DRIIX vs. JRLVX

Last updated Jun 24, 2026

DRIIX (Dimensional 2045 Target Date Retirement Income Fund) and JRLVX (John Hancock Funds Multi-Index 2045 Lifetime Portfolio) are both Target Retirement Date funds. Over the past 10 years, DRIIX returned 12.12%/yr vs 11.66%/yr for JRLVX. With a 0.98 correlation, they move nearly in lockstep. DRIIX charges 0.22%/yr vs 0.01%/yr for JRLVX.

Performance

DRIIX vs. JRLVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional 2045 Target Date Retirement Income Fund (DRIIX) and John Hancock Funds Multi-Index 2045 Lifetime Portfolio (JRLVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DRIIX achieves a 9.35% return, which is significantly lower than JRLVX's 11.84% return. Both investments have delivered pretty close results over the past 10 years, with DRIIX having a 12.12% annualized return and JRLVX not far behind at 11.66%.

DRIIX

• 1D: -0.22%
• 1M: 1.01%
• YTD: 9.35%
• 6M: 8.73%
• 1Y: 21.92%
• 3Y*: 17.25%
• 5Y*: 10.28%
• 10Y*: 12.12%

JRLVX

• 1D: -0.05%
• 1M: 1.78%
• YTD: 11.84%
• 6M: 11.18%
• 1Y: 26.10%
• 3Y*: 18.43%
• 5Y*: 9.42%
• 10Y*: 11.66%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DRIIX vs. JRLVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DRIIX Dimensional 2045 Target Date Retirement Income Fund	9.35%	17.17%	15.44%	19.21%	-14.15%	20.45%	13.36%	25.42%	-9.17%	21.64%
JRLVX John Hancock Funds Multi-Index 2045 Lifetime Portfolio	11.84%	19.25%	14.50%	18.00%	-18.06%	18.45%	16.23%	25.03%	-8.29%	17.40%

Correlation

The correlation between DRIIX and JRLVX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.98

The correlation between DRIIX and JRLVX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

DRIIX vs. JRLVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DRIIX

DRIIX Risk / Return Rank: 78
DRIIX Sharpe Ratio Rank: 80
DRIIX Sortino Ratio Rank: 78
DRIIX Omega Ratio Rank: 76
DRIIX Calmar Ratio Rank: 75
DRIIX Martin Ratio Rank: 82

JRLVX

JRLVX Risk / Return Rank: 72
JRLVX Sharpe Ratio Rank: 72
JRLVX Sortino Ratio Rank: 66
JRLVX Omega Ratio Rank: 68
JRLVX Calmar Ratio Rank: 74
JRLVX Martin Ratio Rank: 80

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DRIIX vs. JRLVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional 2045 Target Date Retirement Income Fund (DRIIX) and John Hancock Funds Multi-Index 2045 Lifetime Portfolio (JRLVX). 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.

	DRIIX	JRLVX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.27	+0.15
Sortino ratio: Return per unit of downside risk	3.42	3.10	+0.31
Omega ratio: Gain probability vs. loss probability	1.45	1.42	+0.03
Calmar ratio: Return relative to maximum drawdown	3.23	3.19	+0.03
Martin ratio: Return relative to average drawdown	14.23	13.84	+0.39

DRIIX vs. JRLVX - Sharpe Ratio Comparison

The current DRIIX Sharpe Ratio is 2.42, which is comparable to the JRLVX Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of DRIIX and JRLVX, 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

DRIIX vs. JRLVX - Drawdown Comparison

The maximum DRIIX drawdown since its inception was -32.56%, roughly equal to the maximum JRLVX drawdown of -32.53%. Use the drawdown chart below to compare losses from any high point for DRIIX and JRLVX.

Drawdown Indicators

	DRIIX	JRLVX	Difference
Max Drawdown Largest peak-to-trough decline	-32.56%	-32.53%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-8.50%	+1.37%
Max Drawdown (3Y) Largest decline over 3 years	-13.04%	-15.27%	+2.23%
Max Drawdown (5Y) Largest decline over 5 years	-21.77%	-25.64%	+3.87%
Max Drawdown (10Y) Largest decline over 10 years	-32.56%	-32.53%	-0.03%
Current Drawdown Current decline from peak	-0.65%	-0.43%	-0.22%
Average Drawdown Average peak-to-trough decline	-3.97%	-4.54%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	1.96%	-0.35%

Volatility

DRIIX vs. JRLVX - Volatility Comparison

The current volatility for Dimensional 2045 Target Date Retirement Income Fund (DRIIX) is 3.69%, while John Hancock Funds Multi-Index 2045 Lifetime Portfolio (JRLVX) has a volatility of 4.71%. This indicates that DRIIX experiences smaller price fluctuations and is considered to be less risky than JRLVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRIIX	JRLVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	4.71%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	7.84%	9.85%	-2.01%
Volatility (1Y) Calculated over the trailing 1-year period	9.50%	11.98%	-2.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.92%	14.88%	-1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.63%	16.03%	-1.40%

DRIIX vs. JRLVX - Expense Ratio Comparison

DRIIX has a 0.22% expense ratio, which is higher than JRLVX's 0.01% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DRIIX vs. JRLVX - Dividend Comparison

DRIIX's dividend yield for the trailing twelve months is around 2.69%, less than JRLVX's 3.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DRIIX Dimensional 2045 Target Date Retirement Income Fund	2.69%	2.89%	3.25%	3.43%	3.90%	3.23%	2.92%	2.19%	2.29%	1.23%	1.39%	0.00%
JRLVX John Hancock Funds Multi-Index 2045 Lifetime Portfolio	3.18%	3.55%	1.89%	2.24%	8.03%	6.00%	4.26%	8.99%	10.96%	4.29%	3.40%	1.90%

Frequently Asked Questions

Can I hold both DRIIX and JRLVX in my portfolio?

With a correlation of 0.97, DRIIX and JRLVX 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, DRIIX or JRLVX?

JRLVX has higher volatility (4.71%) compared to DRIIX (3.69%). In terms of maximum drawdown, DRIIX dropped -32.56% vs JRLVX's -32.53%.

Which has better risk-adjusted returns?

DRIIX currently has the higher Sharpe Ratio (2.42 vs 2.27), 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.