TRRAX vs. SPY
Compare and contrast key facts about T. Rowe Price Retirement 2010 Fund (TRRAX) and State Street SPDR S&P 500 ETF (SPY).
TRRAX is managed by T. Rowe Price. It was launched on Sep 29, 2002. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
TRRAX vs. SPY - Performance Comparison
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TRRAX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRRAX T. Rowe Price Retirement 2010 Fund | -0.44% | 11.77% | 8.48% | 12.49% | -13.94% | 8.87% | 11.90% | 16.17% | -3.66% | 11.67% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, TRRAX achieves a -0.44% return, which is significantly higher than SPY's -3.65% return. Over the past 10 years, TRRAX has underperformed SPY with an annualized return of 6.20%, while SPY has yielded a comparatively higher 14.06% annualized return.
TRRAX
- 1D
- 1.34%
- 1M
- -3.45%
- YTD
- -0.44%
- 6M
- 1.08%
- 1Y
- 9.62%
- 3Y*
- 9.20%
- 5Y*
- 4.33%
- 10Y*
- 6.20%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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TRRAX vs. SPY - Expense Ratio Comparison
TRRAX has a 0.49% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
TRRAX vs. SPY — Risk / Return Rank
TRRAX
SPY
TRRAX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2010 Fund (TRRAX) and State Street SPDR S&P 500 ETF (SPY). 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.
| TRRAX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.31 | 0.96 | +0.35 |
Sortino ratioReturn per unit of downside risk | 1.86 | 1.49 | +0.37 |
Omega ratioGain probability vs. loss probability | 1.28 | 1.23 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 1.62 | 1.53 | +0.08 |
Martin ratioReturn relative to average drawdown | 7.01 | 7.27 | -0.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TRRAX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.31 | 0.96 | +0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.54 | 0.70 | -0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | 0.79 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 0.56 | +0.12 |
Correlation
The correlation between TRRAX and SPY is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
TRRAX vs. SPY - Dividend Comparison
TRRAX's dividend yield for the trailing twelve months is around 5.89%, more than SPY's 1.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TRRAX T. Rowe Price Retirement 2010 Fund | 5.89% | 5.87% | 4.10% | 4.32% | 11.83% | 13.61% | 9.86% | 4.55% | 8.50% | 5.96% | 2.19% | 2.07% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
TRRAX vs. SPY - Drawdown Comparison
The maximum TRRAX drawdown since its inception was -38.81%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TRRAX and SPY.
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Drawdown Indicators
| TRRAX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.81% | -55.19% | +16.38% |
Max Drawdown (1Y)Largest decline over 1 year | -5.77% | -12.05% | +6.28% |
Max Drawdown (5Y)Largest decline over 5 years | -19.40% | -24.50% | +5.10% |
Max Drawdown (10Y)Largest decline over 10 years | -19.61% | -33.72% | +14.11% |
Current DrawdownCurrent decline from peak | -3.80% | -5.53% | +1.73% |
Average DrawdownAverage peak-to-trough decline | -3.94% | -9.09% | +5.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 2.54% | -1.21% |
Volatility
TRRAX vs. SPY - Volatility Comparison
The current volatility for T. Rowe Price Retirement 2010 Fund (TRRAX) is 3.06%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.35%. This indicates that TRRAX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRRAX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.06% | 5.35% | -2.29% |
Volatility (6M)Calculated over the trailing 6-month period | 4.66% | 9.50% | -4.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.63% | 19.06% | -11.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.01% | 17.06% | -9.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.84% | 17.92% | -10.08% |