TRAIX vs. TRRIX

Last updated Jun 13, 2026

TRAIX (T. Rowe Price Capital Appreciation Fund - I Class) and TRRIX (T. Rowe Price Retirement Balanced Fund) are both Diversified Portfolio funds from T. Rowe Price. Over the past 10 years, TRAIX returned 11.25%/yr vs 6.61%/yr for TRRIX. Their correlation of 0.86 suggests significant overlap in exposure. TRAIX charges 0.59%/yr vs 0.49%/yr for TRRIX.

Performance

TRAIX vs. TRRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Capital Appreciation Fund - I Class (TRAIX) and T. Rowe Price Retirement Balanced Fund (TRRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRAIX achieves a 3.78% return, which is significantly lower than TRRIX's 4.46% return. Over the past 10 years, TRAIX has outperformed TRRIX with an annualized return of 11.25%, while TRRIX has yielded a comparatively lower 6.61% annualized return.

TRAIX

• 1D: 0.60%
• 1M: -1.15%
• YTD: 3.78%
• 6M: 4.18%
• 1Y: 11.26%
• 3Y*: 12.69%
• 5Y*: 8.41%
• 10Y*: 11.25%

TRRIX

• 1D: 1.04%
• 1M: 0.03%
• YTD: 4.46%
• 6M: 5.00%
• 1Y: 11.14%
• 3Y*: 10.52%
• 5Y*: 4.83%
• 10Y*: 6.61%

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

TRAIX vs. TRRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRAIX T. Rowe Price Capital Appreciation Fund - I Class	3.78%	12.57%	12.64%	19.01%	-11.89%	18.59%	18.28%	24.71%	0.76%	15.45%
TRRIX T. Rowe Price Retirement Balanced Fund	4.46%	11.02%	9.96%	11.57%	-13.16%	8.63%	11.48%	15.32%	-3.29%	10.38%

Correlation

The correlation between TRAIX and TRRIX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.86

The correlation between TRAIX and TRRIX has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

Return for Risk

TRAIX vs. TRRIX — Risk / Return Rank

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

TRAIX

TRAIX Risk / Return Rank: 42
TRAIX Sharpe Ratio Rank: 43
TRAIX Sortino Ratio Rank: 42
TRAIX Omega Ratio Rank: 44
TRAIX Calmar Ratio Rank: 36
TRAIX Martin Ratio Rank: 45

TRRIX

TRRIX Risk / Return Rank: 67
TRRIX Sharpe Ratio Rank: 66
TRRIX Sortino Ratio Rank: 69
TRRIX Omega Ratio Rank: 72
TRRIX Calmar Ratio Rank: 60
TRRIX Martin Ratio Rank: 65

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.

TRAIX vs. TRRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Capital Appreciation Fund - I Class (TRAIX) and T. Rowe Price Retirement Balanced Fund (TRRIX). 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.

	TRAIX	TRRIX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.89	-0.38
Sortino ratio: Return per unit of downside risk	2.14	2.74	-0.59
Omega ratio: Gain probability vs. loss probability	1.28	1.37	-0.09
Calmar ratio: Return relative to maximum drawdown	1.84	2.43	-0.59
Martin ratio: Return relative to average drawdown	7.83	10.06	-2.23

TRAIX vs. TRRIX - Sharpe Ratio Comparison

The current TRAIX Sharpe Ratio is 1.51, which is comparable to the TRRIX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of TRAIX and TRRIX, 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

TRAIX vs. TRRIX - Drawdown Comparison

The maximum TRAIX drawdown since its inception was -26.84%, roughly equal to the maximum TRRIX drawdown of -27.77%. Use the drawdown chart below to compare losses from any high point for TRAIX and TRRIX.

Drawdown Indicators

	TRAIX	TRRIX	Difference
Max Drawdown Largest peak-to-trough decline	-26.84%	-27.77%	+0.93%
Max Drawdown (1Y) Largest decline over 1 year	-6.30%	-4.85%	-1.45%
Max Drawdown (3Y) Largest decline over 3 years	-16.02%	-6.10%	-9.92%
Max Drawdown (5Y) Largest decline over 5 years	-17.00%	-18.13%	+1.13%
Max Drawdown (10Y) Largest decline over 10 years	-26.84%	-18.57%	-8.27%
Current Drawdown Current decline from peak	-2.37%	-0.95%	-1.42%
Average Drawdown Average peak-to-trough decline	-2.82%	-2.83%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	1.16%	+0.32%

Volatility

TRAIX vs. TRRIX - Volatility Comparison

T. Rowe Price Capital Appreciation Fund - I Class (TRAIX) has a higher volatility of 2.68% compared to T. Rowe Price Retirement Balanced Fund (TRRIX) at 2.45%. This indicates that TRAIX's price experiences larger fluctuations and is considered to be riskier than TRRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRAIX	TRRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	2.45%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	6.15%	5.24%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	7.67%	6.24%	+1.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.79%	7.15%	+5.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.76%	7.24%	+5.52%

TRAIX vs. TRRIX - Expense Ratio Comparison

TRAIX has a 0.59% expense ratio, which is higher than TRRIX's 0.49% expense ratio.

Dividends

TRAIX vs. TRRIX - Dividend Comparison

TRAIX's dividend yield for the trailing twelve months is around 8.63%, more than TRRIX's 4.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRAIX T. Rowe Price Capital Appreciation Fund - I Class	8.63%	8.96%	10.52%	4.28%	9.70%	9.35%	8.08%	5.92%	7.57%	6.96%	3.59%	0.00%
TRRIX T. Rowe Price Retirement Balanced Fund	4.68%	4.86%	5.78%	4.32%	10.15%	12.67%	9.27%	3.39%	7.01%	5.07%	3.40%	3.44%

Frequently Asked Questions

Can I hold both TRAIX and TRRIX in my portfolio?

TRAIX and TRRIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRAIX or TRRIX?

TRAIX has higher volatility (2.68%) compared to TRRIX (2.45%). In terms of maximum drawdown, TRAIX dropped -26.84% vs TRRIX's -27.77%.

Which has better risk-adjusted returns?

TRRIX currently has the higher Sharpe Ratio (1.89 vs 1.51), 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.