TRRKX vs. SWYHX
TRRKX (T. Rowe Price Retirement 2045 Fund) and SWYHX (Schwab Target 2045 Index Fund) are both Target Retirement Date funds. Over the past 5 years, TRRKX returned 7.74%/yr vs 9.48%/yr for SWYHX. With a 0.96 correlation, they move nearly in lockstep. TRRKX charges 0.63%/yr vs 0.04%/yr for SWYHX.
Performance
TRRKX vs. SWYHX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with TRRKX having a 10.78% return and SWYHX slightly higher at 10.91%.
TRRKX
- 1D
- -0.11%
- 1M
- 1.22%
- YTD
- 10.78%
- 6M
- 10.13%
- 1Y
- 19.83%
- 3Y*
- 16.45%
- 5Y*
- 7.74%
- 10Y*
- 11.43%
SWYHX
- 1D
- -0.04%
- 1M
- 1.51%
- YTD
- 10.91%
- 6M
- 10.28%
- 1Y
- 24.10%
- 3Y*
- 17.98%
- 5Y*
- 9.48%
- 10Y*
- —
TRRKX vs. SWYHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRRKX T. Rowe Price Retirement 2045 Fund | 10.78% | 14.20% | 13.94% | 20.52% | -19.03% | 15.80% | 18.64% | 25.41% | -7.66% | 22.42% |
SWYHX Schwab Target 2045 Index Fund | 10.91% | 18.65% | 13.72% | 20.34% | -17.37% | 17.04% | 14.50% | 24.80% | -7.28% | 20.07% |
Correlation
The correlation between TRRKX and SWYHX is 0.95, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2016 | 0.96 |
The correlation between TRRKX and SWYHX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
TRRKX vs. SWYHX — Risk / Return Rank
TRRKX
SWYHX
TRRKX vs. SWYHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2045 Fund (TRRKX) and Schwab Target 2045 Index Fund (SWYHX). 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 | SWYHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.41 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.24 | 3.10 | -0.86 |
| Martin ratioReturn relative to average drawdown | 9.19 | 13.66 | -4.47 |
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Drawdowns
TRRKX vs. SWYHX - Drawdown Comparison
The maximum TRRKX drawdown since its inception was -53.54%, which is greater than SWYHX's maximum drawdown of -29.41%. Use the drawdown chart below to compare losses from any high point for TRRKX and SWYHX.
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Drawdown Indicators
| TRRKX | SWYHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.54% | -29.41% | -24.13% |
Max Drawdown (1Y)Largest decline over 1 year | -9.49% | -8.14% | -1.35% |
Max Drawdown (3Y)Largest decline over 3 years | -15.16% | -14.14% | -1.02% |
Max Drawdown (5Y)Largest decline over 5 years | -28.75% | -24.92% | -3.83% |
Max Drawdown (10Y)Largest decline over 10 years | -32.48% | — | — |
Current DrawdownCurrent decline from peak | -0.53% | -0.42% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -7.20% | -4.36% | -2.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 1.84% | +0.45% |
Volatility
TRRKX vs. SWYHX - Volatility Comparison
T. Rowe Price Retirement 2045 Fund (TRRKX) has a higher volatility of 4.63% compared to Schwab Target 2045 Index Fund (SWYHX) at 4.24%. This indicates that TRRKX's price experiences larger fluctuations and is considered to be riskier than SWYHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRRKX | SWYHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.63% | 4.24% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 10.66% | 9.17% | +1.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.74% | 11.22% | +1.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.02% | 14.17% | +0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.37% | 15.03% | +0.34% |
TRRKX vs. SWYHX - Expense Ratio Comparison
TRRKX has a 0.63% expense ratio, which is higher than SWYHX's 0.04% expense ratio.
Dividends
TRRKX vs. SWYHX - Dividend Comparison
TRRKX has not paid dividends to shareholders, while SWYHX's dividend yield for the trailing twelve months is around 1.88%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SWYHX Schwab Target 2045 Index Fund | 1.88% | 2.08% | 2.13% | 2.02% | 1.98% | 1.80% | 1.65% | 1.96% | 2.23% | 1.42% | 1.05% | 0.00% |
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% |
Frequently Asked Questions
With a correlation of 0.95, TRRKX and SWYHX 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 (4.63%) compared to SWYHX (4.24%). In terms of maximum drawdown, TRRKX dropped -53.54% vs SWYHX's -29.41%.
SWYHX currently has the higher Sharpe Ratio (2.25 vs 1.67), 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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