PAFFX Performance — T. Rowe Price Target 2045 Fund, Advisor Class
Data updated: 2026-08-12
PAFFX returned +9.48% year to date and +22.75% over one year to May 2026. Annualised returns are +17.15% over 3 years and +7.65% over 5 years. The fund beat its Target-Date category average: $100 invested three years ago grew to $161, against $155 for the category, and to $123 over one year, against $121. Volatility over the past three years was 10.93% a year. In the 12 months to May 2026 the fund lost a net $54.2M, and assets reached $477.81M.
PAFFX Growth of $100
What $100 invested in T. Rowe Price Target 2045 Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Target-Date category average over the same months.
| Period | PAFFX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $123 | $121 |
| 3 years (Jun 2023 – May 2026) | $161 | $155 |
| 5 years (Jun 2021 – May 2026) | $145 | $144 |
| Since data start (Sep 2019 – May 2026) | $200 | $187 |
PAFFX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +9.48% |
| 1 year | +22.75% |
| 3 years (annualised) | +17.15% |
| 5 years (annualised) | +7.65% |
PAFFX Annual Returns
Calendar-year total returns of T. Rowe Price Target 2045 Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +9.48% |
| 2025 | +16.65% |
| 2024 | +12.46% |
| 2023 | +18.77% |
| 2022 | −18.83% |
| 2021 | +15.04% |
| 2020 | +17.04% |
| 2019 (Sep–Dec) | +7.47% |
PAFFX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +3.1% | +2.4% | −6.1% | +7.2% | +3.0% | — | — | — | — | — | — | — |
| 2025 | +3.0% | 0.0% | −2.7% | −0.2% | +4.0% | +3.4% | +0.5% | +2.6% | +2.7% | +1.1% | +0.8% | +0.5% |
| 2024 | −0.1% | +3.9% | +3.3% | −3.3% | +3.7% | +1.0% | +2.1% | +2.1% | +1.5% | −2.1% | +3.8% | −3.6% |
| 2023 | +6.6% | −2.6% | +2.1% | +1.1% | −1.0% | +5.0% | +3.2% | −2.4% | −3.8% | −2.7% | +7.8% | +5.0% |
| 2022 | −5.1% | −2.4% | +0.8% | −7.6% | +0.1% | −7.1% | +6.1% | −3.7% | −8.2% | +5.3% | +6.9% | −4.1% |
| 2021 | −0.1% | +3.2% | +1.8% | +3.8% | +1.2% | +1.0% | +0.5% | +2.3% | −3.5% | +4.3% | −2.7% | +2.8% |
| 2020 | −0.4% | −5.5% | −13.1% | +9.7% | +4.8% | +2.8% | +4.6% | +4.6% | −2.5% | −1.0% | +10.3% | +4.1% |
| 2019 | — | — | — | — | — | — | — | — | +0.9% | +1.3% | +2.4% | +2.6% |
PAFFX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 10.93%
- 3-year Sharpe ratio: 1.16 (vs 4.5% risk-free rate)
- Best month: +7.78% (Nov 2023)
- Worst month: −6.14% (Mar 2026)
PAFFX Fund Flows
Monthly money in and out of T. Rowe Price Target 2045 Fund, from SEC Form N-PORT.
- 12-month net flow: −$54.2M
- 12-month gross sales (incl. reinvestments): $96.3M
- Sales ÷ redemptions: 0.64×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $4.9M | $42.8M | −$38.0M |
| Apr 2026 | $6.3M | $7.3M | −$952K |
| Mar 2026 | $6.7M | $6.6M | $106K |
| Feb 2026 | $6.6M | $4.0M | $2.6M |
| Jan 2026 | $6.5M | $8.3M | −$1.8M |
| Dec 2025 | $29.9M | $6.8M | $23.1M |
| Nov 2025 | $4.9M | $6.0M | −$1.1M |
| Oct 2025 | $7.3M | $4.1M | $3.2M |
| Sep 2025 | $7.1M | $19.1M | −$12.0M |
| Aug 2025 | $5.0M | $24.0M | −$19.1M |
| Jul 2025 | $5.1M | $17.5M | −$12.3M |
| Jun 2025 | $6.0M | $3.9M | $2.0M |
PAFFX Assets Under Management
Net assets of T. Rowe Price Target 2045 Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $477.81M |
| 2026-02-28 | $498.74M |
| 2025-11-30 | $469.74M |
| 2025-08-31 | $458.48M |
| 2025-05-31 | $457.23M |
| 2025-02-28 | $461.72M |
| 2024-11-30 | $462.63M |
| 2024-08-31 | $446.92M |
| 2024-05-31 | $436.14M |
| 2024-02-29 | $430.59M |
| 2023-11-30 | $386.49M |
| 2023-08-31 | $376.16M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.