TRLAX vs. NTSX

Last updated Jun 3, 2026

TRLAX (T. Rowe Price Retirement Income 2020 Fund) and NTSX (WisdomTree U.S. Efficient Core Fund) are both funds - TRLAX is a Target Retirement Date fund managed by T. Rowe Price, while NTSX is a Diversified Portfolio fund actively managed by WisdomTree. Over the past 5 years, TRLAX returned 4.40%/yr vs 9.69%/yr for NTSX. Their correlation of 0.87 suggests significant overlap in exposure. TRLAX charges 0.53%/yr vs 0.20%/yr for NTSX.

Performance

TRLAX vs. NTSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement Income 2020 Fund (TRLAX) and WisdomTree U.S. Efficient Core Fund (NTSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRLAX achieves a 5.81% return, which is significantly lower than NTSX's 8.62% return.

TRLAX

• 1D: 0.00%
• 1M: 2.02%
• YTD: 5.81%
• 6M: 6.34%
• 1Y: 14.77%
• 3Y*: 10.83%
• 5Y*: 4.40%
• 10Y*: —

NTSX

• 1D: -1.05%
• 1M: 4.37%
• YTD: 8.62%
• 6M: 7.83%
• 1Y: 25.27%
• 3Y*: 19.38%
• 5Y*: 9.69%
• 10Y*: —

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

TRLAX vs. NTSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TRLAX T. Rowe Price Retirement Income 2020 Fund	5.81%	10.92%	8.74%	12.89%	-16.59%	10.45%	13.48%	19.08%	-6.70%
NTSX WisdomTree U.S. Efficient Core Fund	8.62%	18.82%	20.20%	22.70%	-25.84%	22.21%	24.87%	32.03%	-8.72%

Correlation

The correlation between TRLAX and NTSX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Aug 3, 2018	0.87

The correlation between TRLAX and NTSX shifts across timeframes, from 0.73 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TRLAX vs. NTSX — Risk / Return Rank

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

TRLAX

TRLAX Risk / Return Rank: 80
TRLAX Sharpe Ratio Rank: 72
TRLAX Sortino Ratio Rank: 78
TRLAX Omega Ratio Rank: 73
TRLAX Calmar Ratio Rank: 84
TRLAX Martin Ratio Rank: 93

NTSX

NTSX Risk / Return Rank: 60
NTSX Sharpe Ratio Rank: 60
NTSX Sortino Ratio Rank: 58
NTSX Omega Ratio Rank: 59
NTSX Calmar Ratio Rank: 55
NTSX Martin Ratio Rank: 66

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.

TRLAX vs. NTSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement Income 2020 Fund (TRLAX) and WisdomTree U.S. Efficient Core Fund (NTSX). 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.

	TRLAX	NTSX	Difference
Sharpe ratio Return per unit of total volatility	2.48	2.06	+0.41
Sortino ratio Return per unit of downside risk	3.72	2.81	+0.91
Omega ratio Gain probability vs. loss probability	1.48	1.37	+0.11
Calmar ratio Return relative to maximum drawdown	3.95	2.77	+1.18
Martin ratio Return relative to average drawdown	19.94	12.25	+7.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRLAX vs. NTSX - Sharpe Ratio Comparison

The current TRLAX Sharpe Ratio is 2.48, which is comparable to the NTSX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of TRLAX and NTSX, 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

	TRLAX	NTSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	2.06	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.57	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.71	-0.01

Drawdowns

TRLAX vs. NTSX - Drawdown Comparison

The maximum TRLAX drawdown since its inception was -23.82%, smaller than the maximum NTSX drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for TRLAX and NTSX.

Drawdown Indicators

	TRLAX	NTSX	Difference
Max Drawdown Largest peak-to-trough decline	-23.82%	-31.34%	+7.52%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	-9.16%	+3.46%
Max Drawdown (3Y) Largest decline over 3 years	-8.86%	-16.82%	+7.96%
Max Drawdown (5Y) Largest decline over 5 years	-22.46%	-31.34%	+8.88%
Current Drawdown Current decline from peak	0.00%	-1.05%	+1.05%
Average Drawdown Average peak-to-trough decline	-4.58%	-6.79%	+2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	2.07%	-0.94%

Volatility

TRLAX vs. NTSX - Volatility Comparison

The current volatility for T. Rowe Price Retirement Income 2020 Fund (TRLAX) is 2.14%, while WisdomTree U.S. Efficient Core Fund (NTSX) has a volatility of 3.39%. This indicates that TRLAX experiences smaller price fluctuations and is considered to be less risky than NTSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRLAX	NTSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	3.39%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	5.73%	9.58%	-3.85%
Volatility (1Y) Calculated over the trailing 1-year period	7.11%	12.31%	-5.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.81%	17.04%	-8.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.75%	18.27%	-8.52%

TRLAX vs. NTSX - Expense Ratio Comparison

TRLAX has a 0.53% expense ratio, which is higher than NTSX's 0.20% expense ratio.

Dividends

TRLAX vs. NTSX - Dividend Comparison

TRLAX's dividend yield for the trailing twelve months is around 8.59%, more than NTSX's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NTSX WisdomTree U.S. Efficient Core Fund	1.08%	1.14%	1.14%	1.21%	1.36%	0.82%	0.92%	1.42%	0.62%	0.00%
TRLAX T. Rowe Price Retirement Income 2020 Fund	8.59%	8.08%	8.38%	6.52%	7.29%	7.77%	7.93%	5.80%	7.83%	2.84%

Frequently Asked Questions

Can I hold both TRLAX and NTSX in my portfolio?

TRLAX and NTSX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRLAX or NTSX?

NTSX has higher volatility (3.39%) compared to TRLAX (2.14%). In terms of maximum drawdown, TRLAX dropped -23.82% vs NTSX's -31.34%.

Which has better risk-adjusted returns?

TRLAX currently has the higher Sharpe Ratio (2.48 vs 2.06), 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.