TRRAX vs. PBRNX
TRRAX (T. Rowe Price Retirement 2010 Fund) and PBRNX (PIMCO RealPath Blend Income Fund) are both Target Retirement Date funds. Over the past 10 years, TRRAX returned 6.76%/yr vs 6.91%/yr for PBRNX. Their correlation of 0.91 suggests significant overlap in exposure. TRRAX charges 0.49%/yr vs 0.03%/yr for PBRNX.
Performance
TRRAX vs. PBRNX - Performance Comparison
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Returns By Period
In the year-to-date period, TRRAX achieves a 5.50% return, which is significantly lower than PBRNX's 5.90% return. Both investments have delivered pretty close results over the past 10 years, with TRRAX having a 6.76% annualized return and PBRNX not far ahead at 6.91%.
TRRAX
- 1D
- -0.18%
- 1M
- 0.72%
- YTD
- 5.50%
- 6M
- 5.30%
- 1Y
- 13.14%
- 3Y*
- 10.80%
- 5Y*
- 4.96%
- 10Y*
- 6.76%
PBRNX
- 1D
- -0.23%
- 1M
- 1.00%
- YTD
- 5.90%
- 6M
- 5.75%
- 1Y
- 14.57%
- 3Y*
- 10.15%
- 5Y*
- 4.38%
- 10Y*
- 6.91%
TRRAX vs. PBRNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRRAX T. Rowe Price Retirement 2010 Fund | 5.50% | 11.77% | 8.48% | 12.49% | -13.94% | 8.87% | 11.90% | 16.17% | -3.66% | 11.67% |
PBRNX PIMCO RealPath Blend Income Fund | 5.90% | 13.57% | 5.63% | 12.03% | -16.09% | 9.00% | 13.87% | 16.48% | -4.14% | 12.75% |
Correlation
The correlation between TRRAX and PBRNX is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.91 |
The correlation between TRRAX and PBRNX has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.
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Return for Risk
TRRAX vs. PBRNX — Risk / Return Rank
TRRAX
PBRNX
TRRAX vs. PBRNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2010 Fund (TRRAX) and PIMCO RealPath Blend Income Fund (PBRNX). 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.
| TRRAX | PBRNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.42 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 2.68 | +0.03 |
| Martin ratioReturn relative to average drawdown | 11.84 | 11.78 | +0.06 |
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Drawdowns
TRRAX vs. PBRNX - Drawdown Comparison
The maximum TRRAX drawdown since its inception was -38.81%, which is greater than PBRNX's maximum drawdown of -21.90%. Use the drawdown chart below to compare losses from any high point for TRRAX and PBRNX.
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Drawdown Indicators
| TRRAX | PBRNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.81% | -21.90% | -16.91% |
Max Drawdown (1Y)Largest decline over 1 year | -5.07% | -5.66% | +0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -7.33% | -8.33% | +1.00% |
Max Drawdown (5Y)Largest decline over 5 years | -19.40% | -21.90% | +2.50% |
Max Drawdown (10Y)Largest decline over 10 years | -19.61% | -21.90% | +2.29% |
Current DrawdownCurrent decline from peak | -0.41% | -0.47% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -3.77% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.15% | 1.28% | -0.13% |
Volatility
TRRAX vs. PBRNX - Volatility Comparison
The current volatility for T. Rowe Price Retirement 2010 Fund (TRRAX) is 2.46%, while PIMCO RealPath Blend Income Fund (PBRNX) has a volatility of 2.67%. This indicates that TRRAX experiences smaller price fluctuations and is considered to be less risky than PBRNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRRAX | PBRNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.46% | 2.67% | -0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 5.36% | 5.82% | -0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.34% | 6.95% | -0.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.09% | 8.45% | -0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.89% | 7.96% | -0.07% |
TRRAX vs. PBRNX - Expense Ratio Comparison
TRRAX has a 0.49% expense ratio, which is higher than PBRNX's 0.03% expense ratio.
Dividends
TRRAX vs. PBRNX - Dividend Comparison
TRRAX's dividend yield for the trailing twelve months is around 5.56%, more than PBRNX's 5.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBRNX PIMCO RealPath Blend Income Fund | 5.13% | 4.19% | 4.56% | 4.16% | 3.63% | 5.95% | 4.29% | 4.42% | 2.48% | 2.16% | 3.17% | 2.57% |
TRRAX T. Rowe Price Retirement 2010 Fund | 5.56% | 5.87% | 4.10% | 4.32% | 11.83% | 13.61% | 9.86% | 4.55% | 8.50% | 5.96% | 2.19% | 2.07% |
Frequently Asked Questions
With a correlation of 0.92, TRRAX and PBRNX 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.
PBRNX has higher volatility (2.67%) compared to TRRAX (2.46%). In terms of maximum drawdown, TRRAX dropped -38.81% vs PBRNX's -21.90%.
PBRNX currently has the higher Sharpe Ratio (2.19 vs 2.17), 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.
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