TBLYX vs. AOM

Last updated Jun 4, 2026

TBLYX (T. Rowe Price Retirement Blend 2035 Fund) and AOM (iShares Core Moderate Allocation ETF) are both funds - TBLYX is a Target Retirement Date fund actively managed by T. Rowe Price, while AOM is a Diversified Portfolio fund tracking the S&P Target Risk Moderate. TBLYX is actively managed, while AOM is passively managed. Over the past 3 years, TBLYX returned 16.45%/yr vs 10.87%/yr for AOM. Their correlation of 0.89 suggests significant overlap in exposure. TBLYX charges 0.40%/yr vs 0.25%/yr for AOM.

Performance

TBLYX vs. AOM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement Blend 2035 Fund (TBLYX) and iShares Core Moderate Allocation ETF (AOM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBLYX achieves a 9.63% return, which is significantly higher than AOM's 5.00% return.

TBLYX

• 1D: 0.30%
• 1M: 3.98%
• YTD: 9.63%
• 6M: 10.22%
• 1Y: 22.59%
• 3Y*: 16.45%
• 5Y*: —
• 10Y*: —

AOM

• 1D: -0.46%
• 1M: 2.13%
• YTD: 5.00%
• 6M: 5.31%
• 1Y: 14.51%
• 3Y*: 10.87%
• 5Y*: 4.80%
• 10Y*: 6.22%

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

TBLYX vs. AOM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TBLYX T. Rowe Price Retirement Blend 2035 Fund	9.63%	17.30%	12.43%	18.44%	-17.17%	4.09%
AOM iShares Core Moderate Allocation ETF	5.00%	13.28%	7.95%	12.38%	-14.54%	1.20%

Correlation

The correlation between TBLYX and AOM 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	0.90
Correlation (All Time) Calculated using the full available price history since Aug 2, 2021	0.89

The correlation between TBLYX and AOM has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

TBLYX vs. AOM — Risk / Return Rank

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

TBLYX

TBLYX Risk / Return Rank: 62
TBLYX Sharpe Ratio Rank: 64
TBLYX Sortino Ratio Rank: 61
TBLYX Omega Ratio Rank: 62
TBLYX Calmar Ratio Rank: 59
TBLYX Martin Ratio Rank: 66

AOM

AOM Risk / Return Rank: 65
AOM Sharpe Ratio Rank: 66
AOM Sortino Ratio Rank: 69
AOM Omega Ratio Rank: 67
AOM Calmar Ratio Rank: 57
AOM Martin Ratio Rank: 67

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.

TBLYX vs. AOM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement Blend 2035 Fund (TBLYX) and iShares Core Moderate Allocation ETF (AOM). 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.

	TBLYX	AOM	Difference
Sharpe ratio Return per unit of total volatility	2.34	2.23	+0.11
Sortino ratio Return per unit of downside risk	3.29	3.22	+0.06
Omega ratio Gain probability vs. loss probability	1.44	1.42	+0.02
Calmar ratio Return relative to maximum drawdown	2.93	2.85	+0.07
Martin ratio Return relative to average drawdown	12.98	12.45	+0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBLYX vs. AOM - Sharpe Ratio Comparison

The current TBLYX Sharpe Ratio is 2.34, which is comparable to the AOM Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of TBLYX and AOM, 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

	TBLYX	AOM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.23	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.59	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.69	-0.05

Drawdowns

TBLYX vs. AOM - Drawdown Comparison

The maximum TBLYX drawdown since its inception was -24.54%, which is greater than AOM's maximum drawdown of -19.96%. Use the drawdown chart below to compare losses from any high point for TBLYX and AOM.

Drawdown Indicators

	TBLYX	AOM	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-19.96%	-4.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	-5.11%	-2.72%
Max Drawdown (3Y) Largest decline over 3 years	-13.02%	-6.85%	-6.17%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-19.96%	—
Current Drawdown Current decline from peak	0.00%	-0.46%	+0.46%
Average Drawdown Average peak-to-trough decline	-6.10%	-2.70%	-3.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	1.17%	+0.59%

Volatility

TBLYX vs. AOM - Volatility Comparison

T. Rowe Price Retirement Blend 2035 Fund (TBLYX) has a higher volatility of 2.98% compared to iShares Core Moderate Allocation ETF (AOM) at 2.17%. This indicates that TBLYX's price experiences larger fluctuations and is considered to be riskier than AOM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLYX	AOM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	2.17%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	7.88%	5.22%	+2.66%
Volatility (1Y) Calculated over the trailing 1-year period	9.81%	6.55%	+3.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.07%	8.14%	+4.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.07%	7.93%	+5.14%

TBLYX vs. AOM - Expense Ratio Comparison

TBLYX has a 0.40% expense ratio, which is higher than AOM's 0.25% expense ratio.

Dividends

TBLYX vs. AOM - Dividend Comparison

TBLYX's dividend yield for the trailing twelve months is around 2.28%, less than AOM's 2.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AOM iShares Core Moderate Allocation ETF	2.98%	2.98%	3.10%	2.79%	2.27%	1.56%	2.02%	2.66%	2.53%	3.31%	2.14%	1.98%
TBLYX T. Rowe Price Retirement Blend 2035 Fund	2.28%	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

Can I hold both TBLYX and AOM in my portfolio?

With a correlation of 0.92, TBLYX and AOM 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, TBLYX or AOM?

TBLYX has higher volatility (2.98%) compared to AOM (2.17%). In terms of maximum drawdown, TBLYX dropped -24.54% vs AOM's -19.96%.

Which has better risk-adjusted returns?

TBLYX currently has the higher Sharpe Ratio (2.34 vs 2.23), 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.