TRFJX vs. PLWIX

Last updated Jun 6, 2026

TRFJX (T. Rowe Price Retirement 2035 Fund Class I) and PLWIX (Principal LifeTime 2020 Fund) are both Target Retirement Date funds. Over the past year, TRFJX returned 21.00% vs 12.07% for PLWIX. Their correlation of 0.92 suggests significant overlap in exposure. TRFJX charges 0.41%/yr vs 0.01%/yr for PLWIX.

Performance

TRFJX vs. PLWIX - 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 Principal LifeTime 2020 Fund (PLWIX). 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 higher than PLWIX's 4.37% return.

TRFJX

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

PLWIX

• 1D: 0.24%
• 1M: 0.64%
• YTD: 4.37%
• 6M: 4.66%
• 1Y: 12.07%
• 3Y*: 11.70%
• 5Y*: 5.21%
• 10Y*: 7.31%

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

TRFJX vs. PLWIX - 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%
PLWIX Principal LifeTime 2020 Fund	4.37%	11.32%	12.21%	5.57%

Correlation

The correlation between TRFJX and PLWIX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Nov 15, 2023	0.92

The correlation between TRFJX and PLWIX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

TRFJX vs. PLWIX — 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

PLWIX

PLWIX Risk / Return Rank: 52
PLWIX Sharpe Ratio Rank: 51
PLWIX Sortino Ratio Rank: 52
PLWIX Omega Ratio Rank: 53
PLWIX Calmar Ratio Rank: 47
PLWIX Martin Ratio Rank: 59

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. PLWIX - 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 Principal LifeTime 2020 Fund (PLWIX). 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	PLWIX	Difference
Sharpe ratio: Return per unit of total volatility	2.18	2.04	+0.14
Sortino ratio: Return per unit of downside risk	3.07	2.95	+0.12
Omega ratio: Gain probability vs. loss probability	1.41	1.39	+0.02
Calmar ratio: Return relative to maximum drawdown	2.62	2.53	+0.09
Martin ratio: Return relative to average drawdown	11.59	11.30	+0.29
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. PLWIX - Sharpe Ratio Comparison

The current TRFJX Sharpe Ratio is 2.18, which is comparable to the PLWIX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of TRFJX and PLWIX, 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	PLWIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.18	2.04	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.64	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.86	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	0.53	+1.06

Drawdowns

TRFJX vs. PLWIX - Drawdown Comparison

The maximum TRFJX drawdown since its inception was -12.48%, smaller than the maximum PLWIX drawdown of -49.07%. Use the drawdown chart below to compare losses from any high point for TRFJX and PLWIX.

Drawdown Indicators

	TRFJX	PLWIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.48%	-49.07%	+36.59%
Max Drawdown (1Y) Largest decline over 1 year	-8.03%	-4.75%	-3.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.97%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.73%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.29%	—
Current Drawdown Current decline from peak	-0.27%	-0.24%	-0.03%
Average Drawdown Average peak-to-trough decline	-1.28%	-5.72%	+4.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	1.06%	+0.75%

Volatility

TRFJX vs. PLWIX - Volatility Comparison

T. Rowe Price Retirement 2035 Fund Class I (TRFJX) has a higher volatility of 2.93% compared to Principal LifeTime 2020 Fund (PLWIX) at 1.93%. This indicates that TRFJX's price experiences larger fluctuations and is considered to be riskier than PLWIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRFJX	PLWIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	1.93%	+1.00%
Volatility (6M) Calculated over the trailing 6-month period	7.84%	4.80%	+3.04%
Volatility (1Y) Calculated over the trailing 1-year period	9.66%	5.92%	+3.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.25%	8.24%	+3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.25%	8.56%	+2.69%

TRFJX vs. PLWIX - Expense Ratio Comparison

TRFJX has a 0.41% expense ratio, which is higher than PLWIX's 0.01% expense ratio.

Dividends

TRFJX vs. PLWIX - Dividend Comparison

TRFJX's dividend yield for the trailing twelve months is around 4.42%, less than PLWIX's 9.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PLWIX Principal LifeTime 2020 Fund	9.66%	10.08%	11.91%	5.12%	9.82%	9.40%	5.90%	8.69%	7.35%	5.74%	3.73%	8.75%
TRFJX T. Rowe Price Retirement 2035 Fund Class I	4.42%	4.82%	2.62%	4.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TRFJX and PLWIX in my portfolio?

With a correlation of 0.95, TRFJX and PLWIX 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, TRFJX or PLWIX?

TRFJX has higher volatility (2.93%) compared to PLWIX (1.93%). In terms of maximum drawdown, TRFJX dropped -12.48% vs PLWIX's -49.07%.

Which has better risk-adjusted returns?

TRFJX currently has the higher Sharpe Ratio (2.18 vs 2.04), 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.