TRRBX vs. SPY
Compare and contrast key facts about T. Rowe Price Retirement 2020 Fund (TRRBX) and State Street SPDR S&P 500 ETF (SPY).
TRRBX 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
TRRBX vs. SPY - Performance Comparison
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TRRBX vs. SPY - 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% |
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, TRRBX achieves a -0.56% return, which is significantly higher than SPY's -3.65% return. Over the past 10 years, TRRBX has underperformed SPY with an annualized return of 6.66%, while SPY has yielded a comparatively higher 14.06% 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%
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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TRRBX vs. SPY - Expense Ratio Comparison
TRRBX has a 0.53% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
TRRBX vs. SPY — Risk / Return Rank
TRRBX
SPY
TRRBX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2020 Fund (TRRBX) 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.
| TRRBX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.43 | 0.96 | -0.52 |
Sortino ratioReturn per unit of downside risk | 0.61 | 1.49 | -0.88 |
Omega ratioGain probability vs. loss probability | 1.11 | 1.23 | -0.12 |
Calmar ratioReturn relative to maximum drawdown | 0.50 | 1.53 | -1.04 |
Martin ratioReturn relative to average drawdown | 1.45 | 7.27 | -5.81 |
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
| TRRBX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.43 | 0.96 | -0.52 |
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 | 0.79 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.56 | +0.03 |
Correlation
The correlation between TRRBX and SPY is 0.92, 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. SPY - Dividend Comparison
TRRBX has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.13%.
| 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% |
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
TRRBX vs. SPY - Drawdown Comparison
The maximum TRRBX drawdown since its inception was -47.04%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TRRBX and SPY.
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Drawdown Indicators
| TRRBX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.04% | -55.19% | +8.15% |
Max Drawdown (1Y)Largest decline over 1 year | -7.68% | -12.05% | +4.37% |
Max Drawdown (5Y)Largest decline over 5 years | -20.54% | -24.50% | +3.96% |
Max Drawdown (10Y)Largest decline over 10 years | -23.90% | -33.72% | +9.82% |
Current DrawdownCurrent decline from peak | -6.35% | -5.53% | -0.82% |
Average DrawdownAverage peak-to-trough decline | -5.07% | -9.09% | +4.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.62% | 2.54% | +0.08% |
Volatility
TRRBX vs. SPY - Volatility Comparison
The current volatility for T. Rowe Price Retirement 2020 Fund (TRRBX) is 3.34%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.35%. This indicates that TRRBX 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
| TRRBX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.34% | 5.35% | -2.01% |
Volatility (6M)Calculated over the trailing 6-month period | 7.36% | 9.50% | -2.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.02% | 19.06% | -9.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.17% | 17.06% | -7.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.66% | 17.92% | -8.26% |