- ISIN
- US87245R4332
- Issuer
- TIAA Investments
- Inception Date
- Aug 7, 2015
- Category
- Short-Term Bond
- Min. Investment
- $10,000,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
TNSHX Performance Chart
TIAA-CREF Short-Term Bond Index Fund (TNSHX) is up 0.5% since the beginning of the year. TNSHX is currently trading at $10 per share. Investors who bought $1,000 worth of TNSHX shares 5 years ago would now be looking at an investment worth $1,093.
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Returns By Period
TIAA-CREF Short-Term Bond Index Fund (TNSHX) has returned 0.51% so far this year and 3.63% over the past 12 months.
TIAA-CREF Short-Term Bond Index Fund
- 1D
- -0.10%
- 1M
- -0.08%
- YTD
- 0.51%
- 6M
- 0.96%
- 1Y
- 3.63%
- 3Y*
- 4.22%
- 5Y*
- 1.79%
- 10Y*
- 1.82%
Benchmark (S&P 500 Index)
- 1D
- -2.64%
- 1M
- 0.25%
- YTD
- 7.86%
- 6M
- 7.47%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TNSHX Monthly Returns History
Based on dividend-adjusted daily data since Jan 4, 2016, TNSHX's average daily return is +0.01%, while the average monthly return is +0.15%. At this rate, an investment would double in approximately 38.5 years.
Historically, 66% of months were positive and 34% were negative. The best month was Mar 2023 with a return of +1.5%, while the worst month was Mar 2022 at -1.3%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 9 months.
On a daily basis, TNSHX closed higher 26% of trading days. The best single day was Mar 13, 2023 with a return of +0.8%, while the worst single day was Jun 13, 2022 at -0.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.24% | 0.52% | -0.49% | 0.22% | 0.23% | -0.21% | 0.51% | ||||||
| 2025 | 0.37% | 0.76% | 0.47% | 0.77% | -0.15% | 0.67% | -0.05% | 0.87% | 0.34% | 0.35% | 0.44% | 0.34% | 5.31% |
| 2024 | 0.45% | -0.39% | 0.36% | -0.28% | 0.69% | 0.21% | 1.22% | 0.89% | 0.88% | -0.56% | 0.26% | 0.27% | 4.03% |
| 2023 | 0.83% | -0.74% | 1.51% | 0.10% | -0.36% | -0.37% | 0.39% | 0.40% | -0.12% | 0.00% | 1.18% | 1.18% | 4.05% |
| 2022 | -0.77% | -0.46% | -1.27% | -0.56% | 0.59% | -0.82% | 0.42% | -0.72% | -1.23% | -0.17% | 0.80% | 0.19% | -3.96% |
| 2021 | 0.08% | -0.13% | -0.04% | 0.06% | 0.15% | -0.15% | 0.14% | -0.05% | -0.06% | -0.36% | -0.07% | -0.15% | -0.57% |
Benchmark Metrics
TIAA-CREF Short-Term Bond Index Fund has an annualized alpha of 3.33%, beta of 0.02, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since January 05, 2016.
- This fund captured 9.91% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -2.79%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.02 may look defensive, but with R2 of 0.02 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.02 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.33%
- Beta
- 0.02
- R²
- 0.02
- Upside Capture
- 9.91%
- Downside Capture
- -2.79%
Expense Ratio
TNSHX has an expense ratio of 0.09%, which is considered low.
Return for Risk
Risk / Return Rank
TNSHX ranks 68 for risk / return — better than 68% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for TIAA-CREF Short-Term Bond Index Fund (TNSHX) and compare them to S&P 500 Index.
| TNSHX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.49 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.23 | — | — |
| Martin ratioReturn relative to average drawdown | 12.05 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
TIAA-CREF Short-Term Bond Index Fund provided a 4.11% dividend yield over the last twelve months, with an annual payout of $0.39 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.39 | $0.41 | $0.38 | $0.26 | $0.10 | $0.10 | $0.18 | $0.24 | $0.18 | $0.13 | $0.10 |
Dividend yield | 4.11% | 4.22% | 3.94% | 2.68% | 1.00% | 1.03% | 1.81% | 2.45% | 1.80% | 1.31% | 0.98% |
Monthly Dividends
The table displays the monthly dividend distributions for TIAA-CREF Short-Term Bond Index Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.16 | ||||||
| 2025 | $0.04 | $0.03 | $0.04 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.41 |
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.04 | $0.04 | $0.03 | $0.04 | $0.03 | $0.04 | $0.38 |
| 2023 | $0.02 | $0.02 | $0.02 | $0.00 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.26 |
| 2022 | $0.00 | $0.00 | $0.01 | $0.01 | $0.01 | $0.00 | $0.00 | $0.01 | $0.01 | $0.01 | $0.02 | $0.02 | $0.10 |
| 2021 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.04 | $0.10 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the TIAA-CREF Short-Term Bond Index Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the TIAA-CREF Short-Term Bond Index Fund was 5.99%, occurring on Oct 20, 2022. Recovery took 404 trading sessions.
The current TIAA-CREF Short-Term Bond Index Fund drawdown is 0.25%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -5.99%Oct 2022 | 1y 4mo | 1y 7mo | 2y 11moJun 2021 - May 2024 |
COVID crash2020 | -1.38%Mar 2020 | 9d | 21d | 1moMar 2020 - Apr 2020 |
2026 pullback2026 | -1.13%Mar 2026 | 24d | — | 3mo 6dMar 2026 - now |
2018 pullback2018 | -1.02%Apr 2018 | 7mo 11d | 7mo 14d | 1y 2moSep 2017 - Nov 2018 |
2024 pullback2024 | -0.98%Nov 2024 | 1mo 20d | 2mo 6d | 3mo 26dOct 2024 - Jan 2025 |
Drawdown Indicators
| TNSHX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.99% | -9.10% | +3.11% |
Max Drawdown (1Y)Largest decline over 1 year | -1.13% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -1.13% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -5.99% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -5.99% | — | — |
Current DrawdownCurrent decline from peak | -0.25% | -2.97% | +2.72% |
Average DrawdownAverage peak-to-trough decline | -0.89% | -1.13% | +0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | — | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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