TRRJX vs. VOO

Last updated Apr 2, 2026

Compare and contrast key facts about T. Rowe Price Retirement 2035 Fund (TRRJX) and Vanguard S&P 500 ETF (VOO).

TRRJX is managed by T. Rowe Price. It was launched on Feb 27, 2004. VOO is a passively managed fund by Vanguard that tracks the performance of the S&P 500 Index. It was launched on Sep 7, 2010.

Performance

TRRJX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2035 Fund (TRRJX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

TRRJX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRRJX T. Rowe Price Retirement 2035 Fund	-0.81%	10.96%	11.99%	18.14%	-17.96%	15.21%	17.04%	23.72%	-6.95%	20.89%
VOO Vanguard S&P 500 ETF	-3.66%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Returns By Period

In the year-to-date period, TRRJX achieves a -0.81% return, which is significantly higher than VOO's -3.66% return. Over the past 10 years, TRRJX has underperformed VOO with an annualized return of 8.99%, while VOO has yielded a comparatively higher 14.14% annualized return.

TRRJX

• 1D: 2.20%
• 1M: -5.39%
• YTD: -0.81%
• 6M: -3.17%
• 1Y: 9.13%
• 3Y*: 11.25%
• 5Y*: 5.33%
• 10Y*: 8.99%

VOO

• 1D: 0.79%
• 1M: -4.29%
• YTD: -3.66%
• 6M: -1.41%
• 1Y: 18.17%
• 3Y*: 18.58%
• 5Y*: 11.93%
• 10Y*: 14.14%

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

TRRJX vs. VOO - Expense Ratio Comparison

TRRJX has a 0.59% expense ratio, which is higher than VOO's 0.03% expense ratio.

TRRJX

T. Rowe Price Retirement 2035 Fund

VOO

Vanguard S&P 500 ETF

Return for Risk

TRRJX vs. VOO — Risk / Return Rank

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

TRRJX

TRRJX Risk / Return Rank: 28
TRRJX Sharpe Ratio Rank: 28
TRRJX Sortino Ratio Rank: 27
TRRJX Omega Ratio Rank: 30
TRRJX Calmar Ratio Rank: 25
TRRJX Martin Ratio Rank: 29

VOO

VOO Risk / Return Rank: 60
VOO Sharpe Ratio Rank: 54
VOO Sortino Ratio Rank: 57
VOO Omega Ratio Rank: 61
VOO Calmar Ratio Rank: 59
VOO Martin Ratio Rank: 69

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2035 Fund (TRRJX) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio Return per unit of total volatility	0.72	1.01	-0.29
Sortino ratio Return per unit of downside risk	1.07	1.53	-0.47
Omega ratio Gain probability vs. loss probability	1.16	1.23	-0.07
Calmar ratio Return relative to maximum drawdown	0.77	1.55	-0.78
Martin ratio Return relative to average drawdown	3.24	7.31	-4.07
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. VOO - Sharpe Ratio Comparison

The current TRRJX Sharpe Ratio is 0.72, which is comparable to the VOO Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of TRRJX and VOO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TRRJX	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	1.01	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.71	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.79	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.83	-0.36

Correlation

The correlation between TRRJX and VOO is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TRRJX vs. VOO - Dividend Comparison

TRRJX has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.18%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOO Vanguard S&P 500 ETF	1.18%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Drawdowns

TRRJX vs. VOO - Drawdown Comparison

The maximum TRRJX drawdown since its inception was -53.57%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for TRRJX and VOO.

Drawdown Indicators

	TRRJX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-53.57%	-33.99%	-19.58%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-11.98%	+2.37%
Max Drawdown (5Y) Largest decline over 5 years	-25.85%	-24.52%	-1.33%
Max Drawdown (10Y) Largest decline over 10 years	-30.14%	-33.99%	+3.85%
Current Drawdown Current decline from peak	-6.04%	-5.55%	-0.49%
Average Drawdown Average peak-to-trough decline	-6.69%	-3.72%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	2.55%	-0.02%

Volatility

TRRJX vs. VOO - Volatility Comparison

The current volatility for T. Rowe Price Retirement 2035 Fund (TRRJX) is 4.87%, while Vanguard S&P 500 ETF (VOO) has a volatility of 5.34%. This indicates that TRRJX experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRRJX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	5.34%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	8.45%	9.47%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	13.57%	18.11%	-4.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.81%	16.82%	-4.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.52%	17.99%	-4.47%