TBLYX vs. DFCF

Last updated Jun 9, 2026

TBLYX (T. Rowe Price Retirement Blend 2035 Fund) and DFCF (Dimensional Core Fixed Income ETF) are both funds - TBLYX is a Target Retirement Date fund actively managed by T. Rowe Price, while DFCF is a Intermediate Core Bond fund actively managed by Dimensional. Both are actively managed. Over the past 3 years, TBLYX returned 15.39%/yr vs 4.72%/yr for DFCF. At a 0.34 correlation, their price movements are largely independent. TBLYX charges 0.40%/yr vs 0.17%/yr for DFCF.

Performance

TBLYX vs. DFCF - Performance Comparison

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

Returns By Period

In the year-to-date period, TBLYX achieves a 6.91% return, which is significantly higher than DFCF's -0.06% return.

TBLYX

• 1D: -2.26%
• 1M: -0.69%
• YTD: 6.91%
• 6M: 7.58%
• 1Y: 18.91%
• 3Y*: 15.39%
• 5Y*: —
• 10Y*: —

DFCF

• 1D: -0.07%
• 1M: -0.75%
• YTD: -0.06%
• 6M: 0.27%
• 1Y: 5.55%
• 3Y*: 4.72%
• 5Y*: —
• 10Y*: —

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

TBLYX vs. DFCF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TBLYX T. Rowe Price Retirement Blend 2035 Fund	6.91%	17.30%	12.43%	18.44%	-17.17%	-1.06%
DFCF Dimensional Core Fixed Income ETF	-0.06%	7.89%	1.86%	6.94%	-14.48%	0.23%

Correlation

The correlation between TBLYX and DFCF is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021	0.34

The correlation between TBLYX and DFCF shifts across timeframes, from 0.34 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TBLYX vs. DFCF — Risk / Return Rank

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

TBLYX

TBLYX Risk / Return Rank: 53
TBLYX Sharpe Ratio Rank: 52
TBLYX Sortino Ratio Rank: 50
TBLYX Omega Ratio Rank: 52
TBLYX Calmar Ratio Rank: 50
TBLYX Martin Ratio Rank: 61

DFCF

DFCF Risk / Return Rank: 44
DFCF Sharpe Ratio Rank: 45
DFCF Sortino Ratio Rank: 46
DFCF Omega Ratio Rank: 43
DFCF Calmar Ratio Rank: 44
DFCF Martin Ratio Rank: 41

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. DFCF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement Blend 2035 Fund (TBLYX) and Dimensional Core Fixed Income ETF (DFCF). 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	DFCF	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.42	+0.52
Sortino ratio: Return per unit of downside risk	2.69	2.07	+0.62
Omega ratio: Gain probability vs. loss probability	1.36	1.25	+0.11
Calmar ratio: Return relative to maximum drawdown	2.49	2.00	+0.49
Martin ratio: Return relative to average drawdown	11.02	5.98	+5.04
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. DFCF - Sharpe Ratio Comparison

The current TBLYX Sharpe Ratio is 1.93, which is higher than the DFCF Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of TBLYX and DFCF, 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	DFCF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	1.42	+0.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.02	+0.58

Drawdowns

TBLYX vs. DFCF - Drawdown Comparison

The maximum TBLYX drawdown since its inception was -24.54%, which is greater than DFCF's maximum drawdown of -19.56%. Use the drawdown chart below to compare losses from any high point for TBLYX and DFCF.

Drawdown Indicators

	TBLYX	DFCF	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-19.56%	-4.98%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	-2.79%	-5.04%
Max Drawdown (3Y) Largest decline over 3 years	-13.02%	-5.05%	-7.97%
Current Drawdown Current decline from peak	-2.48%	-1.88%	-0.60%
Average Drawdown Average peak-to-trough decline	-6.09%	-8.02%	+1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	0.93%	+0.84%

Volatility

TBLYX vs. DFCF - Volatility Comparison

T. Rowe Price Retirement Blend 2035 Fund (TBLYX) has a higher volatility of 3.51% compared to Dimensional Core Fixed Income ETF (DFCF) at 1.34%. This indicates that TBLYX's price experiences larger fluctuations and is considered to be riskier than DFCF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBLYX	DFCF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	1.34%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	8.24%	2.94%	+5.30%
Volatility (1Y) Calculated over the trailing 1-year period	10.11%	3.94%	+6.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.10%	6.46%	+6.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.10%	6.46%	+6.64%

TBLYX vs. DFCF - Expense Ratio Comparison

TBLYX has a 0.40% expense ratio, which is higher than DFCF's 0.17% expense ratio.

Dividends

TBLYX vs. DFCF - Dividend Comparison

TBLYX's dividend yield for the trailing twelve months is around 2.34%, less than DFCF's 4.33% yield.

Position	TTM	2025	2024	2023	2022	2021
DFCF Dimensional Core Fixed Income ETF	4.33%	4.48%	4.61%	4.51%	3.27%	0.16%
TBLYX T. Rowe Price Retirement Blend 2035 Fund	2.34%	2.50%	2.05%	1.94%	2.18%	1.40%

Frequently Asked Questions

Can I hold both TBLYX and DFCF in my portfolio?

TBLYX and DFCF have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBLYX or DFCF?

TBLYX has higher volatility (3.51%) compared to DFCF (1.34%). In terms of maximum drawdown, TBLYX dropped -24.54% vs DFCF's -19.56%.

Which has better risk-adjusted returns?

TBLYX currently has the higher Sharpe Ratio (1.93 vs 1.42), 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.