FCQTX vs. MLLIX

Last updated Jun 4, 2026

FCQTX (American Funds 2065 Target Date Retirement Fund) and MLLIX (MFS Lifetime Income Fund) are both Target Retirement Date funds. Over the past 5 years, FCQTX returned 10.23%/yr vs 3.50%/yr for MLLIX. Their correlation of 0.82 suggests significant overlap in exposure. FCQTX charges 0.01%/yr vs 0.00%/yr for MLLIX.

Performance

FCQTX vs. MLLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds 2065 Target Date Retirement Fund (FCQTX) and MFS Lifetime Income Fund (MLLIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCQTX achieves a 11.15% return, which is significantly higher than MLLIX's 3.64% return.

FCQTX

• 1D: 0.22%
• 1M: 4.96%
• YTD: 11.15%
• 6M: 11.88%
• 1Y: 26.60%
• 3Y*: 19.82%
• 5Y*: 10.23%
• 10Y*: —

MLLIX

• 1D: 0.16%
• 1M: 1.26%
• YTD: 3.64%
• 6M: 3.84%
• 1Y: 9.89%
• 3Y*: 8.00%
• 5Y*: 3.50%
• 10Y*: 5.09%

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

FCQTX vs. MLLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FCQTX American Funds 2065 Target Date Retirement Fund	11.15%	20.74%	15.64%	21.56%	-19.63%	17.34%	47.06%
MLLIX MFS Lifetime Income Fund	3.64%	9.32%	5.62%	9.12%	-11.99%	6.63%	20.03%

Correlation

The correlation between FCQTX and MLLIX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Mar 30, 2020	0.82

The correlation between FCQTX and MLLIX has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

Return for Risk

FCQTX vs. MLLIX — Risk / Return Rank

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

FCQTX

FCQTX Risk / Return Rank: 58
FCQTX Sharpe Ratio Rank: 59
FCQTX Sortino Ratio Rank: 56
FCQTX Omega Ratio Rank: 56
FCQTX Calmar Ratio Rank: 53
FCQTX Martin Ratio Rank: 64

MLLIX

MLLIX Risk / Return Rank: 60
MLLIX Sharpe Ratio Rank: 61
MLLIX Sortino Ratio Rank: 68
MLLIX Omega Ratio Rank: 65
MLLIX Calmar Ratio Rank: 46
MLLIX Martin Ratio Rank: 58

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.

FCQTX vs. MLLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds 2065 Target Date Retirement Fund (FCQTX) and MFS Lifetime Income Fund (MLLIX). 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.

	FCQTX	MLLIX	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.31	-0.05
Sortino ratio: Return per unit of downside risk	3.16	3.47	-0.31
Omega ratio: Gain probability vs. loss probability	1.42	1.45	-0.03
Calmar ratio: Return relative to maximum drawdown	2.77	2.60	+0.17
Martin ratio: Return relative to average drawdown	12.56	11.68	+0.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCQTX vs. MLLIX - Sharpe Ratio Comparison

The current FCQTX Sharpe Ratio is 2.26, which is comparable to the MLLIX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of FCQTX and MLLIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FCQTX	MLLIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	2.31	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.59	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.85	+0.27

Drawdowns

FCQTX vs. MLLIX - Drawdown Comparison

The maximum FCQTX drawdown since its inception was -27.34%, which is greater than MLLIX's maximum drawdown of -17.32%. Use the drawdown chart below to compare losses from any high point for FCQTX and MLLIX.

Drawdown Indicators

	FCQTX	MLLIX	Difference
Max Drawdown Largest peak-to-trough decline	-27.34%	-17.32%	-10.02%
Max Drawdown (1Y) Largest decline over 1 year	-9.83%	-3.86%	-5.97%
Max Drawdown (3Y) Largest decline over 3 years	-15.53%	-5.74%	-9.79%
Max Drawdown (5Y) Largest decline over 5 years	-27.34%	-16.08%	-11.26%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.08%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.89%	-2.15%	-3.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	0.86%	+1.30%

Volatility

FCQTX vs. MLLIX - Volatility Comparison

American Funds 2065 Target Date Retirement Fund (FCQTX) has a higher volatility of 3.53% compared to MFS Lifetime Income Fund (MLLIX) at 1.41%. This indicates that FCQTX's price experiences larger fluctuations and is considered to be riskier than MLLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCQTX	MLLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	1.41%	+2.12%
Volatility (6M) Calculated over the trailing 6-month period	9.66%	3.46%	+6.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.03%	4.33%	+7.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.72%	5.91%	+8.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.05%	5.71%	+9.34%

FCQTX vs. MLLIX - Expense Ratio Comparison

FCQTX has a 0.01% expense ratio, which is higher than MLLIX's 0.00% 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

FCQTX vs. MLLIX - Dividend Comparison

FCQTX's dividend yield for the trailing twelve months is around 4.20%, less than MLLIX's 7.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCQTX American Funds 2065 Target Date Retirement Fund	4.20%	4.67%	2.80%	1.99%	3.96%	1.54%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%
MLLIX MFS Lifetime Income Fund	7.68%	6.01%	6.26%	3.70%	3.92%	6.12%	3.18%	3.80%	4.20%	3.56%	4.21%	2.51%

Frequently Asked Questions

Can I hold both FCQTX and MLLIX in my portfolio?

FCQTX and MLLIX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCQTX or MLLIX?

FCQTX has higher volatility (3.53%) compared to MLLIX (1.41%). In terms of maximum drawdown, FCQTX dropped -27.34% vs MLLIX's -17.32%.

Which has better risk-adjusted returns?

MLLIX currently has the higher Sharpe Ratio (2.31 vs 2.26), 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.