TRRJX vs. FWTKX

Last updated Jun 4, 2026

TRRJX (T. Rowe Price Retirement 2035 Fund) and FWTKX (Fidelity Freedom 2035 Fund Class K6) are both Target Retirement Date funds. Over the past 5 years, TRRJX returned 6.67%/yr vs 8.73%/yr for FWTKX. With a 0.95 correlation, they move nearly in lockstep. TRRJX charges 0.59%/yr vs 0.48%/yr for FWTKX.

Performance

TRRJX vs. FWTKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2035 Fund (TRRJX) and Fidelity Freedom 2035 Fund Class K6 (FWTKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRRJX achieves a 9.32% return, which is significantly lower than FWTKX's 10.14% return.

TRRJX

• 1D: 0.39%
• 1M: 3.73%
• YTD: 9.32%
• 6M: 4.93%
• 1Y: 15.92%
• 3Y*: 14.07%
• 5Y*: 6.67%
• 10Y*: 9.82%

FWTKX

• 1D: 0.43%
• 1M: 3.78%
• YTD: 10.14%
• 6M: 11.42%
• 1Y: 23.95%
• 3Y*: 17.78%
• 5Y*: 8.73%
• 10Y*: —

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

TRRJX vs. FWTKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRRJX T. Rowe Price Retirement 2035 Fund	9.32%	10.96%	11.99%	18.14%	-17.96%	15.21%	17.04%	23.72%	-6.95%	8.74%
FWTKX Fidelity Freedom 2035 Fund Class K6	10.14%	19.56%	14.42%	18.06%	-17.52%	14.65%	17.49%	24.74%	-8.13%	8.25%

Correlation

The correlation between TRRJX and FWTKX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jun 16, 2017	0.95

The correlation between TRRJX and FWTKX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

TRRJX vs. FWTKX — Risk / Return Rank

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

TRRJX

TRRJX Risk / Return Rank: 32
TRRJX Sharpe Ratio Rank: 31
TRRJX Sortino Ratio Rank: 28
TRRJX Omega Ratio Rank: 34
TRRJX Calmar Ratio Rank: 30
TRRJX Martin Ratio Rank: 36

FWTKX

FWTKX Risk / Return Rank: 73
FWTKX Sharpe Ratio Rank: 75
FWTKX Sortino Ratio Rank: 72
FWTKX Omega Ratio Rank: 73
FWTKX Calmar Ratio Rank: 70
FWTKX Martin Ratio Rank: 74

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.

TRRJX vs. FWTKX - 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 2035 Fund Class K6 (FWTKX). 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.

	TRRJX	FWTKX	Difference
Sharpe ratio Return per unit of total volatility	1.59	2.52	-0.92
Sortino ratio Return per unit of downside risk	2.19	3.54	-1.36
Omega ratio Gain probability vs. loss probability	1.31	1.48	-0.17
Calmar ratio Return relative to maximum drawdown	2.06	3.26	-1.20
Martin ratio Return relative to average drawdown	7.96	14.16	-6.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRRJX vs. FWTKX - Sharpe Ratio Comparison

The current TRRJX Sharpe Ratio is 1.59, which is lower than the FWTKX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of TRRJX and FWTKX, 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

	TRRJX	FWTKX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	2.52	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.70	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.76	-0.25

Drawdowns

TRRJX vs. FWTKX - Drawdown Comparison

The maximum TRRJX drawdown since its inception was -53.57%, which is greater than FWTKX's maximum drawdown of -28.78%. Use the drawdown chart below to compare losses from any high point for TRRJX and FWTKX.

Drawdown Indicators

	TRRJX	FWTKX	Difference
Max Drawdown Largest peak-to-trough decline	-53.57%	-28.78%	-24.79%
Max Drawdown (1Y) Largest decline over 1 year	-8.06%	-7.47%	-0.59%
Max Drawdown (3Y) Largest decline over 3 years	-12.52%	-11.56%	-0.96%
Max Drawdown (5Y) Largest decline over 5 years	-25.85%	-25.73%	-0.12%
Max Drawdown (10Y) Largest decline over 10 years	-30.14%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.65%	-5.21%	-1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	1.71%	+0.35%

Volatility

TRRJX vs. FWTKX - Volatility Comparison

The current volatility for T. Rowe Price Retirement 2035 Fund (TRRJX) is 2.95%, while Fidelity Freedom 2035 Fund Class K6 (FWTKX) has a volatility of 3.40%. This indicates that TRRJX experiences smaller price fluctuations and is considered to be less risky than FWTKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRRJX	FWTKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	3.40%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	8.89%	7.98%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	10.45%	9.67%	+0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.83%	12.46%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.54%	13.92%	-0.38%

TRRJX vs. FWTKX - Expense Ratio Comparison

TRRJX has a 0.59% expense ratio, which is higher than FWTKX's 0.48% expense ratio.

Dividends

TRRJX vs. FWTKX - Dividend Comparison

TRRJX has not paid dividends to shareholders, while FWTKX's dividend yield for the trailing twelve months is around 6.14%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FWTKX Fidelity Freedom 2035 Fund Class K6	6.14%	5.33%	5.97%	2.20%	11.54%	11.87%	6.18%	7.06%	8.15%	1.73%	0.00%	0.00%
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

Can I hold both TRRJX and FWTKX in my portfolio?

With a correlation of 0.94, TRRJX and FWTKX 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.

Which is riskier, TRRJX or FWTKX?

FWTKX has higher volatility (3.40%) compared to TRRJX (2.95%). In terms of maximum drawdown, TRRJX dropped -53.57% vs FWTKX's -28.78%.

Which has better risk-adjusted returns?

FWTKX currently has the higher Sharpe Ratio (2.52 vs 1.59), 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.