TRRKX vs. FXAIX
TRRKX (T. Rowe Price Retirement 2045 Fund - Investor Class) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - TRRKX is a Target Retirement Date fund managed by T. Rowe Price, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, TRRKX returned 10.76%/yr vs 15.16%/yr for FXAIX. Their correlation of 0.94 means they have usually moved in the same direction. TRRKX charges 0.60%/yr vs 0.02%/yr for FXAIX.
Performance
TRRKX vs. FXAIX - Performance Comparison
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Returns By Period
In the year-to-date period, TRRKX achieves a 10.78% return, which is significantly higher than FXAIX's 10.13% return. Over the past 10 years, TRRKX has underperformed FXAIX with an annualized return of 10.76%, while FXAIX has yielded a comparatively higher 15.16% annualized return.
TRRKX
- 1D
- 0.28%
- 1M
- 0.21%
- 6M
- 6.63%
- YTD
- 10.78%
- 1Y
- 17.48%
- 3Y*
- 14.44%
- 5Y*
- 7.50%
- 10Y*
- 10.76%
- ALL TIME*
- 8.67%
FXAIX
- 1D
- 0.71%
- 1M
- 0.15%
- 6M
- 7.97%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.42%
- 5Y*
- 12.84%
- 10Y*
- 15.16%
- ALL TIME*
- 13.94%
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 |
TRRKX vs. FXAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRRKX T. Rowe Price Retirement 2045 Fund - Investor Class | 10.78% | 14.20% | 13.94% | 20.52% | -19.03% | 15.80% | 18.64% | 25.41% | -7.66% | 22.42% |
FXAIX Fidelity 500 Index Fund | 10.13% | 17.84% | 25.01% | 26.29% | -18.14% | 28.71% | 18.42% | 31.48% | -4.43% | 21.82% |
Correlation
The correlation between TRRKX and FXAIX is 0.90, 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. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.93 |
Correlation (All Time) Calculated using the full available price history since May 4, 2011 | 0.94 |
The correlation between TRRKX and FXAIX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
TRRKX vs. FXAIX — Risk / Return Rank
TRRKX
FXAIX
TRRKX vs. FXAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2045 Fund - Investor Class (TRRKX) and Fidelity 500 Index Fund (FXAIX). 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.
| TRRKX | FXAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.27 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 2.21 | -0.45 |
| Martin ratioReturn relative to average drawdown | 7.13 | 9.48 | -2.35 |
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Drawdowns
TRRKX vs. FXAIX - Drawdown Comparison
The maximum TRRKX drawdown since its inception was -53.54%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for TRRKX and FXAIX.
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Drawdown Indicators
| TRRKX | FXAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.54% | -33.79% | -19.75% |
Max Drawdown (1Y)Largest decline over 1 year | -9.49% | -8.89% | -0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -15.16% | -18.76% | +3.60% |
Max Drawdown (5Y)Largest decline over 5 years | -28.75% | -24.50% | -4.25% |
Max Drawdown (10Y)Largest decline over 10 years | -32.48% | -33.79% | +1.31% |
Current DrawdownCurrent decline from peak | -0.67% | -1.41% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -7.17% | -3.77% | -3.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 2.07% | +0.25% |
Volatility
TRRKX vs. FXAIX - Volatility Comparison
The current volatility for T. Rowe Price Retirement 2045 Fund - Investor Class (TRRKX) is 3.32%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 3.52%. This indicates that TRRKX experiences smaller price fluctuations and is considered to be less risky than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRRKX | FXAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.32% | 3.52% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 10.61% | 10.11% | +0.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.06% | 12.87% | +0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.04% | 17.02% | -1.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.28% | 18.07% | -2.79% |
TRRKX vs. FXAIX - Expense Ratio Comparison
TRRKX has a 0.60% expense ratio, which is higher than FXAIX's 0.02% expense ratio.
Dividends
TRRKX vs. FXAIX - Dividend Comparison
TRRKX has not paid dividends to shareholders, while FXAIX's dividend yield for the trailing twelve months is around 1.06%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FXAIX Fidelity 500 Index Fund | 1.06% | 1.11% | 1.25% | 1.45% | 1.69% | 1.22% | 1.60% | 2.06% | 2.72% | 1.97% | 2.52% | 2.83% |
TRRKX T. Rowe Price Retirement 2045 Fund - Investor Class | 0.00% | 0.00% | 1.96% | 4.40% | 7.83% | 5.58% | 4.52% | 5.94% | 8.98% | 3.52% | 3.20% | 4.25% |
Frequently Asked Questions
With a correlation of 0.90, TRRKX and FXAIX 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.
FXAIX has higher volatility (3.52%) compared to TRRKX (3.32%). In terms of maximum drawdown, TRRKX dropped -53.54% vs FXAIX's -33.79%.
FXAIX currently has the higher Sharpe Ratio (1.53 vs 1.28), 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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