TQSIX vs. TRRJX

Last updated Jul 14, 2026

TQSIX (T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund) and TRRJX (T. Rowe Price Retirement 2035 Fund) are both mutual funds - TQSIX is a Mid Cap Blend Equities fund managed by T. Rowe Price, while TRRJX is a Target Retirement Date fund actively managed by T. Rowe Price. Over the past 10 years, TQSIX returned 12.87%/yr vs 9.64%/yr for TRRJX. Their correlation of 0.87 suggests significant overlap in exposure. TQSIX charges 0.68%/yr vs 0.58%/yr for TRRJX.

Performance

TQSIX vs. TRRJX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund (TQSIX) 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, TQSIX achieves a 18.77% return, which is significantly higher than TRRJX's 9.15% return. Over the past 10 years, TQSIX has outperformed TRRJX with an annualized return of 12.87%, while TRRJX has yielded a comparatively lower 9.64% annualized return.

TQSIX

• 1D: -0.13%
• 1M: 1.45%
• 6M: 13.73%
• YTD: 18.77%
• 1Y: 29.14%
• 3Y*: 19.33%
• 5Y*: 12.21%
• 10Y*: 12.87%

TRRJX

• 1D: 0.24%
• 1M: 0.95%
• 6M: 6.47%
• YTD: 9.15%
• 1Y: 12.37%
• 3Y*: 13.14%
• 5Y*: 6.25%
• 10Y*: 9.64%

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

TQSIX vs. TRRJX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TQSIX T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	18.77%	12.94%	16.54%	21.99%	-12.97%	22.12%	11.92%	30.43%	-10.78%	15.52%
TRRJX T. Rowe Price Retirement 2035 Fund	9.15%	10.96%	11.99%	18.14%	-17.96%	15.21%	17.04%	23.72%	-6.95%	20.89%

Correlation

The correlation between TQSIX and TRRJX is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 29, 2016	0.87

The correlation between TQSIX and TRRJX has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.

Return for Risk

TQSIX vs. TRRJX — Risk / Return Rank

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

TQSIX

TQSIX Risk / Return Rank: 62
TQSIX Sharpe Ratio Rank: 53
TQSIX Sortino Ratio Rank: 57
TQSIX Omega Ratio Rank: 48
TQSIX Calmar Ratio Rank: 75
TQSIX Martin Ratio Rank: 75

TRRJX

TRRJX Risk / Return Rank: 28
TRRJX Sharpe Ratio Rank: 27
TRRJX Sortino Ratio Rank: 25
TRRJX Omega Ratio Rank: 29
TRRJX Calmar Ratio Rank: 28
TRRJX Martin Ratio Rank: 33

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.

TQSIX vs. TRRJX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund (TQSIX) 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.

	TQSIX	TRRJX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.11	+0.53
Sortino ratio: Return per unit of downside risk	2.39	1.55	+0.84
Omega ratio: Gain probability vs. loss probability	1.29	1.21	+0.07
Calmar ratio: Return relative to maximum drawdown	2.70	1.52	+1.18
Martin ratio: Return relative to average drawdown	10.76	5.77	+4.99

TQSIX vs. TRRJX - Sharpe Ratio Comparison

The current TQSIX Sharpe Ratio is 1.64, which is higher than the TRRJX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of TQSIX 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

TQSIX vs. TRRJX - Drawdown Comparison

The maximum TQSIX drawdown since its inception was -40.65%, smaller than the maximum TRRJX drawdown of -53.57%. Use the drawdown chart below to compare losses from any high point for TQSIX and TRRJX.

Drawdown Indicators

	TQSIX	TRRJX	Difference
Max Drawdown Largest peak-to-trough decline	-40.65%	-53.57%	+12.92%
Max Drawdown (1Y) Largest decline over 1 year	-10.41%	-8.06%	-2.35%
Max Drawdown (3Y) Largest decline over 3 years	-23.76%	-12.52%	-11.24%
Max Drawdown (5Y) Largest decline over 5 years	-23.76%	-25.85%	+2.09%
Max Drawdown (10Y) Largest decline over 10 years	-40.65%	-30.14%	-10.51%
Current Drawdown Current decline from peak	-1.57%	-0.35%	-1.22%
Average Drawdown Average peak-to-trough decline	-5.07%	-6.62%	+1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	2.10%	+0.51%

Volatility

TQSIX vs. TRRJX - Volatility Comparison

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund (TQSIX) has a higher volatility of 5.72% compared to T. Rowe Price Retirement 2035 Fund (TRRJX) at 3.54%. This indicates that TQSIX'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

	TQSIX	TRRJX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.72%	3.54%	+2.18%
Volatility (6M) Calculated over the trailing 6-month period	13.60%	8.77%	+4.83%
Volatility (1Y) Calculated over the trailing 1-year period	17.19%	11.03%	+6.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.63%	12.92%	+6.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.32%	13.46%	+6.86%

TQSIX vs. TRRJX - Expense Ratio Comparison

TQSIX has a 0.68% expense ratio, which is higher than TRRJX's 0.58% expense ratio.

Dividends

TQSIX vs. TRRJX - Dividend Comparison

TQSIX's dividend yield for the trailing twelve months is around 1.11%, while TRRJX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TQSIX T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund	1.11%	1.32%	6.61%	3.55%	6.35%	1.58%	0.81%	1.24%	2.28%	0.42%	0.88%	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 TQSIX and TRRJX in my portfolio?

TQSIX and TRRJX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TQSIX or TRRJX?

TQSIX has higher volatility (5.72%) compared to TRRJX (3.54%). In terms of maximum drawdown, TQSIX dropped -40.65% vs TRRJX's -53.57%.

Which has better risk-adjusted returns?

TQSIX currently has the higher Sharpe Ratio (1.64 vs 1.11), 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.