TRRDX Performance — T. Rowe Price Retirement 2040 Fund
Data updated: 2026-08-12
TRRDX returned +9.86% year to date and +23.73% over one year to May 2026. Annualised returns are +17.97% over 3 years and +8.22% over 5 years. The fund beat its Target-Date category average: $100 invested three years ago grew to $164, against $155 for the category, and to $124 over one year, against $121. Volatility over the past three years was 11.21% a year. In the 12 months to May 2026 the fund lost a net $2.0B, and assets reached $27.41B.
TRRDX Growth of $100
What $100 invested in T. Rowe Price Retirement 2040 Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Target-Date category average over the same months.
| Period | TRRDX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $124 | $121 |
| 3 years (Jun 2023 – May 2026) | $164 | $155 |
| 5 years (Jun 2021 – May 2026) | $148 | $144 |
| Since data start (Sep 2019 – May 2026) | $211 | $187 |
TRRDX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +9.86% |
| 1 year | +23.73% |
| 3 years (annualised) | +17.97% |
| 5 years (annualised) | +8.22% |
TRRDX Annual Returns
Calendar-year total returns of T. Rowe Price Retirement 2040 Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +9.86% |
| 2025 | +17.47% |
| 2024 | +13.13% |
| 2023 | +19.55% |
| 2022 | −18.85% |
| 2021 | +16.37% |
| 2020 | +18.13% |
| 2019 (Sep–Dec) | +8.29% |
TRRDX 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 | +3.2% | +2.5% | −6.3% | +7.5% | +3.1% | — | — | — | — | — | — | — |
| 2025 | +3.2% | −0.1% | −2.7% | −0.3% | +4.2% | +3.5% | +0.5% | +2.7% | +2.8% | +1.1% | +0.8% | +0.6% |
| 2024 | 0.0% | +4.1% | +3.4% | −3.4% | +3.8% | +1.0% | +2.1% | +2.2% | +1.5% | −2.1% | +3.9% | −3.7% |
| 2023 | +6.8% | −2.7% | +2.1% | +1.2% | −1.0% | +5.2% | +3.4% | −2.4% | −3.9% | −2.7% | +7.9% | +5.0% |
| 2022 | −5.2% | −2.5% | +0.9% | −7.8% | +0.2% | −7.3% | +6.2% | −3.7% | −8.4% | +5.5% | +7.1% | −4.1% |
| 2021 | −0.1% | +3.5% | +2.1% | +4.0% | +1.2% | +1.1% | +0.6% | +2.4% | −3.6% | +4.5% | −2.8% | +2.9% |
| 2020 | −0.6% | −6.1% | −13.8% | +10.5% | +5.0% | +3.0% | +4.9% | +4.9% | −2.6% | −1.0% | +10.9% | +4.3% |
| 2019 | — | — | — | — | — | — | — | — | +1.1% | +1.6% | +2.6% | +2.9% |
TRRDX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 11.21%
- 3-year Sharpe ratio: 1.20 (vs 4.5% risk-free rate)
- Best month: +7.92% (Nov 2023)
- Worst month: −6.27% (Mar 2026)
TRRDX Fund Flows
Monthly money in and out of T. Rowe Price Retirement 2040 Fund, from SEC Form N-PORT.
- 12-month net flow: −$2.0B
- 12-month gross sales (incl. reinvestments): $4.7B
- Sales ÷ redemptions: 0.70×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $245.3M | $641.6M | −$396.3M |
| Apr 2026 | $254.8M | $576.4M | −$321.6M |
| Mar 2026 | $352.6M | $455.0M | −$102.4M |
| Feb 2026 | $404.9M | $512.4M | −$107.6M |
| Jan 2026 | $308.3M | $750.2M | −$441.9M |
| Dec 2025 | $1.4B | $760.1M | $651.3M |
| Nov 2025 | $318.1M | $575.8M | −$257.7M |
| Oct 2025 | $246.9M | $482.5M | −$235.6M |
| Sep 2025 | $331.5M | $525.6M | −$194.1M |
| Aug 2025 | $270.8M | $382.4M | −$111.6M |
| Jul 2025 | $265.3M | $495.0M | −$229.7M |
| Jun 2025 | $282.3M | $508.7M | −$226.4M |
TRRDX Assets Under Management
Net assets of T. Rowe Price Retirement 2040 Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $27.41B |
| 2026-02-28 | $27.20B |
| 2025-11-30 | $26.56B |
| 2025-08-31 | $26.02B |
| 2025-05-31 | $24.91B |
| 2025-02-28 | $24.85B |
| 2024-11-30 | $25.66B |
| 2024-08-31 | $25.23B |
| 2024-05-31 | $24.31B |
| 2024-02-29 | $23.54B |
| 2023-11-30 | $12.01B |
| 2023-08-31 | $12.20B |
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.