TRRIX vs. FBND
TRRIX (T. Rowe Price Retirement Balanced Fund) and FBND (Fidelity Total Bond ETF) are both funds - TRRIX is a Diversified Portfolio fund managed by T. Rowe Price, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Over the past 10 years, TRRIX returned 6.58%/yr vs 2.27%/yr for FBND. Their 0.32 correlation means their historical movements had little consistent relationship. TRRIX charges 0.49%/yr vs 0.36%/yr for FBND.
Performance
TRRIX vs. FBND - Performance Comparison
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Returns By Period
In the year-to-date period, TRRIX achieves a 4.80% return, which is significantly higher than FBND's -0.33% return. Over the past 10 years, TRRIX has outperformed FBND with an annualized return of 6.58%, while FBND has yielded a comparatively lower 2.27% annualized return.
TRRIX
- 1D
- 0.69%
- 1M
- -0.41%
- 6M
- 2.65%
- YTD
- 4.80%
- 1Y
- 8.55%
- 3Y*
- 10.23%
- 5Y*
- 5.13%
- 10Y*
- 6.58%
- ALL TIME*
- 6.30%
FBND
- 1D
- -0.27%
- 1M
- -1.26%
- 6M
- -0.60%
- YTD
- -0.33%
- 1Y
- 2.08%
- 3Y*
- 4.55%
- 5Y*
- 0.31%
- 10Y*
- 2.27%
- ALL TIME*
- 2.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $133.84M | $127.41M | $124.15M | |
| $0.00 | $0.00 | $0.00 |
TRRIX vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRRIX T. Rowe Price Retirement Balanced Fund | 4.80% | 9.39% | 10.98% | 14.41% | -13.16% | 8.63% | 11.48% | 15.32% | -3.29% | 10.38% |
FBND Fidelity Total Bond ETF | -0.33% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 9.41% | 9.82% | -0.57% | 3.52% |
Correlation
The correlation between TRRIX and FBND is 0.55, 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. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.52 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.51 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.35 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014 | 0.32 |
Over the past year, TRRIX and FBND have become more correlated (0.55) than their long-term average of 0.32, meaning their price movements have been converging.
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Return for Risk
TRRIX vs. FBND — Risk / Return Rank
TRRIX
FBND
TRRIX vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement Balanced Fund (TRRIX) and Fidelity Total Bond ETF (FBND). 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.
| TRRIX | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.13 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 1.09 | +0.61 |
| Martin ratioReturn relative to average drawdown | 6.73 | 2.77 | +3.96 |
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Drawdowns
TRRIX vs. FBND - Drawdown Comparison
The maximum TRRIX drawdown since its inception was -27.77%, which is greater than FBND's maximum drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for TRRIX and FBND.
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Drawdown Indicators
| TRRIX | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.77% | -17.25% | -10.52% |
Max Drawdown (1Y)Largest decline over 1 year | -4.85% | -2.66% | -2.19% |
Max Drawdown (3Y)Largest decline over 3 years | -6.10% | -4.95% | -1.15% |
Max Drawdown (5Y)Largest decline over 5 years | -18.13% | -17.25% | -0.88% |
Max Drawdown (10Y)Largest decline over 10 years | -18.57% | -17.25% | -1.32% |
Current DrawdownCurrent decline from peak | -0.89% | -2.24% | +1.35% |
Average DrawdownAverage peak-to-trough decline | -2.78% | -3.32% | +0.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.05% | +0.16% |
Volatility
TRRIX vs. FBND - Volatility Comparison
T. Rowe Price Retirement Balanced Fund (TRRIX) has a higher volatility of 1.54% compared to Fidelity Total Bond ETF (FBND) at 0.95%. This indicates that TRRIX's price experiences larger fluctuations and is considered to be riskier than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRRIX | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 0.95% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 5.12% | 2.94% | +2.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.43% | 3.77% | +2.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.21% | 5.93% | +1.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.23% | 6.10% | +1.13% |
TRRIX vs. FBND - Expense Ratio Comparison
TRRIX has a 0.49% expense ratio, which is higher than FBND's 0.36% expense ratio.
Dividends
TRRIX vs. FBND - Dividend Comparison
TRRIX's dividend yield for the trailing twelve months is around 3.26%, less than FBND's 4.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 4.77% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
TRRIX T. Rowe Price Retirement Balanced Fund | 3.26% | 3.38% | 6.69% | 6.80% | 10.15% | 12.67% | 9.27% | 3.39% | 7.01% | 5.07% | 3.40% | 3.44% |
Frequently Asked Questions
TRRIX and FBND have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TRRIX has higher volatility (1.54%) compared to FBND (0.95%). In terms of maximum drawdown, TRRIX dropped -27.77% vs FBND's -17.25%.
TRRIX currently has the higher Sharpe Ratio (1.28 vs 0.77), 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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