TRCLX vs. TRRJX

Last updated Aug 1, 2026

TRCLX (T. Rowe Price China Evolution Equity Fund) and TRRJX (T. Rowe Price Retirement 2035 Fund) are both mutual funds - TRCLX is a China 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, TRCLX returned 2.02%/yr vs 6.12%/yr for TRRJX. Their 0.50 correlation means they have sometimes moved together and sometimes differently. TRCLX charges 1.04%/yr vs 0.58%/yr for TRRJX.

Performance

TRCLX vs. TRRJX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price China Evolution Equity Fund (TRCLX) 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, TRCLX achieves a 18.94% return, which is significantly higher than TRRJX's 8.47% return.

TRCLX

• 1D: 0.18%
• 1M: -11.88%
• 6M: 8.51%
• YTD: 18.94%
• 1Y: 42.58%
• 3Y*: 15.02%
• 5Y*: 2.02%
• 10Y*: —
• ALL TIME*: 11.17%

TRRJX

• 1D: 1.36%
• 1M: -0.24%
• 6M: 4.58%
• YTD: 8.47%
• 1Y: 12.46%
• 3Y*: 11.73%
• 5Y*: 6.12%
• 10Y*: 9.42%
• ALL TIME*: 7.97%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TRCLX T. Rowe Price China Evolution Equity Fund	$0.00	$0.00	$0.00
TRRJX T. Rowe Price Retirement 2035 Fund	$0.00	$0.00	$0.00

TRCLX vs. TRRJX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TRCLX T. Rowe Price China Evolution Equity Fund	18.94%	36.23%	10.95%	-15.51%	-26.24%	6.28%	59.73%	6.20%
TRRJX T. Rowe Price Retirement 2035 Fund	8.47%	10.96%	11.99%	18.14%	-17.96%	15.21%	17.04%	2.90%

Correlation

The correlation between TRCLX and TRRJX is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.43
Correlation (5Y) Shows whether the relationship held over a longer period.	0.46
Correlation (All Time) Calculated using the full available price history since Dec 10, 2019	0.50

The correlation between TRCLX and TRRJX has been stable across timeframes, ranging from 0.43 to 0.50 - a consistent structural relationship.

Return for Risk

TRCLX vs. TRRJX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TRCLX

TRCLX Risk / Return Rank: 69
TRCLX Sharpe Ratio Rank: 73
TRCLX Sortino Ratio Rank: 65
TRCLX Omega Ratio Rank: 68
TRCLX Calmar Ratio Rank: 70
TRCLX Martin Ratio Rank: 70

TRRJX

TRRJX Risk / Return Rank: 34
TRRJX Sharpe Ratio Rank: 33
TRRJX Sortino Ratio Rank: 31
TRRJX Omega Ratio Rank: 35
TRRJX Calmar Ratio Rank: 34
TRRJX Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TRCLX vs. TRRJX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price China Evolution Equity Fund (TRCLX) 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.

	TRCLX	TRRJX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.02	+0.71
Sortino ratio: Return per unit of downside risk	2.25	1.44	+0.81
Omega ratio: Gain probability vs. loss probability	1.30	1.20	+0.10
Calmar ratio: Return relative to maximum drawdown	2.30	1.42	+0.89
Martin ratio: Return relative to average drawdown	8.66	5.35	+3.31

TRCLX vs. TRRJX - Sharpe Ratio Comparison

The current TRCLX Sharpe Ratio is 1.72, which is higher than the TRRJX Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of TRCLX 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

TRCLX vs. TRRJX - Drawdown Comparison

The maximum TRCLX drawdown since its inception was -50.67%, smaller than the maximum TRRJX drawdown of -53.57%. Use the drawdown chart below to compare losses from any high point for TRCLX and TRRJX.

Drawdown Indicators

	TRCLX	TRRJX	Difference
Max Drawdown Largest peak-to-trough decline	-50.67%	-53.57%	+2.90%
Max Drawdown (1Y) Largest decline over 1 year	-17.36%	-8.06%	-9.30%
Max Drawdown (3Y) Largest decline over 3 years	-23.94%	-12.52%	-11.42%
Max Drawdown (5Y) Largest decline over 5 years	-47.71%	-25.85%	-21.86%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.14%	—
Current Drawdown Current decline from peak	-16.27%	-0.98%	-15.29%
Average Drawdown Average peak-to-trough decline	-22.36%	-6.61%	-15.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.61%	2.11%	+2.50%

Volatility

TRCLX vs. TRRJX - Volatility Comparison

T. Rowe Price China Evolution Equity Fund (TRCLX) has a higher volatility of 11.25% compared to T. Rowe Price Retirement 2035 Fund (TRRJX) at 2.78%. This indicates that TRCLX'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

	TRCLX	TRRJX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.25%	2.78%	+8.47%
Volatility (6M) Calculated over the trailing 6-month period	19.96%	8.83%	+11.13%
Volatility (1Y) Calculated over the trailing 1-year period	23.19%	11.22%	+11.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.68%	12.93%	+10.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.85%	13.47%	+10.38%

TRCLX vs. TRRJX - Expense Ratio Comparison

TRCLX has a 1.04% expense ratio, which is higher than TRRJX's 0.58% expense ratio.

Dividends

TRCLX vs. TRRJX - Dividend Comparison

TRCLX's dividend yield for the trailing twelve months is around 1.37%, while TRRJX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRCLX T. Rowe Price China Evolution Equity Fund	1.37%	1.64%	1.78%	2.56%	2.76%	8.23%	1.50%	0.01%	0.00%	0.00%	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 TRCLX and TRRJX in my portfolio?

TRCLX and TRRJX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRCLX or TRRJX?

TRCLX has higher volatility (11.25%) compared to TRRJX (2.78%). In terms of maximum drawdown, TRCLX dropped -50.67% vs TRRJX's -53.57%.

Which has better risk-adjusted returns?

TRCLX currently has the higher Sharpe Ratio (1.72 vs 1.02), 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.