TRRCX vs. SPVM

Last updated Aug 4, 2026

TRRCX (T. Rowe Price Retirement 2030 Fund) and SPVM (Invesco S&P 500 Value with Momentum ETF) are both funds - TRRCX is a Target Retirement Date fund managed by T. Rowe Price, while SPVM is a Momentum fund tracking the S&P 500 High Momentum Value Index. Over the past 10 years, TRRCX returned 8.49%/yr vs 12.16%/yr for SPVM. Their 0.71 correlation means they have sometimes moved together and sometimes differently. TRRCX charges 0.55%/yr vs 0.39%/yr for SPVM.

Performance

TRRCX vs. SPVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2030 Fund (TRRCX) and Invesco S&P 500 Value with Momentum ETF (SPVM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRRCX achieves a 7.32% return, which is significantly lower than SPVM's 15.57% return. Over the past 10 years, TRRCX has underperformed SPVM with an annualized return of 8.49%, while SPVM has yielded a comparatively higher 12.16% annualized return.

TRRCX

• 1D: 0.17%
• 1M: -0.10%
• 6M: 4.53%
• YTD: 7.32%
• 1Y: 9.00%
• 3Y*: 10.18%
• 5Y*: 5.03%
• 10Y*: 8.49%
• ALL TIME*: 8.65%

SPVM

• 1D: 0.34%
• 1M: 2.66%
• 6M: 11.57%
• YTD: 15.57%
• 1Y: 30.92%
• 3Y*: 18.76%
• 5Y*: 12.22%
• 10Y*: 12.16%
• ALL TIME*: 12.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPVM Invesco S&P 500 Value with Momentum ETF	$1.05M	$1.12M	$1.21M
TRRCX T. Rowe Price Retirement 2030 Fund	$0.00	$0.00	$0.00

TRRCX vs. SPVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRRCX T. Rowe Price Retirement 2030 Fund	7.32%	8.23%	10.73%	16.36%	-16.89%	13.70%	15.90%	22.50%	-6.36%	19.46%
SPVM Invesco S&P 500 Value with Momentum ETF	15.57%	20.47%	15.64%	5.53%	-2.10%	28.86%	-3.18%	29.33%	-9.17%	14.70%

Correlation

The correlation between TRRCX and SPVM is 0.50, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.50
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (10Y) Provides a long-term view across more market conditions.	0.72
Correlation (All Time) Calculated using the full available price history since Jun 16, 2011	0.71

Over the past year, the correlation between TRRCX and SPVM has dropped to 0.50 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

Return for Risk

TRRCX vs. SPVM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TRRCX

TRRCX Risk / Return Rank: 22
TRRCX Sharpe Ratio Rank: 21
TRRCX Sortino Ratio Rank: 18
TRRCX Omega Ratio Rank: 25
TRRCX Calmar Ratio Rank: 21
TRRCX Martin Ratio Rank: 23

SPVM

SPVM Risk / Return Rank: 94
SPVM Sharpe Ratio Rank: 95
SPVM Sortino Ratio Rank: 95
SPVM Omega Ratio Rank: 93
SPVM Calmar Ratio Rank: 93
SPVM Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TRRCX vs. SPVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2030 Fund (TRRCX) and Invesco S&P 500 Value with Momentum ETF (SPVM). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TRRCX	SPVM	Difference
Sharpe ratio: Return per unit of total volatility	0.84	2.74	-1.90
Sortino ratio: Return per unit of downside risk	1.15	3.95	-2.81
Omega ratio: Gain probability vs. loss probability	1.17	1.48	-0.31
Calmar ratio: Return relative to maximum drawdown	1.08	4.73	-3.65
Martin ratio: Return relative to average drawdown	3.54	18.23	-14.69

TRRCX vs. SPVM - Sharpe Ratio Comparison

The current TRRCX Sharpe Ratio is 0.84, which is lower than the SPVM Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of TRRCX and SPVM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TRRCX vs. SPVM - Drawdown Comparison

The maximum TRRCX drawdown since its inception was -52.28%, which is greater than SPVM's maximum drawdown of -45.35%. Use the drawdown chart below to compare losses from any high point for TRRCX and SPVM.

Drawdown Indicators

	TRRCX	SPVM	Difference
Max Drawdown Largest peak-to-trough decline	-52.28%	-45.35%	-6.93%
Max Drawdown (1Y) Largest decline over 1 year	-7.93%	-6.57%	-1.36%
Max Drawdown (3Y) Largest decline over 3 years	-10.46%	-18.66%	+8.20%
Max Drawdown (5Y) Largest decline over 5 years	-24.07%	-19.48%	-4.59%
Max Drawdown (10Y) Largest decline over 10 years	-28.55%	-45.35%	+16.80%
Current Drawdown Current decline from peak	-0.73%	-1.01%	+0.28%
Average Drawdown Average peak-to-trough decline	-6.04%	-4.94%	-1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	1.70%	+0.69%

Volatility

TRRCX vs. SPVM - Volatility Comparison

The current volatility for T. Rowe Price Retirement 2030 Fund (TRRCX) is 2.33%, while Invesco S&P 500 Value with Momentum ETF (SPVM) has a volatility of 3.02%. This indicates that TRRCX experiences smaller price fluctuations and is considered to be less risky than SPVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRRCX	SPVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	3.02%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	7.50%	7.73%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	10.16%	11.35%	-1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.41%	16.57%	-5.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.16%	19.51%	-7.35%

TRRCX vs. SPVM - Expense Ratio Comparison

TRRCX has a 0.55% expense ratio, which is higher than SPVM's 0.39% expense ratio.

Dividends

TRRCX vs. SPVM - Dividend Comparison

TRRCX has not paid dividends to shareholders, while SPVM's dividend yield for the trailing twelve months is around 1.92%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPVM Invesco S&P 500 Value with Momentum ETF	1.92%	2.02%	1.91%	2.45%	2.33%	1.41%	2.11%	2.40%	3.10%	1.68%	2.80%	2.67%
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 SPVM in my portfolio?

TRRCX and SPVM have a correlation of 0.50, 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 SPVM?

SPVM has higher volatility (3.02%) compared to TRRCX (2.33%). In terms of maximum drawdown, TRRCX dropped -52.28% vs SPVM's -45.35%.

Which has better risk-adjusted returns?

SPVM currently has the higher Sharpe Ratio (2.74 vs 0.84), 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.