TRTGX vs. SPY

Last updated Aug 1, 2026

TRTGX (T. Rowe Price Target 2060 Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - TRTGX is a Target Retirement Date fund managed by T. Rowe Price, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, TRTGX returned 10.81%/yr vs 15.07%/yr for SPY. Their correlation of 0.93 means they have usually moved in the same direction. TRTGX charges 0.90%/yr vs 0.09%/yr for SPY.

Performance

TRTGX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Target 2060 Fund (TRTGX) 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, TRTGX achieves a 10.83% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, TRTGX has underperformed SPY with an annualized return of 10.81%, while SPY has yielded a comparatively higher 15.07% annualized return.

TRTGX

• 1D: 1.82%
• 1M: 0.00%
• 6M: 5.88%
• YTD: 10.83%
• 1Y: 22.18%
• 3Y*: 15.71%
• 5Y*: 8.45%
• 10Y*: 10.81%
• ALL TIME*: 9.25%

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
TRTGX T. Rowe Price Target 2060 Fund	$0.00	$0.00	$0.00

TRTGX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRTGX T. Rowe Price Target 2060 Fund	10.83%	18.65%	14.02%	20.48%	-19.56%	17.04%	16.62%	25.06%	-7.86%	20.84%
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 TRTGX and SPY is 0.91, 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.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.92
Correlation (All Time) Calculated using the full available price history since Jun 24, 2014	0.93

The correlation between TRTGX and SPY has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

TRTGX vs. SPY — Risk / Return Rank

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

TRTGX

TRTGX Risk / Return Rank: 68
TRTGX Sharpe Ratio Rank: 67
TRTGX Sortino Ratio Rank: 66
TRTGX Omega Ratio Rank: 68
TRTGX Calmar Ratio Rank: 66
TRTGX Martin Ratio Rank: 76

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.

TRTGX vs. SPY - Risk-Adjusted Trends Comparison

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

	TRTGX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.52	+0.04
Sortino ratio: Return per unit of downside risk	2.22	2.11	+0.11
Omega ratio: Gain probability vs. loss probability	1.29	1.27	+0.02
Calmar ratio: Return relative to maximum drawdown	2.13	2.20	-0.07
Martin ratio: Return relative to average drawdown	9.04	9.40	-0.36

TRTGX vs. SPY - Sharpe Ratio Comparison

The current TRTGX Sharpe Ratio is 1.56, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of TRTGX 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

TRTGX vs. SPY - Drawdown Comparison

The maximum TRTGX drawdown since its inception was -32.56%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TRTGX and SPY.

Drawdown Indicators

	TRTGX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-32.56%	-55.19%	+22.63%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-8.88%	-0.91%
Max Drawdown (3Y) Largest decline over 3 years	-16.06%	-18.76%	+2.70%
Max Drawdown (5Y) Largest decline over 5 years	-28.34%	-24.50%	-3.84%
Max Drawdown (10Y) Largest decline over 10 years	-32.56%	-33.72%	+1.16%
Current Drawdown Current decline from peak	-0.93%	-1.40%	+0.47%
Average Drawdown Average peak-to-trough decline	-5.23%	-9.01%	+3.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	2.08%	+0.21%

Volatility

TRTGX vs. SPY - Volatility Comparison

T. Rowe Price Target 2060 Fund (TRTGX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 3.54% 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

	TRTGX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	3.58%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	11.05%	10.14%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	13.42%	12.89%	+0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.43%	17.18%	-1.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.54%	17.95%	-2.41%

TRTGX vs. SPY - Expense Ratio Comparison

TRTGX has a 0.90% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

TRTGX vs. SPY - Dividend Comparison

TRTGX's dividend yield for the trailing twelve months is around 3.78%, more than SPY's 1.01% yield.

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%
TRTGX T. Rowe Price Target 2060 Fund	3.78%	4.19%	2.23%	2.72%	4.90%	3.23%	0.78%	4.03%	5.44%	2.90%	2.54%	2.63%

Frequently Asked Questions

Can I hold both TRTGX and SPY in my portfolio?

With a correlation of 0.91, TRTGX 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, TRTGX or SPY?

SPY has higher volatility (3.58%) compared to TRTGX (3.54%). In terms of maximum drawdown, TRTGX dropped -32.56% vs SPY's -55.19%.

Which has better risk-adjusted returns?

TRTGX currently has the higher Sharpe Ratio (1.56 vs 1.52), 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.