TRRKX vs. SWERX
TRRKX (T. Rowe Price Retirement 2045 Fund - Investor Class) and SWERX (Schwab Target 2040 Fund) are both Target Retirement Date funds. Over the past 10 years, TRRKX returned 10.65%/yr vs 9.73%/yr for SWERX. Their 0.97 correlation means they have historically moved very closely together. TRRKX charges 0.60%/yr vs 0.00%/yr for SWERX.
Performance
TRRKX vs. SWERX - Performance Comparison
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Returns By Period
In the year-to-date period, TRRKX achieves a 10.46% return, which is significantly higher than SWERX's 7.96% return. Over the past 10 years, TRRKX has outperformed SWERX with an annualized return of 10.65%, while SWERX has yielded a comparatively lower 9.73% annualized return.
TRRKX
- 1D
- 1.70%
- 1M
- -0.07%
- 6M
- 5.72%
- YTD
- 10.46%
- 1Y
- 17.15%
- 3Y*
- 14.14%
- 5Y*
- 7.44%
- 10Y*
- 10.65%
- ALL TIME*
- 8.65%
SWERX
- 1D
- 1.43%
- 1M
- -0.42%
- 6M
- 5.24%
- YTD
- 7.96%
- 1Y
- 17.77%
- 3Y*
- 14.04%
- 5Y*
- 7.47%
- 10Y*
- 9.73%
- ALL TIME*
- 8.27%
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. SWERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRRKX T. Rowe Price Retirement 2045 Fund - Investor Class | 10.46% | 14.20% | 13.94% | 20.52% | -19.03% | 15.80% | 18.64% | 25.41% | -7.66% | 22.42% |
SWERX Schwab Target 2040 Fund | 7.96% | 17.71% | 12.74% | 19.06% | -18.57% | 15.65% | 14.44% | 23.01% | -9.11% | 20.48% |
Correlation
The correlation between TRRKX and SWERX is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2005 | 0.97 |
The correlation between TRRKX and SWERX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
TRRKX vs. SWERX — Risk / Return Rank
TRRKX
SWERX
TRRKX vs. SWERX - 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 Schwab Target 2040 Fund (SWERX). 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 | SWERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.27 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 2.02 | -0.36 |
| Martin ratioReturn relative to average drawdown | 6.73 | 8.65 | -1.92 |
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Drawdowns
TRRKX vs. SWERX - Drawdown Comparison
The maximum TRRKX drawdown since its inception was -53.54%, which is greater than SWERX's maximum drawdown of -48.24%. Use the drawdown chart below to compare losses from any high point for TRRKX and SWERX.
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Drawdown Indicators
| TRRKX | SWERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.54% | -48.24% | -5.30% |
Max Drawdown (1Y)Largest decline over 1 year | -9.49% | -8.08% | -1.41% |
Max Drawdown (3Y)Largest decline over 3 years | -15.16% | -13.05% | -2.11% |
Max Drawdown (5Y)Largest decline over 5 years | -28.75% | -30.40% | +1.65% |
Max Drawdown (10Y)Largest decline over 10 years | -32.48% | -30.40% | -2.08% |
Current DrawdownCurrent decline from peak | -0.95% | -1.21% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -7.17% | -7.10% | -0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 1.89% | +0.43% |
Volatility
TRRKX vs. SWERX - Volatility Comparison
T. Rowe Price Retirement 2045 Fund - Investor Class (TRRKX) has a higher volatility of 3.37% compared to Schwab Target 2040 Fund (SWERX) at 2.98%. This indicates that TRRKX's price experiences larger fluctuations and is considered to be riskier than SWERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRRKX | SWERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.37% | 2.98% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 10.63% | 8.93% | +1.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.07% | 10.85% | +2.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.05% | 15.09% | -0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.28% | 14.79% | +0.49% |
TRRKX vs. SWERX - Expense Ratio Comparison
TRRKX has a 0.60% expense ratio, which is higher than SWERX's 0.00% expense ratio.
Dividends
TRRKX vs. SWERX - Dividend Comparison
TRRKX has not paid dividends to shareholders, while SWERX's dividend yield for the trailing twelve months is around 6.66%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SWERX Schwab Target 2040 Fund | 6.66% | 7.19% | 5.00% | 3.83% | 8.31% | 6.96% | 3.33% | 7.69% | 8.57% | 4.13% | 6.76% | 10.85% |
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 0.95, TRRKX and SWERX 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.
TRRKX has higher volatility (3.37%) compared to SWERX (2.98%). In terms of maximum drawdown, TRRKX dropped -53.54% vs SWERX's -48.24%.
SWERX currently has the higher Sharpe Ratio (1.51 vs 1.21), 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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