
RPGAX vs. TBLYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
RPGAX T. Rowe Price Global Allocation Fund | 6.32% | 15.00% | 9.65% | 13.78% | -14.54% | 0.61% |
TBLYX T. Rowe Price Retirement Blend 2035 Fund | 7.90% | 17.30% | 12.43% | 18.44% | -17.17% | 4.09% |
Correlation
The correlation between RPGAX and TBLYX is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Jul 30, 2021 | 0.98 |
The correlation between RPGAX and TBLYX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
RPGAX vs. TBLYX — Risk / Return Rank
RPGAX
TBLYX
RPGAX vs. TBLYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Global Allocation Fund (RPGAX) and T. Rowe Price Retirement Blend 2035 Fund (TBLYX). 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.
| RPGAX | TBLYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.36 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 2.51 | -0.16 |
| Martin ratioReturn relative to average drawdown | 10.09 | 10.93 | -0.84 |
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Drawdowns
RPGAX vs. TBLYX - Drawdown Comparison
The maximum RPGAX drawdown since its inception was -24.42%, roughly equal to the maximum TBLYX drawdown of -24.54%. Use the drawdown chart below to compare losses from any high point for RPGAX and TBLYX.
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Drawdown Indicators
| RPGAX | TBLYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.42% | -24.54% | +0.12% |
Max Drawdown (1Y)Largest decline over 1 year | -6.75% | -7.83% | +1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -9.57% | -13.02% | +3.45% |
Max Drawdown (5Y)Largest decline over 5 years | -21.79% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.42% | — | — |
Current DrawdownCurrent decline from peak | -1.16% | -1.58% | +0.42% |
Average DrawdownAverage peak-to-trough decline | -3.83% | -6.07% | +2.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.57% | 1.80% | -0.23% |
Volatility
RPGAX vs. TBLYX - Volatility Comparison
The current volatility for T. Rowe Price Global Allocation Fund (RPGAX) is 3.41%, while T. Rowe Price Retirement Blend 2035 Fund (TBLYX) has a volatility of 4.08%. This indicates that RPGAX experiences smaller price fluctuations and is considered to be less risky than TBLYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RPGAX | TBLYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.41% | 4.08% | -0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 6.95% | 8.52% | -1.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.26% | 10.34% | -2.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.53% | 13.11% | -3.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.26% | 13.11% | -2.85% |
RPGAX vs. TBLYX - Expense Ratio Comparison
RPGAX has a 1.01% expense ratio, which is higher than TBLYX's 0.40% expense ratio.
Dividends
RPGAX vs. TBLYX - Dividend Comparison
RPGAX's dividend yield for the trailing twelve months is around 6.61%, more than TBLYX's 2.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RPGAX T. Rowe Price Global Allocation Fund | 6.61% | 7.03% | 5.24% | 2.49% | 3.15% | 7.54% | 1.05% | 2.97% | 2.52% | 0.75% | 0.36% | 1.62% |
TBLYX T. Rowe Price Retirement Blend 2035 Fund | 2.32% | 2.50% | 2.05% | 1.94% | 2.18% | 1.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, RPGAX and TBLYX 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.
TBLYX has higher volatility (4.08%) compared to RPGAX (3.41%). In terms of maximum drawdown, RPGAX dropped -24.42% vs TBLYX's -24.54%.
RPGAX currently has the higher Sharpe Ratio (1.92 vs 1.90), 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.
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