TRRNX vs. SPY

Last updated Aug 1, 2026

TRRNX (T. Rowe Price Retirement 2055 Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - TRRNX is a Target Retirement Date fund actively managed by T. Rowe Price, while SPY is a S&P 500 fund tracking the S&P 500 Index. TRRNX is actively managed, while SPY is passively managed. Over the past 10 years, TRRNX returned 10.76%/yr vs 15.07%/yr for SPY. Their correlation of 0.95 means they have usually moved in the same direction. TRRNX charges 0.63%/yr vs 0.09%/yr for SPY.

Performance

TRRNX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement 2055 Fund (TRRNX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRRNX achieves a 10.95% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, TRRNX has underperformed SPY with an annualized return of 10.76%, while SPY has yielded a comparatively higher 15.07% annualized return.

TRRNX

• 1D: 1.77%
• 1M: -0.04%
• 6M: 5.96%
• YTD: 10.95%
• 1Y: 17.62%
• 3Y*: 14.46%
• 5Y*: 7.92%
• 10Y*: 10.76%
• ALL TIME*: 8.16%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*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)
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B
TRRNX T. Rowe Price Retirement 2055 Fund	$0.00	$0.00	$0.00

TRRNX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRRNX T. Rowe Price Retirement 2055 Fund	10.95%	14.33%	14.24%	20.88%	-19.17%	17.42%	18.54%	25.40%	-7.70%	20.78%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between TRRNX and SPY 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 Jan 3, 2007	0.95

The correlation between TRRNX and SPY has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

TRRNX vs. SPY — Risk / Return Rank

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

TRRNX

TRRNX Risk / Return Rank: 43
TRRNX Sharpe Ratio Rank: 42
TRRNX Sortino Ratio Rank: 41
TRRNX Omega Ratio Rank: 43
TRRNX Calmar Ratio Rank: 42
TRRNX Martin Ratio Rank: 49

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY 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.

TRRNX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement 2055 Fund (TRRNX) 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.

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.

	TRRNX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.52	-0.33
Sortino ratio: Return per unit of downside risk	1.71	2.11	-0.41
Omega ratio: Gain probability vs. loss probability	1.22	1.27	-0.05
Calmar ratio: Return relative to maximum drawdown	1.64	2.20	-0.57
Martin ratio: Return relative to average drawdown	6.65	9.40	-2.75

TRRNX vs. SPY - Sharpe Ratio Comparison

The current TRRNX Sharpe Ratio is 1.19, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of TRRNX and SPY, 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

TRRNX vs. SPY - Drawdown Comparison

The maximum TRRNX drawdown since its inception was -53.59%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TRRNX and SPY.

Drawdown Indicators

	TRRNX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-53.59%	-55.19%	+1.60%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-8.88%	-0.96%
Max Drawdown (3Y) Largest decline over 3 years	-15.61%	-18.76%	+3.15%
Max Drawdown (5Y) Largest decline over 5 years	-28.03%	-24.50%	-3.53%
Max Drawdown (10Y) Largest decline over 10 years	-32.54%	-33.72%	+1.18%
Current Drawdown Current decline from peak	-0.98%	-1.40%	+0.42%
Average Drawdown Average peak-to-trough decline	-7.52%	-9.01%	+1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	2.08%	+0.32%

Volatility

TRRNX vs. SPY - Volatility Comparison

T. Rowe Price Retirement 2055 Fund (TRRNX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 3.49% and 3.58%, 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

	TRRNX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	3.58%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	10.14%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	13.59%	12.89%	+0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.46%	17.18%	-1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.52%	17.95%	-2.43%

TRRNX vs. SPY - Expense Ratio Comparison

TRRNX has a 0.63% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

TRRNX vs. SPY - Dividend Comparison

TRRNX has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
TRRNX T. Rowe Price Retirement 2055 Fund	0.00%	0.00%	1.77%	3.81%	7.01%	5.83%	3.40%	5.41%	7.55%	2.12%	2.62%	3.50%

Frequently Asked Questions

Can I hold both TRRNX and SPY in my portfolio?

With a correlation of 0.90, TRRNX and SPY 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, TRRNX or SPY?

SPY has higher volatility (3.58%) compared to TRRNX (3.49%). In terms of maximum drawdown, TRRNX dropped -53.59% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs 1.19), 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.