TRRLX vs. VOO

Last updated Aug 1, 2026

TRRLX (T. Rowe Price Retirement 2060 Fund) and VOO (Vanguard S&P 500 ETF) are both funds - TRRLX is a Target Retirement Date fund tracking the S&P Target Date 2060 Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, TRRLX returned 10.79%/yr vs 15.14%/yr for VOO. Their correlation of 0.94 means they have usually moved in the same direction. TRRLX charges 0.64%/yr vs 0.03%/yr for VOO.

Performance

TRRLX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2060 Fund (TRRLX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRRLX achieves a 10.90% return, which is significantly higher than VOO's 10.16% return. Over the past 10 years, TRRLX has underperformed VOO with an annualized return of 10.79%, while VOO has yielded a comparatively higher 15.14% annualized return.

TRRLX

• 1D: 1.79%
• 1M: -0.05%
• 6M: 5.99%
• YTD: 10.90%
• 1Y: 17.79%
• 3Y*: 14.51%
• 5Y*: 7.94%
• 10Y*: 10.79%
• ALL TIME*: 9.28%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TRRLX T. Rowe Price Retirement 2060 Fund	$0.00	$0.00	$0.00
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

TRRLX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRRLX T. Rowe Price Retirement 2060 Fund	10.90%	14.54%	14.22%	20.87%	-19.22%	17.50%	18.46%	25.39%	-7.62%	20.79%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between TRRLX and VOO 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.	0.91
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 Jun 24, 2014	0.94

The correlation between TRRLX and VOO has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

TRRLX vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TRRLX

TRRLX Risk / Return Rank: 42
TRRLX Sharpe Ratio Rank: 40
TRRLX Sortino Ratio Rank: 39
TRRLX Omega Ratio Rank: 41
TRRLX Calmar Ratio Rank: 40
TRRLX Martin Ratio Rank: 49

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TRRLX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2060 Fund (TRRLX) 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.

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.

	TRRLX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.53	-0.33
Sortino ratio: Return per unit of downside risk	1.73	2.13	-0.40
Omega ratio: Gain probability vs. loss probability	1.22	1.28	-0.05
Calmar ratio: Return relative to maximum drawdown	1.66	2.21	-0.55
Martin ratio: Return relative to average drawdown	6.75	9.44	-2.68

TRRLX vs. VOO - Sharpe Ratio Comparison

The current TRRLX Sharpe Ratio is 1.20, which is comparable to the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of TRRLX and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TRRLX vs. VOO - Drawdown Comparison

The maximum TRRLX drawdown since its inception was -32.52%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for TRRLX and VOO.

Drawdown Indicators

	TRRLX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-32.52%	-33.99%	+1.47%
Max Drawdown (1Y) Largest decline over 1 year	-9.82%	-8.90%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	-15.59%	-18.69%	+3.10%
Max Drawdown (5Y) Largest decline over 5 years	-28.09%	-24.52%	-3.57%
Max Drawdown (10Y) Largest decline over 10 years	-32.52%	-33.99%	+1.47%
Current Drawdown Current decline from peak	-0.99%	-1.38%	+0.39%
Average Drawdown Average peak-to-trough decline	-5.12%	-3.67%	-1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	2.08%	+0.32%

Volatility

TRRLX vs. VOO - Volatility Comparison

T. Rowe Price Retirement 2060 Fund (TRRLX) and Vanguard S&P 500 ETF (VOO) have volatilities of 3.54% and 3.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRRLX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	3.54%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	11.05%	10.10%	+0.95%
Volatility (1Y) Calculated over the trailing 1-year period	13.62%	12.82%	+0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.42%	16.93%	-1.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.48%	18.01%	-2.53%

TRRLX vs. VOO - Expense Ratio Comparison

TRRLX has a 0.64% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

TRRLX vs. VOO - Dividend Comparison

TRRLX has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.07%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRRLX T. Rowe Price Retirement 2060 Fund	0.00%	0.00%	1.74%	3.29%	5.75%	4.19%	2.38%	4.33%	5.39%	1.58%	1.58%	0.83%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both TRRLX and VOO in my portfolio?

With a correlation of 0.90, TRRLX and VOO 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.

Which is riskier, TRRLX or VOO?

VOO has higher volatility (3.54%) compared to TRRLX (3.54%). In terms of maximum drawdown, TRRLX dropped -32.52% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.53 vs 1.20), 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.