TRRCX vs. FBALX

Last updated Jun 3, 2026

TRRCX (T. Rowe Price Retirement 2030 Fund) and FBALX (Fidelity Balanced Fund) are both mutual funds - TRRCX is a Target Retirement Date fund managed by T. Rowe Price, while FBALX is a Diversified Portfolio fund managed by Fidelity. Over the past 10 years, TRRCX returned 8.76%/yr vs 11.75%/yr for FBALX. Their correlation of 0.94 suggests significant overlap in exposure. TRRCX charges 0.59%/yr vs 0.51%/yr for FBALX.

Performance

TRRCX vs. FBALX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2030 Fund (TRRCX) and Fidelity Balanced Fund (FBALX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRRCX achieves a 7.57% return, which is significantly lower than FBALX's 10.05% return. Over the past 10 years, TRRCX has underperformed FBALX with an annualized return of 8.76%, while FBALX has yielded a comparatively higher 11.75% annualized return.

TRRCX

• 1D: 0.07%
• 1M: 2.44%
• YTD: 7.57%
• 6M: 2.51%
• 1Y: 11.84%
• 3Y*: 11.83%
• 5Y*: 5.36%
• 10Y*: 8.76%

FBALX

• 1D: 0.17%
• 1M: 3.59%
• YTD: 10.05%
• 6M: 10.46%
• 1Y: 25.09%
• 3Y*: 16.71%
• 5Y*: 9.37%
• 10Y*: 11.75%

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

TRRCX vs. FBALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRRCX T. Rowe Price Retirement 2030 Fund	7.57%	8.23%	10.73%	16.36%	-16.89%	13.70%	15.90%	22.50%	-6.36%	19.46%
FBALX Fidelity Balanced Fund	10.05%	15.11%	16.09%	20.31%	-18.29%	18.27%	22.45%	24.40%	-3.98%	16.52%

Correlation

The correlation between TRRCX and FBALX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 2, 2002	0.94

The correlation between TRRCX and FBALX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

TRRCX vs. FBALX — Risk / Return Rank

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

TRRCX

TRRCX Risk / Return Rank: 19
TRRCX Sharpe Ratio Rank: 19
TRRCX Sortino Ratio Rank: 16
TRRCX Omega Ratio Rank: 26
TRRCX Calmar Ratio Rank: 16
TRRCX Martin Ratio Rank: 17

FBALX

FBALX Risk / Return Rank: 87
FBALX Sharpe Ratio Rank: 90
FBALX Sortino Ratio Rank: 87
FBALX Omega Ratio Rank: 84
FBALX Calmar Ratio Rank: 84
FBALX Martin Ratio Rank: 91

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.

TRRCX vs. FBALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2030 Fund (TRRCX) and Fidelity Balanced Fund (FBALX). 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.

	TRRCX	FBALX	Difference
Sharpe ratio Return per unit of total volatility	1.31	2.97	-1.65
Sortino ratio Return per unit of downside risk	1.72	4.17	-2.45
Omega ratio Gain probability vs. loss probability	1.27	1.57	-0.30
Calmar ratio Return relative to maximum drawdown	1.50	3.93	-2.43
Martin ratio Return relative to average drawdown	5.06	18.86	-13.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRRCX vs. FBALX - Sharpe Ratio Comparison

The current TRRCX Sharpe Ratio is 1.31, which is lower than the FBALX Sharpe Ratio of 2.97. The chart below compares the historical Sharpe Ratios of TRRCX and FBALX, 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

	TRRCX	FBALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	2.97	-1.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.77	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	0.92	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.81	-0.23

Drawdowns

TRRCX vs. FBALX - Drawdown Comparison

The maximum TRRCX drawdown since its inception was -52.28%, which is greater than FBALX's maximum drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for TRRCX and FBALX.

Drawdown Indicators

	TRRCX	FBALX	Difference
Max Drawdown Largest peak-to-trough decline	-52.28%	-43.57%	-8.71%
Max Drawdown (1Y) Largest decline over 1 year	-7.93%	-6.47%	-1.46%
Max Drawdown (3Y) Largest decline over 3 years	-10.46%	-12.88%	+2.42%
Max Drawdown (5Y) Largest decline over 5 years	-24.07%	-22.89%	-1.18%
Max Drawdown (10Y) Largest decline over 10 years	-28.55%	-26.68%	-1.87%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.07%	-4.37%	-1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	1.35%	+1.01%

Volatility

TRRCX vs. FBALX - Volatility Comparison

T. Rowe Price Retirement 2030 Fund (TRRCX) and Fidelity Balanced Fund (FBALX) have volatilities of 2.54% and 2.58%, 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

	TRRCX	FBALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	2.58%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	8.38%	6.81%	+1.57%
Volatility (1Y) Calculated over the trailing 1-year period	9.57%	8.60%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.34%	12.18%	-0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.24%	12.78%	-0.54%

TRRCX vs. FBALX - Expense Ratio Comparison

TRRCX has a 0.59% expense ratio, which is higher than FBALX's 0.51% expense ratio.

Dividends

TRRCX vs. FBALX - Dividend Comparison

TRRCX has not paid dividends to shareholders, while FBALX's dividend yield for the trailing twelve months is around 5.15%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBALX Fidelity Balanced Fund	5.15%	5.69%	5.67%	2.28%	8.06%	9.66%	5.90%	4.24%	10.99%	7.90%	3.07%	7.70%
TRRCX T. Rowe Price Retirement 2030 Fund	0.00%	0.00%	3.38%	6.16%	12.05%	9.43%	5.45%	5.44%	8.83%	3.82%	2.66%	3.76%

Frequently Asked Questions

Can I hold both TRRCX and FBALX in my portfolio?

TRRCX and FBALX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRRCX or FBALX?

FBALX has higher volatility (2.58%) compared to TRRCX (2.54%). In terms of maximum drawdown, TRRCX dropped -52.28% vs FBALX's -43.57%.

Which has better risk-adjusted returns?

FBALX currently has the higher Sharpe Ratio (2.97 vs 1.31), 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.