TRRBX vs. VOOV

Last updated Jun 3, 2026

TRRBX (T. Rowe Price Retirement 2020 Fund) and VOOV (Vanguard S&P 500 Value ETF) are both funds - TRRBX is a Target Retirement Date fund managed by T. Rowe Price, while VOOV is a Large Cap Value Equities fund tracking the S&P 500 Value Index. Over the past 10 years, TRRBX returned 7.15%/yr vs 11.87%/yr for VOOV. Their correlation of 0.85 suggests significant overlap in exposure. TRRBX charges 0.53%/yr vs 0.10%/yr for VOOV.

Performance

TRRBX vs. VOOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2020 Fund (TRRBX) and Vanguard S&P 500 Value ETF (VOOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRRBX achieves a 6.28% return, which is significantly lower than VOOV's 7.94% return. Over the past 10 years, TRRBX has underperformed VOOV with an annualized return of 7.15%, while VOOV has yielded a comparatively higher 11.87% annualized return.

TRRBX

• 1D: 0.05%
• 1M: 1.99%
• YTD: 6.28%
• 6M: 0.77%
• 1Y: 8.65%
• 3Y*: 9.69%
• 5Y*: 4.29%
• 10Y*: 7.15%

VOOV

• 1D: 0.52%
• 1M: 2.02%
• YTD: 7.94%
• 6M: 8.72%
• 1Y: 22.41%
• 3Y*: 15.84%
• 5Y*: 10.81%
• 10Y*: 11.87%

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

TRRBX vs. VOOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRRBX T. Rowe Price Retirement 2020 Fund	6.28%	6.07%	9.17%	13.51%	-14.58%	10.60%	13.18%	19.39%	-5.01%	15.75%
VOOV Vanguard S&P 500 Value ETF	7.94%	13.10%	12.21%	22.15%	-5.37%	24.87%	1.23%	31.75%	-9.09%	15.26%

Correlation

The correlation between TRRBX and VOOV is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.85

The correlation between TRRBX and VOOV has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

Return for Risk

TRRBX vs. VOOV — 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: 11
TRRBX Omega Ratio Rank: 21
TRRBX Calmar Ratio Rank: 13
TRRBX Martin Ratio Rank: 12

VOOV

VOOV Risk / Return Rank: 70
VOOV Sharpe Ratio Rank: 69
VOOV Sortino Ratio Rank: 69
VOOV Omega Ratio Rank: 67
VOOV Calmar Ratio Rank: 72
VOOV 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. VOOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2020 Fund (TRRBX) and Vanguard S&P 500 Value ETF (VOOV). 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	VOOV	Difference
Sharpe ratio Return per unit of total volatility	1.08	2.29	-1.21
Sortino ratio Return per unit of downside risk	1.35	3.18	-1.83
Omega ratio Gain probability vs. loss probability	1.25	1.41	-0.16
Calmar ratio Return relative to maximum drawdown	1.27	3.63	-2.37
Martin ratio Return relative to average drawdown	3.73	13.90	-10.17
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. VOOV - Sharpe Ratio Comparison

The current TRRBX Sharpe Ratio is 1.08, which is lower than the VOOV Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of TRRBX and VOOV, 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	VOOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	2.29	-1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.75	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.70	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.75	-0.14

Drawdowns

TRRBX vs. VOOV - Drawdown Comparison

The maximum TRRBX drawdown since its inception was -47.04%, which is greater than VOOV's maximum drawdown of -37.31%. Use the drawdown chart below to compare losses from any high point for TRRBX and VOOV.

Drawdown Indicators

	TRRBX	VOOV	Difference
Max Drawdown Largest peak-to-trough decline	-47.04%	-37.31%	-9.73%
Max Drawdown (1Y) Largest decline over 1 year	-7.68%	-6.27%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	-8.24%	-17.55%	+9.31%
Max Drawdown (5Y) Largest decline over 5 years	-20.54%	-18.10%	-2.44%
Max Drawdown (10Y) Largest decline over 10 years	-23.90%	-37.31%	+13.41%
Current Drawdown Current decline from peak	0.00%	-0.13%	+0.13%
Average Drawdown Average peak-to-trough decline	-5.05%	-3.84%	-1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	1.64%	+0.97%

Volatility

TRRBX vs. VOOV - Volatility Comparison

T. Rowe Price Retirement 2020 Fund (TRRBX) and Vanguard S&P 500 Value ETF (VOOV) have volatilities of 2.10% and 2.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRRBX	VOOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.10%	2.07%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	7.70%	7.07%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	8.48%	9.82%	-1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.19%	14.45%	-5.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.67%	16.95%	-7.28%

TRRBX vs. VOOV - Expense Ratio Comparison

TRRBX has a 0.53% expense ratio, which is higher than VOOV's 0.10% expense ratio.

Dividends

TRRBX vs. VOOV - Dividend Comparison

TRRBX has not paid dividends to shareholders, while VOOV's dividend yield for the trailing twelve months is around 1.67%.

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%
VOOV Vanguard S&P 500 Value ETF	1.67%	1.76%	2.10%	1.69%	2.19%	1.87%	2.45%	2.10%	2.65%	2.13%	2.24%	2.36%

Frequently Asked Questions

Can I hold both TRRBX and VOOV in my portfolio?

TRRBX and VOOV have a correlation of 0.76, 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 VOOV?

TRRBX has higher volatility (2.10%) compared to VOOV (2.07%). In terms of maximum drawdown, TRRBX dropped -47.04% vs VOOV's -37.31%.

Which has better risk-adjusted returns?

VOOV currently has the higher Sharpe Ratio (2.29 vs 1.08), 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.