TRRJX vs. FFEZX
TRRJX (T. Rowe Price Retirement 2035 Fund) and FFEZX (Fidelity Freedom Index 2035 Fund Institutional Premium Class) are both Target Retirement Date funds. Over the past 10 years, TRRJX returned 9.42%/yr vs 9.90%/yr for FFEZX. Their 0.97 correlation means they have historically moved very closely together. TRRJX charges 0.58%/yr vs 0.08%/yr for FFEZX.
Performance
TRRJX vs. FFEZX - Performance Comparison
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Returns By Period
In the year-to-date period, TRRJX achieves a 8.47% return, which is significantly higher than FFEZX's 7.22% return. Over the past 10 years, TRRJX has underperformed FFEZX with an annualized return of 9.42%, while FFEZX has yielded a comparatively higher 9.90% annualized return.
TRRJX
- 1D
- 1.36%
- 1M
- -0.24%
- 6M
- 4.58%
- YTD
- 8.47%
- 1Y
- 12.46%
- 3Y*
- 11.73%
- 5Y*
- 6.12%
- 10Y*
- 9.42%
- ALL TIME*
- 7.97%
FFEZX
- 1D
- 1.35%
- 1M
- -0.66%
- 6M
- 5.01%
- YTD
- 7.22%
- 1Y
- 16.05%
- 3Y*
- 13.10%
- 5Y*
- 6.92%
- 10Y*
- 9.90%
- ALL TIME*
- 9.14%
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 |
TRRJX vs. FFEZX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRRJX T. Rowe Price Retirement 2035 Fund | 8.47% | 10.96% | 11.99% | 18.14% | -17.96% | 15.21% | 17.04% | 23.72% | -6.95% | 20.89% |
FFEZX Fidelity Freedom Index 2035 Fund Institutional Premium Class | 7.22% | 17.36% | 11.27% | 17.31% | -17.55% | 13.80% | 15.58% | 24.92% | -6.72% | 20.40% |
Correlation
The correlation between TRRJX and FFEZX is 0.94, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2015 | 0.97 |
The correlation between TRRJX and FFEZX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
TRRJX vs. FFEZX — Risk / Return Rank
TRRJX
FFEZX
TRRJX vs. FFEZX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2035 Fund (TRRJX) and Fidelity Freedom Index 2035 Fund Institutional Premium Class (FFEZX). 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.
| TRRJX | FFEZX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.29 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 2.18 | -0.76 |
| Martin ratioReturn relative to average drawdown | 5.35 | 8.96 | -3.61 |
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Drawdowns
TRRJX vs. FFEZX - Drawdown Comparison
The maximum TRRJX drawdown since its inception was -53.57%, which is greater than FFEZX's maximum drawdown of -28.46%. Use the drawdown chart below to compare losses from any high point for TRRJX and FFEZX.
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Drawdown Indicators
| TRRJX | FFEZX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.57% | -28.46% | -25.11% |
Max Drawdown (1Y)Largest decline over 1 year | -8.06% | -6.95% | -1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -12.52% | -11.02% | -1.50% |
Max Drawdown (5Y)Largest decline over 5 years | -25.85% | -24.83% | -1.02% |
Max Drawdown (10Y)Largest decline over 10 years | -30.14% | -28.46% | -1.68% |
Current DrawdownCurrent decline from peak | -0.98% | -1.63% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -6.61% | -4.46% | -2.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.11% | 1.69% | +0.42% |
Volatility
TRRJX vs. FFEZX - Volatility Comparison
T. Rowe Price Retirement 2035 Fund (TRRJX) and Fidelity Freedom Index 2035 Fund Institutional Premium Class (FFEZX) have volatilities of 2.78% and 2.81%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRRJX | FFEZX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 2.81% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 8.83% | 8.17% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.22% | 9.69% | +1.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.93% | 12.01% | +0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.47% | 13.30% | +0.17% |
TRRJX vs. FFEZX - Expense Ratio Comparison
TRRJX has a 0.58% expense ratio, which is higher than FFEZX's 0.08% expense ratio.
Dividends
TRRJX vs. FFEZX - Dividend Comparison
TRRJX has not paid dividends to shareholders, while FFEZX's dividend yield for the trailing twelve months is around 2.63%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FFEZX Fidelity Freedom Index 2035 Fund Institutional Premium Class | 2.63% | 2.80% | 2.54% | 2.13% | 2.08% | 2.04% | 2.18% | 16.18% | 2.27% | 1.85% | 2.01% | 2.04% |
TRRJX T. Rowe Price Retirement 2035 Fund | 0.00% | 0.00% | 2.36% | 4.68% | 9.67% | 6.89% | 4.80% | 5.68% | 8.55% | 3.80% | 2.89% | 4.05% |
Frequently Asked Questions
With a correlation of 0.94, TRRJX and FFEZX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FFEZX has higher volatility (2.81%) compared to TRRJX (2.78%). In terms of maximum drawdown, TRRJX dropped -53.57% vs FFEZX's -28.46%.
FFEZX currently has the higher Sharpe Ratio (1.57 vs 1.02), 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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