TRXRX Performance — T. Rowe Price Target 2040 Fund, I Class
Data updated: 2026-08-12
TRXRX returned +8.72% year to date and +21.04% over one year to May 2026. Annualised returns are +16.20% over 3 years and +7.34% over 5 years. Against its Target-Date category average the fund came out ahead over three years but behind over one: $100 invested three years ago grew to $157, against $155 for the category, and to $121 over one year, against $121. Volatility over the past three years was 10.02% a year. In the 12 months to May 2026 the fund lost a net $56.4M, and assets reached $456.68M.
TRXRX Growth of $100
What $100 invested in T. Rowe Price Target 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 | TRXRX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $121 | $121 |
| 3 years (Jun 2023 – May 2026) | $157 | $155 |
| 5 years (Jun 2021 – May 2026) | $142 | $144 |
| Since data start (Sep 2019 – May 2026) | $195 | $187 |
TRXRX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +8.72% |
| 1 year | +21.04% |
| 3 years (annualised) | +16.20% |
| 5 years (annualised) | +7.34% |
TRXRX Annual Returns
Calendar-year total returns of T. Rowe Price Target 2040 Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +8.72% |
| 2025 | +15.90% |
| 2024 | +11.83% |
| 2023 | +17.76% |
| 2022 | −17.69% |
| 2021 | +14.21% |
| 2020 | +16.63% |
| 2019 (Sep–Dec) | +7.12% |
TRXRX 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 | +2.9% | +2.2% | −5.5% | +6.6% | +2.8% | — | — | — | — | — | — | — |
| 2025 | +2.9% | +0.2% | −2.3% | −0.1% | +3.5% | +3.1% | +0.5% | +2.5% | +2.5% | +1.0% | +0.8% | +0.5% |
| 2024 | −0.1% | +3.5% | +3.1% | −3.0% | +3.5% | +0.9% | +2.1% | +2.0% | +1.4% | −1.9% | +3.4% | −3.3% |
| 2023 | +6.2% | −2.5% | +2.1% | +1.1% | −1.0% | +4.5% | +2.9% | −2.2% | −3.6% | −2.4% | +7.3% | +4.8% |
| 2022 | −4.6% | −2.2% | +0.6% | −7.2% | +0.1% | −6.6% | +5.8% | −3.5% | −7.8% | +4.7% | +6.5% | −3.7% |
| 2021 | −0.1% | +2.8% | +1.7% | +3.6% | +1.1% | +1.0% | +0.6% | +2.1% | −3.2% | +3.9% | −2.4% | +2.5% |
| 2020 | −0.3% | −5.0% | −12.7% | +9.3% | +4.7% | +2.7% | +4.6% | +4.2% | −2.3% | −0.9% | +9.6% | +3.9% |
| 2019 | — | — | — | — | — | — | — | — | +0.8% | +1.4% | +2.2% | +2.5% |
TRXRX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 10.02%
- 3-year Sharpe ratio: 1.17 (vs 4.5% risk-free rate)
- Best month: +7.34% (Nov 2023)
- Worst month: −5.54% (Mar 2026)
TRXRX Fund Flows
Monthly money in and out of T. Rowe Price Target 2040 Fund, from SEC Form N-PORT.
- 12-month net flow: −$56.4M
- 12-month gross sales (incl. reinvestments): $104.3M
- Sales ÷ redemptions: 0.65×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $6.0M | $22.1M | −$16.0M |
| Apr 2026 | $6.1M | $10.3M | −$4.2M |
| Mar 2026 | $6.9M | $7.4M | −$483K |
| Feb 2026 | $9.4M | $10.1M | −$686K |
| Jan 2026 | $6.0M | $15.1M | −$9.1M |
| Dec 2025 | $31.9M | $5.8M | $26.0M |
| Nov 2025 | $6.3M | $7.1M | −$792K |
| Oct 2025 | $6.1M | $7.4M | −$1.3M |
| Sep 2025 | $8.4M | $24.9M | −$16.5M |
| Aug 2025 | $6.5M | $25.6M | −$19.0M |
| Jul 2025 | $4.4M | $19.5M | −$15.1M |
| Jun 2025 | $6.2M | $5.4M | $764K |
TRXRX Assets Under Management
Net assets of T. Rowe Price Target 2040 Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $456.68M |
| 2026-02-28 | $462.28M |
| 2025-11-30 | $447.23M |
| 2025-08-31 | $447.21M |
| 2025-05-31 | $452.79M |
| 2025-02-28 | $468.84M |
| 2024-11-30 | $473.65M |
| 2024-08-31 | $452.24M |
| 2024-05-31 | $440.97M |
| 2024-02-29 | $433.73M |
| 2023-11-30 | $402.52M |
| 2023-08-31 | $400.19M |
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.