SWYHX vs. TRRKX

Last updated Jun 23, 2026

SWYHX (Schwab Target 2045 Index Fund) and TRRKX (T. Rowe Price Retirement 2045 Fund) are both Target Retirement Date funds. Over the past 5 years, SWYHX returned 9.77%/yr vs 8.05%/yr for TRRKX. With a 0.96 correlation, they move nearly in lockstep. SWYHX charges 0.04%/yr vs 0.63%/yr for TRRKX.

Performance

SWYHX vs. TRRKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Target 2045 Index Fund (SWYHX) and T. Rowe Price Retirement 2045 Fund (TRRKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SWYHX having a 10.95% return and TRRKX slightly lower at 10.90%.

SWYHX

• 1D: 0.95%
• 1M: 1.56%
• YTD: 10.95%
• 6M: 10.69%
• 1Y: 25.19%
• 3Y*: 17.16%
• 5Y*: 9.77%
• 10Y*: —

TRRKX

• 1D: 1.15%
• 1M: 1.33%
• YTD: 10.90%
• 6M: 10.68%
• 1Y: 20.73%
• 3Y*: 15.76%
• 5Y*: 8.05%
• 10Y*: 11.12%

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

SWYHX vs. TRRKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWYHX Schwab Target 2045 Index Fund	10.95%	18.65%	13.72%	20.34%	-17.37%	17.04%	14.50%	24.80%	-7.28%	20.07%
TRRKX T. Rowe Price Retirement 2045 Fund	10.90%	14.20%	13.94%	20.52%	-19.03%	15.80%	18.64%	25.41%	-7.66%	22.42%

Correlation

The correlation between SWYHX and TRRKX is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 30, 2016	0.96

The correlation between SWYHX and TRRKX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

SWYHX vs. TRRKX — Risk / Return Rank

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

SWYHX

SWYHX Risk / Return Rank: 69
SWYHX Sharpe Ratio Rank: 69
SWYHX Sortino Ratio Rank: 66
SWYHX Omega Ratio Rank: 64
SWYHX Calmar Ratio Rank: 69
SWYHX Martin Ratio Rank: 77

TRRKX

TRRKX Risk / Return Rank: 39
TRRKX Sharpe Ratio Rank: 37
TRRKX Sortino Ratio Rank: 36
TRRKX Omega Ratio Rank: 39
TRRKX Calmar Ratio Rank: 37
TRRKX Martin Ratio Rank: 46

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.

SWYHX vs. TRRKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Target 2045 Index Fund (SWYHX) and T. Rowe Price Retirement 2045 Fund (TRRKX). 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.

	SWYHX	TRRKX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.65	+0.58
Sortino ratio: Return per unit of downside risk	3.08	2.31	+0.77
Omega ratio: Gain probability vs. loss probability	1.40	1.31	+0.10
Calmar ratio: Return relative to maximum drawdown	3.06	2.21	+0.85
Martin ratio: Return relative to average drawdown	13.48	9.06	+4.41

SWYHX vs. TRRKX - Sharpe Ratio Comparison

The current SWYHX Sharpe Ratio is 2.22, which is higher than the TRRKX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of SWYHX and TRRKX, 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

SWYHX vs. TRRKX - Drawdown Comparison

The maximum SWYHX drawdown since its inception was -29.41%, smaller than the maximum TRRKX drawdown of -53.54%. Use the drawdown chart below to compare losses from any high point for SWYHX and TRRKX.

Drawdown Indicators

	SWYHX	TRRKX	Difference
Max Drawdown Largest peak-to-trough decline	-29.41%	-53.54%	+24.13%
Max Drawdown (1Y) Largest decline over 1 year	-8.14%	-9.49%	+1.35%
Max Drawdown (3Y) Largest decline over 3 years	-14.14%	-15.16%	+1.02%
Max Drawdown (5Y) Largest decline over 5 years	-24.92%	-28.75%	+3.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.48%	—
Current Drawdown Current decline from peak	-0.38%	-0.42%	+0.04%
Average Drawdown Average peak-to-trough decline	-4.36%	-7.20%	+2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	2.29%	-0.45%

Volatility

SWYHX vs. TRRKX - Volatility Comparison

The current volatility for Schwab Target 2045 Index Fund (SWYHX) is 4.39%, while T. Rowe Price Retirement 2045 Fund (TRRKX) has a volatility of 4.76%. This indicates that SWYHX experiences smaller price fluctuations and is considered to be less risky than TRRKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SWYHX	TRRKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	4.76%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	9.21%	10.66%	-1.45%
Volatility (1Y) Calculated over the trailing 1-year period	11.21%	12.72%	-1.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.18%	15.03%	-0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.03%	15.37%	-0.34%

SWYHX vs. TRRKX - Expense Ratio Comparison

SWYHX has a 0.04% expense ratio, which is lower than TRRKX's 0.63% expense ratio.

Dividends

SWYHX vs. TRRKX - Dividend Comparison

SWYHX's dividend yield for the trailing twelve months is around 1.88%, while TRRKX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SWYHX Schwab Target 2045 Index Fund	1.88%	2.08%	2.13%	2.02%	1.98%	1.80%	1.65%	1.96%	2.23%	1.42%	1.05%	0.00%
TRRKX T. Rowe Price Retirement 2045 Fund	0.00%	0.00%	1.96%	4.40%	7.83%	5.58%	4.52%	5.94%	8.98%	3.52%	3.20%	4.25%

Frequently Asked Questions

Can I hold both SWYHX and TRRKX in my portfolio?

With a correlation of 0.95, SWYHX and TRRKX 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, SWYHX or TRRKX?

TRRKX has higher volatility (4.76%) compared to SWYHX (4.39%). In terms of maximum drawdown, SWYHX dropped -29.41% vs TRRKX's -53.54%.

Which has better risk-adjusted returns?

SWYHX currently has the higher Sharpe Ratio (2.22 vs 1.65), 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.