TRRHX vs. VGPMX

Last updated Jun 5, 2026

TRRHX (T. Rowe Price Retirement 2025 Fund) and VGPMX (Vanguard Global Capital Cycles Fund) are both mutual funds - TRRHX is a Target Retirement Date fund managed by T. Rowe Price, while VGPMX is a Global Equities fund managed by Vanguard. Over the past 10 years, TRRHX returned 7.83%/yr vs 11.37%/yr for VGPMX. A 0.64 correlation means they provide meaningful diversification when combined. TRRHX charges 0.55%/yr vs 0.36%/yr for VGPMX.

Performance

TRRHX vs. VGPMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2025 Fund (TRRHX) and Vanguard Global Capital Cycles Fund (VGPMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRRHX achieves a 6.46% return, which is significantly lower than VGPMX's 19.46% return. Over the past 10 years, TRRHX has underperformed VGPMX with an annualized return of 7.83%, while VGPMX has yielded a comparatively higher 11.37% annualized return.

TRRHX

• 1D: -0.42%
• 1M: 1.84%
• YTD: 6.46%
• 6M: 0.70%
• 1Y: 8.93%
• 3Y*: 10.27%
• 5Y*: 4.53%
• 10Y*: 7.83%

VGPMX

• 1D: -1.39%
• 1M: 4.56%
• YTD: 19.46%
• 6M: 24.26%
• 1Y: 63.99%
• 3Y*: 30.93%
• 5Y*: 19.98%
• 10Y*: 11.37%

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

TRRHX vs. VGPMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRRHX T. Rowe Price Retirement 2025 Fund	6.46%	6.59%	9.71%	14.63%	-15.59%	12.02%	14.68%	20.96%	-5.68%	17.69%
VGPMX Vanguard Global Capital Cycles Fund	19.46%	65.96%	5.78%	10.06%	7.34%	19.50%	17.21%	20.67%	-32.26%	13.75%

Correlation

The correlation between TRRHX and VGPMX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Mar 2, 2004	0.64

The correlation between TRRHX and VGPMX shifts across timeframes, from 0.64 (all time) to 0.76 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TRRHX vs. VGPMX — Risk / Return Rank

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

TRRHX

TRRHX Risk / Return Rank: 15
TRRHX Sharpe Ratio Rank: 15
TRRHX Sortino Ratio Rank: 12
TRRHX Omega Ratio Rank: 20
TRRHX Calmar Ratio Rank: 13
TRRHX Martin Ratio Rank: 13

VGPMX

VGPMX Risk / Return Rank: 93
VGPMX Sharpe Ratio Rank: 98
VGPMX Sortino Ratio Rank: 92
VGPMX Omega Ratio Rank: 90
VGPMX Calmar Ratio Rank: 92
VGPMX Martin Ratio Rank: 94

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.

TRRHX vs. VGPMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2025 Fund (TRRHX) and Vanguard Global Capital Cycles Fund (VGPMX). 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.

	TRRHX	VGPMX	Difference
Sharpe ratio: Return per unit of total volatility	1.08	3.86	-2.78
Sortino ratio: Return per unit of downside risk	1.38	4.65	-3.27
Omega ratio: Gain probability vs. loss probability	1.24	1.66	-0.43
Calmar ratio: Return relative to maximum drawdown	1.21	5.07	-3.85
Martin ratio: Return relative to average drawdown	3.67	21.13	-17.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRRHX vs. VGPMX - Sharpe Ratio Comparison

The current TRRHX Sharpe Ratio is 1.08, which is lower than the VGPMX Sharpe Ratio of 3.86. The chart below compares the historical Sharpe Ratios of TRRHX and VGPMX, 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

	TRRHX	VGPMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	3.86	-2.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	1.16	-0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.55	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.26	+0.25

Drawdowns

TRRHX vs. VGPMX - Drawdown Comparison

The maximum TRRHX drawdown since its inception was -50.04%, smaller than the maximum VGPMX drawdown of -78.85%. Use the drawdown chart below to compare losses from any high point for TRRHX and VGPMX.

Drawdown Indicators

	TRRHX	VGPMX	Difference
Max Drawdown Largest peak-to-trough decline	-50.04%	-78.85%	+28.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.80%	-12.80%	+5.00%
Max Drawdown (3Y) Largest decline over 3 years	-8.69%	-14.63%	+5.94%
Max Drawdown (5Y) Largest decline over 5 years	-22.00%	-22.71%	+0.71%
Max Drawdown (10Y) Largest decline over 10 years	-26.42%	-54.59%	+28.17%
Current Drawdown Current decline from peak	-0.42%	-1.39%	+0.97%
Average Drawdown Average peak-to-trough decline	-5.77%	-34.55%	+28.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	3.06%	-0.52%

Volatility

TRRHX vs. VGPMX - Volatility Comparison

The current volatility for T. Rowe Price Retirement 2025 Fund (TRRHX) is 2.24%, while Vanguard Global Capital Cycles Fund (VGPMX) has a volatility of 6.17%. This indicates that TRRHX experiences smaller price fluctuations and is considered to be less risky than VGPMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRRHX	VGPMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.24%	6.17%	-3.93%
Volatility (6M) Calculated over the trailing 6-month period	7.82%	13.92%	-6.10%
Volatility (1Y) Calculated over the trailing 1-year period	8.75%	16.79%	-8.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.96%	17.39%	-7.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.83%	20.87%	-10.04%

TRRHX vs. VGPMX - Expense Ratio Comparison

TRRHX has a 0.55% expense ratio, which is higher than VGPMX's 0.36% expense ratio.

Dividends

TRRHX vs. VGPMX - Dividend Comparison

TRRHX has not paid dividends to shareholders, while VGPMX's dividend yield for the trailing twelve months is around 3.27%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRRHX T. Rowe Price Retirement 2025 Fund	0.00%	0.00%	4.13%	6.58%	12.69%	10.87%	5.21%	4.95%	7.52%	3.70%	2.00%	3.11%
VGPMX Vanguard Global Capital Cycles Fund	3.27%	2.59%	2.68%	3.22%	3.27%	3.26%	2.03%	2.39%	3.02%	0.02%	1.72%	2.32%

Frequently Asked Questions

Can I hold both TRRHX and VGPMX in my portfolio?

TRRHX and VGPMX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRRHX or VGPMX?

VGPMX has higher volatility (6.17%) compared to TRRHX (2.24%). In terms of maximum drawdown, TRRHX dropped -50.04% vs VGPMX's -78.85%.

Which has better risk-adjusted returns?

VGPMX currently has the higher Sharpe Ratio (3.86 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.