TRRKX vs. SPY
Compare and contrast key facts about T. Rowe Price Retirement 2045 Fund (TRRKX) and State Street SPDR S&P 500 ETF (SPY).
TRRKX is managed by T. Rowe Price. It was launched on May 30, 2005. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
TRRKX vs. SPY - Performance Comparison
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TRRKX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRRKX T. Rowe Price Retirement 2045 Fund | -0.98% | 14.20% | 13.94% | 20.52% | -19.03% | 15.80% | 18.64% | 25.41% | -7.66% | 22.42% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, TRRKX achieves a -0.98% return, which is significantly higher than SPY's -3.65% return. Over the past 10 years, TRRKX has underperformed SPY with an annualized return of 10.01%, while SPY has yielded a comparatively higher 14.06% annualized return.
TRRKX
- 1D
- 2.69%
- 1M
- -6.33%
- YTD
- -0.98%
- 6M
- -2.18%
- 1Y
- 12.52%
- 3Y*
- 13.48%
- 5Y*
- 6.29%
- 10Y*
- 10.01%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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TRRKX vs. SPY - Expense Ratio Comparison
TRRKX has a 0.63% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
TRRKX vs. SPY — Risk / Return Rank
TRRKX
SPY
TRRKX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2045 Fund (TRRKX) and State Street SPDR S&P 500 ETF (SPY). 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.
| TRRKX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.82 | 0.96 | -0.14 |
Sortino ratioReturn per unit of downside risk | 1.24 | 1.49 | -0.25 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.23 | -0.05 |
Calmar ratioReturn relative to maximum drawdown | 0.88 | 1.53 | -0.65 |
Martin ratioReturn relative to average drawdown | 3.93 | 7.27 | -3.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TRRKX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.82 | 0.96 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | 0.70 | -0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | 0.79 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.56 | -0.08 |
Correlation
The correlation between TRRKX and SPY is 0.95, 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
TRRKX vs. SPY - Dividend Comparison
TRRKX has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.13%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TRRKX T. Rowe Price Retirement 2045 Fund | 0.00% | 0.00% | 1.96% | 4.40% | 7.83% | 5.58% | 4.52% | 5.94% | 8.98% | 3.52% | 3.20% | 4.25% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
TRRKX vs. SPY - Drawdown Comparison
The maximum TRRKX drawdown since its inception was -53.54%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TRRKX and SPY.
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Drawdown Indicators
| TRRKX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.54% | -55.19% | +1.65% |
Max Drawdown (1Y)Largest decline over 1 year | -11.43% | -12.05% | +0.62% |
Max Drawdown (5Y)Largest decline over 5 years | -28.75% | -24.50% | -4.25% |
Max Drawdown (10Y)Largest decline over 10 years | -32.48% | -33.72% | +1.24% |
Current DrawdownCurrent decline from peak | -7.05% | -5.53% | -1.52% |
Average DrawdownAverage peak-to-trough decline | -7.26% | -9.09% | +1.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 2.54% | +0.34% |
Volatility
TRRKX vs. SPY - Volatility Comparison
T. Rowe Price Retirement 2045 Fund (TRRKX) has a higher volatility of 5.83% compared to State Street SPDR S&P 500 ETF (SPY) at 5.35%. This indicates that TRRKX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRRKX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.83% | 5.35% | +0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 9.62% | 9.50% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.15% | 19.06% | -2.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.88% | 17.06% | -2.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.29% | 17.92% | -2.63% |