TRRDX vs. OIEJX

Last updated Jun 3, 2026

TRRDX (T. Rowe Price Retirement 2040 Fund) and OIEJX (JPMorgan Equity Income Fund R6) are both mutual funds - TRRDX is a Target Retirement Date fund managed by T. Rowe Price, while OIEJX is a Large Cap Value Equities fund managed by JPMorgan. Over the past 10 years, TRRDX returned 10.58%/yr vs 12.24%/yr for OIEJX. Their correlation of 0.85 suggests significant overlap in exposure. TRRDX charges 0.61%/yr vs 0.45%/yr for OIEJX.

Performance

TRRDX vs. OIEJX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2040 Fund (TRRDX) and JPMorgan Equity Income Fund R6 (OIEJX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRRDX achieves a 10.00% return, which is significantly higher than OIEJX's 9.28% return. Over the past 10 years, TRRDX has underperformed OIEJX with an annualized return of 10.58%, while OIEJX has yielded a comparatively higher 12.24% annualized return.

TRRDX

• 1D: 0.13%
• 1M: 3.25%
• YTD: 10.00%
• 6M: 6.38%
• 1Y: 18.14%
• 3Y*: 15.45%
• 5Y*: 7.32%
• 10Y*: 10.58%

OIEJX

• 1D: -0.26%
• 1M: 1.19%
• YTD: 9.28%
• 6M: 11.17%
• 1Y: 22.54%
• 3Y*: 17.85%
• 5Y*: 10.70%
• 10Y*: 12.24%

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

TRRDX vs. OIEJX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRRDX T. Rowe Price Retirement 2040 Fund	10.00%	12.53%	13.15%	19.60%	-18.77%	16.52%	18.10%	24.71%	-7.41%	22.03%
OIEJX JPMorgan Equity Income Fund R6	9.28%	14.95%	19.97%	5.05%	-1.63%	25.41%	3.87%	26.61%	-4.23%	17.85%

Correlation

The correlation between TRRDX and OIEJX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Feb 1, 2012	0.85

The correlation between TRRDX and OIEJX shifts across timeframes, from 0.72 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TRRDX vs. OIEJX — Risk / Return Rank

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

TRRDX

TRRDX Risk / Return Rank: 33
TRRDX Sharpe Ratio Rank: 33
TRRDX Sortino Ratio Rank: 31
TRRDX Omega Ratio Rank: 37
TRRDX Calmar Ratio Rank: 29
TRRDX Martin Ratio Rank: 37

OIEJX

OIEJX Risk / Return Rank: 60
OIEJX Sharpe Ratio Rank: 57
OIEJX Sortino Ratio Rank: 56
OIEJX Omega Ratio Rank: 53
OIEJX Calmar Ratio Rank: 71
OIEJX Martin Ratio Rank: 64

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.

TRRDX vs. OIEJX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2040 Fund (TRRDX) and JPMorgan Equity Income Fund R6 (OIEJX). 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.

	TRRDX	OIEJX	Difference
Sharpe ratio Return per unit of total volatility	1.69	2.23	-0.54
Sortino ratio Return per unit of downside risk	2.36	3.16	-0.81
Omega ratio Gain probability vs. loss probability	1.32	1.40	-0.08
Calmar ratio Return relative to maximum drawdown	2.05	3.27	-1.22
Martin ratio Return relative to average drawdown	8.36	12.58	-4.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRRDX vs. OIEJX - Sharpe Ratio Comparison

The current TRRDX Sharpe Ratio is 1.69, which is comparable to the OIEJX Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of TRRDX and OIEJX, 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

	TRRDX	OIEJX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	2.23	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.75	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.73	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.79	-0.20

Drawdowns

TRRDX vs. OIEJX - Drawdown Comparison

The maximum TRRDX drawdown since its inception was -53.50%, which is greater than OIEJX's maximum drawdown of -36.88%. Use the drawdown chart below to compare losses from any high point for TRRDX and OIEJX.

Drawdown Indicators

	TRRDX	OIEJX	Difference
Max Drawdown Largest peak-to-trough decline	-53.50%	-36.88%	-16.62%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-7.08%	-1.80%
Max Drawdown (3Y) Largest decline over 3 years	-14.03%	-14.16%	+0.13%
Max Drawdown (5Y) Largest decline over 5 years	-27.26%	-14.74%	-12.52%
Max Drawdown (10Y) Largest decline over 10 years	-31.46%	-36.88%	+5.42%
Current Drawdown Current decline from peak	0.00%	-0.37%	+0.37%
Average Drawdown Average peak-to-trough decline	-6.54%	-3.01%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	1.84%	+0.34%

Volatility

TRRDX vs. OIEJX - Volatility Comparison

T. Rowe Price Retirement 2040 Fund (TRRDX) has a higher volatility of 3.21% compared to JPMorgan Equity Income Fund R6 (OIEJX) at 2.42%. This indicates that TRRDX's price experiences larger fluctuations and is considered to be riskier than OIEJX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRRDX	OIEJX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	2.42%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	7.78%	+1.80%
Volatility (1Y) Calculated over the trailing 1-year period	11.40%	10.27%	+1.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.14%	14.29%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.63%	16.78%	-2.15%

TRRDX vs. OIEJX - Expense Ratio Comparison

TRRDX has a 0.61% expense ratio, which is higher than OIEJX's 0.45% expense ratio.

Dividends

TRRDX vs. OIEJX - Dividend Comparison

TRRDX has not paid dividends to shareholders, while OIEJX's dividend yield for the trailing twelve months is around 10.14%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OIEJX JPMorgan Equity Income Fund R6	10.14%	11.06%	14.67%	3.01%	3.93%	3.57%	2.04%	3.01%	5.37%	2.70%	2.71%	3.03%
TRRDX T. Rowe Price Retirement 2040 Fund	0.00%	0.00%	2.26%	5.60%	8.92%	7.92%	4.96%	6.10%	9.51%	3.96%	3.36%	4.61%

Frequently Asked Questions

Can I hold both TRRDX and OIEJX in my portfolio?

TRRDX and OIEJX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRRDX or OIEJX?

TRRDX has higher volatility (3.21%) compared to OIEJX (2.42%). In terms of maximum drawdown, TRRDX dropped -53.50% vs OIEJX's -36.88%.

Which has better risk-adjusted returns?

OIEJX currently has the higher Sharpe Ratio (2.23 vs 1.69), 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.