TRRBX vs. VGIAX

Last updated Jun 4, 2026

TRRBX (T. Rowe Price Retirement 2020 Fund) and VGIAX (Vanguard Growth and Income Fund Admiral Shares) are both mutual funds - TRRBX is a Target Retirement Date fund managed by T. Rowe Price, while VGIAX is a Large Cap Blend Equities fund managed by Vanguard. Over the past 10 years, TRRBX returned 7.18%/yr vs 15.41%/yr for VGIAX. Their correlation of 0.91 suggests significant overlap in exposure. TRRBX charges 0.53%/yr vs 0.22%/yr for VGIAX.

Performance

TRRBX vs. VGIAX - Performance Comparison

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

Returns By Period

In the year-to-date period, TRRBX achieves a 6.59% return, which is significantly lower than VGIAX's 10.47% return. Over the past 10 years, TRRBX has underperformed VGIAX with an annualized return of 7.18%, while VGIAX has yielded a comparatively higher 15.41% annualized return.

TRRBX

• 1D: 0.29%
• 1M: 2.63%
• YTD: 6.59%
• 6M: 0.77%
• 1Y: 8.85%
• 3Y*: 9.79%
• 5Y*: 4.42%
• 10Y*: 7.18%

VGIAX

• 1D: 0.06%
• 1M: 5.79%
• YTD: 10.47%
• 6M: 10.77%
• 1Y: 28.81%
• 3Y*: 23.19%
• 5Y*: 14.27%
• 10Y*: 15.41%

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

TRRBX vs. VGIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRRBX T. Rowe Price Retirement 2020 Fund	6.59%	6.07%	9.17%	13.51%	-14.58%	10.60%	13.18%	19.39%	-5.01%	15.75%
VGIAX Vanguard Growth and Income Fund Admiral Shares	10.47%	19.26%	25.84%	24.83%	-17.18%	28.86%	18.04%	29.77%	-4.61%	19.87%

Correlation

The correlation between TRRBX and VGIAX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 2, 2002	0.91

The correlation between TRRBX and VGIAX has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

Return for Risk

TRRBX vs. VGIAX — Risk / Return Rank

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

TRRBX

TRRBX Risk / Return Rank: 15
TRRBX Sharpe Ratio Rank: 15
TRRBX Sortino Ratio Rank: 12
TRRBX Omega Ratio Rank: 22
TRRBX Calmar Ratio Rank: 13
TRRBX Martin Ratio Rank: 12

VGIAX

VGIAX Risk / Return Rank: 63
VGIAX Sharpe Ratio Rank: 65
VGIAX Sortino Ratio Rank: 57
VGIAX Omega Ratio Rank: 57
VGIAX Calmar Ratio Rank: 63
VGIAX Martin Ratio Rank: 72

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. VGIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2020 Fund (TRRBX) and Vanguard Growth and Income Fund Admiral Shares (VGIAX). 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	VGIAX	Difference
Sharpe ratio Return per unit of total volatility	1.09	2.37	-1.28
Sortino ratio Return per unit of downside risk	1.36	3.20	-1.84
Omega ratio Gain probability vs. loss probability	1.25	1.42	-0.18
Calmar ratio Return relative to maximum drawdown	1.20	3.05	-1.85
Martin ratio Return relative to average drawdown	3.48	13.76	-10.28
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. VGIAX - Sharpe Ratio Comparison

The current TRRBX Sharpe Ratio is 1.09, which is lower than the VGIAX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of TRRBX and VGIAX, 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

	TRRBX	VGIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	2.37	-1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.84	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.85	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.48	+0.14

Drawdowns

TRRBX vs. VGIAX - Drawdown Comparison

The maximum TRRBX drawdown since its inception was -47.04%, smaller than the maximum VGIAX drawdown of -56.85%. Use the drawdown chart below to compare losses from any high point for TRRBX and VGIAX.

Drawdown Indicators

	TRRBX	VGIAX	Difference
Max Drawdown Largest peak-to-trough decline	-47.04%	-56.85%	+9.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.68%	-9.73%	+2.05%
Max Drawdown (3Y) Largest decline over 3 years	-8.24%	-19.66%	+11.42%
Max Drawdown (5Y) Largest decline over 5 years	-20.54%	-23.30%	+2.76%
Max Drawdown (10Y) Largest decline over 10 years	-23.90%	-34.33%	+10.43%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.04%	-9.34%	+4.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	2.15%	+0.46%

Volatility

TRRBX vs. VGIAX - Volatility Comparison

The current volatility for T. Rowe Price Retirement 2020 Fund (TRRBX) is 2.11%, while Vanguard Growth and Income Fund Admiral Shares (VGIAX) has a volatility of 3.03%. This indicates that TRRBX experiences smaller price fluctuations and is considered to be less risky than VGIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRRBX	VGIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.11%	3.03%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	7.67%	9.47%	-1.80%
Volatility (1Y) Calculated over the trailing 1-year period	8.46%	12.54%	-4.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.20%	17.11%	-7.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.67%	18.21%	-8.54%

TRRBX vs. VGIAX - Expense Ratio Comparison

TRRBX has a 0.53% expense ratio, which is higher than VGIAX's 0.22% expense ratio.

Dividends

TRRBX vs. VGIAX - Dividend Comparison

TRRBX has not paid dividends to shareholders, while VGIAX's dividend yield for the trailing twelve months is around 9.71%.

Position	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%
VGIAX Vanguard Growth and Income Fund Admiral Shares	9.71%	10.72%	11.67%	8.70%	9.81%	15.28%	6.63%	4.19%	8.05%	5.06%	7.01%	7.72%

Frequently Asked Questions

Can I hold both TRRBX and VGIAX in my portfolio?

TRRBX and VGIAX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRRBX or VGIAX?

VGIAX has higher volatility (3.03%) compared to TRRBX (2.11%). In terms of maximum drawdown, TRRBX dropped -47.04% vs VGIAX's -56.85%.

Which has better risk-adjusted returns?

VGIAX currently has the higher Sharpe Ratio (2.37 vs 1.09), 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.