TRFJX vs. DTDRX

Last updated Jun 6, 2026

TRFJX (T. Rowe Price Retirement 2035 Fund Class I) and DTDRX (Dimensional 2065 Target Date Retirement Income Fund) are both Target Retirement Date funds. Over the past year, TRFJX returned 21.00% vs 27.85% for DTDRX. Their correlation of 0.92 suggests significant overlap in exposure. TRFJX charges 0.41%/yr vs 0.22%/yr for DTDRX.

Performance

TRFJX vs. DTDRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2035 Fund Class I (TRFJX) and Dimensional 2065 Target Date Retirement Income Fund (DTDRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRFJX achieves a 9.12% return, which is significantly lower than DTDRX's 12.04% return.

TRFJX

• 1D: 0.31%
• 1M: 1.23%
• YTD: 9.12%
• 6M: 9.46%
• 1Y: 21.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DTDRX

• 1D: 0.36%
• 1M: 2.15%
• YTD: 12.04%
• 6M: 12.44%
• 1Y: 27.85%
• 3Y*: 20.31%
• 5Y*: 11.40%
• 10Y*: —

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

TRFJX vs. DTDRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TRFJX T. Rowe Price Retirement 2035 Fund Class I	9.12%	16.37%	12.17%	6.67%
DTDRX Dimensional 2065 Target Date Retirement Income Fund	12.04%	19.28%	17.13%	6.59%

Correlation

The correlation between TRFJX and DTDRX is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Nov 15, 2023	0.92

The correlation between TRFJX and DTDRX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

TRFJX vs. DTDRX — Risk / Return Rank

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

TRFJX

TRFJX Risk / Return Rank: 57
TRFJX Sharpe Ratio Rank: 58
TRFJX Sortino Ratio Rank: 56
TRFJX Omega Ratio Rank: 58
TRFJX Calmar Ratio Rank: 50
TRFJX Martin Ratio Rank: 61

DTDRX

DTDRX Risk / Return Rank: 83
DTDRX Sharpe Ratio Rank: 86
DTDRX Sortino Ratio Rank: 83
DTDRX Omega Ratio Rank: 79
DTDRX Calmar Ratio Rank: 81
DTDRX Martin Ratio Rank: 86

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.

TRFJX vs. DTDRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2035 Fund Class I (TRFJX) and Dimensional 2065 Target Date Retirement Income Fund (DTDRX). 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.

	TRFJX	DTDRX	Difference
Sharpe ratio: Return per unit of total volatility	2.18	2.77	-0.59
Sortino ratio: Return per unit of downside risk	3.07	3.89	-0.82
Omega ratio: Gain probability vs. loss probability	1.41	1.50	-0.09
Calmar ratio: Return relative to maximum drawdown	2.62	3.57	-0.95
Martin ratio: Return relative to average drawdown	11.59	15.67	-4.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRFJX vs. DTDRX - Sharpe Ratio Comparison

The current TRFJX Sharpe Ratio is 2.18, which is comparable to the DTDRX Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of TRFJX and DTDRX, 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

	TRFJX	DTDRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.18	2.77	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	0.70	+0.90

Drawdowns

TRFJX vs. DTDRX - Drawdown Comparison

The maximum TRFJX drawdown since its inception was -12.48%, smaller than the maximum DTDRX drawdown of -33.33%. Use the drawdown chart below to compare losses from any high point for TRFJX and DTDRX.

Drawdown Indicators

	TRFJX	DTDRX	Difference
Max Drawdown Largest peak-to-trough decline	-12.48%	-33.33%	+20.85%
Max Drawdown (1Y) Largest decline over 1 year	-8.03%	-8.57%	+0.54%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.47%	—
Current Drawdown Current decline from peak	-0.27%	-0.31%	+0.04%
Average Drawdown Average peak-to-trough decline	-1.28%	-5.09%	+3.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	1.88%	-0.07%

Volatility

TRFJX vs. DTDRX - Volatility Comparison

T. Rowe Price Retirement 2035 Fund Class I (TRFJX) and Dimensional 2065 Target Date Retirement Income Fund (DTDRX) have volatilities of 2.93% and 3.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRFJX	DTDRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	3.08%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	7.84%	8.69%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	9.66%	11.07%	-1.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.25%	14.87%	-3.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.25%	19.16%	-7.91%

TRFJX vs. DTDRX - Expense Ratio Comparison

TRFJX has a 0.41% expense ratio, which is higher than DTDRX's 0.22% expense ratio.

Dividends

TRFJX vs. DTDRX - Dividend Comparison

TRFJX's dividend yield for the trailing twelve months is around 4.42%, more than DTDRX's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
DTDRX Dimensional 2065 Target Date Retirement Income Fund	1.38%	1.31%	2.07%	1.94%	2.01%	1.53%	2.55%
TRFJX T. Rowe Price Retirement 2035 Fund Class I	4.42%	4.82%	2.62%	4.70%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TRFJX and DTDRX in my portfolio?

TRFJX and DTDRX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRFJX or DTDRX?

DTDRX has higher volatility (3.08%) compared to TRFJX (2.93%). In terms of maximum drawdown, TRFJX dropped -12.48% vs DTDRX's -33.33%.

Which has better risk-adjusted returns?

DTDRX currently has the higher Sharpe Ratio (2.77 vs 2.18), 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.