FSRAX vs. TLRIX

Last updated Jun 4, 2026

FSRAX (Fidelity Advisor Strategic Real Return Fund Class A) and TLRIX (TIAA-CREF Lifecycle Retirement Income Fund) are both Diversified Portfolio funds. Over the past 10 years, FSRAX returned 5.49%/yr vs 6.11%/yr for TLRIX. A 0.63 correlation means they provide meaningful diversification when combined. FSRAX charges 0.95%/yr vs 0.26%/yr for TLRIX.

Performance

FSRAX vs. TLRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Strategic Real Return Fund Class A (FSRAX) and TIAA-CREF Lifecycle Retirement Income Fund (TLRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSRAX achieves a 8.67% return, which is significantly higher than TLRIX's 3.93% return. Over the past 10 years, FSRAX has underperformed TLRIX with an annualized return of 5.49%, while TLRIX has yielded a comparatively higher 6.11% annualized return.

FSRAX

• 1D: 0.32%
• 1M: 0.10%
• YTD: 8.67%
• 6M: 8.94%
• 1Y: 16.40%
• 3Y*: 9.88%
• 5Y*: 6.10%
• 10Y*: 5.49%

TLRIX

• 1D: 0.24%
• 1M: 2.05%
• YTD: 3.93%
• 6M: 4.31%
• 1Y: 12.40%
• 3Y*: 9.83%
• 5Y*: 4.53%
• 10Y*: 6.11%

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

FSRAX vs. TLRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSRAX Fidelity Advisor Strategic Real Return Fund Class A	8.67%	10.09%	5.58%	4.32%	-3.58%	15.53%	3.49%	10.27%	-4.26%	3.76%
TLRIX TIAA-CREF Lifecycle Retirement Income Fund	3.93%	11.79%	7.65%	10.80%	-12.53%	7.06%	11.10%	15.31%	-3.87%	10.39%

Correlation

The correlation between FSRAX and TLRIX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Dec 4, 2007	0.63

Over the past year, the correlation between FSRAX and TLRIX has dropped to 0.37 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

Return for Risk

FSRAX vs. TLRIX — Risk / Return Rank

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

FSRAX

FSRAX Risk / Return Rank: 96
FSRAX Sharpe Ratio Rank: 96
FSRAX Sortino Ratio Rank: 94
FSRAX Omega Ratio Rank: 92
FSRAX Calmar Ratio Rank: 98
FSRAX Martin Ratio Rank: 98

TLRIX

TLRIX Risk / Return Rank: 56
TLRIX Sharpe Ratio Rank: 59
TLRIX Sortino Ratio Rank: 61
TLRIX Omega Ratio Rank: 64
TLRIX Calmar Ratio Rank: 41
TLRIX Martin Ratio Rank: 56

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.

FSRAX vs. TLRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Strategic Real Return Fund Class A (FSRAX) and TIAA-CREF Lifecycle Retirement Income Fund (TLRIX). 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.

	FSRAX	TLRIX	Difference
Sharpe ratio Return per unit of total volatility	3.49	2.27	+1.21
Sortino ratio Return per unit of downside risk	4.89	3.28	+1.60
Omega ratio Gain probability vs. loss probability	1.69	1.45	+0.24
Calmar ratio Return relative to maximum drawdown	8.00	2.41	+5.59
Martin ratio Return relative to average drawdown	31.05	11.26	+19.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSRAX vs. TLRIX - Sharpe Ratio Comparison

The current FSRAX Sharpe Ratio is 3.49, which is higher than the TLRIX Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of FSRAX and TLRIX, 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

	FSRAX	TLRIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.49	2.27	+1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.68	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.90	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.68	-0.12

Drawdowns

FSRAX vs. TLRIX - Drawdown Comparison

The maximum FSRAX drawdown since its inception was -33.52%, which is greater than TLRIX's maximum drawdown of -26.71%. Use the drawdown chart below to compare losses from any high point for FSRAX and TLRIX.

Drawdown Indicators

	FSRAX	TLRIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.52%	-26.71%	-6.81%
Max Drawdown (1Y) Largest decline over 1 year	-2.06%	-5.23%	+3.17%
Max Drawdown (3Y) Largest decline over 3 years	-5.78%	-6.02%	+0.24%
Max Drawdown (5Y) Largest decline over 5 years	-12.89%	-17.15%	+4.26%
Max Drawdown (10Y) Largest decline over 10 years	-20.00%	-17.15%	-2.85%
Current Drawdown Current decline from peak	-0.73%	0.00%	-0.73%
Average Drawdown Average peak-to-trough decline	-4.37%	-3.32%	-1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	1.12%	-0.59%

Volatility

FSRAX vs. TLRIX - Volatility Comparison

The current volatility for Fidelity Advisor Strategic Real Return Fund Class A (FSRAX) is 1.37%, while TIAA-CREF Lifecycle Retirement Income Fund (TLRIX) has a volatility of 1.80%. This indicates that FSRAX experiences smaller price fluctuations and is considered to be less risky than TLRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSRAX	TLRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	1.80%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	3.75%	4.53%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	4.73%	5.54%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.94%	6.71%	+0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.78%	6.82%	-0.04%

FSRAX vs. TLRIX - Expense Ratio Comparison

FSRAX has a 0.95% expense ratio, which is higher than TLRIX's 0.26% expense ratio.

Dividends

FSRAX vs. TLRIX - Dividend Comparison

FSRAX's dividend yield for the trailing twelve months is around 3.91%, less than TLRIX's 4.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSRAX Fidelity Advisor Strategic Real Return Fund Class A	3.91%	4.45%	4.56%	5.04%	7.08%	5.16%	2.02%	2.83%	9.13%	2.30%	2.08%	1.44%
TLRIX TIAA-CREF Lifecycle Retirement Income Fund	4.41%	5.23%	3.53%	3.32%	6.10%	7.66%	5.77%	3.85%	6.04%	2.13%	3.75%	2.98%

Frequently Asked Questions

Can I hold both FSRAX and TLRIX in my portfolio?

FSRAX and TLRIX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSRAX or TLRIX?

TLRIX has higher volatility (1.80%) compared to FSRAX (1.37%). In terms of maximum drawdown, FSRAX dropped -33.52% vs TLRIX's -26.71%.

Which has better risk-adjusted returns?

FSRAX currently has the higher Sharpe Ratio (3.49 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.