TRFJX vs. PMTIX

Last updated Jun 23, 2026

TRFJX (T. Rowe Price Retirement 2035 Fund Class I) and PMTIX (Principal LifeTime 2030 Fund) are both Target Retirement Date funds. Over the past year, TRFJX returned 21.28% vs 14.94% for PMTIX. Their correlation of 0.95 suggests significant overlap in exposure. TRFJX charges 0.41%/yr vs 0.01%/yr for PMTIX.

Performance

TRFJX vs. PMTIX - 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 2030 Fund (PMTIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRFJX achieves a 9.08% return, which is significantly higher than PMTIX's 5.67% return.

TRFJX

• 1D: 0.91%
• 1M: 1.27%
• YTD: 9.08%
• 6M: 8.98%
• 1Y: 21.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMTIX

• 1D: 0.80%
• 1M: 1.27%
• YTD: 5.67%
• 6M: 5.63%
• 1Y: 14.94%
• 3Y*: 12.81%
• 5Y*: 6.33%
• 10Y*: 8.84%

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

TRFJX vs. PMTIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TRFJX T. Rowe Price Retirement 2035 Fund Class I	9.08%	16.37%	12.17%	6.67%
PMTIX Principal LifeTime 2030 Fund	5.67%	13.25%	12.86%	8.70%

Correlation

The correlation between TRFJX and PMTIX is 0.97 - 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	0.97
Correlation (All Time) Calculated using the full available price history since Nov 14, 2023	0.95

The correlation between TRFJX and PMTIX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

TRFJX vs. PMTIX — Risk / Return Rank

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

TRFJX

TRFJX Risk / Return Rank: 58
TRFJX Sharpe Ratio Rank: 59
TRFJX Sortino Ratio Rank: 57
TRFJX Omega Ratio Rank: 59
TRFJX Calmar Ratio Rank: 52
TRFJX Martin Ratio Rank: 62

PMTIX

PMTIX Risk / Return Rank: 49
PMTIX Sharpe Ratio Rank: 45
PMTIX Sortino Ratio Rank: 45
PMTIX Omega Ratio Rank: 47
PMTIX Calmar Ratio Rank: 48
PMTIX Martin Ratio Rank: 58

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. PMTIX - 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 2030 Fund (PMTIX). 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.

	TRFJX	PMTIX	Difference
Sharpe ratio: Return per unit of total volatility	2.08	1.83	+0.25
Sortino ratio: Return per unit of downside risk	2.89	2.61	+0.29
Omega ratio: Gain probability vs. loss probability	1.39	1.34	+0.05
Calmar ratio: Return relative to maximum drawdown	2.63	2.52	+0.11
Martin ratio: Return relative to average drawdown	11.45	10.99	+0.46

TRFJX vs. PMTIX - Sharpe Ratio Comparison

The current TRFJX Sharpe Ratio is 2.08, which is comparable to the PMTIX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of TRFJX and PMTIX, 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

TRFJX vs. PMTIX - Drawdown Comparison

The maximum TRFJX drawdown since its inception was -12.48%, smaller than the maximum PMTIX drawdown of -52.14%. Use the drawdown chart below to compare losses from any high point for TRFJX and PMTIX.

Drawdown Indicators

	TRFJX	PMTIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.48%	-52.14%	+39.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.03%	-5.85%	-2.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.62%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.05%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-25.87%	—
Current Drawdown Current decline from peak	-0.31%	-0.33%	+0.02%
Average Drawdown Average peak-to-trough decline	-1.28%	-6.78%	+5.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	1.34%	+0.50%

Volatility

TRFJX vs. PMTIX - Volatility Comparison

T. Rowe Price Retirement 2035 Fund Class I (TRFJX) has a higher volatility of 3.92% compared to Principal LifeTime 2030 Fund (PMTIX) at 3.28%. This indicates that TRFJX's price experiences larger fluctuations and is considered to be riskier than PMTIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRFJX	PMTIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	3.28%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	8.50%	6.72%	+1.78%
Volatility (1Y) Calculated over the trailing 1-year period	10.17%	8.09%	+2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.37%	10.62%	+0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.37%	11.24%	+0.13%

TRFJX vs. PMTIX - Expense Ratio Comparison

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

Dividends

TRFJX vs. PMTIX - Dividend Comparison

TRFJX's dividend yield for the trailing twelve months is around 4.42%, less than PMTIX's 9.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMTIX Principal LifeTime 2030 Fund	9.17%	9.69%	9.60%	4.26%	10.05%	8.87%	6.37%	6.49%	8.21%	5.87%	3.97%	9.44%
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 PMTIX in my portfolio?

With a correlation of 0.97, TRFJX and PMTIX 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 PMTIX?

TRFJX has higher volatility (3.92%) compared to PMTIX (3.28%). In terms of maximum drawdown, TRFJX dropped -12.48% vs PMTIX's -52.14%.

Which has better risk-adjusted returns?

TRFJX currently has the higher Sharpe Ratio (2.08 vs 1.83), 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.