IMOAX vs. VTIVX

Last updated Jun 4, 2026

IMOAX (Transamerica Asset Allocation Moderate Portfolio Fund) and VTIVX (Vanguard Target Retirement 2045 Fund) are both mutual funds - IMOAX is a Diversified Portfolio fund managed by Transamerica, while VTIVX is a Target Retirement Date fund managed by Vanguard. Over the past 10 years, IMOAX returned 6.86%/yr vs 11.35%/yr for VTIVX. With a 0.95 correlation, they move nearly in lockstep. IMOAX charges 0.47%/yr vs 0.08%/yr for VTIVX.

Performance

IMOAX vs. VTIVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Transamerica Asset Allocation Moderate Portfolio Fund (IMOAX) and Vanguard Target Retirement 2045 Fund (VTIVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMOAX achieves a 5.63% return, which is significantly lower than VTIVX's 11.08% return. Over the past 10 years, IMOAX has underperformed VTIVX with an annualized return of 6.86%, while VTIVX has yielded a comparatively higher 11.35% annualized return.

IMOAX

• 1D: 0.15%
• 1M: 3.06%
• YTD: 5.63%
• 6M: 6.11%
• 1Y: 16.27%
• 3Y*: 12.46%
• 5Y*: 5.33%
• 10Y*: 6.86%

VTIVX

• 1D: 0.31%
• 1M: 4.78%
• YTD: 11.08%
• 6M: 11.92%
• 1Y: 26.04%
• 3Y*: 18.49%
• 5Y*: 9.63%
• 10Y*: 11.35%

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

IMOAX vs. VTIVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMOAX Transamerica Asset Allocation Moderate Portfolio Fund	5.63%	14.86%	9.81%	12.66%	-16.03%	7.92%	14.66%	14.68%	-6.22%	12.45%
VTIVX Vanguard Target Retirement 2045 Fund	11.08%	20.01%	13.68%	19.72%	-17.38%	16.16%	16.31%	24.94%	-7.89%	19.16%

Correlation

The correlation between IMOAX and VTIVX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 28, 2003	0.95

The correlation between IMOAX and VTIVX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

IMOAX vs. VTIVX — Risk / Return Rank

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

IMOAX

IMOAX Risk / Return Rank: 55
IMOAX Sharpe Ratio Rank: 53
IMOAX Sortino Ratio Rank: 55
IMOAX Omega Ratio Rank: 54
IMOAX Calmar Ratio Rank: 50
IMOAX Martin Ratio Rank: 60

VTIVX

VTIVX Risk / Return Rank: 71
VTIVX Sharpe Ratio Rank: 75
VTIVX Sortino Ratio Rank: 71
VTIVX Omega Ratio Rank: 68
VTIVX Calmar Ratio Rank: 68
VTIVX Martin Ratio Rank: 74

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.

IMOAX vs. VTIVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Transamerica Asset Allocation Moderate Portfolio Fund (IMOAX) and Vanguard Target Retirement 2045 Fund (VTIVX). 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.

	IMOAX	VTIVX	Difference
Sharpe ratio Return per unit of total volatility	2.16	2.51	-0.35
Sortino ratio Return per unit of downside risk	3.13	3.50	-0.37
Omega ratio Gain probability vs. loss probability	1.41	1.46	-0.06
Calmar ratio Return relative to maximum drawdown	2.69	3.18	-0.49
Martin ratio Return relative to average drawdown	11.98	14.06	-2.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMOAX vs. VTIVX - Sharpe Ratio Comparison

The current IMOAX Sharpe Ratio is 2.16, which is comparable to the VTIVX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of IMOAX and VTIVX, 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

	IMOAX	VTIVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.51	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.72	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.77	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.55	+0.06

Drawdowns

IMOAX vs. VTIVX - Drawdown Comparison

The maximum IMOAX drawdown since its inception was -37.71%, smaller than the maximum VTIVX drawdown of -51.69%. Use the drawdown chart below to compare losses from any high point for IMOAX and VTIVX.

Drawdown Indicators

	IMOAX	VTIVX	Difference
Max Drawdown Largest peak-to-trough decline	-37.71%	-51.69%	+13.98%
Max Drawdown (1Y) Largest decline over 1 year	-6.18%	-8.30%	+2.12%
Max Drawdown (3Y) Largest decline over 3 years	-9.37%	-13.40%	+4.03%
Max Drawdown (5Y) Largest decline over 5 years	-22.51%	-25.10%	+2.59%
Max Drawdown (10Y) Largest decline over 10 years	-22.51%	-31.42%	+8.91%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.91%	-6.33%	+1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	1.87%	-0.48%

Volatility

IMOAX vs. VTIVX - Volatility Comparison

The current volatility for Transamerica Asset Allocation Moderate Portfolio Fund (IMOAX) is 2.37%, while Vanguard Target Retirement 2045 Fund (VTIVX) has a volatility of 3.18%. This indicates that IMOAX experiences smaller price fluctuations and is considered to be less risky than VTIVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMOAX	VTIVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	3.18%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	6.20%	8.37%	-2.17%
Volatility (1Y) Calculated over the trailing 1-year period	7.70%	10.50%	-2.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.18%	13.49%	-4.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.96%	14.79%	-5.83%

IMOAX vs. VTIVX - Expense Ratio Comparison

IMOAX has a 0.47% expense ratio, which is higher than VTIVX's 0.08% expense ratio.

Dividends

IMOAX vs. VTIVX - Dividend Comparison

IMOAX's dividend yield for the trailing twelve months is around 5.97%, more than VTIVX's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMOAX Transamerica Asset Allocation Moderate Portfolio Fund	5.97%	6.31%	4.98%	3.65%	1.55%	8.17%	4.08%	5.74%	10.16%	7.86%	5.53%	6.74%
VTIVX Vanguard Target Retirement 2045 Fund	2.25%	2.50%	2.36%	2.27%	2.75%	15.40%	1.90%	2.23%	2.52%	0.04%	2.47%	3.29%

Frequently Asked Questions

Can I hold both IMOAX and VTIVX in my portfolio?

With a correlation of 0.96, IMOAX and VTIVX 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, IMOAX or VTIVX?

VTIVX has higher volatility (3.18%) compared to IMOAX (2.37%). In terms of maximum drawdown, IMOAX dropped -37.71% vs VTIVX's -51.69%.

Which has better risk-adjusted returns?

VTIVX currently has the higher Sharpe Ratio (2.51 vs 2.16), 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.