TRRBX vs. PRWCX

Last updated Apr 2, 2026

Compare and contrast key facts about T. Rowe Price Retirement 2020 Fund (TRRBX) and T. Rowe Price Capital Appreciation Fund (PRWCX).

TRRBX is managed by T. Rowe Price. It was launched on Sep 29, 2002. PRWCX is managed by T. Rowe Price. It was launched on Jun 30, 1986.

Performance

TRRBX vs. PRWCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2020 Fund (TRRBX) and T. Rowe Price Capital Appreciation Fund (PRWCX). The values are adjusted to include any dividend payments, if applicable.

TRRBX vs. PRWCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRRBX T. Rowe Price Retirement 2020 Fund	-0.56%	6.07%	9.17%	13.51%	-14.58%	10.60%	13.18%	19.39%	-5.01%	15.75%
PRWCX T. Rowe Price Capital Appreciation Fund	-3.22%	20.92%	12.50%	18.85%	-12.00%	18.45%	18.13%	24.62%	0.63%	15.34%

Returns By Period

In the year-to-date period, TRRBX achieves a -0.56% return, which is significantly higher than PRWCX's -3.22% return. Over the past 10 years, TRRBX has underperformed PRWCX with an annualized return of 6.66%, while PRWCX has yielded a comparatively higher 11.41% annualized return.

TRRBX

• 1D: 1.45%
• 1M: -3.82%
• YTD: -0.56%
• 6M: -4.75%
• 1Y: 4.03%
• 3Y*: 7.71%
• 5Y*: 3.52%
• 10Y*: 6.66%

PRWCX

• 1D: 1.91%
• 1M: -2.92%
• YTD: -3.22%
• 6M: 5.51%
• 1Y: 16.80%
• 3Y*: 13.72%
• 5Y*: 9.22%
• 10Y*: 11.41%

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

TRRBX vs. PRWCX - Expense Ratio Comparison

TRRBX has a 0.53% expense ratio, which is lower than PRWCX's 0.68% expense ratio.

PRWCX

T. Rowe Price Capital Appreciation Fund

TRRBX

T. Rowe Price Retirement 2020 Fund

Return for Risk

TRRBX vs. PRWCX — Risk / Return Rank

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

TRRBX

TRRBX Risk / Return Rank: 14
TRRBX Sharpe Ratio Rank: 14
TRRBX Sortino Ratio Rank: 12
TRRBX Omega Ratio Rank: 15
TRRBX Calmar Ratio Rank: 16
TRRBX Martin Ratio Rank: 14

PRWCX

PRWCX Risk / Return Rank: 83
PRWCX Sharpe Ratio Rank: 71
PRWCX Sortino Ratio Rank: 87
PRWCX Omega Ratio Rank: 83
PRWCX Calmar Ratio Rank: 88
PRWCX Martin Ratio Rank: 88

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.

TRRBX vs. PRWCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2020 Fund (TRRBX) and T. Rowe Price Capital Appreciation Fund (PRWCX). 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.

	TRRBX	PRWCX	Difference
Sharpe ratio Return per unit of total volatility	0.43	1.27	-0.83
Sortino ratio Return per unit of downside risk	0.61	2.37	-1.76
Omega ratio Gain probability vs. loss probability	1.11	1.34	-0.23
Calmar ratio Return relative to maximum drawdown	0.50	2.34	-1.84
Martin ratio Return relative to average drawdown	1.45	9.70	-8.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRRBX vs. PRWCX - Sharpe Ratio Comparison

The current TRRBX Sharpe Ratio is 0.43, which is lower than the PRWCX Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of TRRBX and PRWCX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TRRBX	PRWCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.43	1.27	-0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.70	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.88	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.90	-0.31

Correlation

The correlation between TRRBX and PRWCX 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

TRRBX vs. PRWCX - Dividend Comparison

TRRBX has not paid dividends to shareholders, while PRWCX's dividend yield for the trailing twelve months is around 16.24%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRRBX T. Rowe Price Retirement 2020 Fund	0.00%	0.00%	4.28%	6.78%	13.33%	12.99%	9.80%	5.52%	9.63%	4.79%	1.76%	2.92%
PRWCX T. Rowe Price Capital Appreciation Fund	16.24%	15.72%	10.38%	4.15%	9.44%	9.23%	7.97%	5.83%	7.46%	6.82%	3.51%	9.86%

Drawdowns

TRRBX vs. PRWCX - Drawdown Comparison

The maximum TRRBX drawdown since its inception was -47.04%, which is greater than PRWCX's maximum drawdown of -41.77%. Use the drawdown chart below to compare losses from any high point for TRRBX and PRWCX.

Drawdown Indicators

	TRRBX	PRWCX	Difference
Max Drawdown Largest peak-to-trough decline	-47.04%	-41.77%	-5.27%
Max Drawdown (1Y) Largest decline over 1 year	-7.68%	-6.80%	-0.88%
Max Drawdown (5Y) Largest decline over 5 years	-20.54%	-17.07%	-3.47%
Max Drawdown (10Y) Largest decline over 10 years	-23.90%	-26.86%	+2.96%
Current Drawdown Current decline from peak	-6.35%	-4.47%	-1.88%
Average Drawdown Average peak-to-trough decline	-5.07%	-3.34%	-1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	1.64%	+0.98%

Volatility

TRRBX vs. PRWCX - Volatility Comparison

The current volatility for T. Rowe Price Retirement 2020 Fund (TRRBX) is 3.34%, while T. Rowe Price Capital Appreciation Fund (PRWCX) has a volatility of 3.64%. This indicates that TRRBX experiences smaller price fluctuations and is considered to be less risky than PRWCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRRBX	PRWCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	3.64%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	7.36%	9.78%	-2.42%
Volatility (1Y) Calculated over the trailing 1-year period	10.02%	13.57%	-3.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.17%	13.24%	-4.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.66%	12.98%	-3.32%