TQGIX vs. TRRJX

Last updated Jul 17, 2026

TQGIX (T. Rowe Price QM Global Equity Fund) and TRRJX (T. Rowe Price Retirement 2035 Fund) are both mutual funds - TQGIX is a Global Equities fund managed by T. Rowe Price, while TRRJX is a Target Retirement Date fund actively managed by T. Rowe Price. Over the past 5 years, TQGIX returned 12.63%/yr vs 6.47%/yr for TRRJX. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.58% expense ratio.

Performance

TQGIX vs. TRRJX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price QM Global Equity Fund (TQGIX) and T. Rowe Price Retirement 2035 Fund (TRRJX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TQGIX achieves a 12.91% return, which is significantly higher than TRRJX's 9.07% return.

TQGIX

• 1D: 0.33%
• 1M: -0.12%
• 6M: 10.31%
• YTD: 12.91%
• 1Y: 24.92%
• 3Y*: 20.85%
• 5Y*: 12.63%
• 10Y*: —

TRRJX

• 1D: 0.28%
• 1M: 0.12%
• 6M: 6.21%
• YTD: 9.07%
• 1Y: 12.63%
• 3Y*: 12.49%
• 5Y*: 6.47%
• 10Y*: 9.60%

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

TQGIX vs. TRRJX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TQGIX T. Rowe Price QM Global Equity Fund	12.91%	22.82%	18.08%	23.86%	-17.12%	19.87%	15.49%	27.89%	-9.95%	24.18%
TRRJX T. Rowe Price Retirement 2035 Fund	9.07%	10.96%	11.99%	18.14%	-17.96%	15.21%	17.04%	23.72%	-6.95%	20.89%

Correlation

The correlation between TQGIX and TRRJX is 0.93, 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	0.93
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 Jan 3, 2017	0.96

The correlation between TQGIX and TRRJX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

TQGIX vs. TRRJX — Risk / Return Rank

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

TQGIX

TQGIX Risk / Return Rank: 70
TQGIX Sharpe Ratio Rank: 72
TQGIX Sortino Ratio Rank: 68
TQGIX Omega Ratio Rank: 69
TQGIX Calmar Ratio Rank: 64
TQGIX Martin Ratio Rank: 76

TRRJX

TRRJX Risk / Return Rank: 31
TRRJX Sharpe Ratio Rank: 30
TRRJX Sortino Ratio Rank: 27
TRRJX Omega Ratio Rank: 33
TRRJX Calmar Ratio Rank: 31
TRRJX Martin Ratio Rank: 36

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.

TQGIX vs. TRRJX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price QM Global Equity Fund (TQGIX) and T. Rowe Price Retirement 2035 Fund (TRRJX). 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.

	TQGIX	TRRJX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.20	+0.75
Sortino ratio: Return per unit of downside risk	2.67	1.67	+1.00
Omega ratio: Gain probability vs. loss probability	1.35	1.23	+0.12
Calmar ratio: Return relative to maximum drawdown	2.54	1.65	+0.90
Martin ratio: Return relative to average drawdown	11.09	6.25	+4.84

TQGIX vs. TRRJX - Sharpe Ratio Comparison

The current TQGIX Sharpe Ratio is 1.95, which is higher than the TRRJX Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of TQGIX and TRRJX, 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

TQGIX vs. TRRJX - Drawdown Comparison

The maximum TQGIX drawdown since its inception was -32.97%, smaller than the maximum TRRJX drawdown of -53.57%. Use the drawdown chart below to compare losses from any high point for TQGIX and TRRJX.

Drawdown Indicators

	TQGIX	TRRJX	Difference
Max Drawdown Largest peak-to-trough decline	-32.97%	-53.57%	+20.60%
Max Drawdown (1Y) Largest decline over 1 year	-9.96%	-8.06%	-1.90%
Max Drawdown (3Y) Largest decline over 3 years	-15.92%	-12.52%	-3.40%
Max Drawdown (5Y) Largest decline over 5 years	-25.44%	-25.85%	+0.41%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.14%	—
Current Drawdown Current decline from peak	-0.83%	-0.43%	-0.40%
Average Drawdown Average peak-to-trough decline	-4.77%	-6.62%	+1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	2.10%	+0.18%

Volatility

TQGIX vs. TRRJX - Volatility Comparison

T. Rowe Price QM Global Equity Fund (TQGIX) has a higher volatility of 3.88% compared to T. Rowe Price Retirement 2035 Fund (TRRJX) at 2.91%. This indicates that TQGIX's price experiences larger fluctuations and is considered to be riskier than TRRJX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TQGIX	TRRJX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	2.91%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	10.97%	8.76%	+2.21%
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	11.06%	+1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.48%	12.93%	+2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.72%	13.46%	+3.26%

TQGIX vs. TRRJX - Expense Ratio Comparison

Both TQGIX and TRRJX have an expense ratio of 0.58%.

Dividends

TQGIX vs. TRRJX - Dividend Comparison

TQGIX's dividend yield for the trailing twelve months is around 3.07%, while TRRJX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQGIX T. Rowe Price QM Global Equity Fund	3.07%	3.47%	4.48%	3.04%	21.41%	0.87%	0.93%	1.41%	1.96%	1.49%	0.00%	0.00%
TRRJX T. Rowe Price Retirement 2035 Fund	0.00%	0.00%	2.36%	4.68%	9.67%	6.89%	4.80%	5.68%	8.55%	3.80%	2.89%	4.05%

Frequently Asked Questions

Can I hold both TQGIX and TRRJX in my portfolio?

With a correlation of 0.93, TQGIX and TRRJX 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, TQGIX or TRRJX?

TQGIX has higher volatility (3.88%) compared to TRRJX (2.91%). In terms of maximum drawdown, TQGIX dropped -32.97% vs TRRJX's -53.57%.

Which has better risk-adjusted returns?

TQGIX currently has the higher Sharpe Ratio (1.95 vs 1.20), 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.