TRRMX vs. VOO

Last updated Jun 4, 2026

TRRMX (T. Rowe Price Retirement 2050 Fund) and VOO (Vanguard S&P 500 ETF) are both funds - TRRMX is a Target Retirement Date fund actively managed by T. Rowe Price, while VOO is a S&P 500 fund tracking the S&P 500 Index. TRRMX is actively managed, while VOO is passively managed. Over the past 10 years, TRRMX returned 11.17%/yr vs 15.56%/yr for VOO. Their correlation of 0.94 suggests significant overlap in exposure. TRRMX charges 0.62%/yr vs 0.03%/yr for VOO.

Performance

TRRMX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2050 Fund (TRRMX) 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, TRRMX achieves a 11.69% return, which is significantly higher than VOO's 10.91% return. Over the past 10 years, TRRMX has underperformed VOO with an annualized return of 11.17%, while VOO has yielded a comparatively higher 15.56% annualized return.

TRRMX

• 1D: 0.46%
• 1M: 4.59%
• YTD: 11.69%
• 6M: 8.00%
• 1Y: 21.15%
• 3Y*: 17.18%
• 5Y*: 8.47%
• 10Y*: 11.17%

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

TRRMX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRRMX T. Rowe Price Retirement 2050 Fund	11.69%	14.26%	14.19%	20.85%	-19.09%	17.51%	18.67%	25.35%	-7.66%	20.83%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between TRRMX and VOO is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.95

The correlation between TRRMX and VOO has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

TRRMX vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TRRMX

TRRMX Risk / Return Rank: 39
TRRMX Sharpe Ratio Rank: 38
TRRMX Sortino Ratio Rank: 36
TRRMX Omega Ratio Rank: 40
TRRMX Calmar Ratio Rank: 36
TRRMX Martin Ratio Rank: 45

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TRRMX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2050 Fund (TRRMX) 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.

	TRRMX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.39	-0.60
Sortino ratio: Return per unit of downside risk	2.51	3.25	-0.74
Omega ratio: Gain probability vs. loss probability	1.34	1.43	-0.09
Calmar ratio: Return relative to maximum drawdown	2.27	3.16	-0.89
Martin ratio: Return relative to average drawdown	9.45	14.73	-5.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRRMX vs. VOO - Sharpe Ratio Comparison

The current TRRMX Sharpe Ratio is 1.79, which is comparable to the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of TRRMX 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.

Sharpe Ratios by Period

	TRRMX	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	2.39	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.83	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.87	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.89	-0.42

Drawdowns

TRRMX vs. VOO - Drawdown Comparison

The maximum TRRMX drawdown since its inception was -53.59%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for TRRMX and VOO.

Drawdown Indicators

	TRRMX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-53.59%	-33.99%	-19.60%
Max Drawdown (1Y) Largest decline over 1 year	-9.74%	-8.90%	-0.84%
Max Drawdown (3Y) Largest decline over 3 years	-15.50%	-18.69%	+3.19%
Max Drawdown (5Y) Largest decline over 5 years	-27.95%	-24.52%	-3.43%
Max Drawdown (10Y) Largest decline over 10 years	-32.51%	-33.99%	+1.48%
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-7.57%	-3.69%	-3.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	1.91%	+0.40%

Volatility

TRRMX vs. VOO - Volatility Comparison

T. Rowe Price Retirement 2050 Fund (TRRMX) has a higher volatility of 3.46% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that TRRMX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRRMX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	2.84%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	10.30%	8.90%	+1.40%
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	11.80%	+0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.21%	16.81%	-1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.49%	18.01%	-2.52%

TRRMX vs. VOO - Expense Ratio Comparison

TRRMX has a 0.62% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

TRRMX vs. VOO - Dividend Comparison

TRRMX has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TRRMX T. Rowe Price Retirement 2050 Fund	0.00%	0.00%	1.88%	4.45%	7.81%	6.91%	4.33%	5.75%	8.56%	2.32%	3.08%	3.96%
VOO Vanguard S&P 500 ETF	1.03%	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 TRRMX and VOO in my portfolio?

TRRMX and VOO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRRMX or VOO?

TRRMX has higher volatility (3.46%) compared to VOO (2.84%). In terms of maximum drawdown, TRRMX dropped -53.59% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.39 vs 1.79), 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.