TRRFX vs. PRNHX
TRRFX (T. Rowe Price Retirement 2005 Fund) and PRNHX (T. Rowe Price New Horizons Fund) are both mutual funds - TRRFX is a Target Retirement Date fund managed by T. Rowe Price, while PRNHX is a Mid Cap Growth Equities fund managed by T. Rowe Price. Over the past 10 years, TRRFX returned 5.33%/yr vs 13.63%/yr for PRNHX. Their correlation of 0.82 means they have usually moved in the same direction. TRRFX charges 0.49%/yr vs 0.79%/yr for PRNHX.
Performance
TRRFX vs. PRNHX - Performance Comparison
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Returns By Period
In the year-to-date period, TRRFX achieves a 4.83% return, which is significantly lower than PRNHX's 10.69% return. Over the past 10 years, TRRFX has underperformed PRNHX with an annualized return of 5.33%, while PRNHX has yielded a comparatively higher 13.63% annualized return.
TRRFX
- 1D
- 0.68%
- 1M
- -0.30%
- 6M
- 2.64%
- YTD
- 4.83%
- 1Y
- 4.50%
- 3Y*
- 7.27%
- 5Y*
- 3.23%
- 10Y*
- 5.33%
- ALL TIME*
- 5.43%
PRNHX
- 1D
- 2.25%
- 1M
- -4.46%
- 6M
- 5.43%
- YTD
- 10.69%
- 1Y
- 20.07%
- 3Y*
- 7.63%
- 5Y*
- -1.40%
- 10Y*
- 13.63%
- ALL TIME*
- 9.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TRRFX vs. PRNHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRRFX T. Rowe Price Retirement 2005 Fund | 4.83% | 5.43% | 8.04% | 11.97% | -13.61% | 8.13% | 11.24% | 15.09% | -3.29% | 10.67% |
PRNHX T. Rowe Price New Horizons Fund | 10.69% | 3.27% | 8.80% | 21.35% | -36.96% | 9.96% | 58.05% | 56.50% | 3.79% | 31.59% |
Correlation
The correlation between TRRFX and PRNHX is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.76 |
Correlation (3Y) Balances recent behavior with more history. | 0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.76 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2004 | 0.82 |
The correlation between TRRFX and PRNHX has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.
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Return for Risk
TRRFX vs. PRNHX — Risk / Return Rank
TRRFX
PRNHX
TRRFX vs. PRNHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2005 Fund (TRRFX) and T. Rowe Price New Horizons Fund (PRNHX). 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.
| TRRFX | PRNHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.15 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | 1.32 | -0.73 |
| Martin ratioReturn relative to average drawdown | 1.67 | 4.65 | -2.99 |
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Drawdowns
TRRFX vs. PRNHX - Drawdown Comparison
The maximum TRRFX drawdown since its inception was -33.29%, smaller than the maximum PRNHX drawdown of -70.96%. Use the drawdown chart below to compare losses from any high point for TRRFX and PRNHX.
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Drawdown Indicators
| TRRFX | PRNHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.29% | -70.96% | +37.67% |
Max Drawdown (1Y)Largest decline over 1 year | -6.90% | -13.12% | +6.22% |
Max Drawdown (3Y)Largest decline over 3 years | -6.90% | -26.65% | +19.75% |
Max Drawdown (5Y)Largest decline over 5 years | -18.82% | -48.37% | +29.55% |
Max Drawdown (10Y)Largest decline over 10 years | -18.82% | -48.37% | +29.55% |
Current DrawdownCurrent decline from peak | -0.75% | -14.73% | +13.98% |
Average DrawdownAverage peak-to-trough decline | -3.48% | -18.36% | +14.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | 3.73% | -1.29% |
Volatility
TRRFX vs. PRNHX - Volatility Comparison
The current volatility for T. Rowe Price Retirement 2005 Fund (TRRFX) is 1.54%, while T. Rowe Price New Horizons Fund (PRNHX) has a volatility of 5.67%. This indicates that TRRFX experiences smaller price fluctuations and is considered to be less risky than PRNHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRRFX | PRNHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 5.67% | -4.13% |
Volatility (6M)Calculated over the trailing 6-month period | 5.01% | 17.83% | -12.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.71% | 21.50% | -13.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.88% | 24.93% | -17.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.36% | 22.96% | -15.60% |
TRRFX vs. PRNHX - Expense Ratio Comparison
TRRFX has a 0.49% expense ratio, which is lower than PRNHX's 0.79% expense ratio.
Dividends
TRRFX vs. PRNHX - Dividend Comparison
TRRFX has not paid dividends to shareholders, while PRNHX's dividend yield for the trailing twelve months is around 10.71%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRNHX T. Rowe Price New Horizons Fund | 10.71% | 11.85% | 9.82% | 0.00% | 4.72% | 17.09% | 13.67% | 23.46% | 13.94% | 8.27% | 5.77% | 7.72% |
TRRFX T. Rowe Price Retirement 2005 Fund | 0.00% | 0.00% | 3.87% | 4.24% | 10.43% | 10.54% | 8.55% | 3.65% | 6.97% | 4.25% | 1.28% | 1.69% |
Frequently Asked Questions
TRRFX and PRNHX 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.
PRNHX has higher volatility (5.67%) compared to TRRFX (1.54%). In terms of maximum drawdown, TRRFX dropped -33.29% vs PRNHX's -70.96%.
PRNHX currently has the higher Sharpe Ratio (0.81 vs 0.54), 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.
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